MLP SE

Investor Presentation • Nov 25, 2015

The MLP Group – The partner for all financial matters

Reinhard Loose, CFO

German Equity Forum Frankfurt, November 25, 2015

MLP at a glance 3

• Benefits for shareholders 6
• Market developments 11
• Financials 14
• Outlook & Summary 19
• Appendix 23

The MLP Group at a glance

• The views and expectations of our clients always represent the starting point in each of these fields
• We examine the offers of all relevant product providers in the market
• We then present our clients with suitable options so that they can make the right financial decisions

The process based on scientifically substantiated market and product analyses.

MLP Group – An Overview

Clients		• Around 855,000 private clients in the mass affluent segment of the market target groups: graduates (i.e. physicians, solicitors, engineers and economists) • Over 200 private clients in the HNWI market & over 5,000 corporate clients, employers and institutional clients
as e ar s s e n si u b	Old-age provision	Brokered premium sum for new business totalled € 4.1 billion in 2014. Share of revenue '14 Occupational pension provision accounted for around 12% of this figure. 49%
	Wealth Management	€ 27.5 billion in assets under management as at December 31, 2014 in business with mass affluent clients, HNWI and institutional investors.					30%
n ai M	Health insurance	Private health insurance, supplementary private health insurance, 9% long-term care, occupational health insurance, statutory health insurance.
Top Financials		FY 2014: Total revenue: EBIT: Net profit:	€ 531.1 million € 39.0 million € 29.0 million	Equity Ratio: Core Capital Ratio: Consultants:	23.2% 13.6% 1,952	Dividend per share: Return on Equity: Employees (9M'15):	€ 0.17 7.8% 1,803
MLP Share			Shares outstanding: 109,334,686	Free Float: 49.81% (Definition on the German stock exchange) Average daily trading volume: 79,500 (Xetra, 12-month average as at Oktober			31st, 2015)

MLP at a glance 3

• Benefits for shareholders 6
• Market developments 11
• Financials 14
• Outlook & Summary 19
• Appendix 23

MLP – Benefits for shareholders

Stability: strengthening of the revenue base through strategic further development

Company pensions	Wealth Management	Real estate	Broadening Non-life
2004 Formation of business division "company pensions" 2008 Acquisition of TPC	2006 MLP acquires stake in FERI AG 2011 MLP acquires the remaining shares in FERI as scheduled	2011 Start of real estate offerings 2014 Expansion of the real estate offerings	2015 Acquisition of DOMCURA Group • Underwriting agency • Further, strategically relevant business segment • Significant potential with existing business
FY 2005 Revenue from commissions and fees: €	FY 2014 467.9 million Revenue from commissions and fees: €	486.9 million
4%2%1% 10% 3%	2% 3% 7% 9%		Old-age provision incl. occupational pension business Wealth management Non-life insurance

30% Loans and mortgages

30% 49%

60%

Other commissions and fees (i.e. real estate)

Health insurance

Recurring revenues

80%

Administration costs reduced by more than € 50 million – solid foundation for the future

Administrative costs*

• Active cost management
• Stable cost development through improved cost structure

* Definition: Personnel expenses, depreciation and amortisation and other operating expenses

** Adjusted to include one-off expenses

*** Excluding Domcura

Attractive dividend policy & stable shareholder structure

Dividend policy	Pay-out ratio: 50% - 70% of net profit	Return on dividend:	11.8% 6.4% 4.6% 4.0% 3.1% 3.1% 2009 2010 2011 2012 2013 2014
Shareholder structure	Dr. h. c. Manfred Lautenschläger HDI Barmenia Allianz SE Angelika Lautenschläger Freefloat (Def. Deutsche Börse) [Harris Associates: 9.69%, FMR LLC: 7.00%, Joh. Berenberg	23.22% 9.36% 5.49% 6.18% 5.94% 49.81% Freefloat	Dr. h. c. Manfred Lautenschläger Angelika Lautenschläger Barmenia Allianz SE HDI Pensionskasse Gossler & Co KG: 4.78%, Schroders PLC: 3.03%]
Research coverage	Equinet/ESN Bankhaus Lampe Main First Independent Research HSBC Global Research	Accumulate Hold Underperform Hold Hold	PT 4.20 PT 4.00 PT 3.60 PT 4.20 PT 3.90

• MLP at a glance 3
• Benefits for shareholders 6
• Market developments 11
• Financials 14
• Outlook & Summary 19
• Appendix 23

Fundamental changes in the market

Trend Effects

Client behaviour

• Fundamental scepticism on the part of clients towards the financial industry since the outbreak of the financial crisis
• Quick and inexpensive information possibilities for clients via the internet
• Distinct desire to make their own financial decisions

Demographics

• Rising life expectancy and low birth rate lead to a significantly ageing society
• Increasing pressure on state social welfare systems
• Number of people in work constantly falling

Regulation (e.g. IMD II, MiFID II, LVRG)

• Since 2004 and especially since 2008 intensive regulation
• In addition to impacting at the product level, regulation also particularly applies to the training of consultants, documentation and transparency

• Intense competition • Quality of consulting services and differentiation

• from the competition continue to gain in significance • Contract conclusion for simple products sometimes takes place without consultation
• Great need for private and occupational old-age provision as well as private health insurance
• Recruiting: Good labour market perspectives leads to a "war of talents" for well-educated/trained individuals
• Significant rise in administrative activities burdens productivity
• Increase in fixed costs for training, IT systems and administration
• Quality becoming an increasingly important aspect

Significant increase in consolidation within the market due to LVRG

Number of insurance intermediaries in Germany Effects of the Life Insurance Reform Act (LVRG)

• Quality of consultancy and portfolio will become even more important
• Sale organisations with a high cancellation rate will lose trail commissions
• Major challenges for pyramid sales organisations

Source: DIHK, entries in the Insurance Intermediary Register

• MLP at a glance 3
• Benefits for shareholders 6
• Market developments 11
• Financials 14
• Outlook & Summary 19
• Appendix 23

9M: Total revenue rises to € 369.5 million

Total revenue 9M

[in € million]

9M: Growth in nearly all consulting areas

Revenue

[in € million]

	Q3 2015	Q3 2014	Δ in %	9M 2015	9M 2014	Δ in %
Old-age provision	44.8	48.9	-8	128.0	133.1	-4
Wealth management	38.7	38.8	0	121.3	105.7	15
Health insurance	11.4	10.7	7	33.6	31.8	6
Non-life insurance*	11.5	5.5	>100	36.7	29.6	24
Loans and mortgages**	4.2	3.2	31	11.1	9.1	22
Other commissions and fees	4.0	2.4	67	10.4	5.4	93
Interest income	5.3	5.7	-7	16.1	17.1	-6

* since end of July 2015 incl. DOMCURA, **excluding MLP Hyp

9M: Proforma-EBIT reaches € 8.3 million

Income statement

[in € million]	Q3 2015	Q3 2014	9M 2015	9M 2014*	Burdens Q3/2015:
Total revenue	122.9	117.8	369.5	344.7	• Market-related decrease in performance-linked fees and hesitancy in old-age
Pro forma-EBIT**	0.2	4.9	8.3	9.4	provision
EBIT	-0.7	4.9	7.4	9.4	• One-time tax burden (€ -1.1 million)
Finance cost	-2.0	0.0	-2.3	-0.1	• One-time burden within
EBT	-2.8	4.9	5.0	9.3	finance costs (€ -2.0 million)
Taxes	-0.1	-1.5	-1.4	-2.1
Group net profit	-2.9	3.4	3.7	7.2	Group net profit 9M/2015 with
EPS in € (diluted/undiluted)	-0.03	0.03	0.03	0.07	simulated DOMCURA purchase as of 1st Jan 2015: € 7.1 million

*Previous year's figures adjusted

**Adjusted for the acquisition of DOMCURA

9M 2015: Balance sheet details

MLP Group

[in € million]

	30/09/2015	31/12/2014
Intangible assets	172.8	156.2
Financial investments	140.0	145.3	• Equity ratio: 22.2%
Cash and cash equivalents	79.6	49.1	• Core capital ratio: 13.1% • Intangible assets
Other receivables and other assets	95.9	117.7	increased due to DOMCURA acquisition

Shareholders' equity	368.9	376.8
Equity ratio	22.2%	23.2%
Other liabilities	107.8	117.8
Total	1,664.0	1,624.7

• MLP at a glance 3
• Benefits for shareholders 6
• Market developments 11
• Financials 14
• Outlook & Summary 19
• Appendix 23

Implemented growth initiatives systematically continued

Focus	Measures implemented in the first nine months
1. Online strategy	• Expansion of the internet presence in order to serve as a significant channel for attracting interested parties and new clients • Start of the new internet presence "MLP financify" in April 2015 to address the needs of young adults • Re-launch of the mlp.de website in July 2015 – creates basis for online contract conclusion for simple products by the end of the year
2. Recruiting	• New further training bonus introduced for new client consultants • Combination of high quality initial and further training with an easier start into self-employment • Opening of a new branch in the university segment, further more in planning	Make MLP more independent of short-term market influences
3. Broadening of the revenue base	• Development of a further, strategically relevant business segment in the area of non-life insurance through the ongoing acquisition of the DOMCURA Group – at the same time, considerable revenue synergies with the classical MLP business • Continued expansion of wealth management • Ongoing expansion of real estate brokerage

Outlook: Q4 with significant influence on the full-year results

Contribution of Q4 to the full-year EBIT

Sales revenue

In each case compared to the previous year

	2015
Revenue from old-age provision	Decreasing trend
Revenue from health insurance	Slight increase
Revenue from wealth management	Significant increase
Other commissions and fees (real estate)	Significant increase

Summary

• MLP has targetedly further developed its business model in the past few years.
• Consolidation is now starting to gather momentum in Germany.
• MLP is optimally positioned for the new requirements and will benefit over-proportionally from a recovery in the market.
• MLP will continue its process of modernisation: Recruiting Online-Strategy Diversification of revenue.
• Market environment remains difficult especially in old-age provision
• Growth initiatives on track costs under control
• As is customary in the MLP business model, the fourth quarter plays a decisive role for the full-year results. Significant pick-up expected to the end of the year

Contact

MLP Corporate Communications Alte Heerstr. 40 69168 Wiesloch Germany

• Jan Berg, Head of Corporate Communications
• Andreas Herzog, Head of Investor Relations and Financial Communications

Tel.: +49 (0) 6222 308 8320 Fax: +49 (0) 6222 308 1131

investorrelations@mlp.de www.mlp-ag.com

MLP at a glance 3

• Benefits for shareholders 6
• Market developments 11
• Financials 14
• Outlook & Summary 19
• Appendix 23

Integration of the underwriting agency DOMCURA is progressing according to plan

• Range of jointly-issued, high performance package-type products for consulting at MLP is currently under development

• Improvement of technical and process handling in non-life business at MLP is underway

• Further expansion of non-life business contributes to the broadening of the revenue mix and increases recurring revenue

• The underwriting agency services lengthen the value-added chain within the MLP Group

Anticipated pro-forma EBIT for DOMCURA in 2015: around € 2 million

As of 1st January, 2015, MLP is entitled to a share in profits for 100 percent of the shares.

Expected pro-forma EBIT 2015: around € 2 million

Life Insurance Reform Act (LVRG) – inducing possible future commission models

Some insurance companies plan changes starting not before 2016