MLP SE — Interim / Quarterly Report 2005

May 25, 2005

Starting into new world of old-age pension provision

Nils Frowein, CFO

25th May 2005

MLP

MLP AG

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Business highlights in Q1 2005

• Net profit at EUR 9.3 million
• Total revenue declines by 16% to EUR 109.2 million
• Revenues of Segment Consultation and sales down by 20% to EUR 89.6 million
• Educational measures burden results by EUR 3.0 million
• High market share in basic pension (Rürup)
• Sale of Life and Non-life insurance progressing as planned

Q1 2005 2 MLP

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Educational measures burden new client acquisition

Clients

Consultants

Q1 2005

3

MLP

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IFRS 5 implications on financial statements

• Assets held for sale are to be accounted for according to IFRS 5
• IFRS 5 stipulates to distinguish continued and discontinued operations
• Disclosure of financial statements showing continued operations in detail
• Discontinued operation treated as a financial asset
• Contribution shown on a net basis in the income statement

Q1 2005 4 MLP

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Brokerage business accounts for the largest part within total revenues

MLP Group total revenue continued operations, in EUR million

Q1 2005

Revenue brokerage Revenue banking Other income

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

Revenue brokerage split

5

MLP

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Continued and discontinued pre-tax profit above last year

Income statement according to IFRS 5

All figures in million of Euro	Q1 2005	Q1 2004	% Change
Total revenues	109.2	129.5	-16%
Expenses for brokerage business	-40.6	-56.5	-28%
Expenses for banking business	-3.1	-3.1	0%
Personnel expenses	-15.5	-14.1	10%
Depreciation/amortisation	-4.5	-4.2	7%
Other operating expenses	-38.6	-37.7	2%
Profit from operations (EBIT)	6.9	14.0	-51%
Finance cost	-1.2	-2.9	-59%
Profit before tax (EBT)	5.7	11.0	-48%
Income taxes	-2.8	-4.9	-43%
Net profit for the period from continued operations	2.9	6.2	-53%
Profit from discontinued operations	6.4	2.7	>100%
Group net profit for the period	9.3	8.9	4%
Profit before tax (EBT) continued and discontinued operations	14.9	14.6	2%

Q1 2005

6

MLP

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Discontinued operations disclosed separately

Balance sheet according to IFRS 5

Assets – All figures in million of Euro	31.03.2005	31.12.2004
Intangible assets	23.6	60.3
Property, plant and equipment	115.5	117.4
Financial assets	64.1	204.6
Investments held on account and at risk of life insurance policy holders	-	1,564.1
Reinsurance receivables	-	30.5
Receivables due from banking business	422.3	371.6
Accounts receivable and other assets	67.9	137.7
Cash and cash equivalents	122.3	191.0
Deferred acquisition costs (DAC)	-	357.6
Deferred tax assets	48.5	51.5
Discontinued assets	2,371.3	-
	3,265.6	3,086.2
Shareholders' equity and liabilities – All figures in million of Euro	31.03.2005	31.12.2004
Shareholders' equity	298.8	289.0
Minority interest	0.6	0.6
Total Shareholders' equity	299.4	289.6
Insurance provisions	-	431.6
Insurance provisions for investments held on account and at risk of life insurance policy holders	-	1,564.1
Other provisions	166.8	192.5
Reinsurance liabilities	-	36.6
Liabilities due to banking business	411.2	355.4
Other liabilities	80.6	214.8
Deferred tax liabilities	1.8	1.6
Discontinued shareholders' equity and liabilities	2,275.7	-
	3,235.6	3,086.2

Q1 2005

7

MLP

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EBT reconciliation

First quarter 2005, in EUR million

Q1 2005

8

MLP

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Total revenue reconciliation

First quarter 2005, in EUR million

Q1 2005 9 MLP

New Group structure

147.4	Other	129.5	-12.8	-7.5	109.2	Other	Bank
Bank	Other				Other		Life- and Non-Life
Life- and Non-Life	Bank				Bank		Consultation and sales
Consultation and sales	Consultation and sales				Consultation and sales		Consultation and sales
Q1 2004	Q1 2004	Riester step	Lower Revenues through educational measures	Q1 2005	Q1 2005

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Continued operations

Segment information

All figures in million of Euro	Q1 2005	Q1 2004	% Change
Segment Consultation and sales
Total segment revenue	91.8	114.3	-20%
Profit from operations (EBIT)	9.7	15.0	-35%
EBIT margin	10.6%	13.1%	-
New Business:
Old-age provision in billion	0.6	1.7	-65%
Health insurance	9.4	13.1	-28%
Loans	198	201	-1%
Inflow into mutual funds	155	139	12%
Funds under management in billion	4.3	4,1*	5%
EBT foreign operations	-1.4	-0.7	100%
Segment Bank
Total segment revenue	12.4	12.0	3%
Profit from operations (EBIT)	1.4	1.7	-18%

• 31.12.2004

Q1 2005

10

MLP

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Discontinued operations

Segment information

All figures in million of Euro	Q1 2005	Q1 2004	% Change
Segment life insurance
Total segment revenue	48.9	38.7	26%
Profit from operations (EBIT)	6.5	4.8	35%
Insurance premiums (HGB)	142.0	124.3	14%
APE	8.1	23.9*	-66%
FUM-unit-linked	1.7	1.6*	6%
Segment Non-life insurance
Total segment revenue	13.7	9.3	47%
Profit from operations (EBIT)	1.6	1.5	7%

• 31.12.2004

Q1 2005

11

MLP

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Group EBT forecast for 2005 confirmed

Continued and discontinued operations

Q1 2005

12

MLP

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Outlook

• All targets for 2005 confirmed:
• Group EBT EUR 100 million
• 65,000 new clients
• 2,750 consultants
• Education measures pay off
• Accelerated new business in Q2

Q1 2005 13 MLP

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14

Starting into new world of old-age pension provision

25th May 2005

MLP

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MLP Investor Relations

MLP AG

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Contact:

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Michael Pfister, Head of Communications Andreas Dittmar, Head of Investor Relations Sebastian Slania, Investor Relations Manager

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15 MLP