MLP SE — Investor Presentation 2007

Nov 15, 2007

MLP - Achieving sustainable growth

Dr. Uwe Schroeder-Wildberg, CEO

WestLB Deutschland Conference 2007Headwinds for corporate profitability

November 15, 2007

Overview

• yMLP´s KPI 2002 - 2006
• yMajor trends in the German financial industry
• yMLP´s unique business model
• y MLP´s positioning in growth markets in Germany
• yOld-age pension provisions
• yWealth management
• yFocusing on growth drivers
• y Summary: MLP´s strategic and operational steps to achieve sustainable growth

MLP´s KPI – 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

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MLP´s KPI – Income from brokerage business

Continuing operations

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

MLP´s KPI - 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

I M d i i D i t n s r a n c e e a o n r. u I b k n s r a n c e r o e r a g e u M 2 2 2 0 0 7 a y ,	M i F I D / B k I t t a n s n e s m e n v N b 1 2 0 0 7 o v e m e r ,	I C L t t n s u r a n c e o n r a c a w I n s u r e r E l 2 0 0 8 a r y
R i d d d f t a s e s a n a r s o r y l l i f i i t t t c o n s a n q a c a o n s u u d l i l i t t a n c o n s n g q a u u y E i d i t t t x e n s v e o c u m e n a o n y i d l i g u e n e s Æ M k l i d i t t a r e c o n s o a o n	B d i f r o a e n n g o y l i i f i t t t c o n s a o n n o r m a o n u , d d i t t a n o c m e n a o n u l i t r e g a o n s u H i h t g e r r a n s p a r e n c y y d d t s a n a r s	B d i f r o a e n n g o y i f i b l i i t t n o r m a o n o g a o n s G t t r e a e r c o s y f i l i d t r a n s p a r e n c y n e a n h l h i t e a n s u r a n c e I i h n c r e a s e n c a s y / d l s r r e n e r a e u v u D i i b i f i i i t t t s r o n o a c q s o n u u

Crucial factors for future success:

ÆHigh quality consulting and low cancellation rate

MLP WestLB Deutschland Conference 2007, November 15, 2007 Page 7

costs

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 Survey Germany

* 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

	i E d t t s m a e k h * t t m a r e g r o w	M L P l i t c o n s n g u	i M d t e u m e r m - d l M L P t e v e o p m e n
O l d i i i -a g e p e n s o n p r o s o n v	1 0 % 5 p a -	C t o r e c o m p e e n c e
P i h l h i i t t r v a e e a c a r e p r o v s o n	i M d t e u m e r m - i i n c r e a s n g d d e m a n	C t o r e c o m p e e n c e
W l h t t e a m a n a g e m e n	% 5 7 p a -	F t u u r e c o r e t c o m p e e n c e
N l i f i o n e n s r a n c e s u -	S l l d m a e c r e a s e i p r e m u m s u m s	P f h i d t t t t a r o e n e g r a e l i h t c o n s u n g a p p r o a c
F i i n a n c n g	1 0 % p a	P f h i d t t t t a r o e n e g r a e l i h t c o n s n g a p p r o a c u

*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

MLP WestLB Deutschland Conference 2007, November 15, 2007 Page 15 Source: zeb/rolfes, schierenbeck associates, Datamonitor

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

How can sustainable growth be achieved?

MLP´s strategic 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

MLP - Achieving sustainable growth

Dr. Uwe Schroeder-Wildberg, CEO

WestLB Deutschland Conference 2007Headwinds for corporate profitability

November 15, 2007