MLP SE — Investor Presentation 2013

Mar 6, 2013

MLP – Company Presentation

Reinhard Loose, CFO Roadshow Frankfurt

March 6, 2013

Agenda

•MLP at a glance

• •Transformation of business model
• •Earnings situation / Financial details FY 2012
• •Outlook & Summary

Corporate data at a glance

The MLP Group

• y Independent financial services and wealth management consulting company
• yFounded in 1971
• y€ 568 million total revenue in 2012
• yMore than 815,000 private clients
• yMore than 5,000 corporate clients
• y€ 21.2 billion assets under management
• y 1,524 employees and 2,081 financial consultants

Agenda

•MLP at a glance

•Transformation of business model

• •Earnings situation / Financial details FY 2012
• •Outlook & Summary

Foundations for stable future development

Transformation of business model

Broadening of the business model

• yExpansion of wealth management
• yDevelopment of occupational pensions business
• yImprovement of revenue quality through recurring revenues

Comprehensive efficiency management

y Reduction of administration costs by a total of € 60 million without limitation of strategic further development

Improved Profitability

yEBIT margin increased to 13% despite difficult markets

Low average age of clients offers potential…

MLP clients by age group

…especially in wealth management

Potential revenue per year and client

Significant steps towards strengthening wealth management business

MLP clients benefit from Feri's extensive expertise

Private and corporate clients as well as institutional investors

• •Wealth management/Investment management
• •Risk overlay
• •Financial advice
• •Wealth structuring/controlling
• •Asset protection
• •Asset liability management

Rating

Feri MLP Wealth Management

Product independent market assessments

• •Know-how transfer
• •Quality control
• •Fund selection
• •"Best of" selection
• •Sustainability list
• •Closed-end funds

Feri direct mandates

Foundations for stable future development

Transformation of business model

Expansion of wealth management

Significant increase in the proportion of wealth management

FY 2005

(Revenue from commissions and fees: € 467.9 million)

FY 2012 (Revenue from commissions and fees: € 518.0 million)

Early recognition of potential in occupational pensions

Studies confirm high level of interest – 2004 and now

2004: Low coverage of occupational pensions

N b f u m e r o l e m p o y e e s p e r c o m p a n y	S d f p r e a o t i l o c c u p a o n a i i t h i p e n s o n s n w k f w o r o r c e
1- 4	% 2 1
5- 9	2 % 5
1 0- 1 9 4 2, 4 %	5 4, 1 % % 3 1
2 0- 4 9	3 % 5
0- 9 9 5	3 9 %
1 0 0- 1 9 9	4 3 %
2 0 0- 4 9 9	6 % 5
5 0 0- 9 9 9	6 8 %
1, 0 0 0 d a n m o r e	8 % 5
T l t o a	4 6 %

2012: Occupational pensions remain interesting

Do employees* actively request information concerning occupational pensions?

Source: TNS Infratest Social Research – Supplementary provision in the private sector and in the public service sector 2001 – 2004

Source: Zurich Occupational Pensions-Report 2011/2012

Consistent expansion of the occupational pensions division

2006

Foundation of the competence centre tax advisors /auditors

2008

Foundation of occupational pensions division

Further strengthening of the occupational pensions business – acquisition of TPC

2004

2004

Expansion of the division through personnel strengthening and the acquisition of BERAG

2012

More than 1,200 licensed consultants operating throughout Germany

2010

Introduction of an exclusive industry concept

Foundations for stable future development

Transformation of business model

Development of occupational pensions business

• Companies are attaching increasing importance to the attraction and retention of employees
• • Constantly rising proportion in new business (2012: 13%)

Occupation pension business as a percentage of the premium sum in the old-age provision area at MLP

•

Comprehensive efficiency management

Transformation of business model

Reduction of administration costs and improvement of profitability

[€ million]

Reduction of € 60 million since 2008

• No limitation of strategic further development

•

* Personnel expenses, depreciation and amortisation, other operating expenses

** Adjusted for one-off exceptional costs

Agenda

• •MLP at a glance
• •Transformation of business model
• •Earnings situation / Financial details FY 2012
• •Outlook & Summary

2012: Total revenue rises by 4 percent

Total revenue

Significant increase in wealth management

Revenue

[€ million]

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

* excluding MLP Hyp

Assets under Management climb to € 21.2 billion

New business

32,600 new clients – high momentum in Q4

New clients Consultants

Administration costs reduced by € 27.4 million since 2010

Development of operating administration costs*

Significant rise in EBIT

^* Adjusted for one-off exceptional costs

EBIT margin increases to 13%

MLP Group

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

• EBIT margin Group: 13.0%
• EBIT margin financial services segment: 15.0%
• EBIT margin segment Feri: 9.5%

* Previous year's figure adjusted

MLP maintains reliable dividend policy

Dividend per share

y 2011: Payment of 30 cents from the operating business and a further 30 cents from surplus liquidity not required for the operating business

Agenda

• •MLP at a glance
• •Transformation of business model
• •Earnings situation / Financial details FY 2012
• •Outlook & Summary

Increase in productivity through specific support for MLP consultants

Servicecenter MLPdialog

C M L P l t t o n s u a n s	M L P d i l a o g
I d i i d l l i d i t n a c o n s n g a n s e r c e • v u u v H i h i t t t g a r g e g r o p e p e r s e • u x H l i i f i i l t t • o s c n a n c a c o n c e p s	S i h 1 t t t t p p o r r e s p e c o u w A i i i h l i t t t t r r a n g n g a p p o n m e n s w c e n s x f U d i l i d t t t p a n g o c e n a a x x … S d d i d i i b i 2 t t a n a r s e e x s n g u s n e s s C i a r n s u r a n c e x T i f f h a r c a n g e s x x …

ÆConsultants' stronger focus on core tasks increases productivity

Nursing care as a future growth sector – positive response to "Pflege-Bahr"

Outlook 2013

Private provision for long-term nursing care is –

Introduction of a subsidised supplementary insurance is –

MLP Health Report 2012/13 – representative survey of 2,100 citizens

Potential in occupational and private provision…

Outlook 2013

Occupational provision by international comparison (multiple responses possible)

Private Provision: Further subsidies planned with the Old-Age Provision Improvement Act

• • "Rürup" pension: Raising of the maximum subsidy limits from € 20,000 (married couples: 40,000) to € 24,000 (€ 48,000)
• • State subsidy for specific insurance against disability

Sources: Fidelity Worldwide Investment, May 2012

…but continuingly difficult market environment

25

20

15

10

5

0

Outlook 2013

New business: Old-age provision in the market

[€ billion] [Million units]

New business contracts concluded (in million units)

Source: German Insurance Association (GDV), own calculations

Premium sum new business, regular premium (in € billion)

200420052006200720082009201020112012

Not planning to increase level of private old-age provision

Source: Postbank Study "Altersvorsorge in Deutschland 2012/2013"

0

50

100

150

200

250

MLP expects EBIT to range between € 65 and € 78 million

Outlook 2013 to 2015 – in each case compared to the previous year

	2 0 1 3	2 0 1 4	2 0 1 5
R l d- i i e e n e o a g e p r o s o n v u v -	0	0	+
R h l h i t e e n e e a n s r a n c e v u u -	0	+	+
R l h t t e v e n u e w e a m a n a g e m e n -	+	+	+

very positive: ++, positive: +, neutral: 0, negative: -, very negative: --

•Continuation of the strict cost management

• • If necessary, temporarily higher expenditure – either for important future investments or for one-off initial costs in order to ease future expenditure requirements
• • Outlook: EBIT of between € 65 and € 78 million in the financial years 2013 to 2015 – depending on the respective market development

Summary

• • MLP had a very successful financial year 2012 and further improved all key figures
• • 2012 demonstrated the importance of the early implementation of the efficiency programme and the broadening of the business model
• • MLP is benefitting from the strengthening of the wealth management and occupational pension businesses and will further increase the proportion of recurrent revenues
• •Continuingly challenging market environment
• • For the financial years 2013 to 2015 MLP expects high stability and forecasts that EBIT will be in the € 65 to € 78 million range

Contact

MLP Investor RelationsAlte Heerstr. 4069168 WieslochGermany

• Jan Berg, Head of Corporate Communications Tel.: +49 (0) 6222 308 4595
• Andreas Herzog, Senior Manager Investor Relations and Financial Communications Tel.: +49 (0) 6222 308 2272

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