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MLP SE

Earnings Release • May 13, 2011

289_ip_2011-05-13_2baaee04-43b7-4e9a-a2e0-2e0cc58c6a10.pdf

Earnings Release

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Reinhard Loose, CFO

May 12, 2011

  • •Highlights Q1 2011
  • •Financial details Q1 2011
  • •New business, consultants and clients
  • •Outlook and Summary
  • •Questions and Answers

Highlights Q1 2011

  • •Total revenues increased by 8%
  • • Successful sales focus on health insurance shows advantage of holistic approach
  • •Continuingly difficult market environment in old-age provision
  • •Earnings situation has improved significantly
  • •Dividend proposal € 0.30 per share
  • • Extensive investments initiated and efficiency programme accelerated

  • •Acquisition of remaining shares in Feri

  • •Highlights Q1 2011

  • •Financial details Q1 2011
  • •New business, consultants and clients
  • •Outlook and Summary
  • •Questions and Answers

Total revenue increased by 8%

Total revenue

Revenue - health insurance more than doubled

Revenue: commissions and fees

[in € million]

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*excluding MLP Hyp

Earnings situation further improved

Continuing operations

Income statement

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  • •EBIT more than doubled
  • • Tax rate was influenced by dividend payment to the remaining Feri shareholders
  • •Net profit increased to € 4.6m

Q1 2011: Operating EBIT of € 11.8m

EBIT adjusted for one-offs

Strong equity base and liquidity

MLP Group – selected balance sheet items

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  • •Liquid funds € 226m
  • •Equity ratio 29%

  • • Seasonal decline in other receivables and other liabilities

  • •Highlights Q1 2011

  • •Financial details Q1 2011
  • •New business, consultants and clients
  • •Outlook and Summary
  • •Questions and Answers

Positive development in AuM

Assets under Management and new business in old-age provision

Consultants and new clients

Q1 2010 2,500 08,000 7,500 New clients5,000 01,000 3,000 2,000 31/12/102,273 31/03/112,222 Number of consultants8,000

  • •Highlights Q1 2011
  • •Financial details Q1 2011
  • •New business, consultants and clients
  • •Outlook and Summary
  • •Questions and Answers

Extensive investments initiated

  • y Targeted strengthening of the MLP brand through an extensive marketing campaign
  • y At 16 large locations, all local branches will move into one larger building ("MLP Houses") by the end of 2014
  • yStrengthening of new acquisition channels at universities
  • yFurther optimisation of workplace processes (e.g. reduction of IT complexity)
  • yImproved support through consulting programmes (e.g. in product selection)
  • yGreater standardisation and automation of administrative tasks
  • yFurther optimisation of processes
  • y Even more effective back office support for the consultants (e.g. bundling of consultant services, strengthening of sales-related units)

More intensive client consulting through optimised consultant support

Significant acceleration of the efficiency programme

Forecast: Development of fixed costs

  • • 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

Growth in wealth management and health insurance expected

Outlook

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  • • Further growth in wealth management and health insurance expected in 2011 and 2012
  • • Outlook for old-age provision remains uncertain – from a current perspective, stable revenue in 2011 and a slight increase in the following year

Target 2012: Operating EBIT margin 15%

MLP Group

EBIT margin

Summary

  • •Positive revenue development: + 8%
  • •Very positive health insurance business
  • • AuMfurther increased
  • •Old-age provision market remained challenging
  • • Extensive investments initiated and efficiency programme accelerated
  • • Guidance reiterated:
  • yOne-offs in 2011 around € 30m
  • yReduction of the fixed cost base by at least € 30m in FY 2012

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

  • •Highlights Q1 2011

  • •Financial details Q1 2011
  • •New business, consultants and clients
  • •Outlook and Summary
  • •Questions and Answers

Contact

MLP Investor RelationsAlte Heerstr. 4069168 WieslochGermany

Helmut Achatz, Head of Investor Relations

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

[email protected] www.mlp-ag.de

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