Q2: MLP posts a significant rise in earnings - total revenues increase by 5 percent

• EBIT almost doubles to EUR 4.3 million (Q2 2009: EUR 2.2 million)
• Total revenues rise to EUR 111.6 million (EUR 105.9 million)
• Assets under Management reach a new record high of EUR 18.7 billion – increasing by EUR 1.0 billion in the second quarter alone
• Further pick-up in business expected particularly in the fourth quarter

Wiesloch, 12th August 2010 - In the second quarter MLP achieved gains in both revenue and profit. Total revenues increased by 5 percent to EUR 111.6 million (Q2 2009: EUR 105.9 million), earnings before interest and tax (EBIT) climbed by 95 percent to EUR 4.3 million (EUR 2.2 million). Net profit rose to EUR 3.1 million (EUR –0.5 million).

“The positive signs detected at the beginning of the year have been confirmed during recent months. Despite the continued presence of difficult framework conditions we were able to increase key figures in the second quarter and achieved significant growth, particularly in revenues from commissions and fees,” comments MLP-Chief Executive Officer Dr. Uwe Schroeder-Wildberg.

In the second quarter, revenues from commissions and fees increased across all the consulting areas, rising to EUR 99.7 million and representing an 8 percent gain compared to the same quarter in the previous year (EUR 91.9 million). The breakdown analysis shows a significant pick-up in wealth management business where revenues rose by 18 percent to EUR 18.8 million (EUR 15.9 million). In the private health insurance area, the growth was even more striking - revenue climbed by 51 percent to EUR 13.7 million (EUR 9.1 million). Demand for greater risk provision also remains high, leading to a 12-percent rise in non-life insurance revenues to EUR 3.8 million (EUR 3.4 million). Old-age pension provision amounted to EUR 59.7 million and thus almost equalled the previous year’s level (EUR 60.1 million). However, interest income fell due to the prevailing low interest rates, declining by 22 percent to EUR 6.3 million (EUR 8.1 million).

Total revenues for the first half-year amounted to EUR 232.8 million and were thus slightly above the previous year (H1 2009: EUR 231.4 million). EBIT rose by 54 percent to EUR 8.3 million (EUR 5.4 million). Net profit from continuing operations totalled EUR 5.1 million (EUR -0.4 million). Group net profit also increased significantly to EUR 5.3 million (EUR -6.5 million). At 30th June, MLP had liquid funds of EUR 192 million (31.3.2010: EUR 205 million).

Thanks to positive new business with private investors and, in particular, institutional clients, Assets under Management reached a new all-time high of EUR 18.7 billion. This corresponds to an increase of EUR 1.0 billion compared to 31st March 2010 (EUR 17.7 billion) – the highest quarterly growth rate in the history of MLP. “Through this achievement we have laid down an important foundation for future revenues in wealth management,” comments Uwe Schroeder-Wildberg. The premium sum of new business in old-age pension provision in the first half-year rose slightly to EUR 2.0 billion (H1 2009: EUR 1.9 billion). Occupational pensions accounted for 12 percent of this figure (Full year 2009: 10 percent). In the health insurance business, annual premiums climbed to EUR 23.3 million (EUR 20.6 million).

In the first half-year MLP gained a gross total of 16,000 private clients (H1 2009: 15,100). Thus the total number of clients stands at 767,000. The number of consultants stands at 2,359 (31.3.2010: 2,384).

During the second quarter MLP received several awards for the quality of its consulting services. In a client assessment survey conducted in May by the online portal “WhoFinance.de”, MLP once again achieved the top grade for its consulting and was ranked in second position overall. According to a publication by the investor magazine “Börse Online”, MLP achieved the best overall ranking in a survey conducted by the private university WHU – Otto Beisheim School of Management concerning client satisfaction in the private banking segment – ahead of Merck Finck and Berenberg Bank.

Overall, the framework conditions are likely to remain difficult during the coming months. “Despite the improving situation, the market is still quite a long way from the level before the outbreak of the far-reaching economic and financial crisis,” comments Andreas Dittmar, Head of Finance at MLP. “However, we expect to achieve a further significant pick-up in business, particularly in the traditionally important fourth quarter.” In addition, MLP stands by its goal to reduce its fixed costs in 2010 by a total of EUR 10 million.

MLP’s medium-term objective is to increase the EBIT margin to 15 percent by the end of 2012 (2009: 7.9 percent).

Continuing operations (in EUR million)	Q2/ 2010	Q2/ 2009	Change in %	6 months 2010	6 months 2009	Change in %
Revenue	106.0	100.0	6	221.3	220.8	0
Revenue from commissions and fees	99.7	91.9	8	208.8	203.5	3
Interest income	6.3	8.1	-22	12.4	17.3	-28
Other revenue	5.7	5.9	-3	11.6	10.6	9
Total revenue	111.6	105.9	5	232.8	231.4	1
Earnings before interest and taxes (EBIT)	4.3	2.2	95	8.3	5.4	54
Earnings before tax (EBT)	4.1	1.6	>100	7.6	3.3	>100
Net profit	3.1	-0.5	>100	5.1	-0.4	>100
Earnings per share (diluted) in EUR	0.03	0.00	>100	0.05	0.00	>100
Clients				767,000*	785,500**	-2
Consultants				2,359	2,383**	-1

*) Adjustments in Q1 2010
**) 31.12.2009