MLP SE — Investor Presentation 2005

Aug 24, 2005

Q2 and 1H 2005 Results

Nils Frowein CFO, MLP AG

24th August 2005

Business highlights Q2 2005

• y Successful sale of Life and Non-life insurance companies
• y Positive trend in Q2 compared to Q1
• y High market share in basic pension (Rürup)
• y Number of consultants increases
• y Group EBT more than doubles to € 32,3 mln. in Q2
• y Total revenues decline by 2% to € 111,6 mln.
• y Revenues of segment Consulting and Sales down by 4% to € 94,0 mln.

Number of consultants increases

MLP Group

Number of consultants

• y Slight increase compared to year-end 2004 and Q1 2005
• y Increased interest by potential consultants
• y Target of +200 consultants until yearend confirmed

Number of clients increases

MLP Group

Number of clients

• y Slight increase
• y + 9% compared to Q2 2004
• y Number of new clients will significantly accelerate in 2H 2005

Q2 revenues at previous year's level

MLP Group

MLP Group total revenues

State subsidised products are well received

MLP Group

Brokerage revenues split, 1H 2005 (2004)

• Old-age provision
• Health insurance
• Non-life insurance
• Mutual funds
• Loans and mortgages
• Other income

Strong increase in Group EBT

P&L according to IFRS 5

f A l l i i € l g u r e s n m n.	Q 2 2 0 0 5	Q 2 2 0 0 4	1 H 2 0 0 5	1 H 2 0 0 4
T l t o a r e e n e s v u	1 1 1. 6	1 1 4. 3	2 2 0. 8	2 4 3. 8
E f b k p e n s e s o r r o e r a g e x	3 8 5. -	3 9. 2 -	6. 4 7 -	9 8 5. -
E f b k i p e n s e s o r a n n g x	3. 9 -	2. 8 -	0 7. -	9 5. -
P l e r s o n n e e x p e n s e s	2 0. 4 -	1 7. 7 -	3 5. 9 -	3 1. 8 -
/ D i i A i i t t t e p r e c a o n m o r s a o n	4. 5 -	4. 8 -	9. 0 -	9. 0 -
O h i t t e r o p e r a n g e x p e n s e s	3 6. 7 -	3 2. 7 -	7 5. 3 -	7 0. 4 -
P f i f i ( E B I T ) t t r o r o m o p e r a o n s	1 0. 3	1 0 7.	1 2 7.	3 0. 9
F i t n a n c e c o s	1. 7 -	1. 7 -	2. 9 -	4. 6 -
P f i b f ( E B T ) t t r o e o r e a x	8. 6	1 5. 3	1 4. 3	2 6. 3
I t n c o m e a e s x	4. 8 -	6. 6 -	6 7. -	1 1. 4 -
N f i f i d i t t t t e p r o o c o n n e o p e r a o n s u	3. 9	8. 8	6. 8	1 4. 9
N f i f d i i d i t t t t e p r o o s c o n n e o p e r a o n s u	4. 9	0. 8	1 1. 2	3. 5
N f i f i d d d i i d i t t t t t e p r o o c o n n e a n s c o n n e o p e r a o n s u u	8. 7	9. 6	1 8. 0	1 8. 4
f i i i i E B T d d d d t t t o c o n n u e a n s c o n n u e o p e r a o n s	3 2. 3	1 5. 8	4 7. 2	3 0. 4

Balance sheet

Balance sheet according to IFRS 5

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

Balance sheet according to IFRS 5

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

Continued operations

Segment information

Segment Consulting and Sales and segment Bank

f i i A l l € l g u r e s n m n.	Q 2 2 0 0 5	Q 2 2 0 0 4	1 H 2 0 0 5	1 H 2 0 0 4
S C l i d S l t t e g m e n o n s n g a n a e s u
T l t t o a s e g m e n r e v e n u e s	9 4. 0	9 8. 3	1 8 8 5.	2 1 2. 6
P f i b f ( E B T ) t t r o e o r e a x	8. 5	1 5. 9	1 6. 7	2 9. 2
N b i e s n e s s w u
O l d i i ( € b l ) a g e p r o s o n n v	1. 5	1. 5	2. 1	3. 3
H l h i t e a n s u r a n c e	1 2. 1	1 2. 1	2 2. 0	2 6. 0
L d t o a n s a n m o r g a g e s	2 4. 2 7	2 1 4 5.	4 2. 0 7	4 1 6. 3
I f l i f d t n o w n o u n s	1 7 7. 8	1 7 3. 0	3 3 2	3 1 2
( ) F d d € b l t u n s u n e r m a n a g e m e n n			4. 6	4. 1 *
E B T f i i t o r e g n o p e r a o n s	-2 0	-1 0	-3 4	-1 4
S B k t e g m e n a n
T l t t o a s e g m e n r e v e n u e s	1 2. 9	1 2. 6	2 5. 3	2 4. 6
P f i b f ( E B T ) t t r o e o r e a x	1. 8	2. 3	3. 2	3. 9

* year-end 2004

Discontinued operations

Segment information

Segments Life and Non-life insurance

A l l f i i € l g u r e s n m n.	Q 2 2 0 0 5	Q 2 2 0 0 4	1 H 2 0 0 5	1 H 2 0 0 4
S i f i l t e g m e n e n s u r a n c e
T l t t o a s e g m e n r e v e n u e s	4 7. 0	4 2. 6	9 5. 8	8 1. 2
f f ( ) P i i E B T t t r o r o m o p e r a o n s	2 4. 4	3. 9	3 1. 0	8. 7
S N l i f i t e g m e n o n- e n s u r a n c e
T l t t o a s e g m e n r e e n e v u	1 1. 4	9. 8	2 1 5.	1 9. 1
P f i f i ( E B T ) t t r o r o m o p e r a o n s	1. 0	0. 8	2. 6	2. 4

Summary and Outlook

• y Successful sale of life and non-life insurance companies was major strategic step towards strengthening independence
• y Change in customer demand in 1H 2005 following the introduction of the pension income law
• y Number of consultants is increasing
• y Positive trend in Q2 should accelerate in 2H 2005
• Æ Target of EBT € 100 mln. for FY 2005 confirmed

Contact

MLP Investor Relations Forum 7 69126 Heidelberg Germany

Contact: Investor Relations:

Michael Pfister, Head of Communications Helmut Achatz, Head of Investor Relations Sebastian Slania, Investor Relations Manager

Tel. +49 (0) 6221 308 8320 Fax.+49 (0) 6221 308 1131 E-mail: investorrelations@mlp-ag.com

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

Disclaimer

This presentation includes certain forward- looking statements. Actual results could differ materially from those included in the forward- looking statements due to various risk factors and uncertainties, including changes in business, economic and competitive conditions, regulatory reforms, foreign exchange rate fluctuations, uncertainties in litigation or investigative proceedings, and the availability of financing. Past performance is no guarantee for future performance. MLP AG does not undertake any responsibility to update the forward- looking statements contained in this presentation.