MLP –Positioning and Growth Strategy

Investor Presentation

August / September 2007

Overview

yHighlights Q2 2007 and financial details H1 and Q2 2007
yClients and consultants
ySummary and outlook
y Appendix
yStrategic realignment
y MLP´sunique business model and growth drivers
y MLP´spositioning in growth markets
y MLP Wealth Management
- •Strategy
- •Concepts and Products
yContact

Highlights Q2 2007 (1)

ySuccessful implementation of EU insurance mediation directive
y Focus on profitable foreign operations in Austria and the Netherlands
y Successful merger of MLP Bank AG and MLP Finanzdienstleistungen AG
yDividend payment of around € 40m
yJoint venture with Interhyp to optimize mortgage business

Highlights Q2 2007 (2)

y Positive trend in old-age pension provision business
yIncome from old-age pension provisions +7.4%
yArranged new business +44% compared to Q1 2007
y Income from health insurance business -43% due to reform of the German healthcare system
yTotal income +8%
yEBIT +28%
y AuMincreased by around € 200m

Total incomeincreased

Total income

H1: Brokerage business at previous year's level

Income from brokerage business, H1 2007 (H1 2006): € 195.9m (€ 197.6m)

Q2: Positive trend in old-age pension provisions

Income from brokerage business, Q2 2007 (Q2 2006): € 88.7m (€ 91.5m)

EBIT development in line to reach FY 2007 Guidance

Continuedoperations

Income statement

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

y H1 2007
yEBIT +31 %
y EBIT margin increased by 1.9 percentage points
y Net profit Q2 2006 was distortedby a tax refund

Income consulting and sales segment at previous year's level

Segment reporting

[ in € ] m	Q 2 2 0 0 6	Q 2 2 0 0 7	H 1 2 0 0 6	H 1 2 0 0 7
Co l in d les t t ns g an sa s eg m en u
Se inc t g m en om e	9 6. 7	9 4. 4	2 0 6. 6	2 0 5. 8
E B I T	1 2. 5	1 3. 0	2 6. 1	2 6. 4
E B I T in in % m ar g	1 2. 9	1 3. 8	1 2. 6	1 2. 8
E B I T fo ig ion t re n op er a s	-1 3	-2 0	-2 0	-4 5
Ne bu in w s es s
O l d- is ion ( in € b ln. ) ag e p ro v	1. 2	1. 3	2. 8	2. 2
He l h ins t a ur an ce	1 7. 4	9. 0	3 3. 9	2 3. 6
Lo d tg an s a n m or ag es	3 4 5	3 1 3	6 4 9	6 1 8
Fu ds de ( in € b ln. ) t n u n r m an ag em en	-	-	* 1 0. 8	1 1. 0
Ba k in t n g se g m en
Se inc t g m en om e	1 3 7.	2 0. 0	3 4. 1	3 8. 9
E B I T	1. 9	3. 0	3. 4	4. 7
W l h t t s t ea m an ag em en eg m en
Se inc t g m en om e	-	9. 7	-	1 9. 7
E B I T	-	1. 6	-	3. 0

* as at 31/12/06

Strong balance sheet

MLP Group assets

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

Reduction in receivables and other assets due to usual seasonal business development
yLiquid funds of € 102m

Equity ratio stands at 25%

MLP Group liabilities and shareholders' equity

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

y Shareholders' equity decreased due to dividend payment
y Decrease of other liabilities due to usual seasonal business development

Clients

Continued operations*

* excluding UK and Spain

Consultants

Continued operations*

* excluding UK and Spain

Summary and outlook

yOld-age pension provision business gained momentum in Q2
yTotal income and EBIT increased significantly
ySuccessful cost control
y MLP will be well prepared for upcoming changes in the regulatory framework (MiFID, amendments to the German insurance contract law)
y Introduced measurements to increase number of consultants will pay off in H2 2007
y EBIT guidance FY 2007 of € 110m for continued operations reiterated

Outlook for different business segments reiterated

Medium-term planning

	2 0 0 7	M d i t e m e r m u -
O l d i i i i a g e p e n s o n p r o s o n s n c o m e v -
W l h i t t e a m a n a g e m e n n c o m e
H l h i i t e a n s r a n c e n c o m e u
N b f l t t m e r o c o n s a n s u u	* 2 7 5 0 ,	S d h t t e a g r o y w

* Adjusted after the withdrawal from markets in the UK and Spain in July 2007

Appendix

yStrategic realignment
y MLP´sunique business model and growth drivers
y MLP´spositioning in growth markets
y MLP Wealth Management
yStrategy
yConcepts and Products
yContact

MLP focuses on independent consulting

3 phases to further differentiation

2004/2005

Increasing independent position

• Changes to organisational structure
• Sale of insurancesubsidiaries
• Focus on core businesssegments

2006

Building up further unique selling points

• Licence as investment and acquisition agent
•Shareholding 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

Unique business model

Combination of quality of advice - customer focus - independence makes business model unique

C i i l l t t o n s u n g q u a y	T t a r g e g r o p u f o c s u
Q l i f i d l t t u a e c o n s u a n s
I l h t n e g r a a p p r o a c	k h n o w o w -
C l i l f h f t t e n g o a s o r m e o c u s
i O t n g o n g s u p p o r	f d d o a r e s s
i L l t t o n g e r m c e n - l i h i t r e a o n s p s
C h i o m p r e e n s v e i s e r v c e

I d d n e p e n e n c e
B d d t r o a p r o c r a n g u	e
H i h d l i t t g p r o c q a u u	y
P i h t t t a r n e r s w s r o n	f g p e r o r m a n c e
H i h l l f i g e v e o n n o v	i t a o n
T i l d l i t a o r e s o u o n s

Target group-specific know-how

Target group-specific form of address

Attractive risk profiles

Growth drivers

Different growth drivers for MLP´s business model

Core competencies in growth markets

Excellent growth potential

	E i 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 u n g
O l d i i i -a g e p e n s o n p r o v s o n	5 1 0 % 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	M i d- t e r m i i d d n c r e a s n g 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 u r a n c e s	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 n g a p p r o a c u
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 u n g a p p r o a c

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

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

German social security systems are under pressure

Demographic trend is growth driver for pension and health provision markets

Number of employees who finance one retiree

Source: Stat. Bundesamt

Growth driver demographic change

Demographic trend is growth driver for pension and health provision markets

Estimated development of the population in Germany

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

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

Wealthmanagement offers high potential

Financial assets of private households in Germany

Average per household

Source: Bundesbank, Stat. Bundesamt

y Average AuM per client only around € 5,000 so far
y High potential in client penetration

Increasing value creation potential

MLP Wealth Management

Potential sales revenue MLP Finanzdienstleistungen AG per year and client

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

Group structure is aligned to support core competencies

MLP Banking platform – an important USP for wealthmanagement

Efficient and specialised service platform geared towards client needs

ÆConsistent implementation of a best-of approach on own service platform
Æ Own banking platform is a decisive prerequisite for client-oriented liquidity and wealth management

Feri –The ideal partner for MLP

Core data and reasons for expanding wealth management segment

Wealth management segment expansion – ^a logical step

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

Feri – the ideal partner forMLP

yHigh competence and high know-how
yStrong brand awareness and reputation
Joint assets under management / control of € 10.8 bn
yContinuation of successful business model
yPartners maintain holding in company

Consistent implementation of a strong partnership

Know how to develop tailor- made wealth management concepts

Added value through MLP Wealth Management

Exclusive investment concepts for private clients

Market

• Product sales based on past performance
•Standardized solutions
• Utilization of a very limited investment universe / spectrum
• Hardly any continuity in reviewing client objectives and actual performance
• Individual and integrated consultancy based on client objectives
• Best-of approach utilising all investment options
• Solutions so far restricted to HNWI (> 500 thsd €) are now being made available to sophisticated clients
•Risk-adjusted performance
•Comprehensive after-sales service
• Excellent transparency through extensive reporting

Wealth Management is integrated into the consulting process

Individual concepts

MLP and Feri cover the whole market

Higher client penetration through transfer of know how

MLP Wealth Management – Concepts and Products

Overview

	S d t t u e n	S f t t a r o c a r e e r	C / a r e e r b l i h d t e s a s e	R i t t e r e m e n

	5 2 3 0 A	5 3 4 0 / A B B	5 5 4 0 / B E	5 6 0 6 … E
L i i d i t q u y t m a n a g e m e n	D i b d t- y e p o s a s e C f A t t o m o r c c o u n C d i C d t r e a r y	C f A i h t t t y o m o r c c o u n w d i l i i t t c r e m G l d C d o a r y	P i A t y r e m u m c c o u n C P l i d t a n m a r y u	P i A t y r e m u m c c o u n C P l i d t a n m a r y u
	O i h t v e r n g m o n e y y M k t y o n e y m a r e a n N k e a r m o n e m a r y y "Z i P l " n s u s y	t a c c o u n d f i d i f d x e n c o m e u n s f d t e n s u	O i h t y v e r n g m o n e y M k t o n e m a r e a n y y N k e a r m o n e y m a r y S i l i t y p e c a n v e s m e n "Z i P l " n s s y u	t a c c o u n d f i d i f d e n c o m e n s x u f d t e u n s t s
W l h t e a f i t o r m a o n ( S i l ) a v n g s p a n s	f l i t t y o p p o r o o f f l h i l i t a g s p p o r o o y i f l i t t t a n p o r o o y	f i l t c a p a o r m a y f l i t t y o p p o r o o f l h i a g s p p o r y f i l i t t t a n p o r o o y	f f i b i d t t o n e n e n s u f l i t o o	f l i t t o p p o r o o y f l h i f l i t a g s p p o r o o y f i l i t t t a n p o r o o y
W l h t e a i i i t t o p m s a o n ( ) Lu i t t m p s m nv e s m e n s u			b l f l i t t t a s o e r e r n p o r o o y u u H l d i & P i E i t t o n g s r v a e q u y "M d l l h t o a r e a m a n a y u w I d i i d l l h t n a e a m a n a y v u w	i f l i t p r e m m p o r o o y u i f l i t t t y a n p o r o o y " b l t t t g e m e n y e s s e e c t g e m e n

High-yield "Parking of liquidity"

Short-term "ZinsPlus"

	C f i i t o n g r a o n u
C h i i / t t a r a c e r s c s i t t n e s m e n v b j i t o e c e v	H i h- i l d "p k i f l i i d i " t y g y e a r n g o q u y O b j i i b k h i h t t t t t t t t e c e p. a. n e r e s a o e m o n e m a r e r a e o g e e r y v : v y w l i f l i h i i h i d t t e x c u s o n o o s s e s w n a s x m o n p e r o / M l i l i t t t t a s s e m m a n a g e r c o n c e p y u u	R is ky ts as se ( it ies ) e.g . e q u 2 % Y ie l d P ic k Up ( ly nt cu rre Pro ) ty p er 4 8 %
V h i l e c e	F d f f d u n o u n s y
I l i t t m p e m e n a o n	P f l i i i f 0 % k i t t 5 t t t y o r o o c o n s s n g o a p p r o x. m o n e y m a r e n v e s m e n s d 0 % h i h d d d i i l i l d l d 5 t t t t t t a n o e r n v e s m e n s a p r o u c e a o n a y e c o u p e i h l i k ( l f d ) t t t w o w r s e x p o s u r e c u r r e n y : p r o p e r y u n s
	A l l i b l l d i k ( i i ) t t t t t y s m a p r o p o r o n c a n e a o c a e o r s y a s s e s e. g. e q u e s i i t t t t o r p u n o a s w a p c o n s r u c o n
i i M n m u m i t t n v e s m e n	S i l E U R 5 0 a n g s p a n y v : L i E U R 2, 0 0 t t 5 y u m p s u m n v e s m e n :

Exemplary fund structure

Money market 50%

Comfort solution in three variations

MLP flagship portfolio

	C f i i t o n g r a o n u
C / h i i t t a r a c e r s c s I t t n e s m e n v j i b t o e c v e	"C f l i " f M L P l i t t t o m o r s o o n o r c e n s y u F f d i b h k t- t y o c u s o n o u p e r o r m a n c e c o m p a r e o g v e n e n c m a r / M l i l i t t t t a s s e m m a n a g e r c o n c e p y u u
i V h l e c e	f f 3 l i d l h i h 5 d i t t t t p o r o o m o e s, e a c n n e s m e n s y w u v
I l i t t m p e m e n a o n	B i M L P i f d l i ( R i b d, l d f d t t t t t y a s s : a n u n s s a n g s- a s e p r e- s e e c e u n s i 9 k ) l h f d t t t n m a r e s e g m e n s p u s o e r u n s A d d i i f f h i h / i / l t t t t t t t t t t y o n o u r e r a r a c v e e m e s c o u n r e s s y e s e c. o h f l i i t t e p o r o o m x
M i i n m u m i t t n v e s m e n	S i l E U R 7 5 a v n g s p a n y : L i E U R 2, 5 0 0 t t u m p s u m n v e s m e n y :

Exemplary portfolio structure "balanced"

Exemplary portfolio structure "dynamic"

High-class wealth management for a broad client base

Modular wealth management

	C f i i t o n g u r a o n
C h i i / t t a r a c e r s c s i t t n v e s m e n b j i t o e c v e	W l h i h l i i i d t t t t t e a m a n a g e m e n w o w m n m u m n v e s m e n a n y i i i h t t t n n o v a v e n v e s m e n a p p r o a c C f i d H N W I d i l b l M L P t t t t t o n c e p s s o a r r e s r c e o m a e a v a a e o y l i t c e n s M l i / l i t t t t y u a s s e m u m a n a g e r c o n c e p M d l i d h d l i t t y o u a r y e n s u r e s r a n s p a r e n c y a n e a s y a n n g
	U f h d d i i b i l i i h h U C I T S I I I t t t t t t y s e o e e x e n e n v e s m e n p o s s e s r o u g
V h i l e c e	2 f d t t y s e p a r a e a s s e u n s : "S f d l " i h h i f i b / t t t t t y a e y m o u e w e a m o g e n e r a n g a a s e r e u r n A b l R t t t s o e- e r n c o n c e p u u "O i d l " d i i l i d t t t t t t y p p o r u n y m o u e s n c y r e u r n- o r e n e
I l i t t m p e m e n a o n	P f l i l l i f b h "m d l " t t t o r o o s g e n e r a c o n s s o o o e s y y u B h h i l f l l b l f b i h t t t t o e c e s a r e r e e s c a e a e, o r a e e r o e r e e r e y v y v v w i i i h 1 2 l i t t t t s a m a r a e r n a e s x w v f f "M i i " l h i k h h l d d i h i t t t t t t r a o r e e c s e r s r e s o a n n e s m e n o r o n o y x v z h l i t t e c e n
M i i n m m u i t t n v e s m e n	E U R 1 0, 0 0 0 y
P 3 8 a g e

Possible product range mix matrix

d l o h s e r h t k	4 % Op / 5 p. Sa 5 5 % fe	0 % Op / 7 p. Sa 3 0 % fe	9 0 % Op / p. Sa 1 0 % fe	1 0 0 % Op ity tun p or
s i R	2 0 % Op / p. Sa fe 8 0 %	4 0 % Op / p. Sa fe 6 0 %	6 0 % Op / p. Sa fe 4 0 %	8 0 % Op / p. Sa fe 2 0 %
	1 0 0 % Sa fe	1 % Op / 5 p. Sa 8 5 % fe	3 % Op / 5 p. Sa 6 5 % fe	Op / 5 0 % p. 5 0 % Sa fe

Time horizon

Broaddistribution over all asset classes

Modular wealthmanagement – exemplary structure (80% safety module)

Highest level of individuality for MLP clients

Individual wealth management

	C f i i t o n g r a o n u
C i i / h t t a r a c e r s c s i t t n v e s m e n b j i t o e c v e	f I d i i d l l h M L P l i t t t n a e a m a n a g e m e n o r c e n s y v u w / M l i l i t t t t a s s e m m a n a g e r c o n c e p y u u f D i i h i d i i d l i k h h l d t t t t e e r m n a o n o e n a r s r e s o y v u K i k b k i l l b d i d l i t t t t c a c s e c r e e o c e n a c c o n s y w u
V h i l e c e	A f i f d b d d t t t t y s s e m a n a g e m e n r o m n v e s m e n u n s, o n s a n i f i t t c e r c a e s
i I l t t m p e m e n a o n	f P l i i d i d b h i h h l d i h t t t t t t t o r o o s r c r e s e e r m n e e m a m m r e s o y u u y x u w i b l l f i l t t t r e s p e c o a p o s s e o s s o c a p a P f l i k d i f h f d h t t t t t t t t o r o o e y a a a r s e r o m e a r g e r a e o r e u r n a n e y l i 's i k h h l d t t c e n r s r e s o
M i i n m u m i t t n v e s m e n	E U R 5 0 0, 0 0 0 y

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