MLP SE — Earnings Release 2009

Feb 24, 2010

Preliminary results 2009

Frankfurt - February 24, 2010

Agenda

•Highlights 2009

Dr. Uwe Schroeder-Wildberg, CEO

• • Preliminary results 2009 Andreas Dittmar, Head of Finance
• • Strategy, market developments, outlook and summary Dr. Uwe Schroeder-Wildberg, CEO
• •Questions & Answers

Preliminary results 2009

Highlights

Dr. Uwe Schroeder-Wildberg, CEO

Frankfurt - February 24, 2010

Highlights

Financial year 2009

• • Extremely difficult framework conditions due to the economic and financial crisis
• •Significant pick-up in the fourth quarter – EBIT rose by 74 percent
• • Full year: MLP benefited from consistent cost management – Group net profit remained at the level of the previous year
• • Assets under Management at a new record high – increased market share in wealth management

Reduced willingness towards old-age pension provision – despite large pension gaps

Client behaviour during the economic and financial crisis

Provision commitment - young employees (16 - 29 years old)

Assessment of own provision efforts

Source: Allensbach Institute for Public Opinion Research/Postbank: Old-age pension provision in Germany 2009/2010

Risk-aversion of investors has risen sharply

Client behaviour during the economic and financial crisis

Top 5 product preferences for longer-term investments

ÆFour of the top 5 preferences are heavily risk-averse

Source: BBDO Consulting; Study (February 2010)

Group net profit at the previous year's level

T l t o a r e v e n u e s	€ 5 3 2 1 i l l i m o n
E B I T	€ 4 2 2 i l l i m o n
N f i t t e p r o C i i i t t o n n u n g o p e r a o n s	€ 2 2 i l l i 7 m o n
G f i t t r o u p n e p r o	€ i l l i 2 4 2 m o n

Preliminary results 2009

Andreas Dittmar, Head of Finance

Frankfurt - February 24, 2010

Q4: Total revenues at previous year's level

Total revenues Q4 2009

[in € million]

Positive revenue development during the course of the year

Development of total revenues

[in € million]

FY 2009: Total revenues influenced by capital markets and economic crisis

Total revenues 2009

Q4: Old-age pension provision business stabilized

Revenues - commissions and fees

[in € million]

	Q 4 2 0 0 8	Q 4 2 0 0 9	i % n	2 0 0 8	2 0 0 9	i % n
O l d- i i i a g e p e n s o n p r o s o n v	1 2 3. 3	1 2 3. 1	-0 2	3 4 4. 8	3 1 1. 1	-9 8
H l h i t e a n s u r a n c e	1 2. 8	1 3. 3	3. 9 +	4 5. 9	4 6. 5	1. 3 +
N l i f i o n- e n s r a n c e u	1. 5	4. 3	1 0 0 >	2 3. 1	2 6. 5	1 4. 8 +
W l h t t e a m a n a g e m e n	2 1. 3	1 9. 8	0 -7	8 2. 2	1. 6 7	-1 3. 0
L d t o a n s a n m o r g a g e s	3. 3	4. 6	4 2. 5 +	1 1. 6	1 2. 6	9. 0 +
O h i i d f t e r c o m m s s o n s a n e e s	1. 4	1. 7	2 1. 5 +	4. 0	4. 1	3. 8 +

Clear advantage through holistic consulting approach

Revenues – commissions and fees, 2009: € 472.4 million

Cost cutting target of € 24m clearly exceeded

Development of fixed costs*

Group profit only slightly below previous year

Income statement

[in € million]

	Q 4 2 0 0 8	Q 4 2 0 0 9	2 0 0 8	2 0 0 9
T l t o a r e v e n u e s	1 8 9. 1	1 8 6 8	5 9 5 2	5 3 2 1
E B I T	1 7 5	3 0 5	5 6 2	4 2 2
F i t n a n c e c o s	0 5 -	1. 5 -	9. 5 -	2 5 -
E B T	1 0 7	2 9. 0	4 6 6	3 9. 7
T a e s x	4 8 -	6 0 -	1 5 9 -	1 2 5 -
N f i i i t t t e p r o c o n n u n g i t o p e r a o n s	1 2 2	2 3 0	3 0 7	2 7 2
f N i d i i d t t t e p r o s c o n n e u
i t o p e r a o n s	2 0 -	3 4	6 1 -	3 0 -
N f i l t t t t e p r o o a	1 0 2	2 6 4	2 4 6	2 4 2
S E P i € n ( d i l d ) t u e	0 1 0	0 2 4	0 2 4	0 2 2

• •EBIT Q4 rose by 74%
• • EBIT FY 2009 burdenedby one-offs and restructuring costs of € 5m
• • Group net profit at € 24.2m

MLP is financially strong

MLP Group – selected balance sheet items

[ i € i l l i ] n m o n
	/ / 3 1 1 2 2 0 0 8	3 1 / 1 2 / 2 0 0 9
I i b l t t n a n g e a s s e s	1 6 2. 4	1 5 6. 1
F i i l i t t n a n c a n v e s m e n s	1 9. 9 7	1 9 2. 4
C h d h i l t a s a n c a s e q a e n s u v	3 8. 1	5 5. 0
O h i b l d h t t t e r r e c e v a e s a n o e r a s s e s	1 4 5. 4	1 3 2. 1	f f L i i d d € 2 0 9 q u u n s o m •
			E i i 2 8 4 % t t • q u y r a o :
S i h h l d ' t a r e o e r s e q u y	4 2 5. 9	4 1 8. 5
E i i t t q r a o u y	2 8 % 7.	2 8. 4 %
O h l i b i l i i t t e r a e s	2 3 9. 2	2 1 1. 8
T l t o a	1, 5 3 4. 0	1, 4 5. 5 7

More than 34,000 new clients gained in 2009

Clients Consultants

* incl. clients from the acquired broker ZSH

Top cross-selling rate

Development - contracts per client

Cross-selling rate

Market share of recurring premiums fell only slightly

Market share – old-age pension provision

Market share - recurring premiums*

Source: GDV (German Insurance Association), own calculations / * preliminary market figures

New record high for Assets under Management

Assets under Management

Further increase in market share

Market share - wealth management

Assets under Management in accordance with the BVI methodology

Source: German Association of Investment and Asset Management (BVI), own calculations

Growth of market share in private health insurance

Market share – private health insurance

MLP share of fully insured individuals

Source: German Association of Private Health Insurers, own calculations / * market figures for H2 2009 are not available yet

Preliminary results 2009

Strategy and market developments

Dr. Uwe Schroeder-Wildberg, CEO

Frankfurt - February 24, 2010

Stable shareholder structure

Aktionärsstruktur 23.02.2010Overview of shareholders

MLP – a broad-based consulting house

Client orientation as a success factor

Ministry of Consumer Protection calls for higher quality

Ministry requirements:

• yTailored client consulting
• yStructured consulting process
• y Coverage of existential risks as a basis for wealth accumulation
• y Recommendations must correspond to the investment purpose and risk propensity
• y Clearly designed product information sheets
• yClear positioning of the consultant
• yDevelopment of a job description
• yAppropriate qualification
• yAssumption of liability

Set-up at MLP:

• y Client-oriented consulting forms the core of the business model
• yHolistic consulting, service and support
• y Risk propensity of the client as the starting base for consulting and advisory activities
• y High level of transparency through comprehensive documentation and new product information sheet
• yRegistration as an independent broker
• y Support for a legally-anchored job description
• y Training standards far exceed the legal requirements

Top ratings in consulting tests

1st place in the old-age pension provision assessment by WirtschaftsWoche(05/2009)

2nd place and top rating in the client assessment of MLP consulting by WhoFinance(01/2010)

3rd place in the mortgage test carried out by the magazine Euro (07/2009)

Macroeconomic framework conditions remain difficult

Outlook 2010

Sources: Annual Economic Report 2010

Source: Survey among German brokers / Magazine "Kurs"

Wide range of potential and opportunities

Outlook 2010

• x Consistent full exploitation of the revenue potential
• x Additional client liquidity through the Citizens Relief Act
• xHigh new client potential
• x Increasing level of quality awareness by clients
• x Active participation in the market consolidation –also for wealth managers

Private clients Institutional clients Rating

• x FIA: External growth and further internationalisation of the business
• x FIA: Increased demand for ALM, Asset Allocation and Risk Overlay systems
• x Occupational pensions: Great need for consulting due to e.g. Accounting Modernisation Act and to increased contributions into the Pensions Assurance Association

x Positioning as a European rating agency

ResearchIndependent product and investment research

Extensive new client potential at the universities

Private clients

Annual new client potential - MLP

Sources: Institut für Wirtschaft in Cologne, Federal Statistics Agency, BCG

Wide range of potential and opportunities

Outlook 2010

• x Consistent full exploitation of the revenue potential
• x Additional client liquidity through the Citizens Relief Act
• xHigh new client potential
• x Increasing level of quality awareness by clients
• x Active participation in the market consolidation –also for wealth managers

Private clients Institutional clients Rating

• x FIA: External growth and further internationalisation of the business
• x FIA: Increased demand for ALM, Asset Allocation and Risk Overlay systems
• x Occupational pensions: Great need for consulting due to e.g. Accounting Modernisation Act and to increased contributions into the Pensions Assurance Association

x Positioning as a European rating agency

ResearchIndependent product and investment research

A further € 10m of cost reductions in 2010

Fixed costs*

* before acquisitions and one-offs

Significantly improved market environment from 2011

Medium-term outlook

	2 0 1 0	/ 2 0 1 1 2 0 1 2
O R l d- A P i P i i e e n e s g e e n s o n r o s o n v u v –
R W l h M t t e v e n u e s e a a n a g e m e n –
R H l h I t e e n e s e a n s r a n c e v u u –

• •Further reduction of fixed costs amounting to € 10m in 2010
• • Business prospects (particularly in the first half-year 2010) will continue to be affected by the difficult market environment
• • Old-age pension provision and health insurance: stable revenues in 2010, return to growth from 2011
• •Moderate increase in revenues expected in wealth management

Outlook 2012: Increase in EBIT margin to 15%

MLP Group

EBIT margin*

* before acquisitions and one-offs

Page 34 MLP Analyst Conference, Frankfurt - February 24, 2010

• •In 2009, MLP operated under very difficult market conditions
• • Cost reduction targets surpassed – resilient development in earnings
• • MLP has a strong foundation and a future-oriented strategic alignment
• • Further strengthening of the institutional client business during the coming years
• •Significantly improved market environment expected from 2011
• •Outlook 2012: Increase in EBIT margin to 15%

Preliminary results 2009

Questions & Answers

Frankfurt - February 24, 2010