MLP SE — Investor Presentation 2009

Aug 3, 2009

Individuality requires partnership

Andreas Dittmar, Head of Finance

Roadshow Vienna

June 17, 2009

Agenda

• 1. Highlights Q1 2009
• 1. Financial details Q1 2009
• 1. Customers and consultants
• 1. Strategy and market developments
• 1. Outlook and summary
• 1. Appendix

1. Highlights Q1 2009

Roadshow Vienna - June 17, 2009

Highlights Q1 2009

• •Difficult market environment continued during Q1 2009
• •Growth expectations for German GDP were lowered to -6%
• • Due to uncertainty caused by the ongoing economic crisis private and institutional clients were still reluctant to invest long-term
• •Satisfactory revenue development
• •Increasing revenues from health care insurances
• • New business old-age pension provision at level of Q1 2007 (comparable quarter because of Riester step in Q1 2008)
• •Cost saving program is developing according to plan
• •Successful acquisition of ZSH
• •Proposed dividend payment of € 0.28 per share

2. Financial details Q1 2009

Roadshow Vienna - June 17, 2009

Q1: Satisfactory revenue development

Total revenues Q1 2009

Q1: Significant increase in revenues from health insurance

Revenues – commissions and fees

[in € million]

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

Revenue split shows advantage of holistic consulting approach

Revenues – commissions and fees, Q1 2009: € 111.6 m

Earnings influenced by one-offs

Continuing operations

Income statement

[in € million]

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

• •Defense costs € 3.3 m
• • Finance cost includes € 2.4 m (€ 7.8 m) dividend payment to remaining Feri shareholders
• • Dividend payment to remaining Feri shareholders is not tax deductible

AuM stable against the market trend

New Business and Assets under Management

Strong equity base and liquidity

MLP Group – selected balance sheet items

[in € million]

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

• Liquid funds € 216.4 m

• •Equity ratio 29%
• • Proposed dividend of € 0.28 per share

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

Extensive shareholders' participation

Dividend sum

[in € million]

3. Customers and consultants

Roadshow Vienna - June 17, 2009

Acquisition of ZSH significantly improves MLP's position in the dentists target group

Number of customers

High quality sales force

Number of consultants

4. Strategy and market developments

Roadshow Vienna - June 17, 2009

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 detailedreporting
• • MLP already possesses a German banking license
• • Training standards far exceed the legal standards

Targeted further development

Milestones of the past five years

2 0 0 4	2 0 0 5	2 0 0 6	2 0 0 7	/ 2 0 0 8 0 9
S h i f t t • r e n g e n n g o i d d n e p e n e n c e D l f t • e v e o p m e n o i l t o c c p a o n a u i b i p e n s o n s n e s s u	S l f • a e o o w n i n s r e r s u	M j i h l d i i t • a o r y o n g n G F i F i A e r n a n c e B k i l i a n n g c e n s e • f i t t o r n v e s m e n b k r o e r a g e	E b l i h t t s a s m e n • f M L P H o y p A d i i t t • c c r e a o n f h C t t o e o r p o r a e U i i t n e r s v y F l l b k i a n n g • u l i ( G ) c e n s e r o u p	A i i i t • c q u s o n C f T P o A i i i t c q s o n • u S f Z H o

MLP – A broad-based consulting house

Independent investment research

TPC boasts first-rate reference clients nationwide

Extract

S i e r c e s v	i I d l t n s r a u	i i P b l t c e n e r p r s e s u

5. Outlook and summary

Roadshow Vienna - June 17, 2009

MLP's target group has the highest provision requirements

Continued high revenue potential in old-age pension provision

Provision shortfall*

Source: Allianz Dresdner Economic Research

*Difference between 80% of last gross income and the replacement rate by the state pension scheme

Targeted cost reduction of € 34 m

Fixed costs (excluding acquisition-related cost increases)

[in € million]

• • 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

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

• •Difficult market environment continued in Q1 2009
• •Customers are still reluctant to invest long-term
• •In a challenging market environment MLP developed quite well
• •Cost saving program implemented
• •Target: Reduce fixed costs by € 34m by the end of 2010
• • Outlook 2009: MLP is cautiously optimistic and aims to outperform the market

6. Appendix

• -MLP's business model and positioning
• -Statutory changes
• -Contact

Roadshow Vienna - June 17, 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

Page 30 MLP Roadshow – June 17, 2009

Extensive statutory changes . . .

Regulatory requirements

M 2 2 2 0 0 7 a y ,	N b 1, 2 0 0 7 o e m e r v	B i i f 2 0 0 8 e g n n n g o
I M d i i D i t n s u r a n c e e a o n r.	M i F I D	C G I L t t e r m a n n s. o n r a c a w
I b k n s u r a n c e r o e r a g e	B k / F i i t t a n s n n v e s m e n s	I / B k n s u r e r s r o e r s
R i i i t y s n g r e q u r e m e n s i h t c o n c e r n n g e l i f i i f t q u a c a o n o l d h t t t c o n s u a n s a n e l i f l i t t q u a y o c o n s u n g E i d i t t t e n s e o c m e n a o n y x v u i t r e q r e m e n s u	B d i f h t r o a e n n g o e y l i i f i t t c o n s n g n o r m a o n u , d d i t t a n o c m e n a o n u i t r e q r e m e n s u S i i t t t r c e r r e q u r e m e n s y d i t r e g a r n g r a n s p a r e n c y	I i h d n c r e a s e n c a s s r r e n e r y u l / d i f h t a e s s p r e a n g o e v u d i i b i d i i i t t t s r o n a n a c q s o n u u t c o s s I d t n c r e a s e c o s y f f l i d t r a n s p a r e n c y o r e a n h l h i t e a c a r e n s u r a n c e l i i p o c e s B d i f h t r o a e n n g o e y i f i b l i i t t n o r m a o n o g a o n s

. . . 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

Independent brokers gain significant market shares

Effects of the regulation in Great Britain

Sales by channel in 1992 Sales by channel in 2006

Contact

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

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