MLP SE

Investor Presentation • Sep 23, 2015

The MLP Group – The partner for all financial matters

Reinhard Loose, CFO

Munich, September 23, 2015

Berenberg & Goldman Sachs German Corporate Conference

Agenda

MLP at a glance 3

• Benefits for shareholders 7
• Key Financials 14
• Impact of regulation 20
• Outlook MLP 25

The MLP Group at a glance

MLP Group

• The views and expectations of our clients always represent the starting point in each of these fields
• We examine the offers of all relevant product providers in the market
• We then present our clients with suitable options in a comprehensible way so that they can make the right financial decisions themselves

Our product ratings are based on scientifically substantiated market and product analyses.

Consulting services throughout Germany for private, corporate and institutional clients

MLP Group

MLP:

• Approximately 1,950 client consultants
• Approximately 160 offices at least one at every university location
• Approximately 1,300 employees at company HQ and at local offices

FERI:

• Approximately 220 employees
• International locations: Vienna, Zurich and Luxembourg

DOMCURA:

• Approximately 290 employees
• Around 5.000 market participants as business partners (insurance brokers, pools, sales offices)

TPC:

• Approximately 25 employees
• Client consulting together with MLP client consultants

MLP Group – An Overview

Clients		• More than 845,000 private clients in the mass affluent segment of the market target groups: graduates (i.e. physicians, solicitors, engineers and economists) • Over 200 private clients in the HNWI market & over 5,000 corporate clients, employers and institutional clients
s a e ar	Brokered premium sum for new business totalled € 4.1 billion in 2014. Old-age Occupational pension provision accounted for around 12% of this figure. provision						Share of revenue '14 49%
s s e n si u b	Wealth Management	€ 27.5 billion in assets under management as at December 31, 2014 in 30% business with mass affluent clients, HNWI and institutional investors.
n ai M	Health insurance	Private health insurance, supplementary private health insurance, 9% long-term care, occupational health insurance, statutory health insurance.
Top Financials		FY 2014: Total revenue: EBIT: Net profit:	€ 531.1 million € 39.0 million € 29.0 million	Equity Ratio: Core Capital Ratio:	23.2% 13.6%	Dividend per share: Return on Equity:	€ 0.17 7.8%
MLP Share			Shares outstanding: 109,334,686 Average daily trading volume: 70,800	Free Float: 48.74% (Definition on the German stock exchange) (Xetra, 12-month average as at August 31st, 2015)

Agenda

MLP at a glance

• Benefits for shareholders 7
• Key Financials 14
• Impact of regulation 20
• Outlook MLP 25

3

MLP – Benefits for shareholders

Significant strengthening of the revenue base through strategic further development

Company pensions	Wealth Management	Real estate	Broadening Non-life
2004 2006 Formation MLP acquires of business division stake in FERI AG "company pensions" 2011 2008 MLP acquires Acquisition of TPC the remaining shares in FERI as scheduled		2011 Start of real estate offerings 2014 Expansion of the real estate offerings	2015 Acquisition of DOMCURA Group • Underwriting agency • Further, strategically relevant business segment • Significant potential with existing business
FY 2005	FY 2014
Revenue from commissions and fees: €	467.9 million Revenue from commissions and fees: €	486.9 million
4%2%1% 10%	2% 3% 7%	Old-age provision	incl. occupational pension business
3%	9%		Wealth management Non-life insurance Health insurance Loans and mortgages

Page 8 September 23, 2015 Berenberg and Goldman Sachs German Corporate Conference

30% 49%

80%

1

Other commissions and fees (i.e. real estate)

Underwriting agency selects the appropriate insurer from the marketplace

Administration costs reduced by more than € 50 million – solid foundation for the future 1

Administrative costs*

* Definition: Personnel expenses, depreciation and amortisation and other operating expenses

** Adjusted to include one-off expenses

*** Excluding Domcura

Attractive dividend policy: pay-out ratio of 50% to 70%

Return on dividend

in % 0 2 4 6 8 10 12 2009 2010 2011* 2012 2013 2014

* Including special dividend

• In the future, pay-out ratio of 50% to 70% of Group net profit
• At the same time capital is required for:
• Acquisitions
• Investments
• Capital management (Basel III)

2

Stable shareholder structure

3

Share details	WKN: ISIN: Börsen:	656 990 DE0006569908		XETRA, Frankfurt, other regional exchanges
Shareholder structure	Dr. h. c. Manfred Lautenschläger HDI Barmenia Allianz SE Angelika Lautenschläger Freefloat (Def. Deutsche Börse) Harris Associates FMR LLC Joh. Berenberg Gossler & Co KG Schroders PLC	23.22% 9.36% 5.49% 6.18% 5.94% 49.81% 9.69% 7.00% 4.78% 3.03%	Freefloat	Dr. h. c. Manfred Lautenschläger Angelika Lautenschläger Barmenia Allianz SE HDI Pensionskasse
Research coverage	Equinet/ESN Bankhaus Lampe Main First Independent Research HSBC Global Research	Accumulate Buy Underperform Hold Underweight	PT 4.50 PT 5.00 PT 3.60 PT 4.50 PT 3.90

Agenda

• MLP at a glance 3
• Benefits for shareholders 7
• Key Financials 14
• Impact of regulation 20
• Outlook MLP 25

FY 2014: Total revenue rises to € 531.1 million

Total revenue in Q4 Total revenue in FY

[in € million]

H1 2015: Total revenue rises to € 246.5 million

Total revenue H1

[in € million]

H1 2015: Strong growth in wealth management

Revenue

[in € million]

	Q2 2015	Q2 2014*	Δ in %	H1 2015	H1 2014*	Δ in %
Old-age provision	41.1	44.1	-7	83.1	84.3	-2
Wealth management	41.9	34.4	22	82.6	67.0	23
Health insurance	10.4	9.7	7	22.2	21.1	5
Non-life insurance	5.1	5.3	-4	25.2	24.1	5
Loans and mortgages*	3.8	3.0	27	6.9	5.9	17
Other commissions and fees	4.0	1.8	>100	6.4	3.1	>100
Interest income	5.3	5.6	-5	10.8	11.4	-5

* excluding MLP Hyp

H1 2015: EBIT increases to € 8.1 million

Income statement

[in € million]

	Q2 2015	Q2 2014	H1 2015	H1 2014*
Total revenue	115.7	108.1	246.5	226.9	• Q2: Depreciation Property (€ 1.1 million)
EBIT	1.1	1.1	8.1	4.5	• Q2: Incidental acquisition
Finance cost	-0.1	-0.1	-0.3	-0.1	costs DOMCURA (around € 0.6 million)
EBT	0.9	1.0	7.8	4.4	• Q3: One-off retrospective
Taxes	0.4	0.2	-1.3	-0.6	tax payments expected –
Group net profit	1.3	1.1	6.6	3.8	related to operations abroad ceased a few
EPS in € (diluted/undiluted)	0.01	0.01	0.06	0.04	years ago

* Previous year's figures adjusted

H1 2015: Balance sheet details

MLP Group

[in € million]

	30/06/2015	31/12/2014
Intangible assets	154.1	156.2
Financial investments	137.0	145.3	• Equity ratio: 22.3%
Cash and cash equivalents	73.1	49.1	• Core capital ratio: 14.3%
Other receivables and other assets	91.5	117.7
Shareholders' equity	364.9	376.8
Equity ratio	22.3%	23.2%
Other liabilities	84.1	117.8
Total	1,636.3	1,624.7

Agenda

• MLP at a glance 3
• Benefits for shareholders 7
• Key financials 2014 14
• Impact of regulation 20
• Outlook MLP 25

Fundamental changes in the market

Client behaviour

• Fundamental scepticism on the part of clients towards the financial industry since the outbreak of the financial crisis
• Quick and inexpensive information possibilities for clients via the internet
• Distinct desire to make their own financial decisions

Demographics

• Rising life expectancy and low birth rate lead to a significantly ageing society
• Increasing pressure on state social welfare systems
• Number of people in work constantly falling

Regulation

• Since 2004 and especially since 2008 intensive regulation
• In addition to impacting at the product level, regulation also particularly applies to the training of consultants, documentation and transparency

Trend Effects

• Intense competition
• Quality of consulting services and differentiation from the competition continue to gain in significance
• Contract conclusion for simple products sometimes takes place without consultation
• Great need for private and occupational old-age provision as well as private health insurance
• Recruiting: Good labour market perspectives leads to a "war of talents" for well-educated/trained individuals
• Significant rise in administrative activities burdens productivity
• Increase in fixed costs for training, IT systems and administration
• Quality becoming an increasingly important aspect

Regulation strongly increased since 2004

EU law	EU Insurance Mediation Directive (IMD) Directive (MiFID)	EU Markets in Financial Instruments			Instruments Directive (MiFID II)	(IMD II)	Draft amending the EU Markets in Financial Draft directive amending the EU Insurance Mediation Directive			Implementation of MiFID II of IMD II	Implementation
	2004 – 2009	2010	2011		2012		2013		2014	2015 – 2017
German law	(VVG) • (MiFID) • •	Introduction of the German Insurance Act Disclosure of the contract and marketing expenses factored into the premium Introduction of the Markets in Financial Instruments Directive Implementation of the EU Insurance Mediation Directive (IMD) Information disclosure requirements Documentation requirements		• • •	Act Reforming the Laws on Intermediaries for Financial Products Cap for acquisition commission (max. 9.9 monthly premiums) Improvement Act (AnsFuG) Product information sheets Disclosure of costs in wealth management		Investments and on Investment in the private health insurance sector Investor Protection and Functionality	•	Life Insurance Reform Act (LVRG) • Maximum zillmerisation • Cost transparency • Change in Commission payment method anticipated Fee-Based Investment Advisory Service Act (HAnlBG) Protected job title for fee-based consultants for wealth	National regulations IMDII and MiFID II National regulations IMD II and MiFID	II rate management

Significant increase in consolidation within the market due to LVRG

Number of insurance intermediaries in Germany Effects of the Life Insurance Reform Act (LVRG)

• Quality of consultancy and portfolio will become even more important
• Sale organisations with a high cancellation rate will lose trail commissions
• Major challenges for pyramid sales organisations

Source: DIHK, entries in the Insurance Intermediary Register

MLP's business model is well aligned for the altered market conditions

Success factors	MLP
Client-centred business model	• No own products – MLP selects from the ranges offered by relevant providers • Leading training and further training, high quality consulting • Fulfilment of the highest regulatory requirements (Insurance broker, banking license, AIFM license)
Size & financial strength	•Germany's largest insurance broker / IFA • 1,931 consultants •AuM of € 29.0 billion
IT support & back office	•Extensive investments in IT •Specific support for consultants through service centres •Preparation of online contract conclusion process for simple products
Cost control	•Significant reduction in administration costs since 2008 • Continuous cost control implemented • Revenue costs are largely variable

Agenda

• MLP at a glance 3
• Benefits for shareholders 7
• Key financials 2014 14
• Impact of regulation 20
• Outlook MLP 25

Implemented growth initiatives begin to bear fruit

Focus	Measures implemented in the first half-year
1. Online strategy	• Expansion of the Internet presence in order to serve as a significant channel for attracting interested parties and new clients • Start of the new Internet presence "MLP financify" in April 2015 to address the needs of young adults • Re-launch of the mlp.de website in July 2015 – creates basis for online contract conclusion for simple products by the end of the year
2. Recruiting	• New further training bonus introduced for new client consultants • Combination of high quality initial and further training with an easier start into self-employment • Opening of additional branches planned for the university segment	Make MLP more independent of short-term market influences
3. Broadening of the revenue base	• Development of a further, strategically relevant business segment in the area of non-life insurance through the acquisition of the DOMCURA Group – at the same time, considerable revenue synergy potential with the classical MLP business • Continued expansion of wealth management • Ongoing expansion of real estate brokerage

Outlook: MLP anticipates EBIT above previous year's level

Administrative costs* (excl. DOMCURA)

* Definition: Personnel expenses, depreciation and amortisation and other operating expenses ** Adjusted to include one-off expenses

Sales revenue

In each case compared to the previous year

	2015
Revenue from old-age provision	Slight decrease
Revenue from health insurance	Slight increase
Revenue from wealth management	Significant increase
Other commissions and fees (real estate)	Significant increase

Despite continuingly difficult markets and extensive investments, MLP anticipates a slight increase in EBIT for 2015 (excl. DOMCURA) g

Anticipated pro-forma EBIT for DOMCURA in 2015: around € 2 million

As of 1st January, 2015, MLP is entitled to a share in profits for 100 percent of the shares.

Expected pro-forma EBIT 2015: around € 2 million

Summary

• MLP has targetedly further developed its business model in the past few years.
• Despite operating in difficult markets, MLP ended 2014 on a high note and was able to increase its market shares.
• Consolidation is now starting to gather momentum in Germany.
• MLP is optimally positioned for the new requirements and will benefit over-proportionally from a recovery in the market.
• MLP will continue its process of modernisation: Recruiting Online-Strategy Diversification of revenue.
• Market environment remains difficult especially in old-age provision
• Q3: One-off retrospective tax payments expected Performance Fees possibly effected by capital markets development.
• As is customary in the MLP business model, the second half-year and especially the fourth quarter plays a decisive role for the full-year results.

Contact

MLP Corporate Communications Alte Heerstr. 40 69168 Wiesloch Germany

• Jan Berg, Head of Corporate Communications
• Andreas Herzog, Head of Investor Relations and Financial Communications

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

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