MLP SE — Investor Presentation 2011

May 13, 2011

Reinhard Loose, CFO

May 12, 2011

• •Highlights Q1 2011
• •Financial details Q1 2011
• •New business, consultants and clients
• •Outlook and Summary
• •Questions and Answers

Highlights Q1 2011

• •Total revenues increased by 8%
• • Successful sales focus on health insurance shows advantage of holistic approach
• •Continuingly difficult market environment in old-age provision
• •Earnings situation has improved significantly
• •Dividend proposal € 0.30 per share
• • Extensive investments initiated and efficiency programme accelerated

• •Acquisition of remaining shares in Feri

• •Highlights Q1 2011

• •Financial details Q1 2011
• •New business, consultants and clients
• •Outlook and Summary
• •Questions and Answers

Total revenue increased by 8%

Total revenue

Revenue - health insurance more than doubled

Revenue: commissions and fees

[in € million]

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

*excluding MLP Hyp

Earnings situation further improved

Continuing operations

Income statement

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

• •EBIT more than doubled
• • Tax rate was influenced by dividend payment to the remaining Feri shareholders
• •Net profit increased to € 4.6m

Q1 2011: Operating EBIT of € 11.8m

EBIT adjusted for one-offs

Strong equity base and liquidity

MLP Group – selected balance sheet items

	/ / 3 1 1 2 2 0 1 0	/ / 3 1 0 3 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 6 4
F i i l i t t n a n c a n e s m e n s v	2 5 2 7	3 0 3 2
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	4 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	9 2 2

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

• •Liquid funds € 226m
• •Equity ratio 29%

• • Seasonal decline in other receivables and other liabilities

• •Highlights Q1 2011

• •Financial details Q1 2011
• •New business, consultants and clients
• •Outlook and Summary
• •Questions and Answers

Positive development in AuM

Assets under Management and new business in old-age provision

Consultants and new clients

Q1 2010 2,500 08,000 7,500 New clients5,000 01,000 3,000 2,000 31/12/102,273 31/03/112,222 Number of consultants8,000

• •Highlights Q1 2011
• •Financial details Q1 2011
• •New business, consultants and clients
• •Outlook and Summary
• •Questions and Answers

Extensive investments initiated

• 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 ("MLP Houses") 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)

More intensive client consulting through optimised consultant support

Significant acceleration of the efficiency programme

Forecast: Development of fixed costs

• • 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
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 t h i 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
• • 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

Summary

• •Positive revenue development: + 8%
• •Very positive health insurance business
• • AuMfurther increased
• •Old-age provision market remained challenging
• • Extensive investments initiated and efficiency programme accelerated
• • Guidance reiterated:
• yOne-offs in 2011 around € 30m
• yReduction of the fixed cost base by at least € 30m in FY 2012

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

• •Highlights Q1 2011

• •Financial details Q1 2011
• •New business, consultants and clients
• •Outlook and Summary
• •Questions and Answers

Contact

MLP Investor RelationsAlte Heerstr. 4069168 WieslochGermany

Helmut Achatz, Head of Investor Relations

Tel.: +49 (0) 6222 308 8320 Fax: +49 (0) 6222 308 1131

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