MLP SE

Investor Presentation • Feb 15, 2006

Preliminary results 2005: Excellent basis for future growth

Nils Frowein

CFO, MLP AG

February 15th, 2006

Market environment 2005

• y 2005 was a challenging year
  • y Pension reform in Germany
  • y New product environment
  • y Major change in taxation of old-age pension products
  • y Increased complexity in old-age provision
  • y New business of German life insurance companies declined significantly
    • y Number of new contracts: - 39 %
    • y Premium sum from new contracts: - 46 %

Successful transition year for MLP

• y Leading the way in the product world
  • y MLP quickly anticipated trends in the new product world of pensions
  • y MLP took full advantage of new products
  • y 40% market share for basic pensions (Basisrente)
  • y Around 5% overall market share in 2005
• yOperating targets achieved
  • y EBT target raised from € 100 mln. to € 110 mln. during 2005
  • y EBT increased by 38 % to € 119.9 mln.

Successful re-positioning of the company

• yPortfolio restructuring completed as planned
  • y Sale of life and non-life insurance subsidiaries
  • y Total consideration of around € 334 mln. (of which € 40 mln. earn-out in 2005-2008)
• y Strategic development further advanced
  • y Private Wealth Management business unit developed as planned
• y Excess cash used for the benefit of shareholders and balance sheet
  • y Extensive € 180 mln. share buy-back programme
  • y Extra dividend of € 0.30 per share
  • y Termination of existing factoring agreements totalling € 124 mln.

ÆExcellent basis for further growth

Revenues developed as planned

MLP Group

Total revenue

.

Revenue development reflects adoption of new products

MLP Group

Quarterly revenue development 2005

• y Q1 and Q2 were affected by education and training
• y Q3 showed 5% growth over previous year
• y Q4 strongest quarter of the year

Strong performance in the new product world

MLP continued operations

Brokerage revenue split, 2005 (2004): € 470.0 mln. (€ 543.7 mln.)

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

MLP Group with strong earnings growth

Key figures

A l l f i i € l g u r e s n m n.	5 2 0 0	2 0 0 4	Q 5 4 2 0 0	Q 4 2 0 0 4
C i d i t t o n n u e o p e r a o n s
R e v e n u e s	5 6 6. 2	6 2 2. 8	2 1 7. 9	2 5 7. 8
E B I T	6 9. 7	8 8. 3	3 6. 8	4 0. 6
E B T	6 8. 7	6 7 7.	3 3 7.	3 7. 5
N f i t t e p r o	4 0. 4	4 3. 0	2 4. 1	2 0. 6
D i i d i * t t s c o n n e o p e r a o n s u
E B T b f d i l l t e o r e s p o s a r e s u	1. 2 5	9. 0	0	-2 3
f f N i b d i l l t t t e p r o e o r e s p o s a r e s u	3 3. 9	7. 3	0	-1 3
D i l l t s p o s a r e s u	1 2 4 5.	0	0. 8	0
f N i t t e p r o	1 5 9. 3	7. 3	0. 8	-1 3
M L P G r o u p
E B T b f d i l l t e o r e s p o s a r e s u	1 1 9. 9	8 6. 6	3 3 7.	3 5. 2
N f i t t e p r o	1 9 9. 7	5 0. 3	2 4. 9	1 9. 3
E P S i € n	1. 8 4	0. 4 6	0. 2 3	0. 1 7

* until deconsolidation

Page 8 February 15th, 2006

Continued operations

Segment Consulting and Sales and segment Bank

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

* excluding investment fund of former MLP life insurance ** excluding foreign operations

Page 9 February 15th, 2006

Number of clients up by 40,500 in 2005

MLP Group

Number of clients

y 2005 was a transition year

yPriority given to servicing customer base with new products

Slight increase in number of consultants

MLP Group

Number of consultants

yContinued low fluctuation

• yQuality of new consultants is the decisive factor
• y Hiring of consultants slower than expected

Sustainable high productivity in 2005

Segment Consulting and Sales

Revenue per consultant

• y Productivity developed as planned
• y Training and education pays off
• y Benchmark in the industry

MLP 2006: Leading the new pension product world

• y Clear lead over competitors in basic pension products
• y Further potential for "Riester" products
• y Demand for annuity products likely to increase (coverage of longevity risk)
• y Reduction of guaranteed interest stimulates sales of life insurance
• y Client-specific mix of pension products is becoming more and more important

Outlook 2006: Significant top line growth

Segment Consulting and Sales

Brokerage revenue 2006e

Growth in brokerage revenue

will be driven by

• yRollout of standard market commission structure
• y "Riester" step

y Sales growth

Outlook 2006: Strong leverage effect on earnings

MLP Group

EBT continued operations 2005, 2006e

Reasons for strong increase in earnings:

• y Sales growth
• y Rollout of standard market commission structure
• y "Riester" step

Outlook 2006: Excellent basis for further growth

Management focus 2006

• yAcquisition of additional consultants
  • y Clear management focus on acquisition of additional consultants
  • y Optimisation of the recruiting process
  • y Active personnel marketing
• y Further increase in productivity and profitability
• y Active management of foreign business
  • y Switzerland: operational business under consideration
  • y UK: Management team strengthened
• y Further expansion of Private Wealth Management business unit

Targets for 2007e: Mid-term outlook remains valid

• y Group revenues: € 780 mln.
• y EBTe: € 160 mln.
• y Number of clients: ~825,000
• y Number of consultants: ~3,000

Contact

MLP Investor Relations Forum 7 69126 Heidelberg Germany

Contact: Investor Relations:

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

Tel. +49 (0) 6221 308 8320 Fax.+49 (0) 6221 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

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.