MLP SE — Investor Presentation 2006

Aug 8, 2006

Q2 and H1 2006 Results

Uwe Schroeder-Wildberg, CEO Nils Frowein, CFO

8th August 2006

This presentation includes certain forward-looking state ments. Actual results could differ materially fr o m those included in the forw ard-looking state ments 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. P ast performance is no guarantee for future performance. MLP A G does not undertake any responsibility t o update the forw ard- looking state ments contained in this presentation.

Business highlights Q2 2006

• y Revenue and earnings exceed previous year's level
• y Strong performance in the health insurance business segment
• y Performance in the pension provision business segment did not meet expectations for Q2
• y Major step for the expansion of MLP Wealth Management:
  • y Close cooperation with Feri Finance AG across all fields of private and institutional wealth management
  • y MLP clients gain access to the complete know-how of Germany's leading independent wealth management company
  • y Development of innovative investment concepts
  • y MLP to consider acquisition of an equity stake in Feri

Mixed revenue development

Total revenue

H1 2006: Strong performance in health insurance business segment

Revenue from brokerage business, H1 06 (H1 05): € 197.6 mln. (€ 180.1 mln.)

Q2 2006: Performance in the pension provisions business segment did not meet expectations

Revenue from brokerage business, Q2 06 (Q2 05): € 91.5 mln. (€ 91.2 mln.)

Strong increase in earnings

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

• y Financial result improved as a result of higher cash levels and repayment of factoring agreements in 2005
• y Tax refund lowered tax expenses in Q2
• y Net profit nearly trebled

Expenses developed as planned

Expenses

i € n l m n.	Q 2 2 0 0 6	Q 2 2 0 0 5	H 1 2 0 0 6	H 1 2 0 0 5
E f x p e n s e s o r b k b i r o e r a g e u s n e s s	3 7. 0	3 5. 8	8 7. 9	7 6. 4
E f x p e n s e s o r b k i b i a n n g u s n e s s	4. 9	3. 9	9. 9	7. 0
F i d t x e c o s s
P l e r s o n n e e p e n s e s x	2 1. 2	1 9. 7	3 9. 9	3 4. 5
D i i t e p r e c a o n	4. 3	4. 5	8. 5	8. 9
O i t p e r a n g e x p e n s e s	3 7. 6	3 6. 3	7 6. 3	7 4. 5
T l f i d t t o a e c o s s x	6 3. 1	5 6 0.	1 2 4. 7	1 1 7. 9

• y Variable costs increased according to revenue development
• y Fixed costs increased by around 5 percent: below targeted expansion of 7 percent

EBIT margin improved

Consulting and sales segment and banking segment

in € ln m	Q 2 2 0 0 6	Q 2 2 0 0 5	H 1 2 0 0 6	H 1 2 0 0 5
Co l in d le t t ns g an sa s se g m en u
Se t r g m en ev en ue	9 6. 7	9 3. 6	2 0 6. 6	1 8 4. 7
Ea ing be fo ( E B T ) ta rn s re xe s	1 2. 6	9. 2	2 6. 3	1 7. 9
Ne bu in s es s w
O ( ) l d- is io in € b ln ag e p ro n v	1. 2	1. 4	2. 8	2. 1
He l h ins t a ur an ce	1 7. 4	1 2. 1	3 3. 9	2 1. 9
Lo d tg an s an m or ag es	3 4 5	2 4 7	6 4 9	4 6 9
f fu In low in ds to s n	2 3 8	1 7 8	5 5 3	3 3 2
Fu ds de ( in € b ln ) t n u n r m an ag em en			3. 0	2. 9 *
E B T fo ig io ** t re n op er a ns	-1 4	-1 3	-2 1	-2 3
E B I T in m ar g	1 2. 8 %	1 1. 4 %	1 2. 5 %	1 1. 3 %
Ba k in t n g se g m en
Se t r g m en ev en ue	1 3 7.	1 2. 9	3 4. 1	2 3 5.
fo ( ) Ea ing be ta E B T rn s re xe s	1. 9	1. 8	3. 4	3. 1

yPositive development of newly arranged business in the segments health insurance and loans and mortgages

• y Foreign operations performed as forecast
• y Further improvement of EBIT margins

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

Strong balance sheet

Assets

A l l f i i € '0 0 0 g r e s n u	3 0 / 0 6 / 0 6	3 1 / 1 2 / 0 5
I i b l t t n a n g e a s s e s	3 1, 4 4 6	2 2 9 1 7 ,
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	9 1, 2 8 2	9 4 7 4 6 ,
I t t t n v e s m e n p r o p e r y	1 2 6 5 7 ,	1 3 8 5 5 ,
D f d t t e e r r e a x a s s e s	5 4 0	1, 5 6 8
f R i b l e c e a e s r o m v
b k i b i a n n g s n e s s u	5 8 2 5 4 4 ,	5 1 1, 0 2 3
F i i l i t t n a n c a n e s m e n s v	1 7 7 7 7 ,	2 3 6 4 1 7 ,
T f d l i a x r e u n c a m s	2 2 0 6 7 ,	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 1, 5 7 3	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 0 4 2 7 ,	1 3 0 0 0 3 ,
A f 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	1, 1 6 0	-
	1, 0 3, 4 9 2 7	1, 1 8 2, 0 1 3

• yLiquid funds of € 192 (330) mln.

• y Decrease due to

• yshare buyback programme € 72 mln.

• y dividend payments € 63 mln.

Strong balance sheet

Shareholders' Equity and Liabilities

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

y Equity ratio of 32 %

yDecrease of other liabilities due to normal seasonal business development

Clients and Consultants

Consulting and sales segment

Consultants*

Revenue per client (€)*

Revenue per consultant (€ thsd.)*

Summary and outlook

• y Satisfactory overall business development in H1 2006
• y Market potential in the pensions provisions business segment not fully utilized in Q2
• y Sales and marketing focus on pension provisions in H2 2006
• y Ambitious forecast for 2006 and 2007 revised
• y New forecast applies only to 2006

$$\begin{array}{cccc} & & \underline{2005} & \underline{2006} \text{e} & \underline{\text{Change}}\ \mathsf{EBT} \text{ (in } \mathsf{Emln.)} & & 71 & 90 & +27\% \end{array}$$

Contact

MLP Investor Relations Alte Heerstraße 40 69168 Wiesloch Germany

Contact: Investor Relations:

Michael Pfister, Head of Communications Helmut Achatz, Head of Investor Relations

Tel. +49 (0) 6222 308 8320 Fax.+49 (0) 6222 308 1131 E-mail: investorrelations@mlp.de

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