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MLP SE

Investor Presentation • Sep 2, 2009

289_ip_2009-09-02_856a2cda-8045-4e48-a095-b33c7e8b8a7c.pdf

Investor Presentation

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Individuality requires partnership

Andreas Dittmar, Head of Finance

Roadshow Europe

August 19/20, 2009

Agenda

    1. MLP's business model
    1. Statutory changes
    1. Strategy and market developments
    1. H1 & Q2 2009
    1. Outlook and summary
    1. Contact

1. MLP's business model

Roadshow Europe - August 19/20, 2009

Independent business model and one-stop for lifetime financial solutions

Independent Business Model is unique in the German Market

Independence is key for MLP's customer group

The most important demands of customers with an university degree

Source: Spiegel-Studie Soll & Haben, 2004

2. Statutory changes

Roadshow Europe - August 19/20, 2009

Extensive statutory changes . . .

Regulatory requirements

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information obligations

. . . lead to radical changes in the German financial industry

Major Market Trends for Banks, Insurance Companies and IFAs

Increasing regulatory requirements will further change the market place dramatically:

Further optimisation of cost structure and processes

  • Consolidation
  • Professionalisation
  • Specialisation

MLP is optimally prepared to meet the new requirements

Extensive new regulations:

  • xBrokerage guideline, MiFID, VVG
  • x Flat-rate capital gains tax, healthcare reform

Increasing competition:

x Banks and new providers are entering the market

High client requirements:

x Clients demand quality and comprehensive consultation

High complexity:

x Numerous products/high tax complexity

  • x Capability to adjust rapidly to changed framework conditions
  • x Highly developed IT systems and processes
  • xUnique positioning in the market
  • x Industry-leading education and further training
  • x High quality target group and excellent quality parameters

Æ Excellent prospects through clear positioning and targeted further development

MLP is already implementing the major requirements

Study by the ministry of consumer protection concerning better quality in financial consulting

Major requirements:

  • y Stronger orientation towards customer requirements and greater transparency for customers
  • y Adaptation of the regulatory provisions to everyday practice
  • y Brokerage of investment funds only with banking license
  • yMore comprehensive qualification
  • y Strengthening of fee-based consulting

MLP situation:

  • Client-oriented consulting as the core of the business model
  • High degree of transparency through comprehensive documentation and detailed reporting
  • MLP already possesses a German banking license
  • Training standards far exceed the legal standards

Independent brokers gain significant market shares

Effects of the regulation in Great Britain

Sales by channel in 1992 Sales by channel in 2006

3. Strategy and market developments

Roadshow Europe - August 19/20, 2009

Targeted further development

Milestones of the past five years

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MLP – A broad-based consulting house

Private clients

  • MLP Finanzdienstleistungen
  • xFeri Family Trust
  • xZSH

Corporate clients Rating

  • x MLP Finanzdienstleistungen (Business areas: occupational pensions and corporate clients)
  • xTPC
  • xFeri Institutional Advisors

Feri EuroRating Services

Independent investment research

TPC boasts first-rate reference clients nationwide

Extract

Extensive shareholders' participation

Dividend sum

4. H1 & Q2 2009

Roadshow Europe - August 19/20, 2009

Highlights H1 & Q2 2009

  • •Financial and economic crisis continued during H1 2009
  • Following a sharp downturn in Q1, early indicators show a stabilization of the German economy in Q2 and for the rest of the year
  • •However, expectations for German GDP growth for 2009 remain at -6%
  • Due to uncertainty caused by the ongoing economic crisis, private and institutional clients were still reluctant to invest long-term and invested risk-aversely
  • •Robust development in core business areas in H1 2009
  • Positive cost development in Q2: Successful implementation of cost savings program
  • •Sale of Austrian subsidiary announced

H1: Robust revenue development

Total revenues

Old-age pension provision and wealth management affected by crisis

Revenues – commissions and fees

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Earnings influenced by crisis and one-offs

Continuing operations

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  • H1 EBIT includes
  • •€ 3.4m defense costs
  • € 1.1m restructuring charges Q2
  • € 1.4m extraordinary tax expenses in Q2

AuM increased

New Business and Assets under Management

Old-age pension provision Assets under Management

[in € bn]

[in € bn]

Strong liquidity

MLP Group – selected balance sheet items

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  • •Liquid funds € 188m
  • •Equity ratio 27.6%
  • Seasonal decline in other receivables and other liabilities

Positive development in number of clients continued in Q2

Number of clients

Sales force: Focus on quality

Number of consultants

• Revenue per consultant H1 2009: € 86,000

5. Outlook and summary

Roadshow Europe - August 19/20, 2009

High Potential in Old-age Pension Provision

The Pension Level of the Future – as a Percentage of gross Salary*

* Level of state pension according to current legislation. Selected countries. Basis for calculation: employee, aged 20 who starts full time work in 2004 and continues working up until the legal pension age (average earner).

Low Average Age offers high Potential

Targeted Expansion of MLP Wealth Management

Clients by age

  • y MLP clients' income and savings quotas clearly exceed average levels
  • y The average age of an MLP client is 39
  • y Already 37 per cent of clients are older than 40
  • y The number of clients over 40 years of age will double within five years

Growth through a holistic Consulting Approach

Rising Revenue Potential in Wealth Management

Potential sales revenue - MLP Finanzdienstleistungen AG per client and year

Targeted cost reduction of € 34 m

Fixed costs (excluding acquisition-related cost increases)

  • Cost savings of € 12 m in 2009 and a further € 10 m in 2010
  • In addition: No re-occurrence in 2009 of € 12 m of one-time expenses incurred in 2008

Successful cost cutting in Q2: Fixed costs down by € 11m

Development of fixed costs

Optimally equipped for consolidation

Growth through acquisitions

Trend

Quality and Independence

  • ÆNumerous statutory changes
  • ÆIndependent providers are gaining market share

Size and Capital Strength

  • ÆHigh costs due to regulatory requirements
  • Æ"Critical mass" necessary

Technology and Infrastructure

  • Æ Processes and organisation are gaining in significance
  • Æ Legal standards necessitate extensive infrastructure

MLP Strengths

  • MLP is subject to the highest qualitative requirements (independent broker, banking license)
  • MLP has long exceeded numerous legal standards
  • Strong capital base (liquid funds: € 210 m)
  • No risk positions on the balance sheet
  • Largest financial consulting company that is registered as an independent broker
  • Excellent infrastructure (Sales support, training, product portfolio)
  • Technology leader

Outlook and summary

  • •Market environment remained difficult during H1 2009
  • • Cost-cutting program shows first success:
  • Fixed cost base reduced in Q2
  • Target: Reduce fixed costs by € 34m by the end of 2010
  • • Pick-up in business expected, especially in Q4
  • Leverage of business model fully in place in Q4
  • Sales focus in H2 on higher disposal income of clients due to federal economic stimulus packages ("Bürgerentlastungsgesetz")
  • •Outlook 2009 reiterated: MLP aims to outperform the market

MLP Investor RelationsAlte Heerstr. 4069168 WieslochGermany

  • Helmut Achatz, Head of Investor Relations
  • Ines Kittlitz, Manager Investor Relations

Tel.: +49 (0) 6222 308 8320

Fax: +49 (0) 6222 308 1131

[email protected] www.mlp-ag.de

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