MLP SE — Earnings Release 2011

Feb 29, 2012

Preliminary results 2011

Frankfurt – February 29th, 2012

Agenda

• • Highlights 2011 Dr. Uwe Schroeder-Wildberg, CEO
• • Business Development 2011 Reinhard Loose, CFO
• • Strategy, Outlook and Summary Dr. Uwe Schroeder-Wildberg, CEO
• •Questions & Answers

Preliminary results 2011

Dr. Uwe Schroeder-Wildberg, CEO Highlights 2011

Overview

• • High momentum in the fourth quarter – especially in old-age provision
• • In the full year MLP grew revenues by 4 % and increased operating EBIT by 11 %
• •Investment and efficiency programme remains on schedule
• • In 2011MLP implemented important realignments
• • The Executive Board proposes a dividend of 60 cents per share

Euro debt crisis is influencing provision behaviour

Do you fear that the current crisis in the euro-zone will have an effect on your pension or old-age provision – or do you not fear that outcome?

Base: Federal Republic of Germany, Population aged 16 years and older Source: German Insurance Association / Allensbach survey: Old-age provision of the German population in 2012, January 26, 2012

High volatility in the capital markets led to hesitancy and restraint in wealth management

Development of DAX-Volatility Index since 2007

Source: Reuters

Distinct advantages through a holistic consulting approach

FY 2005 (Revenue from commissions and fees: € 467.9 million)

FY 2011 (Revenue from commissions and fees: € 498.5 million)

FY 2011: Increased revenues and operating result

Preliminary results 2011

Reinhard Loose, CFO Business Development 2011

Q4: Total revenues increased by 9 percent

Continuing operations

Total revenues

MLP achieved growth in all consulting areas

Continuing operations

Revenue from commissions and fees

[in € million]

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

* without MLP Hyp

Strong final quarter in old-age provision

New business

New business in old-age provision

Assets under Management

34,600 new clients – high momentum in Q4

New clients (gross) Consultants

Reduction in adjusted fixed costs by € 6.3 million

Fixed costs* – after adjustment for one-offs

Significant increase in operating EBIT

EBIT development

Rise in revenues and operating result

MLP Group

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

• y FY 2011: € 33.4 million one-offs
• y Q4 2011: € 19.3 million one-offs
• y Operating EBIT margin FY 2011: 9.6% (2010: 9.0%)

Strong balance sheet

MLP Group

[ i € i l l i ] n m o n	/ / 3 1 1 2 2 0 1 0	/ / 3 1 1 2 2 0 1 1 y
I i b l t t n a n g e a s s e s	1 4 8. 2	1 4 0. 3
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 2. 0 y
C h d h i l t a s a n c a s e q u v a e n s	5 0. 5	3 1. 4
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 3 9. 9	1 4 3. 6

• Liquid funds: € 171 million
• Equity ratio: 26.8 %

S h h l d ' i t a r e o e r s e q u y	4 2 0. 0	3 9 9. 3
E i i t t q u y r a o	2 7. 6 %	2 6. 8 %
O h l i b i l i i t t e r a e s	1 7 7. 7	1 4 7. 6
T l t o a	5 1, 2 2. 7	1, 4 8 7. 8

Dividend increases to 60 cents per share

Dividend per share

• y Constant regular dividend despite one-off exceptional cost
• y In addition, return of surplus liquidity

Preliminary results 2011

Dr. Uwe Schroeder-Wildberg, CEO Strategy, Outlook, Summary

Recent awards highlight MLP´s client orientation

WhoFinance consultant rankings

The financial institutions whose clients gave their consultants the highest rating (5 = completely satisfied, 1 = not at all satisfied)

• y First place on the client assessment portal WhoFinance
• y Best Wealth Manager 2012 award presented by Fuchsbriefe to the MLP subsidiary Feri
• y MLP once again received an award from magazine Euro as one of the top 3 mortgage providers in Germany

Source : 21,000 client assessments at www.whofinance.de; December 2011; Wirtschaftswoche (01/2012)

Significant slowdown in the economy

Outlook

Change in Gross Domestic Product (GDP)

Source: Federal Statistical Office, German government

• •2011: Stable economy in Germany
• • But: issues surrounding the European debt crisis and rising inflation remain dominant themes
• • Significant economic slowdown expected in 2012

Growth anticipated in all three core areas

Outlook

	2 0 1 1	2 0 1 2
R l d- i i e v e n u e s o a g e p r o v s o n –
R l h t t e e n e s e a m a n a g e m e n v u w –
R h l h i t e v e n u e s e a n s u r a n c e –

• • Qualitative forecast made a year ago fundamentally confirmed:
• yOld-age provision: slight increase in revenues in 2012
• yHealth insurance: slight increase in revenues in 2012
• yWealth management: stronger growth in 2012
• • Due to the challenging market environment, future development in all three consulting areas remains somewhat uncertain

New structure at Feri enables even better coverage of changing investor needs

• y Rise in revenues expected through growth in consulting activities for private and institutional clients
• y Additional growth through increased fund administration at ITM – but with a lower margin

Growth driver – Occupational pensions

• yThis business area has been successfully built up since 2004
• y Occupational pension business now accounts for 13 percent of the premium sum (FY 2010: 9 percent)
• y Provision of consulting and services to more than 5,000 companies and employers
• yLargest German occupational pensions broker
• y Established in the market for independent consulters behind international firms such as Mercer, Watson Wyatt and Aon Jauch & Hübener
• ÆHigh potential for 2012 and beyond

2012: Reduction in fixed costs to around € 249 million

Outlook

Development of fixed costs

[in € million]

• y 2011: Adjusted fixed costs reduced by € 6.3 million
• y Investment and efficiency programme remains on track
• yNo one-off exceptional costs

* After adjustment for one-offs

Goal 2012: Operating EBIT margin 15 percent

MLP Group

EBIT margin

* After adjustment for one-offs ** Before acquisitions and special effects

Summary

• • 2011was a landmark year for MLP.
• • Despite the continuingly difficult market environment, MLP developed successfully from an operating perspective and achieved a dynamic fourth quarter.
• • Through its investment and efficiency programme, MLP has initiated important measures for the future.
• •MLP benefits from the new breadth in its business model.
• • In 2012the market conditions remain challenging.
• • Goal 2012: Increasethe operating EBIT margin to 15 %.

Preliminary results 2011

Questions & Answers