MLP SE — Investor Presentation 2011

Aug 11, 2011

H1 and Q2 2011 Results

Reinhard Loose, CFO

August 11, 2011

• •Financial details H1 and Q2 2011
• •New business, consultants and clients
• •Outlook and summary
• •Questions and Answers

•H1:

• yTotal revenue increased by 3%
• yOperating EBIT rose by 47%
• • Q2:
• yStable development in revenues from commissions and fees
• y One-offs related to the announced efficiency programme affected the reported EBIT
• y Old-age provision market is still challenging, but new business remained at previous year's level
• •AuM reached new record high: € 20.6 bn
• •Efficiency programme is well on track
• •Dividend payment of € 0.30 per share

•Financial details H1 and Q2 2011

• •New business, consultants and clients
• •Outlook and summary
• •Questions and Answers

H1: Total revenue increased by 3%

H1: Growth in health insurance and wealth management

Revenue: commissions and fees

[in € million]

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

MLP benefits from its holistic approach

Revenue: commissions and fees, H1 2011: € 217.6 m (€ 208.8 m)

EBIT affected by one-offs

Continuing operations

Income statement

[in € million]

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

Further reduction of fixed costs in H1

Fixed costs adjusted for one-offs

[in € million]

H1 2010 Personnel-1.0D & A Other operating expenses 132.5H1 2011142.3 -8.2-0.6

• Sustainable effect on the fixed costs target of at least € 30 million by the end of 2012: € 5 million

Strong liquidity

MLP Group – selected balance sheet items

[in € million]

	/ / 3 1 1 2 2 0 1 0	/ / 3 0 0 6 2 0 1 1
i I b l t t n a n g e a s s e s	1 4 8. 2	1 4 4. 8	•
F i i l i t t n a n c a n e s m e n s v	2 5 2. 7	2 3 6. 8	•
C h d h i l t a s a n c a s e q a e n s u v	5 0. 5	3 6. 3
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 2 2. 0	8 8. 3

•	L i i d q u	f d u n s :	€ 1 6 0	m

Equity ratio: 28%

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

•Financial details H1 and Q2 2011

•New business, consultants and clients

• •Outlook and summary
• •Questions and Answers

Q2: Old-age provision at previous year's level

Assets under Management and new business in old-age provision

^*in accordance with the BVI methodology

Stable development in new clients

Number of consultants

New clients

• •Financial details H1 and Q2 2011
• •New business, consultants and clients
• •Outlook and summary
• •Questions and Answers

Significant acceleration of the efficiency programme

Forecast: Development of fixed costs

[€ 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

Growth in wealth management and health insurance expected

Outlook

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

• • Further growth in wealth management and health insurance expected in 2011 and 2012
• • Outlook for old-age provision remains uncertain – from a current perspective, stable revenue in 2011 and a slight increase in the following year

Target 2012: Operating EBIT margin 15%

MLP Group

EBIT margin

[in %]

* Before acquisitions and one-offs

Summary

• • H1: Positive revenue development in health insurance and wealth management; increase in operating EBIT to € 12.2 m
• •Old-age provision: improved development in Q2
• •AuM reached a new record high: € 20.6 bn
• •Reduction of fixed costs and restructuring measures well on track
• • Guidance reiterated:
• yOne-offs in 2011 of around € 30m
• yReduction of the fixed cost base by at least € 30m in FY 2012

• yOutlook 2012: Increase in operating EBIT margin to 15%

• •Financial details H1 and Q2 2011

• •New business, consultants and clients
• •Outlook and summary
• •Questions and Answers

Contact

MLP Corporate Communications Alte Heerstr. 4069168 WieslochGermany

Jan Berg, Head of Communications

Tel.: +49 (0) 6222 308 4595 Fax: +49 (0) 6222 308 1131

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