MLP SE — Investor Presentation 2005

Apr 20, 2005

Quality ensures values

MLP Analyst Conference 2005

Dr. Uwe Schroeder-Wildberg, Chairman and CEO

Nils Frowein, CFO

Frankfurt am Main, 20th April 2005

MLP Analyst Conference 1 MLP

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Outline

• Highlights 2004
• Prevailing conditions and market environment
• Additional growth areas until 2007
• MLP Wealth Management
• Occupational pension schemes
• Foreign operations
• Review 2004 / Forecast until 2007
• Summary

MLP Analyst Conference - Outline 2 MLP

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Highlights 2004

MLP closes business year with record figures

Total revenue	703.3 EUR mln.	+31%
EBIT	98.2 EUR mln.	+24%
Net profit	51.4 EUR mln.	+31%
Cash and equivalents	234.5 EUR mln.	+88%
EPS	0.47 EUR	+31%
Dividends	0.22 EUR	+47%
Revenue per consultant	0.217 EUR mln.	+49%

• The most successful business year in MLP's history
• New strategic direction with far-reaching implications
• Superior productivity and profitability
• Clearly increased independence

MLP Analyst Conference – Highlights 2004 3 MLP

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New strategic direction

Extensive restructuring of the MLP Group

• Independence strengthened
• Focus on core business areas
• Risk reduction
• Decreasing complexity
• Increasing transparency
• Strengthening added value

MLP Analyst Conference - New strategic direction MLP

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Increasing complexity in old-age provision

From pillars to layers

High demand for qualified and individual consultation

MLP Analyst Conference - Market environment

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Favourable prevailing conditions

Optimum prerequisites in MLP’s core market

• Major cuts in state health and pension provisions
• New pension legislation leads to high shortfalls in provisions
• Increasing complexity requires individual consultation and advice
• Qualified consultation and intelligent solutions become increasingly important
• Focus moves to coverage for longevity risk
• EU-broker guidelines increase standards for consulting quality, documentation and consultants’ qualifications

MLP expects high long-term growth rates in its key markets of private old-age provisions and occupational pensions

MLP Analyst Conference - Market environment 6 MLP

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Growth market old-age provision

High premium volume forecast in MLP's core business field

New premiums in € bn.

Source: Infratest 2004/McKinsey.

• State pension cover will decline in the long-term
• High new premiums forecast for coming years
• Occupational pension schemes will see particularly strong growth rates

MLP Analyst Conference - Market environment

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Additional growth areas

Offensive up until 2007

• Targeted expansion of MLP Asset Management
• Consequent exhaustion of occupational pension schemes potential
• Strengthening foreign operations systematically

MLP Analyst Conference - Additional growth areas 8 MLP

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Targeted expansion of MLP Wealth Management

Structured asset formation for the client

• Comprehensive asset structuring as USP for MLP
• Systematic development of growth potential in the wealth management area

MLP Analyst Conference - Additional growth areas 9 MLP

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Low average age offers high potential

Targeted expansion of MLP Wealth Management

MLP clients by age* *As per: 31.12.2004

• MLP clients' incomes and savings quotas clearly exceed average levels
• The average age of an MLP client is 35.5 years
• Already 25 per cent of clients are older than 40
• The number of clients over 40 years of age will double within five years

MLP Analyst Conference - Additional growth areas 10 MLP

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Growing value-added potential in the wealth management area

Targeted expansion of MLP Wealth Management

Sales revenue MLP Finanzdienstleistungen AG p.a. by age and product type

• Share of old-age provision declines over time
• Wealth management becomes more important as clients grow older
• Clients expect a maximum degree of individuality
• Current basis: approx. 890 EUR revenue per client and year

MLP Analyst Conference - Additional growth areas 11 MLP

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Management-Agenda

Targeted expansion of MLP Wealth Management

• Build up Wealth Management area to a core competence field
• MLP Bank becomes a competence centre
• Differentiation from competitors with independent product selection and integral consulting approach
• Individual offers for premium clients

Objectives 2007

• Doubling funds under management from EUR 2.5 bn.* (2004) to EUR 5 bn.

*without unit-linked life and pension insurance.

MLP Analyst Conference - Additional growth areas 12 MLP

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Major market opportunities in the occupational pensions segment

Consequent exhaustion of occupational pension schemes potential

• MLP has the following important USP’s:
• Independence
• High quality sales force, covering large areas
• Competence and know-how in all occupational pension issues
• Developing market shares in the growing occupational pension market
• High cross-selling-potential within the target group

Objectives 2007

• MLP establishes itself as the number one for high penetration quotas
• EUR 40 mln. contribution to total revenues
• More than EUR 10 mln. profit contribution

MLP Analyst Conference - Additional growth areas 13 MLP

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Strengthening foreign operations systematically

Foreign operations are an integral part of MLP business model

• Break even in 2005
• Increase operational growth further
• Targeted acquisitions to build up market position
• Development to become a financial services provider with a European focus

Objectives 2007 (organic)

→ Contribution to sales of EUR 48 mln. (+ 168% over 2004) → Profit contribution of EUR 5 mln.

MLP Analyst Conference - Additional growth areas 14 MLP

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Group total revenue and EBT

MLP Group in EUR million

Total revenue

• Excluding proceeds of EUR 82.8 mln. from the sale of interest in MLP-Lebensversichtung AG, Wien

MLP Analyst Conference – Review 2004 15 MLP

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Group income statement

In EUR mln.

	2004	2003
Total revenues	703.3	536.2
Change in deferred acquisition costs	88.1	89.4
Expenses for brokerage business	-251.5	-156.6
Expenses for insurance business	-121.2	-106.5
Expenses for banking business	-11.5	-12.2
Personnel expenses	-81.9	-82.8
Depreciation and amortisation expense	-25.5	-25.4
Other operating expenses	-201.5	-162.7
Profit from operations (EBIT)	98.2	79.4
Other interest and similar income	2.9	1.8
Other interest and similar expenses	-13.4	-12.2
Finance cost	-10.5	-10.4
Profit before tax (EBT)	87.7	68.9
Taxes	-36.3	-29.7
Net profit for the year	51.4	39.3

• Change in DAC remains flat due to greater amortisation and higher reinsurance activity
• Expenses for brokerage business increased due to a better performance of branch offices
• Other operating expenses include restructuring costs of EUR 21.3 mln. and an increase in allowance on loans to consultants by EUR 9.6
• Finance cost includes interest expense related to Factoring of EUR 7.7 mln.

MLP Analyst Conference - Review 2004 16 MLP

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Group balance sheet

In EUR mln.

Assets	31 Dec 2004	31 Dec 2003
Intangible assets	60.3	61.3
Property, plant and equipment	117.4	123.2
Financial assets	204.6	162.5
Investments held on account and at risk of life insurance policy holders	1,564.1	1,183.8
Reinsurance receivables	30.5	19.5
Receivables due from banking business	371.6	316.4
Accounts receivable and other assets	128.0	182.5
Cash and cash equivalents	191.0	51.5
Deferred acquisition costs (DAC)	357.6	269.5
Deferred tax assets	51.5	49.9
Prepaid expenses	9.8	7.6
	3,086.2	2,427.6
Shareholders’s equity and liabilities
Shareholders’ equity	289.0	253.8
Minority interest	0.6	0.1
Insurance provisions	431.6	315.6
Insurance provisions for investments held on account and at risk of life insurance policy holders	1,564.1	1,183.8
Other provisions	192.5	141.0
Reinsurance liabilities	36.6	49.9
Liabilities due to banking business	355.4	302.6
Other liabilities	213.3	178.4
Deferred tax liabilities	1.6	1.8
Deferred income	1.5	0.6
	3,086.2	2,427.6

• Investments held on account of policyholders increased due to premium income and stock market performance
• Accounts receivables decreased due to the reduction or receivables against consultants from EUR 77.9 mln. to EUR 30.8 mln.
• Shareholder’s equity up due to profit appropriation
• Change in provisions for taxes, bonus programme and cancellations amount to EUR 45.1 mln.
• Cash and Cash equivalents up to EUR 191.0 mln. (EUR 51.5 mln.)

MLP Analyst Conference - Review 2004 17 MLP

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Segment consulting and sales contributes the main share to earnings growth

Overview of nominal change in EBIT per business segment in EUR mln.

MLP Analyst Conference - Review 2004 18 MLP

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Group EBT target 2005 - 2007

Reconciliation of EBT in EUR million

Group targets 2007:

• Total revenues at EUR 780 mln.
• EBT at EUR 160 mln.

• New group structure without Life and Non-life insurance

MLP Analyst Conference – Forecast until 2007 19 MLP

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Sustainable growth in clients and consultants

Clients

Consultants

MLP Analyst Conference - Forecast until 2007

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Productivity and revenue increase in the brokerage business segment

Revenue per consultant in '000

Total revenue segment Consultation and sales in million Euro

MLP Analyst Conference - Forecast until 2007 21 MLP

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EBT almost doubles through revenue growth and cost control

Leverage effect shows impact on profits

EBT segment Consultation and sales in million Euro

MLP Analyst Conference - Forecast until 2007 22 MLP

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Recurring business creates stability

Segment consultation and sales*

• without foreign operations

MLP Analyst Conference - Forecast until 2007

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MLP's growth model - Targets for 2007

Segment consultation and sales

MLP Analyst Conference - Forecast until 2007 24 MLP

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Standards set by quality criteria

Summary

Objective

• Europe's most profitable financial services provider

Strategy

• Optimum use of growth conditions in the core business area of old-age provisions
• Generate further growth potential

Actions

• Build up wealth management
• Exhaust potentials in occupational pensions area
• Strengthen foreign operations systematically

Set benchmarks

• Concepts & Products
• Service & Consulting
• Profitability

MLP Analyst Conference - Summary 25 MLP

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Quality ensures values

MLP-Analyst Conference 2005

Dr. Uwe Schroeder-Wildberg, Chairman and CEO

Nils Frowein, CFO

Frankfurt am Main, 20th April 2005

MLP Analyst Conference 26 MLP