MLP releases its annual report and confirms the preliminary results for 2009

• Group net profit totals EUR 24.2 million, similar to the level of the previous year
• Dividend proposal of 25 cents per share

Wiesloch, 25th March 2010 – In its annual report released today, MLP confirmed the preliminary results for the financial year 2009 announced in February. Despite the very difficult market environment resulting from the economic and financial crisis, total revenues amounted to EUR 532.1 million, thus falling by just 11 percent in comparison to the previous year (2008: EUR 595.2 million). Earnings before interest and taxes (EBIT) totalled EUR 42.2 million (EUR 56.2 million) and net profit from continuing operations reached EUR 27.2 million (EUR 30.7 million). At EUR 24.2 million, Group net profit stood at the level of the previous year (EUR 24.6 million).

The Executive and Supervisory Boards are proposing a dividend of 25 cents (2008: 28 cents) per share for approval at the Annual General Meeting (AGM). As in the previous year, this would amount to a dividend payout ratio of nearly 100 percent of net profit from continuing operations. The shareholders can receive the dividend tax-free.

The resilient earnings development reflects the benefits of the efficiency programme initiated in February 2009: After adjustment for special effects and acquisition-related costs, MLP reduced its fixed costs in 2009 by a total of EUR 28.7 million, thereby surpassing the announced cost reduction target of EUR 24 million by EUR 4.7 million. In the financial year 2010, MLP plans to reduce its fixed costs by a further EUR 10 million.

Although there are initial signs of a pick-up in the private and corporate business areas, the general framework conditions in 2010 - particularly during the first half of the financial year - remain difficult due to the economic and financial crisis. MLP’s medium-term objective remains to improve the EBIT margin (before one-off effects and acquisition-related cost increases) to 15 percent by the end of 2012. This equates to nearly twice the level achieved in the financial year 2009 (7.9 percent).

The AGM will be held on 20th May in Mannheim.

Continuing operations (in EUR million)	Q4/ 2009	Q4/ 2008	Change in %	12 months 2009	12 months 2008	Change in %
Revenues	173.5	174.2	0	503.8	552.3	-9
Revenues from commissions and fees	166.9	163.6	2	472.4	511.5	-8
Interest income	6.6	10.6	-38	31.4	40.8	-23
Other revenue	13.3	14.9	-11	28.4	42.9	-34
Total revenues	186.8	189.1	-1	532.1	595.2	-11
Profit before interest and taxes (EBIT)	30.5	17.5	74	42.2	56.2	-25
Profit before tax (EBT)	29.0	17.0	71	39.7	46.6	-15
Net profit	23.0	12.2	89	27.2	30.7	-11
Earnings per share (diluted) in EUR	0.21	0.12	75	0.25	0.30	-17
Clients				785,500	728,000	8
Consultants				2,383	2,413	-1