MLP SE — Investor Presentation 2010

Jan 20, 2010

MLP - Well positioned in a changing market

UweSchroeder-Wildberg, CEO

Cheuvreux German Corporate Conference 2010

January 20, 2010

Agenda

• 1.MLP's positioning in a changing market
• 2.Statutory changes
• 1. Impact of capital market and economic crisis on current business development
• 4.MLP will benefit from the crisis
• 5.Summary and Outlook
• 6.Appendix and Contact

Strategic realignment

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 t t r e n g e n n g • f i d o n e p e n d e n c e D l t e v e o p m e n • f i l t o o c c u p a o n a i p e n s o n i b s n e s s u	S f l a e o o n w • i n s u r e r s	M j i h l d t a o r y o • i i F i n g n e r F i A G 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 s a s • f t m e n o M L P H y p A d i i t t c c r e a o n • f h t o e C t o r p o r a e U i i t n v e r s y F l l b k i u a n n g • l i c e n s e ( ) G r o p u	A i i i t c q u s o n • f T P C o A i i i t c q u s o n • f S Z H o

MLP – A broad-based consulting house

Private clients

• MLP Finanzdienstleistungen
• xFeri Family Trust
• xZSH

Corporate clients Rating

• x MLP Finanzdienstleistungen (Business areas: occupational pensions and corporate clients)
• xTPC
• xFeri Institutional Advisors

Feri EuroRating Services

Independent investment research

Positive development in number of clients continued in Q3

Number of clients

Pressure on social security systems is imminent

Massive increase in the "dependency ratio" for the period 2010 - 2035

High potential in old-age pension provision

The pension level of the future – as a percentage of gross salary*

* Level of state pension according to current legislation. Selected countries. Basis for calculation: employee, aged 20 who starts full time work in 2004 and continues working up until the legal pension age (average earner).

Low average age offers high potential

Targeted expansion of MLP Wealth Management

Clients by age

• y MLP clients' income and savings quotas clearly exceed average levels
• y The average age of an MLP client is 39
• y Already 37 per cent of clients are older than 40
• y The number of clients over 40 years of age will double within five years

Growth through a holistic consulting approach

Rising revenue potential in Wealth Management

Potential sales revenue -MLP Finanzdienstleistungen AG per client and year

AuM reached new record high

Assets under Management

[in € bn]

Agenda

1.MLP's positioning in a changing market

2.Statutory changes

• 1. Impact of capital market and economic crisis on current business development
• 4.MLP will benefit from the crisis
• 5.Summary and Outlook
• 6.Appendix and Contact

Extensive statutory changes . . .

Regulatory requirements

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

Independent brokers gain significant market shares

Effects of the regulation in Great Britain

Sales by channel in 1992 Sales by channel in 2006

Agenda

• 1.MLP's positioning in a changing market
• 2.Statutory changes
• 1. Impact of capital market and economic crisis on current business development
• 4.MLP will benefit from the crisis
• 5.Summary and Outlook
• 6.Appendix and Contact

9M: Revenues decreased due to capital market and economic crisis

Total revenues 9M 2009

Q3: Positive revenue development

Development of total revenues

Client focus on non-life segments

Revenues – commissions and fees

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

Profitability significantly improved

Continuing operations

Income statement

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

• •EBIT Q3 more than doubled
• • 9M: Defense costs €2.9 m
• • 9M: Restructuring charges and other one-offs €1.7 m

Agenda

• 1.MLP's positioning in a changing market
• 2.Statutory changes
• 1. Impact of capital market and economic crisis on current business development
• 4.MLP will benefit from the crisis
• 5.Summary and Outlook
• 6.Appendix and Contact

Strong balance sheet

MLP Group – selected balance sheet items

[in € million]

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

S h h l d ' i t a r e o e r s e q u y	4 2 9 1	3 9 6 1
O h l i b i l i i t t e r a e s	2 3 6 4	1 2 4 7 2 9 %

• •Equity ratio 28.0%
• •Liquid funds € 156 m*
• • Seasonal decline in other receivables and other liabilities

* duration < 12 months

Cost cutting program successfully implemented

Development of fixed costs 9M

Page 23 Cheuvreux German Corporate Conference – January 20, 2010

Targeted cost reduction of € 34 m

Fixed costs (excluding acquisition-related cost increases)

• • 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

Agenda

• 1.MLP's positioning in a changing market
• 2.Statutory changes
• 1. Impact of capital market and economic crisis on current business development
• 4.MLP will benefit from the crisis
• 5.Summary and Outlook
• 6.Appendix and Contact

Summary

• • MLP is very well positioned in structural growth markets in Germany:
• yOld-age pension provision, health provision, wealth management
• • Regulatory changes lead to market consolidation and pressure on earnings
• • Capital markets and economic crisis burden revenue and earnings development
• • MLP will benefit from the crisis:
• y Strong capital base and liquidity allow rapid adjustment to new market environment and external growth

• yShort-term cost savings protect bottom line

• • Market environment remained difficult in Q3 due to economic and capital market crisis

• • Clients focussed on non-life segments and are still reluctant to invest in long-term old-age provision products or wealth management concepts
• •Successful cost cutting measures increased profitability in Q3
• • Year-end business startedin October and should accelerate
• • Fixed costs will decrease further in Q4 (YOY)
• Leverage of business model fully in place in Q4
• • Sales focus in H2 on higher disposal income of clients due to federal economic stimulus packages ("Bürgerentlastungsgesetz")
• •Outlook 2009 reiterated: MLP aims to outperform the market

Agenda

• 1.MLP's positioning in a changing market
• 2.Statutory changes
• 1. Impact of capital market and economic crisis on current business development
• 4.MLP will benefit from the crisis
• 5.Summary
• 6.Outlook
• 7.Appendix and Contact

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 client group

The most important demands of clients with a university degree

Source: Spiegel-Studie Soll & Haben, 2004

Sales force: Focus on quality

Number of consultants

Cost cutting program successfully implemented

Development of fixed costs Q3

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

TPC boasts first-rate reference clients nationwide

Extract

Extensive shareholders' participation

Dividend sum

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