MLP SE — Investor Presentation 2007

Nov 7, 2007

9M and Q3 2007 Results

Uwe Schroeder-Wildberg, CEO

7th November 2007

Overview

• yHighlights 9M and Q3 2007
• yFinancial details 9M and Q3 2007
• yClients
• yConsultants
• ySummary and outlook

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 program
• 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)

Extensive changes to legal requirements

Prevailing conditions

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

Crucial factors for future success:

ÆHigh quality consulting and low cancellation rate

MLP 9M & Q3 2007 Results Page 5

Total income increased

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 burdened by one-time effects

Continuing operations

Income statement

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

• yEBIT 9M + 20 %
• y One-time restructuring charges of € 4.8m
• y EBIT margin Q3 before restructuring charges 15.4 % (13.7 %)
• y Revaluation of deferredtaxes due to German corporate tax reform

Segment development as planned

Segment reporting

[ in € m ]	Q 3 2 0 0 6	Q 3 2 0 0 7	9 M 2 0 0 6	9 M 2 0 0 7
Co lt ing d s les nt ns an a se g me u
Se inc nt g me om e	1 0 7. 9	1 0 0. 7	3 1 3. 1	3 0 4. 7
E B I T	1 6. 8	1 0. 5	4 5. 5	4 0. 6
E B I T in in % ma rg	1 5. 6	1 0. 4	1 4. 5	1 3. 3
Ne bu ine w s ss
O ( ) l d-a is ion in € b ln. g e p rov	1. 5	1. 3	4. 3	3. 5
He lt h ins a ura nc e	2 1. 9	1 0. 3	8 5 5.	3 3. 9
Lo d m ort an s a n g ag es	3 1 4	3 0 0	9 6 3	9 1 8
( ) Fu ds de t in € b ln. n un r m an ag em en	-	-	1 0. 8 *	1 1. 2
ing Ba k nt n se g me
Se inc nt g me om e	1 7. 6	2 0. 1	5 1. 6	5 9. 1
E B I T	2. 1	4. 6	5. 5	9. 3
W lt h m t s nt ea an ag em en eg me
Se inc nt g me om e	-	9. 3	-	2 9. 0
E B I T	-	5. 7	-	8. 7

• y Consulting and sales
• y One-time restructuring charges € 1.6m
• y Adjusted Q3 EBIT margin 12.0 %
• yAuM increased by € 400m

* as at 31/12/06

Strong balance sheet

MLP Group assets

[ i € ] n m	/ / 3 0 0 9 0 7	/ / 3 1 1 2 0 6
I i b l t t n a n g e a s s e s	1 9 6 7	1 8 6 8
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 ,	8 5 5	8 9 1
I t t t n e s m e n p r o p e r v y	1 4 8	1 5 1
( ) I i h d t t t t n e s m e n e q m e o v u y	1 6	-
D f d t t e e r r e a a s s e s x	0 4	0 2
R i b l f e c e a e s r o m v
B k i b i a n n g u s n e s s	6 9 9 8	6 0 6 4
F i i l i t t n a n c a n v e s m e n s	7 0 2	4 9 9
T f d l i a r e n c a m s x u	1 2 7	2 1 1
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	9 4 6	1 1 7 7
C h d h i l t a s a n c a s e q u v a e n s	8 3 8	1 2 0 5
A h l d f l t s s e s e o r s a e	6 3	-
	1 2 4 9 4 ,	1 2 6 6 1 ,

yLiquid funds of € 103m

y

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

Equity ratio stands at 25%

MLP Group liabilities and shareholders' equity

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

• y Change in shareholders' equity due to dividend payment and net profit
• y Decrease in other liabilities due to usual seasonal business development

Clients

Continuing operations

Consultants

Continuing operations

Summary and outlook

• yOverall satisfactory business development in Q3
• y EBIT 9M was burdened by € 4.8m one-time restructuring charges
• yMLP is well prepared for the year-end business
• y Increasing business momentum is expected in the forthcoming weeks
• y EBIT guidance FY 2007 of around € 110m for continuing operations reiterated

Contact

MLP Investor RelationsAlte Heerstraße 4069168 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: investorrelations@mlp.de

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