MLP achieves total revenues of EUR 125.5 million in the first quarter

• Stable revenue development despite the financial and economic crisis
• EBIT falls to EUR 3.4 million
• Significant financial strength: liquid funds rise to EUR 216.4 million
• Assets under management remain stable contrary to the market trend
• Cost reduction programme on schedule

Wiesloch, 13th May 2009 - MLP, the independent financial services and wealth management consulting company, has begun the year with stable revenue development. Following the increase in the subsidised premiums for the Riester pension scheme (“Riester step”) during the same period last year, which accounted for around a quarter of the revenues, total revenues in the first quarter of 2009 only fell by 19 percent to EUR 125.5 million (Q1 2008: EUR 155.9 million). In consequence of Swiss Life’s stake in MLP and the associated effects, exceptional and one-off costs amounting to around EUR 3.3 million were incurred for legal and capital market-relevant consulting services. After adjustment for this special factor, earnings before interest and taxes (EBIT) stood at EUR 6.8 million (EUR 25.1 million).

“In view of the far-reaching financial and economic crisis our clients have a great need for consulting services, however the restraint with respect to the conclusion of long-term contracts continued during the first quarter,” comments MLP Chief Executive Officer Dr Uwe Schroeder-Wildberg. “MLP has stood up to a very difficult market environment and has performed well under these circumstances.”

As scheduled, the annual dividend distribution to the minority shareholders of the subsidiary Feri Finance AG reduced the financial result in the first quarter by EUR 2.4 million. This resulted in net profit from continuing operations of EUR 0.3 million (EUR 8.7 million). MLP further increased its financial strength with liquid funds rising to EUR 216.4 million (31.12.2008: EUR 210.1 million). “Particularly under the current conditions we are benefiting from our financial strength. Our excellent capital base provides us with extensive scope, also with respect to the expected upcoming consolidation within the industry,” explains Andreas Dittmar, Head of Finance at MLP.

Following the German government’s introduction of the central health fund, MLP targeted private health insurance as one of its areas of sales focus in the first quarter. Compared to the previous year, revenues in this area rose by 20 percent to EUR 13.7 million (EUR 11.4 million). Similar to the second half-year of 2008, the areas of MLP closely connected to the capital markets were again significantly influenced by the financial crisis. In many instances clients opted for short-term forms of saving rather than long-term wealth investments. Against this background, revenues from wealth management declined by 16 percent from EUR 20.5 million to EUR 17.2 million. At EUR 62.9 million, old-age pension provision also remained below the previous year’s level (EUR 87.5 million). “Following the Riester step in the comparative quarter of last year we expect 2009 to exhibit the customary concentration of revenues from old-age provision towards the end of the year,” comments Andreas Dittmar. Revenues from commissions and fees across all consulting areas totalled EUR 111.6 million (EUR 138.7 million). Interest income also fell slightly, declining to EUR 9.2 million (EUR 10.0 million) in the first quarter due to the lower level of interest rates.

The pleasing progress achieved in health insurance was also evident in the level of new business. In view of the significant advantages, many state-scheme insurees opted to switch to private health insurance – leading to an increase in annual premiums from EUR 11.8 to EUR 13.3 million. New business in old-age pension provision amounted to a premium sum of EUR 0.9 billion (EUR 1.9 billion) and was thus around the level achieved in 2007; the still relatively new business area of occupational pensions contributed a significantly larger proportion towards this figure, amounting to 11 percent (full year 2008: 8 percent). The development in assets under management remained stable, totalling EUR 11.2 billion (31.12.2008: EUR 11.4 billion) – despite the fact that all the major share indices again suffered significant losses in the first quarter.

During the period from January to March MLP gained a total of 6,600 new clients. Including the acquired financial broker ZSH, the total number of clients increased to 773,000. The number of consultants rose to 2,435 (31.12.2008: 2,413).

MLP successfully completed the acquisition of ZSH in the first quarter and fully consolidated the company from February on. This step specifically strengthens MLP’s position within the medic client group. ZSH was founded in 1973 and serves the needs of wealthy private clients as well as medical doctors and dentists in all aspects of provision and financial planning.

In view of the economic and financial crisis the general framework conditions during the coming months are expected to remain very difficult. MLP remains cautiously optimistic with respect to business development in 2009 and aims to outperform the market. At the same time, the programme announced in February to reduce costs by a total of EUR 34 million is running to plan. As already communicated, the cost base is to be reduced by twelve million euros in the financial year 2009; further savings of ten million euros are planned for the financial year 2010. Furthermore, previous one-off expenses amounting to twelve million euros will not be incurred in 2009.

Continuing operations (in EUR million)	Q1/2009	Q1/2008	Change in %
Revenues	120.8	148.7	-19
Revenues from commissions and fees	111.6	138.7	-20
Interest income	9.2	10.0	-8
Other revenues	4.7	7.2	-35
Total revenues	125.5	155.9	-19
Profit before interest and taxes (EBIT)	3.4	25.1	-86
Profit before tax (EBT)	2.0	17.0	-88
Net profit	0.3	8.7	-97
Earnings per share (diluted) in EUR	0.00	0.09	-100
Clients	773,000	728,000*	6
Consultants	2,435	2,413*	1

*) 31/12/2008