MLP SE — Investor Presentation 2010

Jun 23, 2010

Investor Presentation

UweSchroeder-Wildberg, CEO

RoadshowFrankfurt

June 23, 2010

Agenda

• •Highlights Q1 2010
• •Financial details Q1 2010
• •Clients and consultants
• •Outlook and summary
• •Appendix

Highlights Q1 2010

• •Q1 still influenced by the financial and economic crisis
• •EBIT increased by 26%
• • Newclients + 21%
• •AuM reached new record high of € 17.7 bn
• • Positive development in new business for old-age provision and health insurance
• • MLP will further increase the quality of its sales force: Certified Financial Planner (CFP)
• •Dividend proposal: € 0,25 per share, dividend sum € 27.0 m

Agenda

• •Highlights Q1 2010
• •Financial details Q1 2010
• •Clients and consultants
• •Outlook and summary
• •Appendix

Total revenue slightly below previous year's level

Total revenue Q1 2010

[in € million]

Revenue wealth management up 7%

Revenue – commissions and fees

[in € million]

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

AuM reached new record high

Assets under Management and new business old-age provision

* In accordance with the BVI methodology

Positive earnings development

Continuing operations

Income statement

[in € million]

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

• •EBIT rose by 26%
• • Tax rate was influenced by dividend payment to the outstanding Feri shareholders
• •Net profit increased by € 1.9 m

Development of fixed costs in Q1 2010

Strong balance sheet

MLP Group – selected balance sheet items

[in € million]

	/ / 3 1 1 2 2 0 0 9	/ / 3 1 0 3 2 0 1 0
I i b l t t n a n g e a s s e s	5 1 6 1	5 1 4 3
i i i F l t t n a n c a n v e s m e n s	1 9 2 4	2 3 9 8
C h d h i l t a s a n c a s e q a e n s u v	5 5 0	4 6 2
i O h 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 2 1	9 9 0

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

• •Equity ratio 29.1%
• •Liquid funds € 205 m
• • Seasonal decline in other receivables and other liabilities

Agenda

• •Highlights Q1 2010
• •Financial details Q1 2010
• •Clients and consultants
• •Outlook and summary
• •Appendix

Number of new clients increased significantly

Agenda

• •Highlights Q1 2010
• •Financial details Q1 2010
• •Clients and consultants
• •Outlook and summary
• •Appendix

Significantly improved market environment from 2011

Medium-term outlook

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

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

Outlook 2012: Increase in EBIT margin to 15%

MLP Group

EBIT margin*

* before acquisitions and one-offs

• •Q1 was still influenced by the financial and economic crisis
• •Despite difficult market environment EBIT rose by 26%
• •AuM reached record high of € 17.7 bn
• • MLP expects the business development to improve further in the upcoming quarters
• •Reduction of the fixed cost base by € 10 m in FY 2010
• •Outlook 2012: Increase in EBIT margin to 15%

Agenda

• •Highlights Q1 2010
• •Financial details Q1 2010
• •Clients and consultants
• •Outlook and summary
• •Appendix

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: AllensbachInstitute 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)

Cost cutting target of € 24m clearly exceeded

Development of fixed costs*

* personnel, D&A, operating expenses

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

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

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

-6-5-4-3-2-10122009Change in GDP Brokerage business in 2010 will … continue to be adversely affected only be mildly affected no longer be affected at all pick up moderately pick up strongly 38321362[in %] [in %] 1.3 1.4 -5.020082009 2010e

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

Positioning as a European

rating agency

x

ResearchIndependent product and investment research

Extensive new client potential at the universities

Private clients

Annual new client potential - MLP

Sources: Institut fürWirtschaft in Cologne, Federal Statistics Agency, BCG

A further € 10m of cost reductions in 2010

Fixed costs*

* before acquisitions and one-offs

Independent business model and one-stop for lifetime financial solutions

Independent business model is unique in the German Market

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.com