MLP SE — Investor Presentation 2011

Nov 17, 2011

MLP – Company Presentation

Reinhard Loose, CFO

Roadshow Zurich

November 17, 2011

Agenda

•Outlook

• •Growth drivers
• •Earnings situation
• Summary
• •Appendix

Target 2012: Operating EBIT margin 15%

MLP Group

EBIT margin

* Before acquisitions and one-offs

Growth in wealth management and health insurance expected

Outlook

	2 0 1 1	2 0 1 2
R O l d i i e v e n u e s : -a g e p r o v s o n
R W l h M t t e v e n u e s e a a n a g e m e n :
R H l h i t e e n e s e a n s r a n c e v u : u

• Further growth in wealth management and health insurance expected in 2011 and 2012
• From a current perspective, stable revenue in old-age provision in 2011 and a slight increase in the following year
• Nevertheless, overall outlook for old-age provision and wealth management remains uncertain due to challenging market environment

Agenda

• •Outlook
• •Growth drivers
• •Earnings situation
• Summary
• •Appendix

Extensive investments initiated

Growth driver: Investment and efficiency programme

• 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 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)

ÆMore intensive client consulting through optimised consultant support

Significant acceleration of the efficiency programme

Growth driver: Investment and efficiency programme

Forecast: Development of fixed costs

[in € million]

• 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

MLP and Feri cover the whole market

Growth driver: Wealth management

Page 8 MLP – Company Presentation offering

Successful development of Assets under Management

Growth driver: Wealth management

Assets under Management in the MLP group

[in € billion]

MLP – a broad-based consulting house

Growth driver: Further strengthening of corporate client business

9M: Strong growth in health insurance

Growth driver: Health insurance

Revenue health insurance

[in € million]

• Attractive market conditions through the shortening of the waiting period to change to private health insurance
• Increasing sceptical perception of the statutory healthcare system following

Pressure on social security systems is imminent

Medium term growth driver: Old-age pension provision

Old-age provision market is expected to grow

Medium term growth driver: Old-age pension provision

Money invested in old-age provision products in Germany

[in € trillion]

• •Includes single premium business
• Includes occupational pension business

Source: Allianz, Handelsblatt (September 1, 2010)

Agenda

• •Outlook
• •Growth drivers
• •Earnings situation
• Summary
• •Appendix

9M: Total revenue increased by 2%

EBIT affected by one-offs

Continuing operations

Income statement

[in € million]

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

Q3:

• One-offs: € 3.6 m
• Operating EBIT: € 6.5 m
• Net Profit: € 1.7 m

9M:

• One-offs: € 14.1 m
• Operating EBIT: € 18.7 m
• Net Profit: € 2.0 m

9M 2011: Operating EBIT of € 18.7 m

Further reduction of fixed costs in 9M

Fixed costs adjusted for one-offs

[in € million]

Agenda

• •Outlook
• •Growth drivers
• •Earnings situation
• Summary
• •Appendix

Summary

• 9M:
• yTotal revenue above previous year's level (+ 2 %)
• yStrong operating EBIT (+ 10 %)
• yReduction of fixed costs and restructuring measures well on track
• Q4:
• yFurther pick-up in business expected
• Guidance reiterated:
• yOne-offs in 2011 of around € 30m
• yReduction of the fixed cost base by at least € 30m by the end of 2012
• yOutlook 2012: Increase in operating EBIT margin to 15%

Contact

MLP Investor RelationsAlte Heerstr. 4069168 WieslochGermany

Jan Berg, Head of Corporate Communications

Tel.: +49 (0) 6222 308 4595

Fax: +49 (0) 6222 308 1131

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