MLP SE — Investor Presentation 2014

Jul 2, 2014

Germany's leading independent financial consulting company

Reinhard Loose, CFO

Page 1 MLP – Company Presentation Roadshow July, 2014

Agenda

y	M L P l t a a g a n c e	3
y	B i d l s n e s s m o e u	6
y	K F i i l e n a n c a s y	1 6
y	O l k t o o u	2 2
y	S M L P h a r e	3 0

MLP – An Overview

Company profile

B i d l u s n e s s m o e	G 's l d i f i e r m a n y e a n g n a n c l i d t t c o r p o r a e c e n s a n a r o f b k d i i t t a n s a n n e s m e n r v l i l l i i i t t t t c e n s a s w e a s n s u	i l l i t a c o n s u n g c d 2, 0 0 0 u n c o n s C f l l m s. e a r o c y l i t o n a n v e s o r s	i h t o m p a n y w l I d t t u a n s. n e d t t s e a r g e g u	h i 8 3 0, 0 0 0 t t m o r e a n p r v a d f I t p e n e n r o m n s u r a n c e c o f d i H N W I, r o p o a c a e m c s, u	d e a n m p a c o r p	5, 0 0 0 i n e s, t o r a e
O l d- i i a g e p r o v s o n	B k d i f r o e r e p r e m u m s u m i i i p e n s o n p r o s o n a c c o n v u i f b i d i t e x p e r s e o o u r s u s a	b i o r n e w u s n e s f d d t e o r a r o n u T P C G b H r y m	f € 3. 6 b i l l i s o f f 1 2 % h i t o s	i 2 0 1 3. O i l t o n n c c u p a o n a i d b h t t g r e, s p p o r e e u u y		S ha f re o '1 3 rev en ue 4 8 %
H l h i t e a n s u r a n c e	P i h l h i t t r a e e a n s r a n c e, v u i l h l h i t t o c c p a o n a e a n s r u u	l t s p p e m e n a r u y t t t a n c e, s a o r u y	i h l t t p r a e e a v h l h i t e a n s r a u	h i l -t n s r a n c e, o n g e r m c a r u n c e	e,	1 0 %
W l h M t t e a a n a g e m e n	€ 2 4. b i l l i i 5 t o n n a s s e s n u G i h b i d i F i A t s s a r e r w u y , H N W I F i – l l t a e r a s w e a	d e r m a n a g e m e M L P i s e r e s p r v i i i l i t t t s n s u o n a n	f D t n a s o e c l i t t a e c e n s v – t v e s o r s	b 3 1, 2 0 1 3. T h t e m e r o g e e r f f l l i M L P, t t t a e n c e n s a u		3 0 %
T F i i l o p n a n c a s	F Y 2 0 1 3 : T l t o a r e e n e v u : E B I T : N f i t t e p r o : D i i d d h e n p e r s a r e v :	€ 0 1. 1 i l l i 5 m o € i l l i 3 2. 8 m o n € 2 i l l i 5. 5 m o n € 0, 1 6	n	E i R i t t q a o u y : C C i l R i t t o r e a p a a o : R E i t t e u r n o n q u y :	2 4. 1 6. 6. 6	4 % 3 % %
S h a r e	S h d i t t a r e s o s a n n g u : F F l t r e e o a : A d i l d i l t e r a g e a r a n g o v y v	m e u :	1 0 7, 8 7 7, 7 3 8 4 7. 6 1 % ( De fin 0, 0 0 5 7 ( Xe tra ,	itio n D he Bö ) tsc eu rse 12 nth f M 31 20 st, mo av era g e a s o ay	14)

Milestones in the corporate history

The MLP Group

1 9 8 8 S k t o c k t m a r e f l i t t o a o n	2 0 0 4 f F i t t o r m a o n o i " b p e n s o n s u s	"c h e o m p a i d i i n e s s v s	2 0 0 7 R i i t t e g s r a o n n y i d d t i n e p e n e n o n b k i l i a n n g c e n G F D L A	a s b k F r o e r ; f M L c e o r	l l u P	2 0 1 1 M L P i a c q r e u i i h r e m a n n g s F i h d e r a s s c e	h t s e i a r e s n l d u e	2 0 1 3 C M L P U i d F I g a n e i f i i t t c e r c a o	B A A n
1 F M U	9 9 9 d i f h t t o u n a o n o e C L P t o r p o r a e ( C ) i i U t n v e r s y	2 0 S h F e	0 6 h l d i i a r e o n g n G i F i A r n a n c e		2 0 0 9 E p a x k m a r e a m o n S Z H	f i n s o n o h t s a r e d i t t g e n s s – i i i t a c q s o n u	2 0 1 2 M L P i s d i a c c r e i d p r o v e i i t r a n n	d t e a s a f r o f h t g o r e	2 0 1 4 M L P d e x p a n s l r e a t t e s a e
1 9 7 1 F d i M L t o u n a o n ( M h l l k, L a r s c o e ) d P t n a r n e r u	P h l ä t a u e n s c g e r	5 2 0 0 I n c r e a s e S l f i a e s o b i d i i s u s a r	d i d d n e p e n e n c e – n s r a n c e u e s	2 0 0 8 I n c r e a s i p e n s o n i i t a c q u s	i e n c o i i t a c v i o n	m p a n y C i T P t e s –	f l i i q a c u C i f i t e r e F i i n a n c P l a n n e	f i t a o n o d l a r	f f i o e r n g

Agenda

y	M L P l t a a g a n c e	3
y	B i d l s n e s s m o e u	6
y	K F i i l e y n a n c a s	1 6
y	O l k t u o o	2 2
y	G S M L P A h a r e	3 0

MLP – a broad-based consulting house

The MLP Group

Nationwide consulting for private and corporate clients

The MLP Group

International representations

• – Feri:
• •Vienna
• •Milan
• •Sankt Gallen
• •Luxembourg

International offerings across networks

• Æ 170 Branch offices throughout Germany
• Æ1,979 Consultants

Unique positioning in the market

Private client consulting

I n s r a n c e c u	l i t o n s n g u	W l h t t e a m a n a g e m e n
I d d n e p e n e	B k t n r o e r	R h d b d i d d t e s e a r c e a s e n e p e n e n l i t c o n s u n g
W k b h l f f h l i t t • o r s o n e a o e c e n I d d l d t t s a a r e a c o n s a n c m a n a e, • w u y E i i k d i t t • x e n s v e r s a n r e u r e m e n a n	i i l l t s m a r o a a e r w y l i s s
q a y S f f i i b f d i l b l h k t t t t c e n n m e r o p r o c s a a a e o n e m a r e • u u u v i i- T d A M l A t t t e g e n s u g e n s		F l l b k i l i • u a n n g c e n s e S i f f l l i M L P t t t • e r v n g a u e n c e n s a H N W I i h i 5 i l l i E t t t t w p r v a e e s a e s m o n u r o s a r e • >
		d b F i s e r v e y e r / I i l i- l i- h t t t t n n o a e m a s s e m m a n a g e r a p p r o a c • v v u u P d i d d k t- t t t r o u c n e p e n e n m a r e a s s e s s m e n s •
Ac ing be ha l f o f o l t o n ne o r s ev er a • du i de t p p ro c rov rs R is k a d ire ly is ba d t a n req me n na s se • u i ion tu t on s a L im i d du lec ion te t s t • p ro c e	W k ing be ha l f o f he ive t t • or o n re sp ec du i de t p p ro c rov r R is k a d ire ly is ba d t a n req u me n na s se • i ion tu t on s a L im i d du lec ion te t s t p ro c e •	B d- b d h b i f i t t • r o a a s e r e s e a r c a s a s s o r n v e s m e n l i t c o n s n g u M L P l i b f i f F i 's i t t t c e n s e n e r o m e r e x p e r s e • C l i b F i d M L P i t t • o s e c o o p e r a o n e w e e n e r a n n d i d t t r e c m a n a e s

MLP – Unique business model

Private client consulting

Unique positioning in the market

	C l i t t o r p o r a e c e n s	I i i l l i t t t t n s o n a c e n s u
y y y	f I d d l i d l i t t t t t n e p e n e n c o n s n g a n c o n c e p s o r c o r p o r a e c e n s u R i d b k t e g s e r e a s a r o e r N i i d l i i t t a o n w e c o n s u n g s e r v c e s	I t t n e s m e n v M t a n a g e m e n F i T G b H t e r r u s m	S i l l i t t t t • r a e g c a s s e a o c a o n I M t t t • n v e s m e n a n a g e m e n O R i k l s e r a • v y
y y	C l i i l l f i t t o n s u n g c o v e r n g a a s p e c s o c o m p a n y p e n s o n h d i t s c e m e s a n r e m u n e r a o n E f f i i b l i h f i i d t t t t t c e n e s a s m e n o n n o v a v e c o n c e p s a n l i t s o o n s u	C / l i F i l t o n s u n g a m y O f f i c e F i I i i l & F i l t t t e r n s u o n a a m y O f f G i b H c e m	F i i l l i t n a n c a c o n s n g • u A i d t t t s s e s r u c u r n g a n • l l i t -c o n r o n g A P i t t t s s e r o e c o n •
y y y y	C b i i f d i l i t t t o m n a o n o c o m p a n a n p r a e s o o n s y v u C h i i k f i t o m p r e e n s v e r s m a n a g e m e n o r c o m p a n e s S i h f d C P i M L P t t t r a g o r w a r o m p a n y e n s o n s a M l C P i T P C / F i t o r e c o m p e x o m p a n y e n s o n s a e r	F d A d i i i t t n m n s r a o n u ( ) F i T L b t e r r s e m o r g u u x u S A	I d l f l l i t t t • e a s e u p o r a s r a e g e s S i d f l i f t t t t • r u c u r n g a n o a a o n o f d n s u C l M L P G 's t o m p e m e n s r o u p • f i r a n g e o s e r v c e s
y	C f f T P i b h I i l B i N k t t t t t s m e m e r o e n e r n a o n a e n e s e w o r	A l i I t t t t e r n a v e n v e s m e n s F E R E A L A G	A l i i t t t t e r n a e n e s m e n s • v v L i l i d d i c e n s e a p p e a c c o r n g • i l i l i l i t t t t c a p a n v e s m e n e g s a o n G i ( K A B ) t r e q u r e m e n s

Unique positioning in the market

Rating

S i e r v c e s	I d d R i t t n e p e n e n a n g
		Inv ke tm t m ts es en ar	Ma ke t p lay r er s	Pr du ts o c
M i l i & f t y a c r o e c o n o m c a n a y s s o r e c a s ( i i l k ) t t- t t t e c o n o m y, n e r e s r a e s, c a p a m a r e s	Ca i l ta p ke / ts m ar Fu ds n	Co ing try t un ra Ca i l m ke ing ta t r t p ar a	Inv ies tm t c es en om p an As t m se an ag er s	Inv fu ds tm t es en n Ce i f ica t te r s
R i d l i f l f d d t t a n g a n a n a y s s o m u u a u n s a n y l d i t t c o s e n v e s m e n s	Se to c rs	Se ing to t c r r a Ge rm an • y In ion l te t • rn a a	Co ion t rp or a s	Co te t rp or a as se ss me n Co ing te t rp or a ra
f R i d l i R l E t t t a n g a n a n a s s o e a s a e y y I ( d i d i d i / F d ) t t t t n v e s m e n s r e c a n n r e c u n s / M l i d l i t t t y	Pr ty op er	Lo ion ing t t ca ra Co ies tr un • C i ies t •	Pr ies ty op er co mp an As t m se an ag er s	Ra ing t te sy s m Pr lua ion ty t op er ev a Pr ing ty t op er ra
a n a g e r s e e c o n p r o c s e e c o n u C d i R i t t y r e a n g	Inv tm ts es en	Ma ke ly is t a r na s	In i ia t to rs	Fu ds & inv tm ts n es en Pr ty op er • S h ip ing • p In fra tru tu • s c re
	Su / rv ey s Da ba ta se s	Ma ke t s r urv ey s Ma & F ina ia l cro nc ke da t ta ma r	In i ia t to rs In d ia te tes rm e Inv to es rs	Inv du tm t p ts es en ro c Ins i ion l t tu t a • Re i l ta •

Market Environment

Old-age provision

Source: Report Federal Ministry of Labour and Welfare 2012

+

• • Increasing need for private provision – statutory pension level decreases
• • Wide scope of state subsidies/allowances and tax breaks for citizens in Germany

Statutory pension level decreases Year-on-year comparison new contracts 2013

Source: GDV 2014

Uncertainty among consumers leads to hesitancy regarding long-term investments

-

• Low interest rates and negative reports about life insurance contracts have led to greater hesitancy
• Short-term oriented investment preferences for savings – real estate preference for provision

Market Environment

Healthcare

Source: Continentale Krankenversicherung AG

+	-
D d h i d l i i i i t t t + u e o e m o g r a p c e v e o p m e n p r v a e p r o v s o n n l i b i d i t t g e n e r a s e c o m n g m o r e a n m o r e m p o r a n G f i l d d i l l f t -t t + r e a e r o c u s n o n g e r m c a r e u e o e c r e a s n g e v e o d i d i f b i d i d t t t t t t t s a u o r y c o v e r a g e a n n r o u c o n o n e w s a e- s u s s e d i J 2 0 1 3 t p r o c n a n a r u u y	P l i i l d i i d i i h l h i t t t o c a s c s s o n r e g a r n g p r a e e a n s r a n c e u v u – i d h i i t t t c a u s e s u n c e r a n y a n e s a n c e a m o n g c o n s u m e r s n 2 0 1 3 G f i l i i h l t t t -t e r m a n c o n s m e r s n o e a m a r o n g e r m c a r e u y w – i i p r o v s o n

Market Environment

Wealth Management

In € b i l l ion	2 0 0 9	Q / 1 2 0 1 4
Ins i ion l t tu t a	2 9 7	1. 1 1 0	2. 3 % 5
Mu l Fu ds tu	6 2 5	2 8 7	1 1. % 7

+

• +High investment requirements from institutional investors
• +Institutional business shows steady growth

Risk aversion throughout the market

Inflows from private clients particularly into money market-related products such as money market funds and fixed income funds

-

Preference for short term investments

Agenda

y	M L P l t a a g a n c e	3
y	B i d l s n e s s m o e u	6
y	K F i i l e n a n c a s y	1 6
y	O l k t o o u	2 2
y	G S M L P A h a r e	3 0

Total revenue: € 501.1 million in 2013

Total revenue in FY 2013

Continuation of very positive development in wealth management

Revenue in FY 2013

in € million

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

* Excluding MLP Hyp

MLP benefits from broad-based revenue mix

EBIT: € 32.8 million in 2013

Income Statement*

in € million

Total revenueEBITFinance costEBTTaxesNet profit EPS in € (diluted) 501.132.80.333.1-7.60.2425.52012* 2013568.073.91.074.9-22.052.90.49

• Cost management above target despite one-off future investments

*Previous year's values adjusted

Q1/2014: First pick-up in old-age provision and positive early indicators for future revenue

•

Total revenue in Q1

• • Total revenue increases by 3 percent to € 119.8 million, EBIT rises by 10 percent to € 4.4 million
• • Positive early indicators for future revenue development
• 20 percent increase in new clients (Q1 2014: 6,000, Q1 2013: 5,000)
• • 15 percent more new business in old-age provision (Q1 2014: € 630 million, Q1 2013: € 550 million)
• • Positive start with the expanded real-estate product offering
• • Still tough market conditions – positive developments need to become more established

Agenda

y	O l k t o o u	2 2
y	K F i i l e n a n c a s y	1 6
y	B i d l s n e s s m o e u	6
y	M L P l t a a g a n c e	3

Diverse regulatory activities – MLP is well prepared

/ C B l I I I i l R i t t a s e a p a e q r e m e n s u D i i I V t r e c v e	E U d ire ive d la ion in fo inc Ju ly 2 0 1 3. Ne la ion ing ia t t t te • c a n re g u s rce s e w re g u s c on ce rn a p p ro p r i l isa ion ly fro Ja 2 0 1 4. ta t ca p a p p m nu ar y Co inu he in f M L P 's i l ba in de in f he t tre t ta to te t • n ou s s ng n g o ca p se or r en su re ma na nc e o ly fo b le i i l s i ion t ta ty ta tu t cu rre n co m r eq u ca p a
A P i d t t c o n r o m o n g a n R l i f b d t e g u a n g e e- a s e A d i F i i l v c e o n n a n c a I t t n s r m e n s u ( ") "H la b tu tz t o no ra ra n g e e ra ng s g e s e	T he Ge ha de i de d in du ion l p f i le fo fe ba d t to tro t • rm an g ov er nm en s c ce a n o cc up a a ro r e- se l in l h ( in du ion in Au 2 0 1 4 ) d is ly dr ing ta ts t t tro t t t co ns u n we a m an ag em en c g us an cu rre n aw u p leg is la ion ior he im lem ion f he E U d ire ive M i F i D I I. t to t ta t t t p r p en o c M L P l ien fu l ly d i d w i h k ic k ba ks ha M L P ive fro inv ies fo he ts te t t t tm t c t • c ar e cre c re ce s m es en om p an r br ke f inv ( f la fe ) – M L P hu lre dy fu l f i ls he in ire fo tm t a ts t t t t o ra g e o es en ss e e s a a m a re q u me n r fe fro is ion ba d a dv iso Du he he ke i h he tra t to t te t t w t t to t re g a s a e- se r. e re mo ne ss m m ar res p ec f e is ing l ly do i de is ion tre tm t o t tra ts tu t c tra t a en co n c we a c a n o on s r a re g x
M i F i D I I	De i de d E U lev l in ia log T he d ire ive ire ha "in de de dv iso ice " in t tr t t t t a • c up on a e ue c re q u s p en n ry se rv s he l h ) ha f f ic ien be f p du i la b le in he t t t a to t n ts t w ea m an ag em en re a a ve a cc es s a su um r o ro c av a ) ke A N D b do ke in iss io fro T h ir d Pa ies t t ta t co m m ns m r ma r n o an y Æ Ex d i ion in ion l law 2 0 1 6 – lre dy lar ly d by he Ac te tra t to t t t p ec ns p os na a a a g e co ve re : Pr ing d Re la ing fe ba d A dv ice F ina ia l Ins in Ge t t tru ts on om o a n g e- se o n nc me n rm an u y.
I M D I I	I M D I I c i is ion f a E U lev l d ire ive fo he ins h ic h p log t tu te t t • on s s a re v o n e c r ur an ce a re a w ur su es a na ou s im M i F i D I I. to a s No ha be he d w i h he l c i ion f h is d ire ive No f ina l t t t t to t tu t t t • a g re em en s y e en re ac res p ec a c a om p os o c de is ion d be ke in he hs te to ta t t m t c s a re ex p ec n n ex on Æ Ex d i ion in ion l law 2 0 1 7. te tra t to t p ec ns p os na a :

Government draft – Life Insurance Reform Act – LVRGOverview

Growth initiatives for the future

Base scenario still sees rise in EBIT to € 65 million in 2014

Outlook

Administration costs

2014: includes € 6 million of temporary expenses for investments in the future~253~255

Revenue

€ million in comparison to the previous year *adjusted for one-off exceptional costs

	2 0 1 4	2 0 1 5
R O l d- P i i e v e n u e a g e r o v s o n	+	0
R H l h I t e v e n u e e a n s u r a n c e	+	+
R W l h M t t e v e n u e e a a n a g e m e n	+	+

positive: +, neutral: 0, negative: -

Forecast base scenario:EBIT of around € 65 million in 2014 and a slight increase in 2015

Significant increase in earnings expected in all scenarios

Outlook

	E i t n r o n m e n v	A i t s s m p o n s u	E B I T
U p p e r S i c e n a r o	S i i f i t g n c a n i i h t t m p r o v e m e n n e k i t t m a r e e n v r o n m e n	He i d i l m ke la d is io du la ly t t t t- t t • s a nc y ow a r s c a p a a r re e p ro v n p ro c s rg e d is a p p e a rs He l h ins d lo i ive ly hr ho he ke t t t t t t a ra nc e ev e p s v e ry p o s ou g m a r • u u Ne f p ia l hr h l e b ke t t t t t a re a s o o e n ou g re a s a e ro ra g e • w D is f he ive is f fe fro 2 0 1 3 t t t a p p e a ra nc e o n e g a u n ex e c m •	€ 7 5 m ~
B a s e S i c e n a r o	I i i l i t t n a m p r o e m e n v f i h k t n e r a m e w o r d i i t c o n o n s	O i ie fo du i h ino i l m ke ( lo tu t t t t t t -t p p o r n s r p ro c s w m r c a p a a r c o m p o ne n ng e rm • ) io io l d is b i l i io l p is io t ty t c a re p e ns n, o c cu p a na a o c cu p a na ro v n , S fo l ig h im i l m ke la d is io du ia l ly t t t t- t t • p ro ve m e n r c a p a a r re e p ro v n p ro c s – e s p e c hr h t t t ou g ne w g u a ra n e e c o nc e p s Re du io f u in ie in he l h ins t t t t c n o nc e r a s a ra nc e • u Ne f p ia l hr h l e b ke t t t t t w a re a s o o e n ou g re a s a e ro ra g e • f f fe fro D is he ive is 2 0 1 3 t t t • a p p e a ra nc e o n e g a u n ex e c m	€ 6 5 m ~
L o w e r S i c e n a r o	C i d t o n n e u h i h t t e s a n c y o n e f l i t t p a r o c e n s	C f i ic l p b l ic d b h du io he d t t t t t • r a u e a e, s u c a s a re c n o g u a ra n e e in fo l i fe ins d io ins l ic ie t t t e re s ra e r u ra nc e a n p e ns n u ra nc e p o s, le d im i la he i i d in 2 0 1 3 t t t a s o s r s a nc a s w ne s s e y Re du io f u in ie in he l h ins t t t t c n o nc e r a s a u ra nc e • f p Ne ia l hr h l e b ke t t t t t • w a re a s o o e n ou g re a s a e ro ra g e D is f he ive is f fe fro 2 0 1 3 t t t • a p p e a ra nc e o n e g a u n ex e c m	€ 5 0 m ~
A d i i i € i l l i 2 0 1 4 2 5 5 t t t m n s r a o n c o s s m o n : ~

• •MLP continues to benefit from the new breadth of the business model
• • Framework conditions remain challenging – particularly in health insurance and old-age provision
• • Close observation of further development regarding implementation of LVRG
• • Q:1 Positive signs in Q1 – but these still need to become more established
• • As is usual in the MLP business model, it is particularly the second halfyear that plays a crucial role in the full-year results
• •Outlook for 2014 reiterated

Agenda

y	M L P l t a a g a n c e	3
y	B i d l s n e s s m o e u	6
y	K F i i l e n a n c a s y	1 6
y	O l k t o o u	2 2
y	G S M L P A h a r e	3 0

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Contact

MLP Investor RelationsAlte Heerstr. 40, 69168 Wiesloch Germany

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

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