MLP – Unique positioning within Germany´s financial services sector

Nils Frowein, CFO

Cheuvreux 6th German Corporate Conference

Frankfurt, January 16, 2007

Overview

yMLP´s business model and growth perspectives
yGrowth opportunity wealth management
yMLP & Feri – unique positioning in the financial services market
yQ3 2006 highlights
ySummary
y Appendix
yAdditional information on Q3 and 9M 2006 results
yContact

MLP Private Finance: Intelligent concepts for retirement provision, insurance coverage, investment and finance

Target group focus Quality of advice Independence ⁺

One-stop for lifetime financial solutions

Added value for the client: financial planning

Attractive framework conditions

Huge potential for qualified consulting

Old age pension provision:

y Large provision gaps still exist within the population
yHigh complexity
y Further strain on the state pension scheme

Health provision:

yGreat need for reform
y Demand for individualised services is rising

Brokerage guideline:

yIncreased requirements of IT
y Minimum qualification as a barrier to market entry
y Target group focus
Great need for provision and consulting
y Quality of consulting and training
Successful consulting with complex solution models
Training for MLP consultants far exceeds the minimum standard
Long-term client relationship
y Independence/Market position
Unique product portfolio
Strong partners

Best perspectives through attractive framework conditions and clear positioning

Low average age offers high potential

Reasons for the expansion of wealth management

Clients by age

y MLP clients' income and savings quotas clearly exceed average levels
y The average age of a MLP client is 35.5 years
y Already 25 per cent of clients are older than 40

Increasing added value potentials

Reasons for the expansion of wealth management

Potential sales revenues MLP Finanzdienstleistungen AG per year and client

y Wealth management gains significant importance with growing age
y The number of 40+ clients within the existing MLP customer base alone is set to double within 5 years

Attractive market environment in wealth management

MLP fulfils the decisive criteria for a successful client relationship

Criteria for a successful client relationship (selection)

1 = lowest significance; 5 = highest significance

y Germany is, with more than 25% of all wealthy individuals, Europe's biggest private banking market
yMore than 4 million customers have financial assets > 100,000 €
yAnnual growth of 6% in financial assets forecasted

Source: Roland Berger "Private Banking in Deutschland" 02/2006

Targeted expansion of wealth management

Strategic steps

yTargeted recruitment of additional personnel
yInstallation of competence centre in progress
y BaFin grants MLP Finanzdienstleistungen AG licence to act as financial investment agent and advisor under § 32 KWG
y MLP, as the first major independent sales organization, can cover the full spectrum of investment vehicles
yOver 250 MLP consultants trained and licensed
yMajority stake in Feri Finance AG

MLP acquired stake in Feri Finance AG

Key facts of the transaction

yMLP acquired a 56.6% equity stake in Feri Finance AG
yTemporary option to buy remaining stake
yPurchase price for the acquired shares is € 64.4 million
yMLP finances Feri stake through liquid assets
yFeri to continue with its successful business model
yFeri partners express long term commitment

Feri – the ideal partner for MLP

Reasons for the partnership

1	/ E i t x p e r s e K h n o w o w	A k l d d i i l l i / t t t t t c n o e g e c o r e e p e r s e n a s s e a o c a o n a s s e m a n a g e m e n w x E l l d i k i l l t x c e e n a v s o r y s s W i d i i i i l d i i t t t t e- r a n g n g n s u o n a a n e c o n o m c e x p e r s e
2	B d r a n a w a r e n e s s	E l l i i h k " t t t t t c e e n r e p a o n n e m a r e x u E l l d i i h l i " t t t t x c e e n s a n n g w c e n s
3	A t s s e s	M L P b i l l i E U R A M 2. 4 *) " d 1 0 b i l l i E U R A d o n t : u a r o u n o n s s e s u n e r M / C l t t a n a g e m e n o n r o / C F i 8. 0 b i l l i E U R A M l " t e r : o n u o n r o

ÆNew dimension for integrated financial and provision planning

*) without sight, time and saving deposit

Feri in overview

Complementary business areas and innovative services

MLP Wealth Management's added value

Exclusive investment strategies now available for discerning private clients for the time

Market

• Product sales based on past performance
•Standardised solutions
• Utilisation of a very limited investment universe/spectrum
• Hardly any continuity in reviewing client objectives and actual performance

• Individual and integrated consultancy based on client objectives
• "Best of approach" with usage of all investment options
• Solutions restricted to HNWI (>500T €) are now made available tosophisticated clients
•Risk-adjusted performance
•Comprehensive After-Sales-Service
• Excellent transparency through extensive reporting

Business Highlights Q3 2006

y Positive development in the private health insurance and loans and mortgages business segments
y Ongoing discussion about the reform of the healthcare system in Germany causes doubts about the sustainability of the state-run healthcare system
yHigh demand for private healthcare insurance
yPreparations for the new EU brokerage guideline completed

Revenue 9M above previous year's level

Total revenue

9M 2006: Increased revenue and earnings

i € l n m n.	Q 3 2 0 0 6	Q 3 2 0 0 5	9 M 2 0 0 6	9 M 2 0 0 5
T l t o a r e v e n u e	1 2 8. 8	1 2 1 7.	3 4 7 5.	3 4 6. 7
E B I T	1 6. 0	1 6. 3	4 0. 1	3 4. 6
F i t n a n c e c o s	1. 5	1. 3	8 5.	-1 5
E B T	1 7. 5	1 7. 7	4 6. 0	3 3. 1
T a x e s	-6 5	-7 4	-1 4. 4	-1 5. 0
f N i t t e p r o	1 1. 0	1 0. 2	3 1. 6	1 8. 1
E P S i € n	0. 1 1	0. 1 0	0. 3 0	0. 1 7

yTotal revenue + 8%
yEBIT + 16%
yEBT + 39%
yNet profit almost doubled

Clients and Consultants

Consulting and sales segment

Consultants*

Revenue per consultant (€ K)*

*excluding Switzerland

Page 17

Summary

y Independent financial advice – excellent growth perspectives in Germany
y Extensive realignment of MLP Group completed with acquisition of Feri Finance AG
y Business development 9M 2006
ySuccessful integrated sales approach in 9M 2006
y Market potential in the pension provision business segment not yet fully utilized
y Productivity of MLP sales force is the benchmark in the German financial services market
yStrong momentum for year-end business needed

yAdditional information on Q3 and 9M 2006 results
yContact

9M 2006: Strong performance in the health insurance business segment

Revenue from brokerage business, 9M 06 (9M 05): € 302.0 mln. (€ 284.8 mln.)

Q3 2006: Revenue from pension provision products slightly below previous year's high level

Revenue from brokerage business, Q3 06 (Q3 05): € 104.5 mln. (€ 104.7 mln.)

Ongoing cost control

Expenses

in € ln m	Q 3 2 0 0 6	Q 3 2 0 0 5	9 M 2 0 0 6	9 M 2 0 0 5
Ex fo p e ns e s r b ke bu in ro ra g e s e s s	4 8. 2	4 9. 6	1 3 6. 1	1 2 6. 0
Ex fo p e ns e s r b k in bu in a n g s e s s	5. 1	3. 9	1 5. 0	1 0. 9

F ix d t e c o s s
Pe l e rs o nn e xp e ns e s	1 8 7.	1 6. 8	5 7. 7	1. 3 5
De ia io t p re c n	4. 1	4. 3	1 2. 6	1 3. 2
O in t p e ra g ex p e ns e s	3 7. 6	3 6. 2	1 1 4. 0	1 1 0. 7
To l f ix d t t a e c o s s	5 9. 5	5 7. 3	1 8 4. 3	1 7 5. 2

y Development of variable expenses proportional to revenue
y Fixed costs developed as planned

Mixed new business figures

Consulting and sales segment and banking segment

in € ln m	Q 3 2 0 0 6	Q 5 3 2 0 0	M 9 2 0 0 6	M 5 9 2 0 0
Co l in d les t t ns u g an sa s eg m en
Se t r g me n ev en ue	1 0 8. 9	1 0 7. 6	3 1 5. 5	2 9 2. 3
Ea ing be fo ( E B T ) tax rn s re es	1 5. 7	1 6 7.	4 2. 0	3 5. 5

Ne bu ine w s ss
O l d- is ion ( in € b ln. ) ag e p rov	1. 5	2. 3	4. 3	4. 4
He l h ins t a ur an ce	2 1. 9	1 4. 9	8 5 5.	3 6. 8
Lo d tg an s a n mo r ag es	3 1 4	2 9 6	9 6 3	7 6 5
In f low in fu ds to s n	2 1 5	2 9 1	6 8 7	6 2 3
( ) Fu ds de in € b ln. t n u n r m an ag em en			3. 1	2. 9 *

E B T fo ig ion ** t re n o p er a s	-1 1	-0 3	-3 2	-2 6
E B I T in ( in % ) ma rg	1 4. 3	1 7. 7	1 3. 1	1 3. 7


in Ba k t n g se g m en
Se t r g me n ev en ue	1 7. 6	1 3. 8	5 1. 6	3 9. 2
Ea ing be fo ( E B T ) tax rn s re es	2. 1	1. 6	5. 4	4. 7

New business in the health insurance business segment increased by 52 %

y Brokerage of loans and mortgages increased by 26 %
y Unsatisfactory development in the old-age pension provision segment

*as per 31/12/05 ** excluding Switzerland

Page 23

Strong balance sheet

Assets

A l l f i i € '0 0 0 g u r e s n	/ / 3 0 0 9 0 6	/ / 5 3 1 1 2 0

I i b l t t n a n g e a s s e s	3 1, 7 2 6	2 2, 9 1 7
P l d i t t t r o p e r p a n a n e q p m e n y, u	8 9, 7 1 6	9 4, 7 4 6
I t t t n v e s m e n p r o p e r y	1 5, 1 6 5	1 5, 5 3 8
f D d t t e e r r e a a s s e s x	1 8 8	1, 5 6 8
R i b l f e c e v a e s r o m
b k i b i a n n g u s n e s s	6 1 2, 3 4 9	1 1, 0 2 3 5
F i i l i t t n a n c a n v e s m e n s	4 3, 3 2 2	2 3 6, 4 1 7
T f d l i a x r e u n c a m s	1 9, 8 9 5	1 9, 1 8 4
R i b l d h t t e c e v a e s a n o e r a s s e s	1 0 3, 7 3 8	1 5 0, 2 9 3
C h d h i l t a s a n c a s e q u v a e n s	1 5 2, 0 6 3	1 3 0, 0 0 3
f A i t t s s e s r o m o p e r a o n s
b d i i d t t o e s c o n n u e	9 4 2	-

	1, 0 6 9, 0 6 8	1, 1 8 2, 0 1 3

yLiquid funds of € 152 mln.
y Decrease due to
yshare buyback programme
y dividend payments of € 63 mln.
y Share buyback programme currently stands at € 136 mln.

Strong influence of dividend payments and share buy-backs on shareholders´ equity

Shareholders' Equity and Liabilities

A l l f i i € 0 0 0 ' g u r e s n	/ / 3 0 0 9 0 6	/ / 3 1 1 2 0 5
E i i b b l t t t t t q a r a e o u y u
G M L P A h h l d s a r e o e r s	3 1 3, 3 1 5	4 5 5, 1 2 9
M i i i t t t n o r y n e r e s	6 3	6 3
T l h h l d i t t o a s a r e o e r s e q u y	3 1 3, 3 8 7	4 5 5, 1 9 2
O h i i t e r p r o v s o n s	2 9, 3 1 8	3 2, 6 5 9
f D d l i b i l i i t t e e r r e a a e s x	1, 7 6 1	1, 2 6 5
L i b i l i i d t t a e s u e o
b k i b i a n n g u s n e s s	6 0 3, 1 5 4	4 9 9, 2 8 2
T l i b i l i i t a x a e s	7, 4 2 0	1 3, 9 7 7
O h l i b i l i i t t e r a e s	1 1 3, 4 9 4	1 7 9, 6 3 8
L i b i l i i f i t t a e s r o m o p e r a o n s
b d i i d t t o e s c o n n e u	5 4 3	-
	1, 0 6 9, 0 6 8	1, 1 8 2, 0 1 3

yEquity ratio fell from 39 % to 29 %
y Decrease in other liabilities due to normal seasonal business development

Contact

MLP Investor RelationsAlte Heerstraße 4069168 WieslochGermany

Contact:Investor Relations:

Helmut Achatz, Head of Investor Relations Klaus Dieter Ringel, Manager Investor Relations

Tel. +49 (0) 6222 308 8320 Fax.+49 (0) 6222 308 1131 E-mail: [email protected]

MLP Investor Relations information on the internet: Financial reports, presentations and calendar etc. under http://www.mlp.de