MLP SE — Investor Presentation 2007

Mar 27, 2007

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

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

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

High level EBIT margin sustained

Segment reporting

[ i € ] n m	5 2 0 0	2 0 0 6
C l i d l t o n s u n g a n s a e s t s e g m e n
S i * t e g m e n n c o m e	4 7 9 1	4 9 3 1
E B T *	6 8 7	8 0 5
E B T f i i * t o r e g n o p e r a o n s	5 7 -	6 2 -
E B I T i m a r g n	1 5 3	1 7 0
i B k t a n n g s e g m e n
S i t e g m e n n c o m e	5 4 9	7 0 1
E B T	6 7	8 5
W l h t t e a m a n a g e m e n t s e g m e n
S i t e g m e n n c o m e	-	9 3
E B T	-	2 3

*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

2 0 0 5		2 0 0 6
2 2 9	I i b l t t n a n g e a s s e s	1 8 6 8
9 4 7 1 5 5 1 6	P l & i t t t r o p e r p a n e q p m e n y u , I t t t n e s m e n p r o p e r v y D f d t t e e r r e a a s s e s x	8 9 1 1 1 5 0 2
1 1 0 5	f R i b l e c e v a e s r o m b k i b i a n n g u s n e s s	6 0 6 4
2 3 6 7	F i i l t n a n c a a s s e s	4 9 9
1 9 2	f T d l i a x r e u n c a m s	2 1 1
1 5 0 3	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 1 7 7
1 3 0 0	C h d h i l t a s a n c a s e q a e n s u v	1 2 0 5
1 1 8 2 0 ,		1 2 6 6 1 ,

Capital management through share buyback programme

MLP Group liabilities and shareholders' equity

Cash flow from operating activities improved significantly

Cash flow fromcontinuing operations

[ i € ] n m	2 0 0 5	2 0 0 6
C h d h i l b i i f i d t t a s a n c a s e q a e n s a e g n n n g o p e r o u v	1 6 4 7	3 2 7 8
C h f l f i i i i t t t a s o r o m o p e r a n g a c e s w v	4 9 4 -	8 9 7
C h f l f i i i i i t t t a s o w r o m n v e s n g a c v e s	1 0 0 -	8 8 2 -
C h f l f f i i i i i t t a s o r o m n a n c n g a c e s w v	5 7 7 -	2 0 4 0 -
C h d h i l d f i d t t a s a n c a s e q a e n s a e n o p e r o u v i f i f f i i h l d d t t t t w o u p r o r o m s a e o s c o n n u e
i t o p e r a o n s	4 6 7	1 2 3 5
/ I f l f l f f d f l f d i i d t t n o o o o n s r o m s a e o s c o n n e w u w u u
i t o p e r a o n s	2 8 0 2	3 0 -
C i f i h d h l d d t t a s a n c a s e q a e n s a e n o p e r o u v		1 2 0 5

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

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

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