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MLP SE

Investor Presentation • Dec 12, 2007

289_ip_2007-12-12_b0c6f1d0-62ef-4a8c-b335-6e0bc89d6867.pdf

Investor Presentation

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MLP -Achieving sustainable growth

Investor Presentation

December 2007

Overview

  • yMLP´s KPI 2002 - 2006
  • yMajor trends in the German financial industry
  • yDevelopment in the UK market
  • yMLP´s unique business model
  • y MLP´s positioning in growth markets in Germany
  • yOld-age pension provisions
  • yWealth management
  • yFocusing on growth drivers
  • ySummary: MLP´s strategic and operational steps to achieve sustainable growth
  • y Appendix
  • yHighlights and financial details 9M and Q3 2007
  • yMLP´s Wealth Management concepts
  • yContact

MLP´sKPI – Total income

Continuing operations

Income from brokerage and banking business, wealth management and other income

1 Before the sale of MLP Lebensversicherung AG and MLP Versicherung AG

MLP´sKPI – Income from brokerage business

Continuing operations

1 Before the sale of MLP Lebensversicherung AG and MLP Versicherung AG

MLP´sKPI - EBIT

Continuing operations

[in € million]

1 Including one-time restructuring charges

2 Before the sale of MLP Lebensversicherung AG and MLP Versicherung AG

Radical changes in the German financial industry

Major market trends for banks, insurance companies and IFAs

  • y Increasing competition and capital market requirements have led to the optimisation of cost structures and processes
  • y Increasing regulatory requirements will further change the market place dramatically:
  • yFurther optimisation of cost structure and processes
  • yConsolidation
  • yProfessionalisation
  • ySpecialisation

Extensive changes to legal requirements

Prevailing conditions

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Crucial factors for future success:

ÆHigh quality consulting and low cancellation rate

Similar changes in UK regulations commenced in 1988

Regulatory changes in the UK and impact on the market

Sales have grown, despite huge regulatory change and a massive stock market crash in 2003

Regulatory changes in the UK and impact on the market

UK Life & Pension Sales 1996 –2007e (APE £m)

Source: ABI

The shape of distribution in the UK is now very different

Regulatory changes in the UK and impact on the market

Source: ABI

Independent brokers grew market share dramatically

Regulatory changes in the UK and impact on the market

IFA Market Share in the UK

Some of the predictions were right….

Regulatory changes in the UK and impact on the market

  • The number of life, pensions and investment companies would fall
  • The number of people selling life, pensions and investment products would fall
  • •Networks would emerge

9

9

9

…but many were wrong

Regulatory changes in the UK and impact on the market

• Independent brokers would lose market share • Commission rates would fall and independent brokers would switch to fees• The big banks would dominate distribution • Most independent brokers would single tie • Sales volumes would reduceXXXXX

Independent brokers drove the sales growth and became recognized as the best distribution

Regulatory changes in the UK and impact on the market

  • •Increased competence and professionalism
  • Recommended by the National Press as the best for advice
  • Customers now choose commission as the way to pay for advice
  • •Tailored their advice for each customer
  • •Became more efficient
  • •A special brand was created for all independent brokers

→ Independent advice is now recognized as a great competitive advantage

Over the last 10/15 years different distribution models appeared and then disappeared

Regulatory changes in the UK and impact on the market

  • •Many new networks emerged
  • • But, many networks never achieved their goals
  • Lack of capital
  • Poor systems/training
  • Regulatory problems
  • Low profitability
  • • The two big networks in the UK
  • Have no consumer brand
  • Are lightly capitalized
  • Have a low market value (£25m)
  • No consistent approach to the market

What can we learn from the changes in the UK?

Regulatory changes in the UK and impact on the market

  • Independent status is highly valued by customers and the press
  • •Many new distribution companies emerge, but many fail
  • •A quality advice proposition backed by technology is key
  • Customers are not interested in regulatory change they want advice and solutions

MLP focuses on independent consulting

3 phases to further differentiation

2004/2005

Strengthening of independent position

  • Changes to organisational structure
  • Sale of insurance subsidiaries
  • Focus on core business segments

2006

Building up further unique selling points

  • Licence as investment and acquisition agent
  • •Equity stake in Feri
  • Strengthening the integral approach

2007

Differentiation from the market

  • Independence
  • ÆRegistration as broker
  • Integral approach
  • Æ Unique offering in all sectors
  • Consultation quality
  • Æ High standards in training and consulting

ÆMLP has clear unique selling points

IFA sales channel is expected to gain market share

Market share of different sales channels for life insurance products in Germany

Source: Tillinghast Sales Channel Surveys Germany 2007

* Estimate, ** incl. IFAs and multi-tied agents, *** Direct incl. internet sales

MLP Private Finance: Intelligent concepts for retirement provision, insurance coverage, investment and finance

Business model

One-stop for lifetime financial solutions

Added value for the client: financial planning

Client orientation at all levels of the value chain

Competitive advantage: consultation quality

Core competencies in growth markets

Excellent growth potential

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*Source: Roland Berger, z eb, Allianz Global Investors, Datamonitor, KPMG, MLP.

y Target: Medium-term increase in proportion of revenue from wealth management from around 6 % up to 20 %

Underestimated old-age provisions requirement

Future pension levels – as a percentage of gross income*

Source: OECD/ F.A.Z.

*State pension levels according to current legal situation. Selected countries. Basis for estimation: Employee who begins full-time work at the age of 20 in 2004 and remains in employment until the state retirement age (average earner).

Attractive market environment for wealth management

Growth perspectives for wealth management in Germany

  • y The German private banking market offers high growth perspectives in Europe
  • y Growth drivers:
  • yInheritances
  • yIncrease in assets

Source: zeb/rolfes, schierenbeck associates, Datamonitor

MLP Investor Presentation December 2007 Page 24

Low average age offers high potential

Targeted expansion of MLP Wealth Management

Clients by age

  • y MLP clients' income and savings quotas clearly exceed average levels
  • y The average age of an MLP client is 39
  • y Already 37 per cent of clients are older than 40
  • y The number of clients over 40 years of age will double within five years

Increasing value creation potential

MLP Wealth Management

Potential sales revenue MLP Finanzdienstleistungen AG per year and client

  • Wealth management takes on greater importance with advancing age
  • Further increase and diversify assets through intelligent concepts

Feri –The ideal partner for MLP

Core data and reasons for expanding wealth management segment

y

Wealth management segment expansion – a logical step

  • yEnormous potential within existing MLP client base
  • Wealth management offers high revenue potential especially among the over 40's
  • y MLP Bank as a service platform specialising in client needs

Feri – the ideal partner for MLP

  • yHigh competence and great expertise
  • yStrong brand awareness and reputation
  • yJoint assets under management / control of € 11.2 bn
  • yContinuation of successful business model
  • yPartners retain holding in company

MLP and Feri cover the whole market

Higher client penetration through transfer of know how

Growth drivers

Different growth drivers for MLP´s business model

Clients

Continuing operations

Consultants

Continuing operations

  • Fixed salary in the first year
  • Opening of new branches
  • y Enhancement of the customer service commissions for consultants

Howcan sustainable growth be achieved?

MLP´sstrategic and operational steps to achieve sustainable growth

  • y Rapid adjustment to changing market environment and legal framework
  • yFocusing on independent consulting
  • y Focusing on growth markets
  • yOld-age pension provision
  • yWealth management
  • y Focusing on growth drivers
  • yClient penetration and growth

  • yConsultants

  • yHighlights and financial details 9M and Q3 2007

  • yMLP´s Wealth Management concepts
  • yContact

Highlights 9M and Q3 2007 (1)

  • y Industry still uncertain about the effects of new regulatory requirements
  • y Difficult market environment for private health insurance business due to reform of the German healthcare system
  • yContinuation of share buyback programme
  • yChange in management
  • y Exercise of the acquisition option for remaining equity stake in Feri Finance AG

Highlights 9M and Q3 2007 (2)

  • yOpening of 6 branches
  • y Enhancement of the customer service commissions for consultants
  • yTotal income 9M increased by 9%
  • yEBIT 9M up by 20%
  • yAuM increased by around € 400m (9M)

Total incomeincreased

Total income

9M: Income from old-age pension provision business only slightly below previous year's already high level

Income from brokerage business, 9M 2007 (9M 2006): € 289.8m (€ 299.7m)

Q3: Income from health insurance business significantly down due to German health care reform

Income from brokerage business, Q3 2007 (Q3 2006): € 95.6m (€ 103.5m)

EBIT burdenedby one-time effects

Continuing operations

Income statement

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  • y EBIT margin Q3 before restructuring charges 15.4 % (13.7 %)
  • y Revaluation of deferredtaxes due to German corporate tax reform

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* as at 31/12/06

Strong balance sheet

MLP Group assets

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yLiquid funds of € 103m

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Decrease in receivables and other assets due to usual seasonal business development

Equity ratio stands at 25%

MLP Group liabilities and shareholders' equity

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MLP Wealth Management – Concepts and Products

Overview

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Exemplary fund structure

Comfort solution in three variations

MLP flagship portfolio

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Exemplary portfolio structure "balanced"

Exemplary portfolio structure "dynamic"

High-class wealth management for a broad client base

Modular wealth management

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Time horizon

Broaddistribution over all asset classes

Modular wealth management –exemplary structure (80% safety module)

Highest level of individuality for MLP clients

Individual wealth management

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Comprehensive quality standards for the selection of participation models

Procedure for fund selection by Feri

Precisely fitting range with unique selling points

MLP Wealth Management within a market comparison

Contact

MLP Investor RelationsAlte Heerstraße 40 69168 WieslochGermany

Contact:Investor Relations:

Helmut Achatz, Head of Investor Relations Klaus Ringel, Manager Investor Relations

Tel.: +49 (0) 6222 308 1135 Fax: +49 (0) 6222 308 1131 E-mail: [email protected]

MLP Investor Relations information on the internet:

Financial reports, presentations and calendar etc. at http://www.mlp.de

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