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MAN Factbook 2012
July 2012

Engineering the Future – since 1758.
                                                                                                                 MAN Group       2

                                                                                             MAN at a Glance

                                                            Q1     Total      Q4       Q3         Q2       Q1                Total
    € million
                                                          2012     2011     2011     2011       2011     2011                2010
    Order intake                                          4,368   17,145    4,208    4,096     4,411     4,430           15,072
    Revenue                                               3,845   16,472    4,472    4,034     4,242     3,724           14,675
    Order backlog 1                                       7,105    6,640    6,640    7,477     7,642     7,551               7,025
    Headcount    1, 2
                                                         54,802   52,542   52,542   53,284    52,255    50,215           47,669

    Operating profit                                       253     1,483     400      321        437      325                1,035
    Earnings per share from continuing operations in €     0.86     4.62    -2.29     1.13      1.95      3.83                5.30
    Earnings/loss before interest and taxes (EBIT)         225     1,256     -237     293        412      788                1,283
    ROS (%)                                                 6.6      9.0      8.9      8.0      10.3       8.7                 7.1
    ROCE (%)                                               16.0     24.4     27.8     20.9      27.7      21.4                17.4
    Cash earnings                                          222     1,094      74      279        469      272                 815
    Net cash provided by operating activities              -105     518      361       13        125       19                1,427
    Net cash used in investing activities                  -654     -637     -259     -141      -171       -66               -374
    Free cash flow                                         -759     -119     102      -128       -46       -47               1,053
    Net financial debt 1                                 -3,016   -2,212   -2,212   -2,324     -2,164   -1,833           -1,778
    Total equity 1                                        6,128    5,590    5,590    5,700     6,341     6,317               5,990

    As of the reporting date.
    Including subcontracted employees.
                                                                                               MAN Group   3

                                                      01/   MAN Group
                                                             2   MAN at a Glance
                                                             4   About MAN
                                                             6   Management Board
                                                             7   Corporate Strategy
                                                             9   Key Figures
                                                            12   Corporate Responsibility
                                                            15   Leadership Culture

          9                           18              02/   Business Areas
          Group Order                 BRIC Strategy         16   Commercial Vehicles
                                                            26   MAN Truck & Bus
          Situation                                         39   MAN Latin America
                                                            52   Power Engineering
                                                            54   MAN Diesel & Turbo
                                                            71   Renk

                                                      03/   MAN Financial Information
                                                            80   Basic Share Information
                                                            81   Shareholder Structure and Dividend Policy
                                                            82   MAN as an Investment
                                                            83   Ratings and Bonds
                                                            84   Group Funding
                                                            85   Financial Management
                                                            87   Financial Control Measures

                                                      04/   Investor Relations
21 - 23             55 - 56           79                    88
                                                                 Financial Calendar
                                                                 Investor Relations Contacts
Commercial          MAN Diesel &      MAN as an
Vehicles: Market    Turbo: Products   Investment
Potential           and Services
                                                                                       MAN Group       4

                                                                          About MAN
                                                               Engineering the Future

Headquartered in     254-year history

                                           The MAN Group is one of Europe’s leading industrial play-
                                           ers in transport-related engineering, with revenue of ap-
Focus on trans-                            proximately €16.5 billion in 2011. As a supplier of trucks,
                     Around 52,500
portation and                              buses, diesel engines, turbomachinery, and special gear
                     employees in 150
                                           units, MAN employs approximately 52,500 people world-
energy               countries
                                           wide. Its divisions hold leading positions in their respective
                                           MAN SE, Munich, is listed in the Dax equity index, which
                                           comprises Germany’s thirty leading stock corporations.

Leading positions    Represented on
in all our markets   all five continents
                                                                                                                                                                                 MAN Group        5

                                                                                                                                                                   About MAN
                                                                                                       MAN has moved. For more than 250 years

                                                                         MAN SE
Business                   Commercial Vehicles (CV)                                                 Power Engineering (PE)
                           MAN                              MAN                                MAN
                      Truck & Bus                     Latin America                      Diesel & Turbo                             Renk
Divisions             Revenue 2011:                    Revenue 2011:                       Revenue 2011:
                         €9.0 bn                          €3.6 bn                             €3.6 bn                         Revenue 2011:
                                                                                                                                 €0.4 bn

Investments                                       Sinotruk 25% + 1 share, Scania 17.4% voting rights

1758             1787             1888            1897            1903            1923             1971            2000              2001             2006              2011           2012
Foundation of    GHH              First German    World’s first   First fast-     First diesel     Participation   Trucknology®      First hybrid-    Development       MAN TGX        IAA Commer-
the St. Antony   becomes          triple-expan-   diesel engine   running four-   vehicle engine   in launch       Generation        drive city bus   and construc-     18.400         cial Vehicles
Ironworks,       Germany’s        sion steam                      stroke diesel   with direct      of vehicle      truck series                       tion of world's   named          Show in Sep-
predeces-        first railroad   engine                          ship engine     fuel injection   astronautics    and use                            largest screw     “Green Truck   tember 2012:
sor of the       track manu-                                      and world's                      project         of first                           compressor        2011”          Euro VI truck
"Gutehoff-       facturer                                         first steam                                      large-bore                                                          engines will
nungshütte"                                                       turbine and                                      electronically                                                      be unveiled
(GHH)/MAN                                                         first large-                                     controlled
                                                                  bore diesel                                      diesel engine
                                                                  engine power
                                                                                                              MAN Group   6

                                                                               Management Board

Dr.-Ing. Georg Pachta-    Frank H. Lutz       Jochen Schumm            Dr. René Umlauft             Antonio R. Cortes
Chief Executive Officer   Chief Financial     Chief Human Resources    Chief Executive Officer of   President of
of MAN SE and of MAN      Officer of MAN SE   Officer MAN SE and       MAN Diesel & Turbo SE        MAN Latin America
Truck & Bus AG                                Human Resources
                                              Executive Board Member
                                              MAN Truck & Bus AG
                                                                                                                      MAN Group      7

                                                                                          Corporate Strategy
                                                                                   Leveraging global opportunities
Our Vision
The best people, customer orientation, as well as superior technology and services will make us number one in
commercial vehicles and power engineering.

                                         Our corporate strategy aims to create sustainable value.
                                         Focus on transportation and energy
                                         MAN focuses on market segments with sustainable global growth opportunities in the fields
                                         of commercial vehicles and power engineering.
                                         Profitable international growth
                                         MAN operates on all five continents and relies on a comprehensive internationalization
                                         strategy as the prerequisite for sustainable, profitable growth.
                                         Customer orientation
                                         The MAN Group places its customers’ requirements and expectations at the center of its
                                         corporate strategy. Our products and the services that accompany them throughout their
                                         entire life cycle are nothing less than high quality.
                                         Focus on after-sales business
                                         Service and after-sales concepts tailored to customers’ requirements are an essential
                                         element in the MAN strategy.
                                         Technology leadership
                                         Technology leadership is a strategic success factor for MAN. We recognize future
                                         requirements early on and competently transform these into new, pioneering solutions.
                                                                                                                                          MAN Group         8

                                                                                                        Strategic Objective
                                                                                                                   Technology leadership
 € million
                                                                        2011          2010
 R&D expenditures                                                        740           626
 R&D expenditures of the manufacturing areas
                                                                          4.5           4.3
 (% of revenue)                                                                                    Innovation is one key to remaining
 Internally funded R&D                                                   565           469         competitive over the long term. This is
 R&D employees (annual average)                                         4,443         3,944        why MAN invests over 4% of its annual
R&D expenditures                                   R&D expenditures by business                    revenue in R&D.
                                                   area (2011)*
€ million                                          € million
                                                                                              MAN has been writing innovation history for more than
                                                   800                                740
   800                                      740                                               250 years. The MAN Group invests in its future, keeping

                                                   700                                        expenditure for developing innovative products of high
                                                                                              customer value and for improving production at a con-
   600                                             600
                      493     504                                                             sistently high level. Our ability to constantly pioneer and
   500        433
                                                                                              evolve has made us a front-runner in the transportation
   400                                             400                     345                and energy industry.

   300                                             300

   200                                             200
                                                                                              MAN is mainly focusing on:
   100                                             100                                        •	    Reducing emissions

      0                                              0
                                                                                              •	    Reducing consumption
             2007     2008   2009    2010   2011           Commercial
                                                                                              •	    Alternative drive concepts
* MAN Group incl. Others/Consolidation.                                                       •	    Alternative fuels
                                                                                                                                                        MAN Group                          9

                                                                                                          Key Figures
                                                                                                        Group order situation

Order intake                                            Order intake by business area              2011 order intake by region

€ million                                               € million                                  %

20,000                                                  20,000                                     30
            17,818                                                                                                   26
                     14,033                                                               4,148
15,000                                                  15,000                                            21
                                                                     4,000                         20
10,000                                                  10,000                                     15                                            13
                                                                     11,163               (76%)    10
 5,000                                                   5,000       (74%)

    0                                                      0                                        0
             2007     2008    2009    2010     2011                    2010               2011


                                                                                                                   Other EU
                                                                                                                               Other European




                                                                                                                                                                             Australia &
                                                         Commercial Vehicles   Power Engineering
                                                                                                                                                           MAN Group                    10

                                                                                                            Key Figures
                                                                                                     Group revenue situation

Revenue                                                  Revenue by business area                     2011 revenue by region

€ million                                                € million                                    %
20,000                                                   20,000
                                                16,472                                                                 25                                    25
                     14,945            14,675
            14,063                                                                         3,999    4,000
15,000                                                   15,000                                             21
                              12,026                                  4,169
                                                                      (28%)                         3,000
10,000                                                   10,000                                                                                     13

                                                                                           12,563   2,000                           11
 5,000                                                    5,000       (72%)
                                                                                                    1,000                                                               4


    0                                                       0                                          0
             2007     2008     2009    2010     2011                    2010               2011


                                                                                                                      Other EU
                                                                                                                                  Other European




                                                                                                                                                                                Australia &
                                                          Commercial Vehicles   Power Engineering
                                                                                    MAN Group   11

                                                                   Key Figures

2011 order intake by division   2011 revenue by division   2011 operating profit by division

%                               %                          %

            3% 55%                            2% 54%                4% 38%

21%                             22%


      21%                                                                     27%

 MAN Truck & Bus                 MAN Truck & Bus            MAN Truck & Bus
 MAN Latin America               MAN Latin America          MAN Latin America
 MAN Diesel & Turbo              MAN Diesel & Turbo         MAN Diesel & Turbo
 Renk                            Renk                       Renk
                                                                                           MAN Group    12

                                                              Corporate Responsibility
                                                                            MAN ‘s CR Strategy

     Integration                                                            Economy
•	   Integration of corporate responsi-   Corporate Citizenship        •	   Risk management
     bility into corporate and business                                •	   Innovation management
     strategies as well as operating                                   •	   Supplier management
•	   Integration into vocational train-
     ing and continuous professional
•	   Systematic stakeholder dialog
     and open communication

     Environment                                                            People
•	   Climate strategy with clear                                       •	   Employer branding and talent
     objectives                                                             management
•	   Resource-efficient product and                                    •	   Promoting diversity
     service portfolio                                                 •	   Occupational health and safety
•	   Resource efficiency in production                                      management
     and administration                   Corporate Governance
                                                                                                              MAN Group     13

                                                                        Corporate Responsibility
                                                                                    MAN’s Climate Strategy

                                             Climate change is among the
                                             greatest challenges to human-
                                             ity. MAN is fully aware of and
Acknowledge responsibility                                                      Dilemma and approach
                                             acknowledges its responsibil-
The transportation and energy sectors are                                       The interaction between our own product
contributing to climate change to an ever-
                                             ity to contribute to reducing      development, our suppliers, legislation,
greater extent.                              the global carbon footprint of     and our customers and their customers is
                                             the transportation and energy      complex.
                                             MAN has set itself the target of
                                             reducing its own CO2 emis-
                                             sions by 25% by 2020 (base-
                                             line: 2008).

Commitment                                                                      Vision
Our target: reduce our own CO2 emissions                                        By 2020, our aim is to be recognized as one
by 25% by 2020 (baseline: 2008).                                                of the industry players to have dealt with the
                                                                                challenges of climate change the best.
                                                                                                                                                 MAN Group   14

                                                                                              Corporate Responsibility
                                                                                                                           Sustainability ratings

                    Sustainable Asset Management (SAM): the Dow                                           Sustainalytics: Sustainalytics performs a sustainability
                    Jones Sustainability Indexes track the stock perfor-                                  analysis that rates the ESG (environmental, social, and
                    mance of the world’s leading companies in terms of                                    governance) performance of companies.
                    economic, environmental and social criteria.

                    Carbon Disclosure Project: evaluates the transpar-                                    oekom research: based on the world’s most com-
                    ency of company data relevant to climate protection.                                  prehensive set of criteria for the ethical assessment of
                                                                                                          companies – the “Frankfurt-Hohenheim Guidelines”. It
                                                                                                          assesses a company`s responsibility towards persons
                                                                                                          affected by corporate activities, society and culture as
                                                                                                          well as the natural environment.

MAN’s sustainability ratings as per 31.12.2011
Rating agency                                Index                              Rating
                                                                                                                            Scan the QR
                                                                                64 out of 100 points, not listed; Sector
Sustainable Asset Management (SAM)           Dow Jones Sustainability Indexes                                               code to learn
                                                                                Mover 2012 for Industrial Engineering
                                                                                                                            more about
                                             Carbon Disclosure Leadership       73 out of 100 points, listed for the
Carbon Disclosure Project (CDP)                                                                                             MAN, corporate
                                             Index (CDLI)                       second time in a row
                                                                                                                            responsibility and
Sustainalytics                                              -                   15th out of 82
                                                                                                                            find MAN’s latest
oekom research                                              -                   Prime C+
                                                                                                                            CR Report:
                                                                                                                                MAN Group      15

                                                                                               Leadership Culture
                                                                                                              Talent management

MAN rated as top employer internationally:                                           Employee commitment and performance is key to the
                                                                                     success of a company – and the foundation for this is
                    An independent study conducted by the CRF Institute named
                                                                                     MAN Group’s corporate and leadership culture, which
                    MAN Truck & Bus “Top employer Germany” in 2011.
                                                                                     is clearly oriented towards MAN’s corporate values and
                                                                                     The “Personalities Wanted” employer branding campaign
                    For the second time in a row, MAN Latin America was honored
                                                                                     positions MAN as an attractive employer internationally
                    as a Great Place to Work by the Great Place to Work Institute
                                                                                     in order to continue to recruit qualified employees in the
                    of Brazil in 2011.

                                                                                         MAN’s leadership culture focuses on four
Headcount*                                                                               specific leadership qualities:
                                                                                         competence, transparency, commitment,
                                                                2011          2010       and behavior.
 Germany                                                      30,187        27,354
 Other countries                                              22,355        20,315   Scan the QR code to learn more about

 Other countries in %                                             43            43   MAN as a top employer and interact
                                                                                     with us on Facebook:
 Total                                                        52,542        47,669

* Including subcontracted employees as of December 31.
Staying in the
                                            Commercial Vehicles   16

black while going
We are your MAN.                      Commercial

           Engineering the Future –
           since 1758.
           MAN Group
                                                                                                                     Commercial Vehicles
                                                                                                                           MAN Group       17

                                                                                        Commercial Vehicles

Internationalization with focus on BRIC countries
Multi-brand strategy
Development of a global truck portfolio, including a new light range
Bus product portfolio including a chassis for global use
Focus on transportation efficiency, in particular on hybrid technology
Cooperation with Volkswagen Group and Scania among other things

                      MAN Truck & Bus (MTB)                                         MAN Latin America (ML)
                   MTB is the largest MAN Group company and is                   ML is the largest truck manufacturer in Latin America. It
                   a leading supplier of commercial vehicles and                 leads the truck market in Brazil and is a leading supplier of
                   transportation solutions.                                     commercial vehicles and bus chassis for growth markets,
                   • Trucks with a gross vehicle weight of 7.5 t to 44 t (GVW)   with one of the most advanced production facilities
                   • Heavy special-purpose vehicles with a gross                 worldwide for trucks and buses.
                      train weight of up to 250 t
                   • City and intercity buses, coaches, and bus                  • Trucks with a gross combined weight from 5 t to 74 t
                      chassis                                                       (GCW) for all uses
                   • Industrial, marine, and on- and off-road engines            • Bus chassis from 5 t to 26 t for all applications,
                   • End-to-end passenger transportation and goods                  including articulated
                      transportation services
                                                                                                                                                                                  Commercial Vehicles
                                                                                                                                                                                        MAN Group            18

                                                                                                                                                     Production Sites
                                                                                                                                                                                     Global reach
                                                                         Germany                                                Poland
                                                                         Munich                                                 Cracow                                St. Petersburg*
                                                                         Heavy trucks, cabs, and driven                         Heavy trucks                          Heavy trucks
                                                                         Salzgitter                                             City buses, and bus chassis
                                                                         Heavy trucks, bus chassis, and                                                                                       Turkey
                                                                         components                                             Starachowice                                                  Ankara
                                                                                                                                Body in white bus                                             Coaches, and city buses

                                                                         Premium coaches, double-
                                                                         decker buses, and coaches

  MAN Truck & Bus                                                                                                                                                                                      China, Jinan
                                                                                                     Light /medium trucks,
                                                                                                                                                                                                       Sinotruk Ltd.
                                                                                                     and cabs
  MAN Latin America                                                                                                                                                                                    Heavy trucks
                                           Mexico, Querétaro                                         Vienna
  Cooperation partners &                   Trucks, and buses                                         RMMV
  joint ventures

                                                                                                                                                              India, Pithampur
                                                                                                                                                              MAN Trucks India Pvt. Ltd.
                                                                                                                                                              Heavy trucks
                                                      Brazil, Resende
Headcount**                                           Heavy/medium/light trucks, and
                                                      bus chassis                                                 South Africa

 No.                              2011         2010                                                               Pinetown
                                                                                                                  Trucks, and bus chassis
 MAN Truck & Bus                 34,239       31,284
 MAN Latin America                1,915        1,736

* Start of production (SOP) set for 2012.
** Including subcontracted employees as of December 31.
                                                                                                                                      Commercial Vehicles
                                                                                                                                            MAN Group       19

                                                                                                                 Commercial Vehicles

          VW Group                                                         Sinotruk (25% + 1 share)                     MAN Trucks India Pvt. Ltd.

Voting rights: 75.03%                           Voting rights: 17.37%
                                                                        • MAN has an interest of 25% + 1 share       • Takeover of the joint venture in India
Capital: 73.41%                                 Capital: 13.35%            in Sinotruk, which is part of the China   • Before closing: 50%/50% joint
as of June 6, 2012

                        Voting rights: 71.83%
                                                                           National Heavy Duty Truck                    venture MAN Force Truck Pvt. Ltd.
                        Capital: 49.29%                                    Group Co., Ltd. (CNHTC)                   • Since closing on March 28, 2012
                                                                        • Sinotruk is one of the leading Chinese        renaming into MAN Trucks India Pvt.
                                                                           heavy truck manufacturers, providing         Ltd. and now a subsidiary of
      • Cooperation with the VW Group will boost
                                                                           MAN with a strong presence in China          MAN Truck & Bus
          MAN’s growth trajectory and will further
                                                                                                                     • CLA series: heavy trucks upwards
          expand our position as one of the world’s
                                                                                                                        of 16 t
          leading transport-related engineering players
      • New opportunities: bundling of purchase
          volumes to generate synergies, quicker
          solutions by working together in research
          and development, sharing experience about
          successful growth in emerging economies
          and complementing the product range of
          each other
                                                                                                                         Commercial Vehicles
                                                                                                                               MAN Group           20

                                                                                              Commercial Vehicles
                                                                                                                          BRIC strategy
   MAN has strategically expanded its international presence. This minimizes the risks associated with the economic
   fluctuation of individual markets and regions, for instance. Demand will remain high in emerging economies over
   the coming years, providing further growth impetus. MAN’s priority will continue to be driving forward the BRIC

   Brazil                               Russia/CIS                            India                              China
• MAN TGX: sales started in          • Strong position: 2011 MTB           • Restructuring of business        • MAN is licensing its TGA
   Q1 2012                              again market leader among             activities following MAN’s         truck technology to
• In 2012 localization of MAN D08       European manufacturers                takeover of the joint venture      Sinotruk (incl. engines,
   engine in Brazil                  • New production plant in             • Investments in production in        vehicle chassis, and axles)
• MAN Latin America plans               St. Petersburg, with SOP set for      Pithampur (cab shell, paint     • The partnership combines
   expansion of its facilities          2012                                  shop, etc.) and sales (dealer      MAN’s progressive technology
   (investing approx. €400 million   • CKD assembly in Uzbekistan,            and service network)               and expertise with Sinotruk’s
   by 2016)                             with SOP in Q2 2012                • Production and sale of the          existing production facilities,
                                                                              MAN CLA in and outside of the      local knowledge, and extensive
                                                                              Indian market to be driven         Chinese sales network
                                                                              solely by MAN
                                                                                                        Commercial Vehicles
                                                                                                              MAN Group       21

                                                                               Commercial Vehicles
                                                                                               Multi-brand strategy

• Core market: Europe               • Core market: Europe       • Core market: Latin America    • Core market: China and
• MAN: premium segment              • Premium coach brand       • Premium/upper budget            later other Asian countries,
• MAN CLA: upper low segment        • Extensive modernization      segment                        Africa, the Middle East, and
• MAN buses: city buses, chassis,     of NEOPLAN plant                                            the CIS region
   coaches                            in Plauen, completion                                     • Budget segment
                                      planned in 2013
                                                                                                                                                       Commercial Vehicles
                                                                                                                                                             MAN Group            22

                                                                                         Challenges Facing Transportation
                                                                                                                                          Emission standards

    All new commercial vehicles registered in Europe from January 1, 2014, must comply with the Euro VI emission
    Today Euro III is the prevalent emission norm from a global perspective. However, this will soon change with China
    switching to Euro IV in 2012.
    After 2015 only marginal volumes of trucks with Euro III or below will be marketed. The majority of trucks will then
    have Euro V or higher (given that China introduces Euro V in 2015).

Overview of emission standards worldwide
         2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
EU 27       Euro IV                                 Euro V                                      Euro VI 1              The challenge facing the transportation industry is

                                Euro III                                 Euro V   2
                                                                                                         Euro VI   3   to reduce energy consumption per ton of goods
                                                                                                                       transported and to develop drive systems that
Russia Euro II            Euro III                    Euro IV 4                               Euro V
                                                                                                                       increasingly run on non-fossil and renewable fuels
India                 Euro II                                     Euro III 5                           Euro IV 5
                                                                                                                       in the future.
China        Euro II                  Euro III                      Euro IV                          Euro V 6
             = China II               = China III                   = China IV

1 New truck types: 2013.
2 Euro IV should have started in January 2009, but it was not introduced.
3 Estimated timeline.
4 Only import of Euro IV vehicles except Euro III with vehicle type approval before Dec. 31, 2009.
5 Delhi and 10 cities: 2009 = Euro III; 2010 = Euro IV; 2016 = Euro V.
6 Schedule for Euro V tentative and subject to change according to previous experience.                                           Source: MAN Sales Business Intelligence (SBI) Report
                                                                                                                       Commercial Vehicles
                                                                                                                             MAN Group           23

                                                                                           Market Potential
                                                                                                               Europe and Brazil
European truck & bus market forecast                                        Brazilian truck & bus market forecast
as of Feb. 2012*                                                            as of Feb. 2012
Units sales (thousand)                                                      Unit sales (thousand)
500                                                                          250

400                                                                          200

300                                                                          150

200                                                                          100

                                                       Trucks                                                                            Trucks
100                                                                           50
                                                       > 6 t GVW                                                                         > 6 t GVW
                                                       Bus                                                                               Bus
                                                       > 8 t GVW                                                                         > 8 t GVW
  0                                                                            0
            2010                2015           2020                                      2010               2015                2020

2011 market share trucks > 6 t*                                             2011 market share trucks > 5 t
                   18%                                                                      30%
                                       MAN                                     8%                                      MAN
 22%                          22%      Mercedes-Benz                                                                   Mercedes-Benz
                                       Scania                                                                          Volvo
                                       DAF                                                                             Ford
 13%                                   Volvo                                                          24%              Scania
                                       Others                                                                          Others
           14%        11%                                                            11%

* Europe excl. Turkey and Bulgaria.                                Source: MAN Truck & Bus Registration Report/MAN Latin America Registration Report
                                                                                                 Commercial Vehicles
                                                                                                       MAN Group          24

                                                                          Market Potential
                                                                                            Russia and India
Russian truck & bus market forecast                       Indian truck & bus market forecast
as of Feb. 2012                                           as of Feb. 2012
Units sales (thousand)                                    Unit sales (thousand)
200                                                       350




 50                                           Trucks                                                                Trucks
                                              > 6 t GVW                                                             > 12 t GVW
                                              Bus                                                                   Bus
                                              > 8 t GVW                                                             > 8 t GVW
  0                                                         0
        2010              2015         2020                            2010          2015                 2020

2011 market share trucks > 6 t                            2011 market share trucks > 12 t
               6%                                                    3% 2%1% 65%
                    8%                                          4%

                         12%     MAN                                                             MAN
                                 URAL                                                            Tata Motors
                                 GAZ                                                             Ashok Leyland
                          11%    MAZ                                                             Asia Motor Works
                                 KAMAZ                                                           VE Eicher
                                 Others                                                          Others

                                                                                   Source: MAN Truck & Bus Registration Report
                                   Commercial Vehicles
                                         MAN Group            25

               Market Potential
Chinese truck & bus market forecast
as of Feb. 2012
Unit Sales (thousand)





 200                                                    > 14 t GVW
                                                        > 8 t GVW
             2010           2015            2020

2011 market share trucks > 14 t

21%                                Beijing Automotive
                          12%      FAW
       21%          18%

                                         Source: IHS Global Insight
Doing something
                                               MAN Truck &Group
                                                     MAN Bus      26

about rocketing fuel
We are your MAN.                               MAN
                                        Truck & Bus

             Engineering the Future –
             since 1758.
             MAN Group
                                                                                                MAN Truck &Group
                                                                                                      MAN Bus       27

                                                                                    Executive Board

Dr.-Ing. Georg    Dr. Carsten Intra   Bernd Maierhofer   Dr. Frank Hiller     Jörg Astalosch    Jochen Schumm
Chief Executive   Production &        Chief Technical    Marketing, Sales &   Chief Financial   Human Resources
Officer           Logistics           Officer, R&D and   Services             Officer,          & Labour Director
                                      Purchasing                              Controlling
                                                                                                                         MAN Truck &Group
                                                                                                                               MAN Bus      28

                                                                                                              Broad product portfolio

     Trucks                              Buses                               Engines & Components                  Service
• Heavy series:                        • MAN: Buses for business           • Vehicle/industrial engines            MAN I Service
     TGS, TGX, TGX V8, and               Lion’s Coach, Lion’s Regio,          37 kW (50 hp) to 1,324 kW
     TGX Efficient Line                                                                                            MAN I Support
                                         Lion’s City, and Lion’s City GL      (1,800 hp). There are 4- and
     18 – 41 t GVW                     • MAN Lion’s City Hybrid               6-cylinder in-line units, and        MAN I Finance
• Light / medium series:               • NEOPLAN: VIP Class                   8- and 12-cylinder V engines         MAN I TopUsed
     TGL, and TGM                        Skyliner, Starliner, Cityliner,   • Axles
     7.5 – 26 t GVW                                                                                                MAN I Rental
                                         and Tourliner                        Driving and non-driven axles
•	   Specialized trucks:               • Chassis
     TGS WW, military vehicles, and
     special-purpose vehicles
• Export series: Cargo Line A (CLA),
     and SITRAK T7H
                                                                                                              MAN Truck &Group
                                                                                                                    MAN Bus       29

                                                                                      Strategic Objectives
                                                                                    Profitable international growth

   Internationalization            Customer orientation             Operational excellence           Innovation

• Strengthen position in home   • Implement a holistic           • Concentration on core com-     • Focus on innovation leader-
   market Europe                   customer orientation ap-         petencies                        ship in selected fields
• Exploit market potential in      proach with MAN/NEOPLAN       • Optimization of vertical and   • Strengthen new business
   BRIC and other growth        • Provide integrated transport      horizontal value chain           concepts to increase customer
   markets                         business solutions                                                value
                                                                                                                          MAN Truck &Group
                                                                                                                                MAN Bus       30

                                                                                   Innovative Technologies
                                                                                                                                     Euro VI
       Legal standards
       All new commercial vehicles registered in Europe from January 1, 2014, must comply with the Euro VI emission stan-
       dard. To meet the Euro VI emission standard, the upper limit for exhaust gas particles must be cut by 98.6% compared
       with the Euro 0 emission standard introduced in 1990; nitrogen oxides (NOx) must be reduced by 97.2%.
       Manufacturers are responsible for ensuring that the required exhaust gas emission limits of their commercial vehicles
       are actually complied with for at least 700,000 km or seven years.

Particulate matter emission limits Nitrogen oxide limits                             MAN has already developed the solutions
                                                                                     The two technologies necessary for the Euro VI emission
g/kWh                                      g/kWh
                                                                                     standard – exhaust gas recirculation (EGR) and selec-
                                                                                     tive catalytic reduction (SCR) – have been successfully
0.35                                       7
                                                                                     used at MAN in series production of commercial vehicles
0.30                                       6                                         for several years now.

0.25                                       5                                         •	   MAN presented the first Euro VI city buses at the
                                                                                          2011 Busworld expo in Kortrijk
0.20                                       4
                                                                                     •	   It will unveil the corresponding truck engines at the
0.15                                       3
                                                                                          IAA Commercial Vehicles Show 2012 in Hanover
0.10                                       2

0.05                                       1                                         Scan the QR code to learn more about
                                                                                     legal requirements, Euro VI standards, and
0.00                                       0
       Euro   I   II   III   IV   V   VI       Euro   I   II   III   IV   V   VI     MAN’s innovative solutions:
                                                                                                                            MAN Truck &Group
                                                                                                                                  MAN Bus       31

                                                                              Innovative Technologies
                                                                                                     Alternative drive concepts
   Hybrid technology plays a fundamental role in further increasing efficiency and conserving resources, and will
   pave the way to e-mobility. MAN is one of the pioneers of hybrid drives for commercial vehicles. Its intelligent
   hybrid energy management system controls the flow of energy between the diesel and electric engines,
   battery, drive axle, and auxiliary units.

   MAN Lion’s City Hybrid                                                  MAN TGL 12.220 Hybrid
• Uses up to 30% less fuel and produces correspondingly less CO2        • In the field since August 2011 and providing important empirical

   than conventional diesel-powered city buses                             feedback for optimizing hybrid drives in delivery transportation

• On the market as a series vehicle since 2010 and has been             • MAN anticipates that the widespread use of hybrid vehicles for

   successfully launched as a public service bus                           urban delivery applications will deliver fuel savings of up to 15%

• 72 Lion’s City Hybrid buses ordered and 60 already delivered          • Start of small-scale series development in July 2011

   (January 2012)
• Field tests in six cities (Munich, Paris, Barcelona, Vienna, Milan,
   Valencia) ongoing until October 2012
                                                                                                                              MAN Truck &Group
                                                                                                                                    MAN Bus      32

                                                                              Transportation Efficiency
                                                                                                                 Consistently efficient

     MAN TGX EfficientLine                                                    MAN Concept S study
•	   Combines optimized air resistance and payload creating a            •	   Proposals to optimize the aerodynamics of the long distance
     commercially viable vehicle that meets current demands of long-          vehicles of the future
     distance transportation                                             •	   MAN Concept S’s aerodynamic design alone allows it
•	   Up to 3 liters less fuel consumed in long-distance transportation        to consume up to 25% less fuel – when combined with
     (proven by TÜV Süd, international press tests, and customer              an appropriately modified trailer – than a conventional 40-ton
     experience) translating in up to 10% less energy consumption per         semitrailer tractor
     ton transported                                                     •	   Its implementation would require amending certain
•	   6,082 incoming orders* since its launch in October 2010                  registration	rules within the EU
•	   Named “Green Truck 2011”

* EfficientLine vehicles and packages, as of February 1, 2012.
                                                                                                            MAN Truck &Group
                                                                                                                  MAN Bus      33

                                                                      Strategic Growth Market
                                                                     Development of external engine business

      The external engine business is an integral part of the MAN strategy. MAN is single-mindedly developing expertise
      in all sectors. The revenue target for 2018 is €750 million.
      Dedicated The right engine for every application
      Customized The right emission technology for every market
      Innovative MAN engines and their technology

Revenue development                Business development               Target markets          Highlights 2011
€ million
                               •   Expansion of sales and        •    Rail               •	   Delivery of 2,188 engines to Russian
                                   service network               •    Bus (components)        bus manufacturer LIAZ (subsidiary of
                               •   Production start-up of        •    Construction            Russia’s largest automotive group,
                                   key projects                  •    Agriculture             GAZ Group)
                               •   High investments in new       •    Marine                  World premiere at the AGRITECH-
                                   products                      •    Power                   NIKA 2011: new V12 gas engine
250                            •   Change in energy policy                                    boasting 550 kW
200                                additionally bolstering the




         2009   2010   2011
                                                                                                                                                                          MAN Truck &Group
                                                                                                                                                                                MAN Bus            34

                                                                                                        Market Potential in Europe
                                                                                                     Transportation and traffic volume on the rise

         Goods transportation in Europe                                                                                           Passenger transportation in Europe
•	       Need for a pan European ‘core network’. More efficient                                                        •	         Little growth in passenger transportation by bus and
         services in multimodal combinations should be used                                                                       coach. Most improvement expected in transport by rail,
•	       Goods transport by rail should expand above average to                                                                   especially by interurban rail
         handle increasing freight transport volume in coming years                                                    •	         Car share is expected to shrink slightly

Billion ton-kilometers*                                                                                                Person-kilometers**

3,000                                                                                                                  8,000


1,500                                                                                                                  4,000


     0                                                                                                                      0
         2000     2005      2010       2020     2025                                                                              2000    2005     2010    2020     2025
     Inland waterways       Railways           Roads                                                                       Rail          Buses and Coaches         Cars

* Unit of measurement equal to the weight in tons of material transported multiplied by the number of kilometers driven.
** Comprising transported persons and the distance in km.                                                                                         Source: MAN Sales Business Intelligence (SBI) Report
                                                                                       MAN Truck &Group
                                                                                             MAN Bus           35

                                                           Market Potential in Europe
                                                                             New registrations

 Trucks > 6 t*
 Units sales

                      2008             2009      2010        2011

                      407,000          220,000   235,000     306,000








                       2008            2009      2010         2011

 * Europe excl. Turkey and Bulgaria.                                    Source: MAN Truck & Bus Registration Report
                                                                                                                                   MAN Truck &Group
                                                                                                                                         MAN Bus           36

                                                                                                               Market Shares
                                                                                                                       Key market drivers

                                                                                            Key market drivers – truck market:
                                                                                            •	   Lower export growth is reflecting weaker global de-
                                                                                                 mand and world trade. Industrial production growth
                                                                                                 will slow but positive impact by euro exchange rate
MAN Truck & Bus market share                        MAN Truck & Bus market share            •	   Domestic demand is affected by lower consumer
Trucks > 6 t*                                       Buses > 8 t*                                 purchasing power, tighter fiscal policy, the sovereign
                                                                                                 debt crisis
%                                                   %                                       •	   Introduction of Euro VI in 2014
20                                                  15                                      •	   Major share of goods transport on the road, further
                                                                                                 increase of road freight transport volume expected

                                                    12                                      Key market drivers – bus market:
                                                                                            •	   Liberalization of long-distance line traffic in Germany

                                                                                                 in 2011

                                                                                            •	   2012 Olympic Games in UK

                                                                                            •	   High replacement demand for school buses in
                                                                                                 France as result of new regulations from 2015
                                                                                            •	   Introduction of Euro VI in 2014
                                                                                            •	   Strong oil price increase will force shift from car to
                                                                                                 public transportation, especially in urban centers
 0                                                   0
          2007     2008    2009       2010   2011        2007   2008   2009   2010   2011        Major challenge: increase in urban population
* Europe excl. Turkey and Bulgaria.                                                                                 Source: MAN Truck & Bus Registration Report
                                                                                                                                     MAN Truck &Group
                                                                                                                                           MAN Bus         37

                                                                                                                      Key Figures
                                                                                                                 Business performance

   Highlights 2011
   Order intake and revenue increase by double-digit percentages
   Operating profit more than triples

Order intake                                         Revenue                                             Operating profit/loss
€ million                                            € million                                           € million

15,000                                               12,000                                              1,200
            12,684                                               10,410 10,610                                       1,039

                                                     10,000                                      8,984

                                             9,514                                                        800
                     9,130                                                               7,446
 9,000                               8,023                                       6,395                                                              565
                             5,224                                                                        400
                                                      4,000                                                                                  158
 3,000                                                                                                                                -91

    0                                                    0                                               -200
            2007     2008    2009    2010    2011                 2007   2008    2009    2010    2011                2007    2008     2009   2010   2011
                                                                                                                           MAN Truck &Group
                                                                                                                                 MAN Bus                  38

                                                                                                                Key Figures
                                                                                                           Business performance

 Vehicle sales                                              ROS                                      Headcount*

 Units                                                      %                                        No.
                                                                  10.0   10.0
 120,000                                                   10                                        40,000    36,591 36,251

                                                                                                     35,000                                      34,239
 100,000               7,227                                8                                                                           31,284
                                                                                              6.3    30,000

  80,000                                          5,775     6

  60,000                                                    4                                        20,000
                       96,478                     77,643                               2.1
                                6,232                                                                15,000
  40,000 93,260                                             2
  20,000                                                    0

       0                                                   -2                                              0
            2007       2008      2009    2010     2011            2007   2008   2009   2010   2011              2007   2008     2009     2010    2011

   Trucks           Buses
* Including subcontracted employees as of December 31.
                                           MAN Latin America
                                                 MAN Group     39

Driving the leading
truck and bus
company in
Latin America?                            MAN
We are your MAN.

             Engineering the Future –
             since 1758.
             MAN Group
                                                                                  MAN Latin America
                                                                                        MAN Group     40

                                                                Executive Board

Antonio R.   Gastão Rachou        Helmut      Adilson Dezoto   Jose Ricardo         Marcos Forgioni
Cortes                            Hümmerich                    Alouche
President    Product Strategy &   Finance     Production &     Sales, Marketing     International Sales
             Portfolio Manage-                Logistics        & After Sales        & Marketing
                                                                                                           MAN Latin America
                                                                                                                 MAN Group     41

                                                                                             Broad product portfolio

Constellation                 Worker                        Delivery                             Volksbus
The Constellation is          The Worker features reli-     The Delivery is a light, agile       The Volksbus includes a
equipped with a sleeping      able, high-quality robust-    vehicle that is easy to drive        complete line of urban
compartment and the most      ness for all types of heavy   and maneuver and also has            and coach chassis
advanced technology. It is    service on highways in        low maintenance costs. It is         designed to provide
ideal for medium- and long-   urban and rural areas as      made for rapid transport in          comfort for passengers
distance transport as well    well as off-road.             cities or rural areas.               and profitability for fleet
as off-road.                                                                                     owners.
                                                                                                          MAN Latin America
                                                                                                                MAN Group     42

                                                                                      Strategic Objectives

  Internationalization          Customer orientation               Operational excellence          Innovation

• Expand market presence in   • Develop reliable and             • Be the center of competence   • Leverage synergies with MAN
  Latin America and global       affordable products with          within the MAN Group for        and VW Group to strengthen
  budget markets                 leading quality in their seg-     the development of budget       new business concepts
                                 ments                             trucks and buses
                              • Ensure customer and dealer
                                                                                                  MAN Latin America
                                                                                                        MAN Group     43

                                                    Innovation and Competence
                                                                             Everything under one roof

Consórcio Modular: tailor-made philosophy
The Resende plant is among the most advanced in the world
– its production system is considered to be revolutionary.
The modular system results in a lean production structure         Production concept
with minimal fixed costs. It also reduces manufacturing      •	   Optimized process and production flow
costs, warehouse inventories, and even production times.     •	   Optimized logistics and material handling
                                                             •	   “Modules simultaneos” production
                                                             •	   Partners instead of suppliers
                                                             •	   Product flexibility – ready for new products
                                                             •	   Customer-orientated products

                                                                  Modular work processes
                                                             •    Seven independent partners supply not only indi-
                                                                  vidual product components directly to the assembly
                                                                  lines, but assemble complete component groups
                                                                  such as axles, suspensions, or engines
                                                             •    Some 1,900 (2011) regular employees are respon-
                                                                  sible for quality assurance during production as well
                                                                  as for product development, marketing, and the
                                                                  worldwide after-sales business
                                                                                                                        MAN Latin America
                                                                                                                              MAN Group      44

                                                                   Innovation and Competence
                                                                                      Alternative fuels and hybrid solutions

    MAN Latin America wants to offer more alternatives to the clients, especially when they generate benefits in costs
    and to the environment. We have consistently invested in new technologies to guarantee our pioneering position
    in the scenario of these innovations.

   VW Constellation 17.280 6x2                    VW Constellation 17.190 Ultra                     MAN TGS 33.440 6x4
   Hybrid prototype                               CleanTM Diesel
• Same concept of kinetic energy recovery      • Beverage truck powered by renewable             • Tractor powered by a diesel and ethanol
   used in Formula 1 cars                         bio-fuel contributing to the reduction of         55% ratio mixture
• The system stores the energy collected          vehicle’s carbon emissions                     • With two different fuel tanks, the
   during braking in hydraulic accumulators,   • Developed by the American                          vehicle maintains the same performance
   and later uses it in starting the vehicle      biotechnology company, LS9 promises               of a traditional model, in addition to
• It is indicated for operations with “run        to be simpler and cheaper than the                substantially reducing emissions of CO2
   and stop” applications, such as waste          options currently available in the market         and particulate material
   collection or public transportation         • The model will be in operation for tests
• The truck has an MAN D08 power train            at fleet operators in the sector as early as
   complying with Euro V                          2012
• Next stage: pilot project with a strategic
   fleet operator in the sector
                                                                                                                MAN Latin America
                                                                                                                      MAN Group      45

                                                                                        Market Potential
                                                                     Key market drivers for company growth

   Stimulus measures by the Brazilian government
   “Prócaminhoneiro” to modernize the truck fleet through subsidized financing options
   “Caminho da Escola” for which MAN Latin America sold 2,935 school buses in 2011
   PAC-2 plan involving investments of up to R$959 billion in areas such as energy, transportation, and housing be-
   tween 2010 and 2014 and investments of R$631.6 billion from 2014 onward

Introduction   Brazilian        Infrastructure   Economic         Need to re-      Localization   High after-           New export
of Euro V in   government       needs due to     growth due to    new Brazil’s     of MAN’s       sales poten-          business
2012           has decided      2014 FIFA        many export-     aging fleet of   TGX/TGS        tial due to           Export of VW
               on stimulus      World Cup        oriented com-    transporta-      models and     engine com-           models us-
               measures to      and 2016         panies, strong   tion vehicles.   of the D08     ponent market         ing the MAN
               ensure con-      Olympic          commodities      Govern-          engine         and introduc-         sales network
               tinuous devel-   Games            producing        ment finance                    tion of MAN           and export of
               opment of the                     sector, tap-     programs                        products              MAN models
               economy                           ping of newly    to push this                                          via MAN Latin
                                                 discovered       (average fleet                                        America im-
                                                 mineral re-      age: above 16                                         porters
                                                 sources          years)
                                                                                                                                                                           MAN Latin America
                                                                                                                                                                                 MAN Group           46

                                                                                                                                              Market Potential
                                                                                                                                  Infrastructure and transportation

         Goods transportation in Brazil                                                                                          Passenger transportation in Brazil
•	       Improvement of road conditions is of highest priority; only                                                   •	        Passenger transportation growth is due to the rising car
         12% of Brazil’s highways are paved                                                                                      segment
•	       The rail infrastructure network is to be extended up to                                                       •	        In preparation for the 2014 FIFA World Cup and the
         40,000 km by 2020                                                                                                       2016 Olympic Games, main cities will be linked by road
Billion ton-kilometers*                                                                                                Person-kilometers**
2,000                                                                                                                  1,200


1,000                                                                                                                      600


     0                                                                                                                       0
         2000    2005       2010      2020       2025                                                                             2000     2005     2010   2020      2025
  Roads         Railways      Inland waterways                                                                             Cars          Buses and Coaches    Rail (proportion is negligible)

* Unit of measurement equal to the weight in tons of material transported multiplied by the number of kilometers driven.
** Comprising transported persons and the distance in km.                                                                                           Source: MAN Sales Business Intelligence (SBI) Report
                                                                            MAN Latin America
                                                                                  MAN Group          47

                                                        Market Potential
                                                        New registrations in Brazil

 Trucks > 5 t
 Unit sales

                2008      2009      2010      2011

                118,400   107,400   155,900   171,200




                2008      2009      2010      2011

                                                              Source: MAN Latin America Registration Report
                                                                                                                         MAN Latin America
                                                                                                                               MAN Group       48

                                                                                                 Market Potential
                                                                                 Introduction of MAN products in Brazil

   Introduction of TGX and TGS in Brazil                                   Introduction of MAN D08 engine in Brazil
• More than €41 million invested by MAN Latin America in the            • MAN D08 meets the stringent requirements of the Control Program
   development of made-to-order models for the Latin American              of Air Pollution from Motor Vehicles (PROCONVE P7), which are
   market, an exclusive production line for the MAN trucks in              comparable to the Euro V requirements
   Resende, including the construction of a new training center and a   • Trucks offered in Brazil with the MAN D20 and D26 engines in the
   parts distribution hub                                                  Euro V version
• TGS exhibited at FENATRAN 2011                                        • Two types of technology available: Euro V SCR (selective catalytic
• TGX 29.440 6x4 and 33.440 models to be marketed starting in              reduction) and EGR (exhaust gas recirculation) will be offered in
   2012                                                                    the new Volksbus product line
                                                                        • Benefits: low noise and fuel consumption, greater range, and lower
                                                                           maintenance emissions
                                                                        • For the first time in Latin America, Volkswagen products will receive
                                                                           MAN engines assembled in Brazil
                                                                                                               MAN Latin America
                                                                                                                     MAN Group          49

                                                                                            Market Shares
                                                                                   Market leader for trucks in Brazil

     In 2011 MAN Latin America was able to sell 52,002 trucks in the growing Brazilian market, thereby maintaining
     its position as the country’s market leader for trucks over 5 t for the ninth successive year.

MAN Latin America market share             MAN Latin America market share
Trucks > 5 t                               Buses > 8 t
%                                          %

35                                         35

30                                         30

25                                         25

20                                         20

15                                         15

10                                         10

 5                                          5

 0                                          0
        2007   2008   2009   2010   2011        2007   2008   2009   2010   2011

                                                                                               Source: MAN Latin America Registration Report
                                                                                                                                                                       MAN Latin America
                                                                                                                                                                             MAN Group     50

                                                                                                                                                              Key Figures
                                                                                                                                                        Business performance

      Highlights 2011
      Revenue and operating profit at record level
      Market lead reinforced

Order intake*                                                            Revenue*                                                               Operating profit
€ million                                                                € million                                                              € million
 4,000                                                                    4,000                                                                  400                     370
                                              3,579                                                                   3,579

 3,500                                                                    3,500                                                                  350
                              3,140                                                                     3,140

 3,000                                                                    3,000                                                                  300

 2,500                                                                    2,500                                                                  250

 2,000                                                                    2,000                                                                  200
                1,412                                                                    1,412                                                                142
 1,500                                                                    1,500                                                                  150

 1,000                                                                    1,000                                                                  100

  500                                                                      500                                                                    50

     0                                                                        0                                                                     0
                2009**        2010          2011                                           2009**        2010          2011                                   2009**     2010       2011

* MAN Latin America’s order intake is equal to its revenue due to the fact that importers/dealers order commercial vehicles from ML for immediate delivery.
** MAN Latin America consolidated as of March 31, 2009.
                                                                                                              MAN Latin America
                                                                                                                    MAN Group     51

                                                                                                     Key Figures
                                                                                                  Business performance

Vehicle sales                                             ROS                             Headcount*
Units                                                     %                               No.
80,000                                                        12                   11.2   2,000
                           65,630                                  10.1
                                                              10                                     1,510
60,000                                                                                    1,500

40,000         35,842                                          6                          1,000

20,000                                                                                     500

    0                                                          0                             0
               2009**       2010         2011                      2009**   2010   2011              2009**     2010       2011

* Including subcontracted employees as of December 31.
** MAN Latin America consolidated as of March 31, 2009.
                                                 Power Engineering
                                                        MAN Group    52

Powering the TV
sets of an entire city
from a garage?
We are your MAN.                               Power

               Engineering the Future –
               since 1758.
               MAN Group
                                                                                                                      Power Engineering
                                                                                                                             MAN Group      53

                                                                                             Power Engineering

Global product portfolio
Internationalization with focus on BRIC
Focusing on the power plant business through turnkey solutions
Brand differentiation through after-sales business
Ramp-up of series production for wind park gearboxes

                MAN Diesel & Turbo (MDT)                                       Renk (76%)
                One of the world’s leading providers of low- and medium-       A globally recognized manufacturer of high-quality special
                speed marine and stationary applications as well as a global   gear units, propulsion components, and testing systems.
                leader of thermal turbomachines.
                •	   Low- and medium-speed engines for marine and              • Global market leader in vehicle transmissions for medium
                     power plant applications                                     and heavy tracked vehicles
                •	   Turnkey solutions                                         • Special gear units for specialist marine and stationary
                •	   Exhaust-gas turbochargers                                    applications
                •	   Comprehensive product range of compressors, steam         • Standard gear units, primarily for merchant shipping,
                     and gas turbines                                             offshore wind, and industrial applications
                •	   Reactors and energy engineering                           • Slide bearings and industrial couplings
                •	   MAN PrimeServ: comprehensive service portfolio with       • Turnkey testing systems for the automotive, truck, rail,
                     representations in all key markets                           wind, and aviation industries
                                           MAN Diesel & Group
                                                  MAN Turbo     54

heating to the
We are your                                MAN
                                        Diesel &

             Engineering the Future –
             since 1758.
             MAN Group
                                                                           MAN Diesel & Group
                                                                                  MAN Turbo     55

                                                                   Executive Board

Dr. René Umlauft        Dr.-Ing. Hans-O. Jeske   Dr. Peter Park          Dr.-Ing. Stephan
Chief Executive         Chief Technology         Chief Financial         Timmermann
Officer, Power Plants   Officer,                 Officer                 Engines & Marine
                        Turbomachinery                                   Systems, After Sales
                                                                                                                MAN Diesel & Group
                                                                                                                       MAN Turbo      56

                                                                                  Corporate Structure
                                                                                                  Geared towards the market

                                                                                                         Revenue distribution by
                                               Executive Board                                           strategic business unit
             Engines & Marine   Turbomachinery             Power Plants    After-sales business
 business    Systems                                                                                                            36%


               Low Speed           Process Industry         Power Plants       PrimeServ Diesel
                                                                                                          Power Plants
               Medium Speed        Oil & Gas                                                              Engines & Marine Systems
                                                                               PrimeServ Turbo

                                                                                                                                                       MAN Diesel & Group
                                                                                                                                                              MAN Turbo         57

                                                                                                                                 Production Sites
                                                                                                                                                        Global reach
                                                 Steam turbines, and services
                                                 Berlin                                                                               Czech Republic
                                                                                              Frederikshavn                           Velká Bíteš
                                                 Multiple shaft compressors, and              Propulsion systems
                                                 small/medium-sized radial                                                            Small
                                                 compressors                                                                          turbochargers
                                                 Oberhausen                                   Two-stroke components,
                                                 Compressors, and turbines                    and spare parts

                                                 Reactor technology, and high-
                                                 pressure apparatuses

                                                 Large four-stroke engines, core
                                                 components/spare parts for all
                                                 four-stroke engines, and large

                                                                          France                Switzerland, Zurich                                            Compressors,
                                                                                                Compressors, hermetically                                      turbochargers,
                                                                          St. Nazaire
                                                                                                sealed compressors, and                                        and other
                                                                          Large four-stroke
                                                                                                vacuum superchargers                                           services
                                                                          engines, and
                                                                          spare parts

                                                                                                                            India, Aurangabad
                                                                                                                            Four-stroke engines, and
                                                                                                                            Engineering Center

                                  2011        2010
 MAN Diesel & Turbo              14,039      12,455

* Including subcontracted employees at December 31.
                                                                                                            MAN Diesel & Group
                                                                                                                   MAN Turbo       58

                                                                                        Strategic Objectives

   Regionalization           Gas strategy               Turnkey                  Efficiency improve-     Emissions 2016
   strategy (Brazil,                                                             ment
   Russia, India,
   China, and other
   emerging coun-
• Regionalization        •   Introduction and fur-   • Improve our project     • Continuous develop-   • Focus on key projects
   and globalization         ther development of a      performance              ment of MDT engine      to meet emission
   to markets with           broad gas engine and    • Realize cost-down         portfolio               legislation and provide
   growth potential          gas turbine portfolio      potential                                        customers with com-
• Be close to our end-                               • Localization of sales                             petitive solutions
   customers                                            force
                                                                                                                         MAN Diesel & Group
                                                                                                                                MAN Turbo        59

                                                                                 Products and Services

Engines & Marine Systems                                               Turbomachinery
One in every two ships plying the world’s oceans is powered by an      As one of the world’s leading suppliers of turbomachinery, the relevant
MAN diesel engine. MAN Diesel & Turbo is the world market leader       strategic business unit of the company offers one of the broadest
in two-stroke diesel engines, which drive large container ships,       product ranges in this field. The diversity of products reflects a wide
freighters, or oil tankers. The company’s extensive range of four-     circle of customers, for whom MAN Diesel & Turbo designs and
stroke engines is used to drive all kinds of merchant ships, special   manufactures single compressors and turbines or complete machinery
vessels, and passenger vessels.                                        trains.
•	   Two-stroke and four-stroke engines for marine applications        •	    Compressors, gas and steam turbines for the oil & gas industry,
•	   Output range from 450 kW to 87 MW                                       the process industry and power generation
•	   Marine GenSets from 450 kW to 11.2 MW                             •	    Turnkey machinery trains including drives and expanders
•	   Fuels: heavy fuel oil, diesel, gas, dual fuel                     •	    Reactors for the chemical and petrochemical industry, special
•	   Propellers and complete marine propulsion systems                       apparatuses for science
•	   Axial and radial turbochargers for two-stroke and four-stroke
     engines, injection systems, systems electronics
                                                                                                                                         MAN Diesel & Group
                                                                                                                                                MAN Turbo     60

                                                                                                Products and Services
                       Engines &

Power Plants                                                                           MAN PrimeServ
With its range of large stationary diesel and gas engines for use in                   MAN PrimeServ is MAN Diesel & Turbo’s after-sales service brand,
power plants, MAN Diesel & Turbo is a reliable partner for power                       covering far more than just routine servicing of engines and machinery
generating companies, regardless of whether the energy is fed into the                 or the simple delivery of spare parts. Beside technical service for
power grid or destined for local supply purposes. From fuel depot to                   all products, the business activities include individual consulting,
transfomer station, MAN Diesel & Turbo offers complete solutions from                  extensive support, as well as comprehensive service agreements.
one single source. Power plant operation and maintenance are also                      •	   Individual consulting, service agreements, and contracts
undertaken at the customer’s request.                                                  •	   Maintenance, spare parts supply, and repairs
•	   Two-stroke and four-stroke engines from 450 kW to 80 MW                           •	   Retrofits, upgrades, rerates, relocations
•	   Turnkey diesel power plants                                                       •	   Online monitoring and diagnosis
•	   Combined heat and power plants, diesel combined cycle (DCC)                       •	   Customer training in MAN PrimeServ academies
•	   Excellent fuel flexibility: diesel, heavy fuel oil, bio-fuels, gas, dual fuel     •	   Worldwide network of service hubs: 24 / 7 OEM service around
•	   MAN PowerManagement: operation and maintenance,                                        the globe
     comprehensive services
•	   Scalable, modular concepts
                                                                                                                 MAN Diesel & Group
                                                                                                                        MAN Turbo     61

                                                                                              Market Outlook

     Engines & Marine Systems                                             Turbomachinery
•	   Freight rates in the two-stroke segment under pressure due to   •	   Market recovery and diversified growth in the process industry
     overcapacity                                                    •	   Stable growth in the oil and gas business
•	   Four-stroke segment dominated by niche markets with fierce      •	   Increasing demand, especially in the BRIC countries
•	   Long-term growth and trend towards efficient comprehensive
                                                                                                                     MAN Diesel & Group
                                                                                                                            MAN Turbo     62

                                                                                                  Market Outlook

     Power Plants                                                          MAN PrimeServ
•	   Sharply rising need for energy in BRIC countries and in Africa   •	   Retrofitting is becoming more and more important to meet
•	   Growing market for decentralized power plants in Europe, due          emission and fuel consumption needs
     among other things to the change in energy policy                •	   Demand for the service portfolio to be expanded
•	   Technology driven by reduction in emissions and gas              •	   Stable growth due to growing population in the field
                                                                                                                       MAN Diesel & Group
                                                                                                                              MAN Turbo     63

                                                              Emission from Marine Transport
                                                                                                            Emission standards

           Around 95% of long-distance freight transport worldwide is undertaken by ships.
           Marine shipping accounts for roughly 3.7% of total global CO2 emissions.
           Taking the ratio of tonnage and distance covered to pollutant emissions into consideration, ships represent the
           cleanest mode of transport.

  Nitrogen oxides (g/kWh)                                            International Maritime Organization (IMO)
Tier I
                                                                     The IMO, a specialist agency of the United Nations, sets limits for the
Tier II                                                              emission of greenhouse gases such as nitrogen oxides (NOx) and
Tier III                                                             sulfur oxides (SOx) by ships. The Tier II standard, which requires a 20%
                                                                     reduction in NOx emissions compared with the Tier I standard dating
Sulfur oxide content (%)                                             from the year 2000, has been in force since January 2011.
4.5                                                                  Tier III will come into effect in January 2016.
4.0                             in general
                                            MAN Diesel & Group
                                                   MAN Turbo       64

Emission from Marine Transport
                                 Emission standards

        Emission Controlled Areas (ECAs)
        When Tier III will come into effect in January 2016 then
        the emission of nitrogen oxides in certain coastal regions,
        Emission Controlled Areas (ECAs), must be reduced
        by 80%. Since 2010, the sulfur content of fuels must not
        exceed 1.0% in ECAs. After January 1, 2015, the sulfur
        content will be limited to 0.1%. Outside the ECAs, sulfur
        concentrations of 3.5% in fuel have been permitted world-
        wide since January 1, 2012, but from January 1, 2020,
        the IMO will demand a maximum content of just 0.5%.
                                                                                                             MAN Diesel & Group
                                                                                                                    MAN Turbo     65

                                                                           Innovative Technology
                                                                                         Maritime system solutions

MAN Diesel & Turbo is making every effort to reduce the fuel consumption and emissions of marine engines.
Technology from MAN Diesel & Turbo makes it possible to comply with the stringent IMO Tier III limits already
now. Selective catalytic reduction (SCR) and exhaust gas recirculation (EGR) are two highly effective sets of mea-
sures to reduce nitrogen oxide emissions.
                                                           Solutions from MAN Diesel & Turbo
                                                           In the case of SCR, the exhaust gases are routed through a catalytic
                                                           converter following combustion. While SCR is a partially integrated
                                                           post-treatment technology matched to the individual engine, EGR is
                                                           an integrated engine technology designed as part of the engine itself.
                                                           In the case of EGR, a portion of the exhaust gases is recirculated back
                                                           into the engine intake air.
                                                           In contrast to nitrogen oxide emissions, sulfur oxides in the exhaust gas
                                                           cannot be reduced via the combustion process in the engine. They can
                                                           be cut by up to 95% by the use of desulfurization systems. MAN Diesel
                                                           & Turbo is working with its partners to develop various desulfurization
                                                           technologies. A drastic reduction in sulfur emissions can be achieved
                                                           primarily by switching to fuels with lower sulfur contents, for example
                                                           marine diesel or natural gas. For this purpose MAN Diesel & Turbo of-
                                                           fers so-called dual fuel engines, which run on both liquid and gaseous
                                                                                                                                 MAN Diesel & Group
                                                                                                                                        MAN Turbo     66

                                                                                              Innovative Technology
                                                                           Subsea – underwater extraction of oil and gas

Background: global challenges                                                  Solutions from MAN Diesel & Turbo
Regarding power generation and the demand for production purposes,             MAN Diesel & Turbo has developed the world’s first subsea com-
it will not be possible to meet the need of the global population using        pressor for a major oil and gas producer, to allow natural gas to be
renewable sources alone. New reserves of oil and gas must therefore            extracted directly from the seabed. In this demanding task, the virtually
be located and developed on an ongoing basis. Since easily accessible          maintenance-free compressor withstands the water pressure at con-
sources such as those in the oil-rich desert countries of the Middle           siderable depth thanks to its robust, hermetically-sealed casing, which
East are becoming increasingly scarce, the exploration and extraction          also prevents gas from escaping.
of these natural resources is becoming ever more demanding. In order           This makes subsea production more cost-effective and more reliable,
to meet global requirements, experts are advancing into increasingly re-       while the risk posed by negative environmental influences can also be
mote, poorly accessible regions. Wells on the seabed are one example           further reduced.
of this.
An operation that was previously undertaken from platforms on the
ocean’s surface is now descending into the depths. Machinery and
equipment are installed directly on the seabed, bringing the precious
resources through pipes to the surface under automatic control and
monitoring. From here they are carried by pipeline or tanker to the
consumer markets.
                                                                                                                               MAN Diesel & Group
                                                                                                                                      MAN Turbo       67

                                                                                             Innovative Technology
                                                                                                       Gas engines for power plants

                                                                             Solutions from MAN Diesel & Turbo
                                                                             20V35/44G – the new gas engine from MAN Diesel & Turbo
                                                                             The single-stage turbocharged engine for stationary use in power
                                                                             plants reaches an output of 10.6 MW and thus has the highest output
                                                                             in this segment. The engine was redesigned and a prototype was built,
                                                                             which has been undergoing intensive testing on the test stand since
                                                                             September 2011. The first engines will be subjected to field testing in

Background: global challenges                                                2013. In addition to a very high efficiency, the new gas engine boasts
                                                                             very many innovative technological elements. Compliance with all cur-
Rising fuel costs, legislation to reduce emission limits, the trend          rent emission limits is made possible solely by internal engine features.
towards decentralized energy suppliers, and the energy requirements          Looking to the future
of countries with large gas deposits are all driving the stationary use of   MDT aims to extend its portfolio of gas engines over the next few years
gas engines in power plants. In addition to a high supply reliability and    and to add further models in various output ranges. Alongside their use
the potential savings on operating and procurement costs, the advan-         in power plant applications and for stationary power and heat genera-
tage of gas-fired plants lies chiefly in extremely low emission values       tion, these engines are increasingly being used in the marine sector.
coupled with a high level of efficiency.                                     So-called dual fuel engines, which can be operated using liquid and
Natural gas is the most environmentally friendly of all fossil energy        gaseous fuels, are available for these applications. Customers also
sources. Due to the lower carbon content of the fuel, gas engines emit       have the opportunity to convert existing diesel engines to dual fuel
around 25% less CO2 than diesel engines. Nitrogen oxide (NOx) emis-          engines (retrofitting).
sions are roughly 80% lower, while emissions of sulfur oxides, soot,         With its involvement in the gas engine field, MDT is gearing itself to
and particles are virtually nonexistent.                                     future requirements in a market with extensive growth prospects.
                                                                                                          MAN Diesel & Group
                                                                                                                 MAN Turbo         68

                                                                                        MAN PrimeServ
                                                                      Thinking globally – acting locally

 An international clientele and shrinking time windows mean growing global demand for a rapid, competent
 To satisfy this demand, the MAN Diesel & Turbo network is growing and already comprises over 110 sites on all
 five continents.

                                                                    Solutions from MAN Diesel & Turbo
                                                                    With an export quota of nearly 90%, MAN Diesel & Turbo
                                                                    serves a customer base that extends across the globe, far
                                                                    beyond its European locations.
                                                                    This is particularly significant for the service business of
                                                                    MAN PrimeServ. To keep downtime, the non-productive
                                                                    time of machinery, engines and equipment, to a minimum,
                                                                    the global service centers have their own staff and work-
                                                                    shop capacities. If necessary, MAN PrimeServ can react
Service hubs for diesel                                             swiftly to get the necessary resources to the remotest
                                                                    corners of the globe within a very short time.
Service hubs for
                                                                                                                                  MAN Diesel & Group
                                                                                                                                         MAN Turbo       69

                                                                                                                     Key Figures
                                                                                                              Business performance

    Highlights 2011
    Order intake up 6%
    Operating profit rises despite slight decline in revenue
    Strong return on sales increases further

Order intake                                        Revenue                                             Operating profit
€ million                                           € million                                           € million
            4,825                                                       3,870   3,796
5,000                                               4,000                               3,766           600
                    4,515                                                                       3,610                      538
                                                                3,286                                                               500
                                                                                                        500                                       460
4,000                                       3,692                                                                                          439
                                    3,457           3,000                                                           417

                            2,936                                                                       400

                                                    2,000                                               300



   0                                                   0                                                  0
            2007    2008    2009    2010    2011                2007    2008    2009    2010    2011                2007   2008     2009   2010   2011
                                                                                                                          MAN Diesel & Group
                                                                                                                                 MAN Turbo            70

                                                                                                              Key Figures
                                                                                                         Business performance

Order backlog*                                            ROS                                      Headcount**
%                                                         %                                        No.

6,000                                                     15           13.9                        15,000                                    14,039
                                                                12.7                        12.7                      12,479 12,511 12,455
5,000                                                                                11.7                    11,394
                           4,422                          12                                       12,000

                                   3,793 3,805
                                                           9                                        9,000


                                                           6                                        6,000

                                                           3                                        3,000

    0                                                      0                                             0
            2007   2008    2009     2010   2011                 2007   2008   2009   2010   2011              2007     2008   2009   2010     2011

* As of December 31.
** Including subcontracted employees as of December 31.
                                       Renk Group
                                        MAN         71

Expansion driven
by innovative
We are your MAN.                      Renk

           Engineering the Future –
           since 1758.
           MAN Group
                                  Renk Group
                                   MAN         72

                      Executive Board

Dipl.-Ing. (FH) Florian     Ulrich Sauter
Hofbauer                    Production and
Spokesman,                  Administration
Engineering and
                                                                                                                                                          Renk Group
                                                                                                                                                           MAN                  73

                                                                                                                                       Renk Worldwide
                                                       Augsburg, Renk production
                                                       Vehicle transmissions, industrial           Renk-MAAG GmbH,
                                                       gears, marine gears, and test               Switzerland, Winterthur
                                                       systems for passenger cars/
                                                                                                   Turbo gears, spare parts,
                                                       trucks/railway applications/
                                                                                                   and marine spares
                                                       aviation industries

                                                       Rheine, Renk production site
                            USA                        Industrial gears, marine gears,                                                                 Japan, Tokyo
                            Renk LABECO Test Systems   and couplings                                                                                   Distribution center for slide
                                                                                                                   OMEGA Renk Bearings                 bearings (MDT)
                            Corp., IN, Mooresville                                                                 Pvt. Ltd., India, Bhopal
                                                       Hanover, Renk production
                            Test systems               site                                                        Cooperation partner for slide
                            Renk Corp., SC, Duncan     Slide bearings                                              bearings
                            Slide bearings             Berlin
                                                       Slide bearings

                                                                Renk France S.A.S.,
                                                                France, Saint-Ouen-
                                                                Vehicle transmissions

                                                                                                                                                       China, Changzhou
                                                                                   Renk Transmisyon                                                    Distribution center for slide
                                                                                                                                                       bearings (MDT)
                                                                                   Sanayi A.S.,Turkey,                     Renk U.A.E. LLC.,
                                                                                   Istanbul                                United Arab Emirates,
Headcount*                                                                         Vehicle transmissions                   Abu Dhabi
                                                                                                                           Service and sales for all
                                                                                                                           business units

 No.                                                                          COFICAL Renk Mancais
                                  2011        2010                            do Brasil Ltda., Brazil,
 Renk                             2,013       1,882                           Guaramirim
                                                                              Slide bearings

* Including subcontracted employees at December 31.
                                                                                                                                         Renk Group
                                                                                                                                          MAN           74

                                                                                                                    Broad product portfolio

     Vehicle Transmissions                  Slide Bearings                       Special Gear Units                          Standard Gear Units
•	   Manufacturer of fully automatic   •	   Supply of hydrodynamic,         •	   The product lineup covers              •	   Encompasses large-gear
     transmissions built into               lubricated slide bearings for        marine gear units for fast craft            production and specializes in
     medium- and heavy-weight               electric motors, generators,         and naval applications with up              marine gear units for
     tracked vehicles as well as of         pumps, blowers, water tur-           to 80 MW power transmission                 merchant ships, ferries,
     a broad spectrum of test rigs          bines, conveyors, and marine         capacity, stationary gear units             LNG/LPG tankers,
     included in its product range          applications                         for wide-ranging industrial                 and supply vessels
                                                                                 environments including                 •	   Gear units for turbine plants
                                                                                 the cement industry and energy              and couplings for industrial
                                                                                 production                                  use are also manufactured
                                                                     Renk Group
                                                                      MAN         75

                                                 Strategic Objectives

Retain technology and   Profitable growth with        Internationalization
market leadership       new products
                                                                                                                 Renk Group
                                                                                                                  MAN             76

                                                                    Innovative Technology
                                                                                               Offshore wind energy

As alternatives to fossil fuels, wind and water power are becoming more and more important.
Renk’s gear units, which are known for being state-of-the-art, efficient, and having a long service life, contribute
considerably in increasing the competitive edge of wind and water power stations.

                                                                       In league with the wind
                                                                       In the area of wind-power gear units, the Aerogear
                                                                       technology by Renk further develops existing gear unit
                                                                       solutions. It stands out with its low-noise emission, high
                                                                       efficiency, and improved operating safety. The currently
                                                                       largest and first serial-produced offshore wind power gear
                                                                       unit of the 5 MW class, the gear unit for the MULTIBRID
                                                                       M5000 wind power station, generates enough power for
                                                                       4,500 households.
                                                                                                                           Renk Group
                                                                                                                            MAN            77

                                                                                                           Key Figures
                                                                                                   Business performance

      Highlights 2011
      Healthy order intake, prior-year figure lifted by major order
      Stable operating profit, improved ROS

Order intake                                   Revenue                                        Operating profit
€ million                                      € million                                      € million
600                                            600                                            80
                                525                               527
                                                                                                      68             66
                                                                         474                  70
500                                    456     500
            439   443                                  430
                                                                                403           60                                    53
                                                                                       389                                   52
400                                            400
300                                            300                                            40

200                                            200

100                                            100

  0                                              0                                             0
          2007    2008   2009   2010   2011                2007   2008   2009   2010   2011           2007   2008   2009     2010   2011
                                                                                                                                Renk Group
                                                                                                                                 MAN                78

                                                                                                             Key Figures
                                                                                                          Business performance

                                                         ROS                                      Headcount*
                                                         %                                        No.

                                                         20                                       2,500

                                                                                                                    2,041                   2,013
                                                               15.7                                                         1,903
                                                                                                  2,000     1,854                   1,882
                                                         15           15.1




                                                          0                                          0
                                                               2007   2008   2009   2010   2011             2007    2008    2009    2010    2011
* Including subcontracted employees as of December 31.
Putting together an
                                               Financial MAN Group
                                                         Information   79

austerity package
that pleases the
whole of Europe?                           Financial
We are your MAN.

             Engineering the Future –
             since 1758.
             MAN Group
                                                                                                                                                          Financial MAN Group
                                                                                                                                                                    Information     80

                                                                                                            Basic Share Information

    MAN SE shares are traded on Xetra and on all seven                                                         Share capital
    German stock exchanges                                                                                     147,040,000 share capital, no-par value shares, of which

    MAN SE is listed in the Dax equity index                                                                   140,974,350 common shares (96%) and 6,065,650 pref-
                                                                                                               erence shares (4%).
                                                                                                                                                   Common             Preference

 Key indicators for MAN common shares                                                                                                                 shares               shares
                                                                               2011              2010
                                                                                                                ISIN code                   DE0005937007        DE0005937031
 Earnings per share in € 1                                                     4.62               5.30
                                                                                                                WKN                                 593700               593703
 Cash dividend per share in €                                                  2.30               2.00
                                                                                                                Reuters                           MANG.DE           MANG_p.DE
 Market capitalization (as of Dec. 31) 2 in € million                         9,978            12,898
                                                                                                                Bloomberg                          MAN GY             MAN3 GY
 Closing price in €                                                           68.70             88.99
 High in €                                                                    98.72             96.44          MAN common shares vs. Dax
 Low in €                                                                     52.51             47.99          December 2010 to December 2011
 Dividend yield 3 in %                                                           3.3               2.2         Indexed values, December 31, 2010 = 1.00

 Total return 4 in %                                                          -21.1               64.0
 Number in thousands 5                                                     140,974           140,974
 Dax yield in %                                                               -14.7               16.1
 Euro Stoxx yield in %                                                        -15.2                2.7

1 Earnings per share excluding nonrecurring items and the effects from purchase price allocations: €5.78.
2 Basis: 140,974,350 common shares and 6,065,650 preference shares.
3 Cash dividend based on the closing price on December 31.
4 Assumes reinvestment of the cash dividend on the last trading day of the month
  in which the Annual General Meeting was held.
5 Only common shares.                                                                                                                                                Source: Bloomberg
                                                                                                                                       Financial MAN Group
                                                                                                                                                 Information      81

                                     Shareholder Structure and Dividend Policy

MAN dividend policy                                                     Shareholder structure*
It is MAN’s aim to enable its shareholders to participate in the
company’s success by distributing an appropriate share of its profit.                7%   54%**                                           International
                                                                                                            VW AG
                                                                                7%                                                        investors are
The amount distributed is not fixed; the MAN Group generally aims for                                       Private share-
30% to 60% of net income.                                                                                                                 predominantly
                                                                                                            Foreign institutional
                                                                                                            shareholders                  based in the UK
                                                                                                            German institutional
                                                                          21%                               shareholders                  and the USA.
Cash dividend per share                                                           11%
                                                                        * Basis:140,974,350 common shares and 6,065,650 preference shares; as of November/
3.5                                                                     December 2011
                                                                        ** Volkswagen was increasing its share of the voting rights in MAN SE to 75.03 percent with effect
                                                                        from June 6, 2012.
                                                                        Source: IPREO

2.5                                  2.30
                2.00          2.00
                                                                        Volkswagen is majority shareholder of MAN
                                                                        On November 9, 2011, the shares that MAN SE shareholders tendered
1.0                                                                     to Volkswagen AG as part of the May 31, 2011, offer were transferred
                                                                        to the new majority shareholder. Volkswagen was increasing its
0.5                    0.25
                                                                        share of the voting rights in MAN SE to 75.03 percent with effect
         2007   2008   2009   2010   2011                               from June 6, 2012.
                                                                                                                        Financial MAN Group
                                                                                                                                  Information   82

                                                                                MAN as an Investment
                                                                                            Reasons for investing in MAN

We are focused.       MAN concentrates on two strategic areas: Commercial Vehicles and Power Engineering. We are focused on transporta-
                      tion and energy – market segments with long-term global opportunities.

We are global.        MAN has a clear globalization strategy. We are a global player represented on all five continents. We hold leading posi-
                      tions in our markets and primarily see growth abroad, especially in the BRIC countries.

We are innovative.    Technology leadership is one of the keys to success for MAN. We develop solutions for our customers that are tailored
                      to their markets and their needs. This and our ability to constantly pioneer and evolve has made us a front-runner in the
                      transportation and energy industry.

We are sustainable.   MAN is committed to future-oriented sustainable corporate leadership. We take economic, ecological, and social
                      requirements into consideration.

We are strong.        MAN has leading technologies, good market positions, and international alliances. We have a good financial position
                      and hold one of the strongest ratings among our peers.

We are cooperative.   Joining forces with strong partners makes us even more powerful. We are working closely within the Group and with our
                      partners, we swap information and transfer knowledge.
                                                                                                                             Financial MAN Group
                                                                                                                                       Information   83

                                                                                              Ratings and Bonds

Bond                                                                                    Rating
An important component of the MAN Group’s funding is its access to the capital          In May 2011, Standard & Poor’s lifted its outlook for
markets. In 2009, MAN SE launched a Euro Medium Term Note (EMTN) program                MAN’s BBB+ long-term rating from “stable” to “positive,”
with a volume of up to €5 billion. Under this program MAN issued in 2009 a bond in      confirming this again in July 2011, and then lifted its rating
two tranches expiring in 2013 and 2016, a bond in March 2012 expiring in 2017, and      to A– with a stable outlook in December 2011. The A3
private placements.                                                                     rating with a stable outlook awarded by Moody’s was
                                                                                        confirmed in September 2011.

                                   Bond                 Bond                Bond           Our ratings give the MAN Group better
                               2009/2013            2009/2016           2012/2017          access to the capital markets and
 Issuer                            MAN SE              MAN SE               MAN SE
 Volume                       €1,000 million        €500 million         €750 million
                                                                                           contribute to its financial flexibility.
 Date of issue                   5/20/2009            5/20/2009          03/13/2012
 Term                               4 years             7 years              5 years
 Coupon                             5.375%              7.250%               2.125%
                                                                                                           Long-term            Short-term
 Stock exchange listing        Luxembourg           Luxembourg          Luxembourg
 ISIN                       XS0429607640         XS0181879650        XS0756457833        Standard
                                                                                                              A-/Stable                   A-2
 German Securities                                                                       & Poor's
                                   A0ZYPG              A0AART               A1ML0A
 Code Number (WKN)                                                                       Moody's              A3/Stable                   P-2
                                                                                                                                           Financial MAN Group
                                                                                                                                                     Information   84

                                                                                                                        Group Funding

                                                                                  Maturity structure
                                                                                  excl. asset based funding
                                                                                  An extended maturity profile is the result of conservative financial
                                                                                  € million


Financing mix
incl. asset based funding                                                         1200

A diversified financing structure is the basis for the financial flexibility of
the MAN Group.                                                                     900

           1%                                                                      600
                54%                     Bonds
                                        Public loans

                                        Asset based                                300
                                        Bank loans
                                        Promissory note
25%                                     bond                                             2012    2013   2014    2015     2016   2017   2018+
                                                                                    Bank loans                 Promissory note bond
                                                                                    Bonds                      Public loans
                                                                                                                                     Financial MAN Group
                                                                                                                                               Information   85

                                                                                          Financial Management
                                                                                                                                           Cash flow
Free cash flow
€ million
             1,683                                                                      Free cash flow in 2011:
1,500                                                                                   Negative free cash flow due to growth
1,000                                                                                   Free cash flow in the Commercial Vehicles business
                                                                                        area totaled €-339 million
                                                                                        Free cash flow in the Power Engineering business
    0                                                                                   area amounted to €270 million
             2007    2008   2009     2010    2011

                                                           Industrial Business             Financial Services          To obtain a more meaningful analysis
 € million                                                   2011            2010            2011               2010   of the Group’s financial position, the
 Net liquidity/net financial debt at beginning of period        80               -822       -1,858          -1,812     figures are classified into the Industrial
 Cash earnings                                               1,090               861            4                -46   Business and Financial Services.
 Net cash provided by/used in operating activities             964           1,502           -446                -75   Financial Services relates to MAN
 Net cash provided by/used in investing activities            -631               -388           -6                14   Finance’s sales financing activities,
 Free cash flow                                                333           1,114           -452                -61   primarily involving the leasing of
 Net liquidity/net financial debt at end of period              42                80        -2,254          -1,858     commercial vehicles to customers.
                                                                                                                                        Financial MAN Group
                                                                                                                                                  Information   86

                                                                                                          Capital Expenditures
                                                                                  Safeguarding the future and growth of MAN

Capital expenditure                                                                                        MAN Truck & Bus
                                                                                                           •   New production facility in St. Petersburg
€ million                                      € million                                                   •   Enlargement of the logistics center in Salzgitter
800                                            800                  750                                    •   Expansion of the sales and service network

700                                            700
                                                                                              621          MAN Latin America
600                                            600                                                         •   Changeover to the Euro V emission standard
                  5                            500                                                         •   Resende production site to expand capacity and
                                                                            399      395                       leverage potential synergies with MAN Truck & Bus
400             156                            400

300                                            300
                                                                                                           MAN Diesel & Turbo
                                                                                                           •   Future emission standards for Engines & Marine
200                                     355    200
100                                            100                                                         •   Commencement of operation in May 2011 for

  0                                              0
                                                                                                               the second expansion phase at the Changzhou
                2010                    2011               2007    2008     2009    2010     2011
                                                                                                               production facilities in China
                                               Like-for-like data for all years, excluding discontinued
  Property, plant, and equipment, and          operations.
  investment property                          2007 to 2009 excluding acquisition of Scania shares,        Renk
  Intangible assets                            2009 and 2010 excluding acquisition of MAN Latin
                                               America and Sinotruk, 2011 excluding acquisition of ad-     •   Expansion of the Augsburg high-bay warehouse
  Investments                                  ditional interest in EURO-Leasing.
                                                                                                                                    Financial MAN Group
                                                                                                                                              Information      87

                                                                                            Financial Control Measures
                                                                                                          Assessing MAN’s performance goals

   The key financial control measures in the MAN Group are defined as return on sales (ROS), which is the ratio of
   operating profit to revenue, and return on capital employed (ROCE), which is the ratio of operating profit to annual
   average capital employed.

Target returns                                                   MAN Group ROS                                      MAN Group ROCE
(average business cycle)*
                                                                 %                                                  %
MAN Group                                                                         11.6
                                                                12       11.0                                        50
ROS of 8.5% over a business
cycle and a ROCE that exceeds the                                                                                                40.2
                                                                10                                      9.0          40
weighted cost of capital of
10%.                                                             8                               7.1
Commercial Vehicles                                              6
                                                                                          4.2                        20                        17.4
The target ROS is 8.5%.

Power Engineering                                                2

The target ROS is 9.0%.
                                                                    0                                                 0
                                                                              2007 2008   2009   2010   2011              2007   2008   2009    2010    2011
* A bandwidth of +/–2 percentage points has been defined for all specified ROS figures.
                                                    Financial MAN Group
                                                              Information   88

                     Investor Relations
                                           Financial calender

Date                   Event
July 31, 2012          Report on the first half of 2012
October 30, 2012       Report on the third quarter of 2012
June 6, 2013           Annual General Meeting for fiscal 2012

Furthermore, MAN Investor Relations regularly attends conferences
and holds roadshows.

Scan the QR code to find comprehensive information
on MAN shares, financial publications, and all IR’s
services on MAN’s Investor Relations website:
                                                                             Financial MAN Group
                                                                                       Information   89

                                                                    Investor Relations

Helga Würtele                Thomas Paschen          Eva-Marie Baum          Beate Ehring
Head of Investor Relations   IR Manager              IR Media and Events     IR Assistant
+ 49. 89. 36098-334          + 49. 89. 36098-574     + 49. 89. 36098-398     + 49. 89. 36098-499

Investor Relations
Ungererstr. 69
80805 Munich

Version: July 2012

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