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MLP SE

Investor Presentation • Mar 27, 2007

289_ip_2007-03-27_52be1889-9286-45b7-971b-f139fb580b4f.pdf

Investor Presentation

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Success factor: independence

MLP Analyst Conference on financial statements 2006

Frankfurt, 27 March 2007

Overview

  • yHighlights 2006
  • yDetails regarding financial year 2006/Forecast
  • y MLP'smarket position
  • y MLP'sfurther strategic development
  • ySummary

Clear earnings growth

Key figures 2006

Dynamic growth in Q4

Total income

EBT during the course of the year

Strong focus on old-age pension provisions

Income from brokerage business, 2006 (2005): € 473.5m (€ 467.9m)

New business increases across the board

Integral consulting approach

Clear profit increase in 2006

Continuing operations

Income statement

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  • y Total income+ 4%
  • yEBT + 28%
  • yNet profit + 52%

High level EBIT margin sustained

Segment reporting

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*excluding Switzerland

  • y EBIT margin in consulting and sales segment increases significantly
  • y Positive income development in foreign operations
  • y New wealth management segment reflects developments at Feri

Major changes result from share buybacks, dividends and Feri acquisition

MLP Group assets

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Capital management through share buyback programme

MLP Group liabilities and shareholders' equity

Cash flow from operating activities improved significantly

Cash flow fromcontinuing operations

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Approx. € 211m returned to shareholders

Dividend, extra dividend and share buyback programme

Dividend payments

  • •Share buybacks € 147.6m
  • • Dividends €31.5m
  • • Extra dividends €31.5m
  • • Proposed dividend for 2006 €0.40 (0.30) per share
  • •Payout ratio 68%

* Covers regular dividend payments of € 31.5m and extra dividend payments of € 31.5m

Client and consultant numbers increase

Consulting and sales segment

Revenueper client (€)*

Outlook: EBIT up by 30%

Forecast2007

EBIT guidance

Outlook: Wealth management becomes more important

Medium-term planning

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Unique market positioning

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

Underestimated provision requirements

The growth driver "pension provisions"

The following age-groups have already worked out their approximate disposable pension income …

Source: GDV Eigenvorsorge-Report, March 2006.

  • yHigh provision requirements in all levels of society
  • yHigh complexity demands qualified consulting

Feri –The ideal partner for MLP

y

Core data and reasons for expanding wealth management segment

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 service platform specialising in client needs

Feri – the ideal partner for MLP

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

Targeted wealth management business expansion

Sales and marketing approach

  • yLaunch of new concepts with clear USPs in Q2
  • yExhaustion of joint market potentials with Feri
  • y Intensive application of German Banking Act Licence (KWG-Lizenz)
  • yOver 300 authorised consultants
  • y Additional offering covers closed funds, individual wealth management, bonds and certificates
  • yNew software for portfolio optimisation

Positive developments for occupational pension provision business

Occupational pension provision

  • y MLP also has clear USPs in the occupational pension provision business
  • yNumber of authorised consultants has increased to some 800
  • y Approx. 60 new mandates in the complex occupational pension schemes business (> 50 employees)
  • y Over 1,000 new mandates in the simple occupational pension schemes business (< 50 employees)
  • y Occupational pension provision business contributes around 5% to MLP´s total new business volume in pension provisions, upward trend

Focus on client and consultant growth

Growth drivers

  • y Unique new business start-up package for new consultants
  • yAttractive target group
  • yTop-rate education
  • yAbove-average income perspectives
  • y Introduction of basic salaries for new consultants increases attractiveness
  • yClear focus on new client acquisition

  • yTargeted foundation of new branch offices

  • y Independence becomes much more significant under new framework conditions

  • y MLP sets benchmark for product selection and documentation
  • y Wealth management will become a further core competency alongside old-age and health provisions
  • y Focus on acquisition of new consultants and clients

Success factor: independence

MLP Analyst Conference on financial statements 2006

Frankfurt, 27 March 2007

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