MLP – Positioning and Growth Strategy

Uwe Schroeder-Wildberg

CEO

June 2007

Agenda

yStrategic realignment
yMLP´s unique business model
yMLP´s positioning in growth markets
yMLP Wealth Management
yGrowth drivers and outlook
ySummary
y Appendix
yQ1 2007 results
yMLP Wealth Management – Concepts and Products
yContact

MLP focuses on independent consulting

3 phases to further differentiation

2004/2005

Increasing 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
•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 u s
Q l i f i d l t t a e c o n s a n s u u
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
O i t n g o n g s u p p o r	f d d o a r e s s
L l i 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 e v 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 u c r a n	g e
H i h d l t g p r o u c q u a	i t y
P i h t t t a r n e r s w s r o	f n g p e r o r m a n c e
i f i H h l l g e v e o n n o	i t v a o n
i i T l d l 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

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 u n g
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 a e e a c a r e p r o s o n v v	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

Wealth management offers high potential

Financial assets of private households in Germany

Average per household

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

Source: Bundesbank, Stat. Bundesamt

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

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

Group structure is aligned to support core competencies

MLP Banking platform – an important USP for wealth management

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 for MLP

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

Growth drivers

Different growth drivers for MLP´s business model

Outlook reiterated

Forecast 2007

EBIT guidance

Outlook reiterated: Wealth management becomes more important

Medium-term planning

	2 0 0 7	i M d 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 v s o n s n c o m e -
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 u r a n c e n c o m e
f N b l t t u m e r o c o n s u a n s	3 0 0 0 ,	S d h t t e a y g r o w

Summary

yMLP focuses on independent consulting
y Quality of advice – target group focus – independence form the unique business model
yCore competencies in growth markets
yWealth management will be an additional core competence
yMLP and Feri cover the whole wealth management market
yManagement focus on growth drivers

Appendix

yQ1 2007 results
yMLP Wealth Management – Concepts and Products
yContact

Highlights Q1 2007

y Integrated sales approach further strengthened
y MLP clients can withdraw cash free of charge worldwide with MLP credit card
yBrokerage of certificates and bonds
y Occupational pension provision business contributed around 8 % to total new business volume in pension provisions
yTotal income + 11 %
yEBIT + 34 %

Total income increased

Total income

Brokerage business at previous year's level

Income from brokerage business, Q1 2007 (Q1 2006): € 107.1m (€ 106.0m)

Clear profit increase

Continuing operations

Income statement

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

yTotal income + 11%
yEBIT + 34 %
yNet profit + 16 %

High margin in the consulting and sales segment

Segment reporting

[ in € ] m	Q 1 2 0 0 6	Q 1 2 0 0 7
C l in d le t t o ns u g a n s a s s e g m e n
S in t e g m e n c o m e	1 0 9. 9	1 1 1. 4
E B I T	1 3. 6	1 3. 4
( G ) E B I T in in % m a rg e rm a ny	1 3. 5	1 4. 8
E B I T fo ig io t re n o p e ra ns	-0 7	-2 5
Ne bu in w s e s s
O ( ) l d- is io in € b ln a g e p ro n v	1. 6	0. 9
He l h in t a su ra nc e	1 6. 5	1 4. 6
Lo d tg a ns a n m o r a g e s	3 0 4	3 0 6
Fu d d ( in € b ln ) t n s u n e r m a na g e m e n	1 0. 8 *	1 0. 8
Ba k in t n g s e g m e n
S in t e g m e n c o m e	1 6. 7	1 8. 9
E B I T	1. 5	1. 7
W l t h t t e a m a na g e m e n s e g m e n
S in t e g m e n c o m e	-	9. 9
E B I T	-	1. 4

* as at 31/12/06

Strong balance sheet

MLP Group assets

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

Equity ratio increased

MLP Group liabilities and shareholders' equity

[ ] i € n m	/ / 3 1 1 2 0 6	/ / 3 1 0 3 0 7
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 2 3 4	3 3 1. 9
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 2 3 4	3 3 2 0
O h i i t e r p r o v s o n s	3 3 9	3 0 3
f D d l i b i l i i t t e e r r e a x a e s	1 9 6	2 0 5
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	9 9 5 7	6 4 0 5
T l i b i l i i t a a e s x	6 7	9 4
O h l i b i l i i t t e r a e s	2 8 1. 9	2 0 6 7
L i b i l i i h l d f l t a e s e o r s a e	-	1. 4
	1, 2 6 6 1	1, 2 4 0 7

Clients and consultants

Consulting and sales segment

Revenue per client (€)

Consultants

* Structural changes led to deferments of new appointments; by April 1st MLP had already surpassed the level of December 2006

Revenue per consultant (€)

Page 32

Summary and outlook

yQ1 2007: Successful start in FY 2007
y Unique new business start-up package for new consultants will positively impact the number of consultants
y Clear focus on acquisition of new consultants and clients
y Launch of new wealth management concepts with clear USPs in Q2

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
i i i L d 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 n u C d i C d t y r e a r	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 y o a r	P i A t r e m m c c o n y u u P l i C d t a n u m a r y	P i A t r e m m c c o n y u u P l i C d t a n u m a r y
	O i h t y v e r n g m o M k o n e m a r e y y N e a r m o n e y m y "Z i P l " n s s y u	t n e y a c c o u n d f i d i f d t a n e n c o m e n s x u k f d t a r e u n s	O i h t e r n g m o n e y v y M k t o n e m a r e a n y y N k y e a r m o n e y m a r S i l i t p e c a n e s m e n y v "Z i P l " n s u s y	t a c c o n u f f d i d i 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 ) ing la av s p ns	f l i t t o p p o r o o y f l h i f l i t y a g s p p o r o o f i l i t t t a n p o r o o y	i l f t y c a p a o r m a f l i t t o p p o r o o y f l h i y a g s p p o r i f l i t t t y a n p o r o o	i b f i f d t t o n e n e u n s f l i t o o
W l h t e a i i i t t o p m s a o n ( ) Lu inv t t m p su m e s m e n s			b l f l i t t t y a s o u e r e u r n p o r o o H l d i & P i E i t t o n g s r a e q y v u "M d l l h t o u a r w e a m a n a g y 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 y p r e m u m p o r o o i f l i t t t a n p o r o o y y " b l t t t e m e n e s s e e c y t g e m e n

High-yield "Parking of liquidity"

Short-term "ZinsPlus"

	C f i i t o n g u r a o n
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	"p f H i h- i l d k i l i i d i " t g e a r n g o q y y 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 f l i l i h i i h i d t t e c s o n o o s s e s n a s m o n p e r o x u w x / 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	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 k i t t 5 0 % 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
M i i n m u m i t t n v e s m e n	S i l E U R 5 0 a v n g s p a n y : L i E U R 2, 5 0 0 t t m p s m n e s m e n y u u v :

Exemplary fund structure

Money market 50%

Comfort solution in three variations

MLP flagship portfolio

	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 e v	"C f l i " f M L P l i t t t o m o r s o u o n o r c e n s y F f d i b h k t- t 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 y 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
V h i l e c e	3 f l i d l h i h f d i t t 5 t t y p o r o o m o e s, e a c w u n n v e s m e n s
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	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
b j i t o e c e v	C f i d H N W I d i l b l M L P t t t t t y 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 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 o a r e n s r e s r a n s p a r e n c a n e a s a n n g y u y u y y
	C S U f h d d i i b i l i i h h U I T I I I t t t t t t s e o e e e n e n e s m e n p o s s e s r o g y x v u
i V h l e c e	f 2 d t t s e p a r a e a s s e n s y u : "S f " f / d l i h h i i b t t t t t a e m o e e a m o g e n e r a n g a a s e r e r n y y u w u A b l R t t t s o u e- e u r n c o n c e p "O i d l " d i i l i d t t t t t t 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 y
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 y o r o o s g e n e r a y c o n s s o o o u e s B h h i l f l l b l f b i h t t t t y o v e c e s a r e r e e y s c a e a e, o r a e e r o v e r v e w e r e i i i h 1 2 l i t t t t s a m a r x w a e r n a v e s "M i i " f l h i k h h l d d i h i f t t t t t t y x r a o r e e c s e r s r e s o a n n v e s m e n o r z o n o h l i t t e c e n
M i i n m u m i t t n e s m e n v	E U R 1 0, 0 0 0 y
Pa 3 7 g e

Possible product range mix matrix

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

Time horizon

Broad distribution over all asset classes

Modular wealth managment – 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 u a s s e m u m a n a g e r c o n c e p y 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 w e c r e e o c e n a c c o u n s y
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 l i t t m p e m e n a o n	P f 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 u c u r e s e e r m n e y e m a x m u m r e s o w y 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 y 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 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 m u i t t n v e s m e n	E U R 0 0, 0 0 0 5 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 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: [email protected]

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