MLP SE — Earnings Release 2011

Nov 10, 2011

9M and Q3 2011 Results

Reinhard Loose, CFO

November 10, 2011

• •Financial details 9M and Q3 2011
• •New business, consultants and clients
• •Outlook and summary
• •Questions and Answers

•9M:

• yTotal revenue above previous year's level
• yOperating EBIT rose by 10%
• y One-offs related to the announced efficiency programme affected the reported EBIT
• • Q3:
• ySlight increase in total revenues despite difficult market environment
• yNew business in old-age provision at previous year's level
• •Efficiency and investment programme is well on track
• •New image campaign successfully started

•Financial details 9M and Q3 2011

• •New business, consultants and clients
• •Outlook and summary
• •Questions and Answers

9M: Total revenue increased by 2%

9M: Strong growth in health insurance

Revenue: commissions and fees

[in € million]

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

*excluding MLP Hyp

MLP benefits from its holistic approach

Revenue: commissions and fees, 9M 2011: € 322.8 m (€ 313.4 m)

MLP 9M & Q3 2011 Results Page 8

EBIT affected by one-offs

Continuing operations

Income statement

[in € million]

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

Further reduction of fixed costs in 9M

Fixed costs adjusted for one-offs

[in € million] 9M 2010 Personnel-1.9D & A Other operating expenses 196.89M 2011207.2 -6.8 -1.6 •

Sustainable effect on the fixed costs target of at least € 30 million by the end of 2012: € 7 million

Strong liquidity

MLP Group – selected balance sheet items

[in € million]

	3 1 / 1 2 / 2 0 1 0	/ / 3 0 0 9 2 0 1 1
I i b l t t n a n g e a s s e s	1 4 8. 2	1 4 3. 1	•
F i i l i t t n a n c a n v e s m e n s	2 5 2. 7	2 3 0. 4	•
C i h d h l t a s a n c a s e q u v a e n s	5 0. 5	4 0. 5
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 2 2. 0	8 5. 0

L	i q u	i d	f u n	d s :	€	1 9 5	m

Equity ratio: 28.6 %

S h h l d ' i t a r e o e r s e q u y	4 2 8. 4	3 9 1 7.
i i i i O h l b l t t e r a e s	1 7 7. 7	9 3. 3 2 9 %

•Financial details 9M and Q3 2011

•New business, consultants and clients

• •Outlook and summary
• •Questions and Answers

Stable new business in old-age provision

Assets under Management and new business in old-age provision

^*in accordance with the BVI methodology

Number of new clients slightly below previous year's level

Number of consultants

New clients

• •Financial details 9M and Q3 2011
• •New business, consultants and clients
• •Outlook and summary
• •Questions and Answers

Growth in wealth management and health insurance expected

Outlook

	2 0 1 1	2 0 1 2
O R l d- i i e e n e s a g e p 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 growth in wealth management and health insurance expected in 2011 and 2012
• • From a current perspective, stable revenue in old-age provision in 2011 and a slight increase in the following year
• • Nevertheless, overall outlook for old-age provision and wealth management remains uncertain due to challenging market environment

Efficiency programme well on track

Forecast: Development of fixed costs

[€ million]

• • 2011: One-off exceptional costs of around € 30 million
• • Sustainable reduction in the annual fixed costs by a total of at least € 30 million by the end of 2012

Target 2012: Operating EBIT margin 15%

MLP Group

EBIT margin

[in %]

* Before acquisitions and one-offs

Summary

• • 9M:
• yTotal revenue above previous year's level (+ 2 %)
• yStrong operating EBIT (+ 10 %)
• yReduction of fixed costs and restructuring measures well on track
• • Q3:
• ySlight increase in revenues despite difficult framework conditions
• yOngoing upswing in old-age provision business
• • Guidance reiterated:
• yOne-offs in 2011 of around € 30m
• yReduction of the fixed cost base by at least € 30m by the end of 2012

• yOutlook 2012: Increase in operating EBIT margin to 15%

• •Financial details 9M and Q3 2011

• •New business, consultants and clients
• •Outlook and summary
• •Questions and Answers

Contact

MLP Corporate Communications Alte Heerstr. 4069168 WieslochGermany

Jan Berg, Head of Corporate Communications

Tel.: +49 (0) 6222 308 4595 Fax: +49 (0) 6222 308 1131

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