We are MAN

MAN Factbook 2012December 2012

Engineering the Future – since 1758.

We are MAN.

MAN SE

MAN Group 2

MAN at a Glance

€ million2012

Q32012

Q22012

Q1Total 2011

2011 Q4

2011 Q3

2011 Q2

2011 Q1

Order intake 3,524 3,690 4,368 17,145 4,208 4,096 4,411 4,430

Revenue 3,888 3,849 3,845 16,472 4,472 4,034 4,242 3,724

Order backlog 1 6,489 7,101 7,105 6,640 6,640 6,640 6,640 6,640

Headcount 1, 2 54,970 55,235 54,802 52,542 52,542 52,542 52,542 52,542

Operating profit 185 218 253 1,483 400 321 437 325

Earnings per share fromcontinuing operations in €

0.39 -0.62 0.86 4.62 -2.29 1.13 1.95 3.83

Earnings/loss before

interest and taxes (EBIT)159 5 225 1,256 -237 293 412 788

ROS (%) 4.8 5.7 6.6 9.0 8.9 8.0 10.3 8.7

ROCE (%) 10.2 12.5 16.0 24.4 27.8 20.9 27.7 21.4

Cash earnings 160 270 222 1,094 74 279 469 272

Net cash provided by operating activities

-262 -379 -105 518 361 13 125 19

Net cash used in investing activities -164 -157 -654 -637 -259 -141 -171 -66

Free cash flow -426 -536 -759 -119 102 -128 -46 -47

Net financial debt 1 -4,309 -3,853 -3,016 -2,212 -2,212 -2,212 -2,212 -2,212

Total equity 1 5,446 5,362 6,128 5,590 5,590 5,590 5,590 5,590

1 As of the reporting date.2 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

02/ Business Areas 16 Commercial Vehicles 26 MAN Truck & Bus 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 Rating and Bonds 84 Group Funding 85 Financial Management 87 Financial Control Measures 04/ Investor Relations 88 Financial Calendar 89 Investor Relations Contacts

23 - 25 Commercial Vehicles: Market Potential

82

MAN as an

Investment

9

Group Order

Situation

56 - 57 MAN Diesel & Turbo: Products and Services

20BRIC Strategy

MAN Group 4

Headquartered in

Munich

About MANEngineering the Future

Focus on trans-

portation and

energy

Leading positions

in all our markets

254-year history

Represented on

all five continents

Around 52,500 employees in 150 countries

The MAN Group is one of Europe’s leading industrial play-

ers in transport-related engineering, with revenue of ap-

proximately €16.5 billion in 2011. As a supplier of trucks,

buses, diesel engines, turbomachinery, and special gear

units, MAN employs approximately 52,500 people world-

wide. Its divisions hold leading positions in their respective

markets.

MAN SE, Munich, is listed in the MDAX.

MAN Group 5

About MANMAN has moved. For more than 250 years

Foundation of the St. Antony Ironworks, predeces-sor of the "Gutehoff-nungshütte" (GHH)/MAN

1758 1787GHH becomes Germany’s first railroad track manu-facturer

1897World’s first diesel engine

1888First German triple-expan-sion steam engine

1903First fast-running four-stroke diesel ship engine and world's first steam turbine and first large-bore diesel engine power plant

1923First diesel vehicle engine with direct fuel injection

1971Participation in launch of vehicle astronautics project

2000Trucknology® Generation truck series and use of first large-bore electronically controlled diesel engine

2001First hybrid-drive city bus

2006Development and construc-tion of world's largest screw compressor

2011 2012MAN TGX 18.400 named “Green Truck 2011”

IAA Commer-cial Vehicles Show in Sep-tember 2012: Euro VI truck engines will be unveiled

BusinessAreas

Divisions

Investments

MAN SEPower Engineering (PE)

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

MAN

Latin America

Revenue 2011: €3.6 bn

Renk

(76%)


MAN

Diesel & Turbo


MAN

Truck & Bus


Commercial Vehicles (CV)

MAN Group 6

Dr.-Ing. Georg Pachta-ReyhofenChief Executive Officer MAN SE

Frank H. LutzChief Financial Officer MAN SE

Dr. René UmlauftChief Executive Officer MAN Diesel & Turbo SE

Anders NielsenChief Executive Officer MAN Truck & Bus AG

Antonio R. CortesPresident MAN Latin America

Jochen SchummChief Human Resources Officer MAN SE and MAN Truck & Bus AG

Management Board

Ulf BerkenhagenChief Procurement Officer MAN SE and MAN Truck & Bus AG

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 7

Corporate StrategyLeveraging global opportunities

Our corporate strategy aims to create sustainable value.

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.

MAN Group 8

Innovation is one key to remaining competitive over the long term. This is why MAN invests over 4% of its annual revenue in R&D.

MAN has been writing innovation history for more than

250 years. The MAN Group invests in its future, keeping

expenditure for developing innovative products of high

customer value and for improving production at a con-

sistently high level. Our ability to constantly pioneer and

evolve has made us a front-runner in the transportation

and energy industry.

MAN is mainly focusing on:

• Reducing emissions

• Reducing consumption

• Alternative drive concepts

• Alternative fuels

€ million

2011

2010

R&D expenditures 740 626

R&D expenditures of the manufacturing areas(% of revenue)

4.5 4.3

Internally funded R&D 565 469

R&D employees (annual average) 4,443 3,944

€ million € million

R&D expenditures by business area (2011)*

R&D expenditures

Strategic ObjectiveTechnology leadership

0

100

200

300

400

500

600

700

800

2007 2008 2009 2010 2011

433

493 504

626

740

0

100

200

300

400

500

600

700

800

Power Engineering

MANGroup

Commercial Vehicles

403

345

740

* MAN Group incl. Others/Consolidation.

MAN Group 9

Key FiguresGroup order situation

Order intake

€ million

0

5,000

10,000

15,000

20,000

2007 2008 2009 2010 2011

17,818

14,033

9,860

15,072

17,145

2011 order intake by region

21

26

11

13

24

Ger

man

y

Oth

er E

U

coun

trie

s

Oth

er E

urop

ean

coun

trie

s

Asi

a

Am

eric

as

Afri

ca

Aus

tral

ia &

O

cean

ia

4

1

Order intake by business area

€ million %

0

5,000

10,000

15,000

20,000

4,148(24%)

13,093(76%)

4,000(26%)

11,163(74%)

2010 20110

5

10

15

20

25

30

Power EngineeringCommercial Vehicles

MAN Group 10

Key FiguresGroup revenue situation

Revenue

€ million

0

5,000

10,000

15,000

20,000

2007 2008 2009 2010 2011

2011 revenue by region

0

1,000

2,000

3,000

4,000

5,000

21

25

11

13

25

4

1

Revenue by business area

€ million %

0

5,000

10,000

15,000

20,000

3,999(24%)

12,563(76%)

4,169(28%)

10,586(72%)

2010 2011Power EngineeringCommercial Vehicles

14,06314,945

12,026

14,675

16,472

Ger

man

y

Oth

er E

U

coun

trie

s

Oth

er E

urop

ean

coun

trie

s

Asi

a

Am

eric

as

Afri

ca

Aus

tral

ia &

O

cean

ia

MAN Group 11

Key FiguresDivisions

2011 order intake by division

%

2011 operating profit by division2011 revenue by division

% %

21%

21%

3% 55%

MAN Latin America MAN Truck & Bus

Renk

MAN Diesel & Turbo


Renk

MAN Diesel & Turbo


Renk

MAN Diesel & Turbo

22%

22%

54%2%

31%

27%

38%4%

MAN Group 12

Corporate ResponsibilityMAN ‘s CR Strategy

• Integration of corporate responsi-

bility into corporate and business

strategies as well as operating

processes

• Integration into vocational train-

ing and continuous professional

development

• Systematic stakeholder dialog

and open communication

• Climate strategy with clear

objectives

• Resource-efficient product and

service portfolio

• Resource efficiency in production

and administration

Integration

Environment

• Risk management

• Innovation management

• Supplier management

• Employer branding and talent

management

• Promoting diversity

• Occupational health and safety

management

Economy

People

Corporate Citizenship

Corporate Governance

MAN Group 13

Corporate ResponsibilityMAN’s Climate Strategy

Acknowledge responsibilityThe transportation and energy sectors are

contributing to climate change to an ever-

greater extent.

Dilemma and approachThe interaction between our own product

development, our suppliers, legislation,

and our customers and their customers is

complex.

CommitmentOur target: reduce our own CO2 emissions

by 25% by 2020 (baseline: 2008).

Climate change is among the greatest challenges to human-ity. MAN is fully aware of and acknowledges its responsibil-ity to contribute to reducing the global carbon footprint of the transportation and energy sector. MAN has set itself the target of reducing its own CO2 emis-sions by 25% by 2020 (base-line: 2008).

VisionBy 2020, our aim is to be recognized as one

of the industry players to have dealt with the

challenges of climate change the best.

MAN Group 14

Rating agency Index Rating

Sustainable Asset Management (SAM)Dow Jones Sustainability Indexes

(DJSI)

Listed in DJSI World and DJSI Europe

78 of 100 points

Carbon Disclosure Project (CDP)Carbon Disclosure Leadership

Index (CDLI)

Listed for the third time in a row

84 of 100 points

Sustainalytics - Ranked 15th out of 82

oekom research - Prime B-

Corporate ResponsibilitySustainability ratings

Scan the QR

code to learn

more about

MAN, corporate

responsibility and

find MAN’s latest

CR Report:

Sustainalytics: Sustainalytics performs a sustainability

analysis that rates the ESG (environmental, social, and

governance) performance of companies.

oekom research: based on the world’s most com-

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.

Sustainable Asset Management (SAM): the Dow

Jones Sustainability Indexes track the stock perfor-

mance of the world’s leading companies in terms of

economic, environmental and social criteria.

Carbon Disclosure Project: evaluates the transpar-

ency of company data relevant to climate protection.

MAN’s sustainability ratings as per 31.10.2012

MAN Group 15

No.

2011

2010

Germany 30,187 27,354

Other countries 22,355 20,315

Other countries in % 43 43

Total 52,542 47,669

Leadership CultureTalent management

Employee commitment and performance is key to the

success of a company – and the foundation for this is

MAN Group’s corporate and leadership culture, which

is clearly oriented towards MAN’s corporate values and

vision.

The “Personalities Wanted” employer branding campaign

positions MAN as an attractive employer internationally

in order to continue to recruit qualified employees in the

future.

For the second time in a row, MAN Latin America was honored

as a Great Place to Work by the Great Place to Work Institute

of Brazil in 2011.

MAN’s leadership culture focuses on four specific leadership qualities: competence, transparency, commitment, and behavior.

An independent study conducted by the CRF Institute named

MAN Truck & Bus “Top employer Germany” in 2011.

Headcount*

MAN rated as top employer internationally:

Scan the QR code to learn more about

MAN as a top employer and interact

with us on Facebook:

* Including subcontracted employees as of December 31.

Commercial Vehicles 16

Commercial Vehicles

Engineering the Future – since 1758.MAN Group

Staying in the black while going green? We are your MAN.

MAN Group 17Commercial Vehicles 17

Commercial Vehicles

MAN Latin America (ML)MAN Truck & Bus (MTB)

• Trucks with a gross vehicle weight of 7.5 t to 44 t (GVW)

• Heavy special-purpose vehicles with a gross

train weight of up to 250 t

• City and intercity buses, coaches, and bus

chassis

• Industrial, marine, and on- and off-road engines

• End-to-end passenger transportation and goods

transportation services

• Trucks with a gross combined weight from 5 t to 74 t

(GCW) for all uses

• Bus chassis from 5 t to 26 t for all applications,

including articulated

Internationalization with focus on BRIC countriesMulti-brand strategyDevelopment of a global truck portfolio, including a new light rangeBus product portfolio including a chassis for global useFocus on transportation efficiency, in particular on hybrid technologyCooperation with Volkswagen Group and Scania among other things

MTB is the largest MAN Group company and is

a leading supplier of commercial vehicles and

transportation solutions.

ML is the largest truck manufacturer in Latin America. It

leads the truck market in Brazil and is a leading supplier of

commercial vehicles and bus chassis for growth markets,

with one of the most advanced production facilities

worldwide for trucks and buses.


Mexico, QuerétaroTrucks, and buses

Brazil, ResendeHeavy/medium/light trucks, and bus chassis South Africa

OlifantsfonteinBuses

PinetownTrucks, and bus chassis

TurkeyAnkara Coaches, and city buses

India, PithampurMAN Trucks India Pvt. Ltd. Heavy trucks

GermanyMunichHeavy trucks, cabs, and driven axles

SalzgitterHeavy trucks, bus chassis, andcomponents

NurembergEngines

PlauenPremium coaches, double-decker buses, and coaches

SteyrLight /medium trucks,and cabs

CracowHeavy trucks

PoznanCity buses, and bus chassis

StarachowiceBody in white bus

Austria

Russia St. Petersburg*Heavy trucks

China, JinanSinotruk Ltd.Heavy trucks

ViennaRMMVSpecial-purpose vehicles

Poland

MAN Truck & Bus

MAN Latin America

No.

2011

2010

MAN Truck & Bus 34,239 31,284

MAN Latin America 1,915 1,736

Headcount**

Cooperation partners & joint ventures

* Start of production (SOP) set for 2012.** Including subcontracted employees as of December 31.

Production SitesGlobal reach


Commercial VehiclesCooperation

• Takeover of the joint venture in India

• Before closing: 50%/50% joint

venture MAN Force Truck Pvt. Ltd.

• Since closing on March 28, 2012

renaming into MAN Trucks India Pvt.

Ltd. and now a subsidiary of

MAN Truck & Bus

• CLA series: heavy trucks upwards

of 16 t

• MAN has an interest of 25% + 1 share

in Sinotruk, which is part of the China

National Heavy Duty Truck

Group Co., Ltd. (CNHTC)

• Sinotruk is one of the leading Chinese

heavy truck manufacturers, providing

MAN with a strong presence in China

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

• Cooperation with the VW Group will boost

MAN’s growth trajectory and will further

expand our position as one of the world’s

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

Voting rights: 17.37%Capital: 13.35%

Voting rights: 71.83%Capital: 49.29%

Voting rights: 75.03%Capital: 73.41%as of June 6, 2012

VW Group


Commercial VehiclesBRIC strategy

Brazil Russia/CIS China• Strong position: 2011 MTB

again market leader among

European manufacturers

• New production plant in

St. Petersburg, with SOP set for

2012

• CKD assembly in Uzbekistan,

with SOP in Q2 2012

• MAN is licensing its TGA

truck technology to

Sinotruk (incl. engines,

vehicle chassis, and axles)

• The partnership combines

MAN’s progressive technology

and expertise with Sinotruk’s

existing production facilities,

local knowledge, and extensive

Chinese sales network

India• Restructuring of business

activities following MAN’s

takeover of the joint venture

• Investments in production in

Pithampur (cab shell, paint

shop, etc.) and sales (dealer

and service network)

• Production and sale of the

MAN CLA in and outside of the

Indian market to be driven

solely by MAN

• MAN TGX: sales started in

Q1 2012

• In 2012 localization of MAN D08

engine in Brazil

• MAN Latin America plans

expansion of its facilities

(investing approx. €400 million

by 2016)

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 strategy.


Commercial VehiclesMulti-brand strategy

• Core market: Europe

• MAN: premium segment

• MAN CLA: upper low segment

• MAN buses: city buses, chassis,

coaches

• Core market: Latin America

• Premium/upper budget

segment

• Core market: China and

later other Asian countries,

Africa, the Middle East, and

the CIS region

• Budget segment

• Core market: Europe

• Premium coach brand

• Extensive modernization

of NEOPLAN plant

in Plauen, completion

planned in 2013


EU 27

Brazil

Russia

India

China

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

Euro IV Euro V Euro VI 1

Euro III Euro V 2 Euro VI 3

Euro II Euro III Euro VEuro IV 4

Euro II Euro III 5 Euro IV 5

Euro II= China II

Euro III= China III

Euro IV= China IV

Euro V 6

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.

Challenges Facing TransportationEmission standards

The challenge facing the transportation industry is

to reduce energy consumption per ton of goods

transported and to develop drive systems that

increasingly run on non-fossil and renewable fuels

in the future.

Overview of emission standards worldwide

All new commercial vehicles registered in Europe from January 1, 2014, must comply with the Euro VI emission standard. 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).

Source: MAN Sales Business Intelligence (SBI) Report


Market Potential Europe and Brazil

2011 market share trucks > 6 t*

European truck & bus market forecast as of Feb. 2012*

0

100

200

300

400

500

Brazilian truck & bus market forecastas of Feb. 2012

0

50

100

150

200

250

22%

18%

22%

11%14%

13%

MAN

Mercedes-Benz

Volvo

Others

Scania

DAF

MAN

Mercedes-Benz

Scania

Others

Volvo

Ford

2011 market share trucks > 5 t

24%

8%

9%30%

11%

18%

* Europe excl. Turkey and Bulgaria.

2010 2015 2020

Units sales (thousand)

2010 2015 2020

Unit sales (thousand)

Source: MAN Truck & Bus Registration Report/MAN Latin America Registration Report

Trucks > 6 t GVW

Bus > 8 t GVW

Trucks > 6 t GVW

Bus > 8 t GVW


Market PotentialRussia and India

2011 market share trucks > 12 t65%3%

4%

25%

1%2%

0

50

100

150

200

250

300

350

Indian truck & bus market forecast as of Feb. 2012 Unit sales (thousand)

2010 2015 2020

MAN

Ashok Leyland

Asia Motor Works

Others

Tata Motors

VE Eicher


31%

32%

6% 8%

12%

11%

0

50

100

150

200

Russian truck & bus market forecast as of Feb. 2012

2010 2015 2020

Units sales (thousand)

MAN

GAZ

MAZ

Others

URAL

KAMAZ

Source: MAN Truck & Bus Registration Report

Trucks > 6 t GVW

Bus > 8 t GVW

Trucks > 12 t GVW

Bus > 8 t GVW


Market PotentialChina


12%

21%

18%

16%

0

200

400

600

800

1000

1200

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

2010 2015 2020

CNHTC

Weichai

FAW

Others

Beijing Automotive

Dongfeng

12%

Source: IHS Global Insight

Trucks > 14 t GVW

Bus > 8 t GVW

21%

MAN Group 26MAN Truck & Bus 2626

MAN Truck & Bus

Doing something about rocketing fuel prices? We are your MAN.



Executive Board

Anders Nielsen Chief Executive Officer

Jörg AstaloschControlling, IT & Legal

Bernd MaierhoferResearch & Development

Dr. Carsten IntraProduction & Logistics

Dr. Frank Hiller Marketing, Sales & Services

Ulf BerkenhagenProcurement

Jochen SchummHuman Resources & Labour Relations Director


ProductsBroad product portfolio

• Heavy series:

TGS, TGX, TGX V8, and

TGX Efficient Line

18 – 41 t GVW

• Light / medium series:

TGL, and TGM

7.5 – 26 t GVW

• Specialized trucks:

TGS WW, military vehicles, and

special-purpose vehicles

• Export series: Cargo Line A (CLA),

and SITRAK T7H

• MAN: Buses for business

Lion’s Coach, Lion’s Regio,

Lion’s City, and Lion’s City GL

• MAN Lion’s City Hybrid

• NEOPLAN: VIP Class

Skyliner, Starliner, Cityliner,

and Tourliner

• Chassis

• Vehicle/industrial engines

37 kW (50 hp) to 1,324 kW

(1,800 hp). There are 4- and

6-cylinder in-line units, and

8- and 12-cylinder V engines

• Axles

Driving and non-driven axles

Trucks Buses Engines & Components Service


Strategic ObjectivesProfitable international growth

Operational excellence Innovation Customer orientation

• Implement a holistic

customer orientation ap-

proach with MAN/NEOPLAN

• Provide integrated transport

business solutions

• Concentration on core com-

petencies

• Optimization of vertical and

horizontal value chain

• Focus on innovation leader-

ship in selected fields

• Strengthen new business

concepts to increase customer

value

Internationalization

• Strengthen position in home

market Europe

• Exploit market potential in

BRIC and other growth

markets


Innovative TechnologiesEuro VI

Legal standardsAll 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.

• MAN presented the first Euro VI city buses at the

2011 Busworld expo in Kortrijk

• It will unveil the corresponding truck engines at the

IAA Commercial Vehicles Show 2012 in Hanover

MAN has already developed the solutions

Scan the QR code to learn more about

legal requirements, Euro VI standards, and

MAN’s innovative solutions:0.00

0.05

0.10

0.15

0.20

0.25

0.30

0.35

0.40

0

1

2

3

4

5

6

7

8

Euro I II III IV V VI Euro I II III IV V VI

Particulate matter emission limits Nitrogen oxide limits

g/kWh g/kWhThe two technologies necessary for the Euro VI emission

standard – exhaust gas recirculation (EGR) and selec-

tive catalytic reduction (SCR) – have been successfully

used at MAN in series production of commercial vehicles

for several years now.


Innovative TechnologiesAlternative drive concepts

• Uses up to 30% less fuel and produces correspondingly less CO2

than conventional diesel-powered city buses

• On the market as a series vehicle since 2010 and has been

successfully launched as a public service bus

• 72 Lion’s City Hybrid buses ordered and 60 already delivered

(January 2012)

• Field tests in six cities (Munich, Paris, Barcelona, Vienna, Milan,

Valencia) ongoing until October 2012

MAN Lion’s City Hybrid• In the field since August 2011 and providing important empirical

feedback for optimizing hybrid drives in delivery transportation

• MAN anticipates that the widespread use of hybrid vehicles for

urban delivery applications will deliver fuel savings of up to 15%

• Start of small-scale series development in July 2011

MAN TGL 12.220 Hybrid

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.


Transportation EfficiencyConsistently efficient

• Combines optimized air resistance and payload creating a

commercially viable vehicle that meets current demands of long-

distance transportation

• Up to 3 liters less fuel consumed in long-distance transportation

(proven by TÜV Süd, international press tests, and customer

experience) translating in up to 10% less energy consumption per

ton transported

• 6,082 incoming orders* since its launch in October 2010

• Named “Green Truck 2011”

MAN TGX EfficientLine• Proposals to optimize the aerodynamics of the long distance

vehicles of the future

• MAN Concept S’s aerodynamic design alone allows it

to consume up to 25% less fuel – when combined with

an appropriately modified trailer – than a conventional 40-ton

semitrailer tractor

• Its implementation would require amending certain

registrationrules within the EU

MAN Concept S study

* EfficientLine vehicles and packages, as of February 1, 2012.


Strategic Growth MarketDevelopment of external engine business

• Expansion of sales and

service network

• Production start-up of

key projects

• High investments in new

products

• Change in energy policy

additionally bolstering the

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.

0

50

100

150

200

250

300

350

• Rail

• Bus (components)

• Construction

• Agriculture

• Marine

• Power

Revenue development Target marketsBusiness development

2009 2010 2011

Highlights 2011

€ million • Delivery of 2,188 engines to Russian

bus manufacturer LIAZ (subsidiary of

Russia’s largest automotive group,

GAZ Group)

• World premiere at the AGRITECH-

NIKA 2011: new V12 gas engine

boasting 550 kW

Dedicated The right engine for every application Customized The right emission technology for every market Innovative MAN engines and their technology


Market Potential in EuropeTransportation and traffic volume on the rise

Goods transportation in Europe

0

500

1,000

1,500

2,000

2,500

3,000

2000 2005 2010 2020 2025

Billion ton-kilometers*

Inland waterways Railways

Passenger transportation in Europe

0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

8,000

2000 2005 2010 2020 2025

Person-kilometers**

Rail Buses and Coaches

• Need for a pan European ‘core network’. More efficient

services in multimodal combinations should be used

• Goods transport by rail should expand above average to

handle increasing freight transport volume in coming years

• Little growth in passenger transportation by bus and

coach. Most improvement expected in transport by rail,

especially by interurban rail

• Car share is expected to shrink slightly

* 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.

Roads Cars



Market Potential in EuropeNew registrations

Trucks > 6 t*

Units sales

0

5,000

10,000

15,000

20,000

25,000

30,000

35,000

40,000

2008 2009 2010 2011

2008

407,000

2009

220,000

2010

235,000

2011

306,000

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

0

5,000

10,000

15,000

20,000

25,000

30,000

35,000

40,000


Market SharesKey market drivers

MAN Truck & Bus market share Trucks > 6 t*

MAN Truck & Bus market share Buses > 8 t

0

5

10

15

20

2007 2008 2009 2010 20110

5

10

15

20

2007 2008 2009 2010 2011

% %

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

• Major challenge: increase in urban population

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

• Domestic demand is affected by lower consumer

purchasing power, tighter fiscal policy, the sovereign

debt crisis

• Introduction of Euro VI in 2014

• Major share of goods transport on the road, further

increase of road freight transport volume expected

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


Key FiguresBusiness performance

0

3,000

6,000

9,000

12,000

15,000

2007 2008 2009 2010 2011

Order intake

€ million

12,684

9,130

5,224

8,023

9,514

0

2,000

4,000

6,000

8,000

10,000

12,000

2007 2008 2009 2010 2011

Revenue

€ million

10,410 10,610

6,395

7,446

8,984

-200

0

200

400

600

800

1,000

1,200

2007 2008 2009 2010 2011

Operating profit/loss

€ million

1,039 1,062

-91

158

565

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



-2

0

2

4

6

8

10

2007 2008 2009 2010 2011

ROS

%10.0

-1.4

2.1

6.3

10.0

0

5,000

10,000

15,000

20,000

25,000

30,000

35,000

40,000

2007 2008 2009 2010 20112007 2008 2009 2010 2011

Headcount*

No.

36,591

31,519

36,251

31,284

34,239

0

20,000

40,000

60,000

80,000

100,000

120,000

Vehicle sales

Units

7,227

5,775

5,483

6,23296,478 77,643

55,166

40,535

7,349

93,260

Trucks Buses


MAN Group 39MAN Latin America 39

MANLatin

America


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


Executive Board

Antonio R. CortesPresident

Helmut HümmerichFinance

Gastão RachouProduct Strategy &Portfolio Manage-ment

Jose Ricardo AloucheSales, Marketing & After Sales

Marcos ForgioniInternational Sales & Marketing

Adilson Dezoto Production &Logistics


Constellation VolksbusWorker DeliveryThe Constellation is

equipped with a sleeping

compartment and the most

advanced technology. It is

ideal for medium- and long-

distance transport as well

as off-road.

The Volksbus includes a

complete line of urban

and coach chassis

designed to provide

comfort for passengers

and profitability for fleet

owners.

The Worker features reli-

able, high-quality robust-

ness for all types of heavy

service on highways in

urban and rural areas as

well as off-road.

The Delivery is a light, agile

vehicle that is easy to drive

and maneuver and also has

low maintenance costs. It is

made for rapid transport in

cities or rural areas.



Operational excellence Innovation

Strategic Objectives

Customer orientation

• Develop reliable and

affordable products with

leading quality in their seg-

ments

• Ensure customer and dealer

satisfaction

• Be the center of competence

within the MAN Group for

the development of budget

trucks and buses

• Leverage synergies with MAN

and VW Group to strengthen

new business concepts


• Expand market presence in

Latin America and global

budget markets


Consórcio Modular: tailor-made philosophyThe 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 with minimal fixed costs. It also reduces manufacturing costs, warehouse inventories, and even production times.

Innovation and CompetenceEverything under one roof

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

Production concept• Optimized process and production flow

• Optimized logistics and material handling

• “Modules simultaneos” production

• Partners instead of suppliers

• Product flexibility – ready for new products

• Customer-orientated products


Innovation and CompetenceAlternative fuels and hybrid solutions

VW Constellation 17.280 6x2 Hybrid prototype

MAN TGS 33.440 6x4

• Same concept of kinetic energy recovery

used in Formula 1 cars

• The system stores the energy collected

during braking in hydraulic accumulators,

and later uses it in starting the vehicle

• It is indicated for operations with “run

and stop” applications, such as waste

collection or public transportation

• The truck has an MAN D08 power train

complying with Euro V

• Next stage: pilot project with a strategic

fleet operator in the sector

• Tractor powered by a diesel and ethanol

55% ratio mixture

• With two different fuel tanks, the

vehicle maintains the same performance

of a traditional model, in addition to

substantially reducing emissions of CO2

and particulate material

VW Constellation 17.190 Ultra CleanTM Diesel

• Beverage truck powered by renewable

bio-fuel contributing to the reduction of

vehicle’s carbon emissions

• Developed by the American

biotechnology company, LS9 promises

to be simpler and cheaper than the

options currently available in the market

• The model will be in operation for tests

at fleet operators in the sector as early as

2012

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.


Market PotentialKey market drivers for company growth

Economic

growth due to

many export-

oriented com-

panies, strong

commodities

producing

sector, tap-

ping of newly

discovered

mineral re-

sources

Infrastructure

needs due to

2014 FIFA

World Cup

and 2016

Olympic

Games

Need to re-

new Brazil’s

aging fleet of

transporta-

tion vehicles.

Govern-

ment finance

programs

to push this

(average fleet

age: above 16

years)

Localization

of MAN’s

TGX/TGS

models and

of the D08

engine

Introduction

of Euro V in

2012

High after-

sales poten-

tial due to

engine com-

ponent market

and introduc-

tion of MAN

products

Brazilian

government

has decided

on stimulus

measures to

ensure con-

tinuous devel-

opment of the

economy

“Prócaminhoneiro” to modernize the truck fleet through subsidized financing options“Caminho da Escola” for which MAN Latin America sold 2,935 school buses in 2011PAC-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

Stimulus measures by the Brazilian government

New export

business

Export of VW

models us-

ing the MAN

sales network

and export of

MAN models

via MAN Latin

America im-

porters


Market PotentialInfrastructure and transportation

Goods transportation in Brazil

0

500

1,000

1,500

2,000

Billion ton-kilometers*

Passenger transportation in Brazil

0

200

400

600

800

1,000

1,200

Person-kilometers**

• Improvement of road conditions is of highest priority; only

12% of Brazil’s highways are paved

• The rail infrastructure network is to be extended up to

40,000 km by 2020

• Passenger transportation growth is due to the rising car

segment

• In preparation for the 2014 FIFA World Cup and the

2016 Olympic Games, main cities will be linked by road

2000 2005 2010 2020 2025

Roads Railways

2000 2005 2010 2020 2025

* 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.

Inland waterways Cars Buses and Coaches Rail (proportion is negligible)



Market Potential New registrations in Brazil

Trucks > 5 t

Unit sales

0

5,000

10,000

15,000

20,000

2008 2009 2010 2011

2008

118,400

2009

107,400

2010

155,900

2011

171,200

Source: MAN Latin America Registration Report

0

5,000

10,000

15,000

20,000


Market PotentialIntroduction 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

development of made-to-order models for the Latin American

market, an exclusive production line for the MAN trucks in

Resende, including the construction of a new training center and a

parts distribution hub

• TGS exhibited at FENATRAN 2011

• TGX 29.440 6x4 and 33.440 models to be marketed starting in

2012

• MAN D08 meets the stringent requirements of the Control Program

of Air Pollution from Motor Vehicles (PROCONVE P7), which are

comparable to the Euro V requirements

• Trucks offered in Brazil with the MAN D20 and D26 engines in the

Euro V version

• Two types of technology available: Euro V SCR (selective catalytic

reduction) and EGR (exhaust gas recirculation) will be offered in

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


Market SharesMarket leader for trucks in Brazil

MAN Latin America market share Trucks > 5 t

MAN Latin America market share Buses > 8 t

0

5

10

15

20

25

30

35

2007 2008 2009 2010 20110

5

10

15

20

25

30

35

2007 2008 2009 2010 2011

% %

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.

Source: MAN Latin America Registration Report



0

500

1,000

1,500

2,000

2,500

3,000

3,500

4,000

Order intake*

€ million

1,412

3,140

3,579

Highlights 2011Revenue and operating profit at record levelMarket lead reinforced

Revenue*

€ million

0

500

1,000

1,500

2,000

2,500

3,000

3,500

4,000

1,412

3,140

3,579

Operating profit

€ million

0

50

100

150

200

250

300

350

400

142

370

400

** MAN Latin America consolidated as of March 31, 2009.

* 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.

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


ROS

%

0

2

4

6

8

10

12

10.1

11.811.2

Headcount*

0

500

1,000

1,500

2,000

1,510

1,736

1,915

No.

Vehicle sales

Units

0

10,000

20,000

30,000

40,000

50,000

60,000

70,000

80,000

35,842

65,630

72,102


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

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

MAN Group 52Power Engineering 5252

Power Engineering


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

MAN Group 53Power Engineering 53

Power Engineering

Renk (76%)MAN Diesel & Turbo (MDT)

• Global market leader in vehicle transmissions for medium

and heavy tracked vehicles

• Special gear units for specialist marine and stationary

applications

• Standard gear units, primarily for merchant shipping,

offshore wind, and industrial applications

• Slide bearings and industrial couplings

• Turnkey testing systems for the automotive, truck, rail,

wind, and aviation industries

Global product portfolioInternationalization with focus on BRICFocusing on the power plant business through turnkey solutionsBrand differentiation through after-sales businessRamp-up of series production for wind park gearboxes

Strategy

A globally recognized manufacturer of high-quality special

gear units, propulsion components, and testing systems.

One of the world’s leading providers of low- and medium-

speed marine and stationary applications as well as a global

leader of thermal turbomachines.

• Low- and medium-speed engines for marine and

power plant applications

• Turnkey solutions

• Exhaust-gas turbochargers

• Comprehensive product range of compressors, steam

and gas turbines

• Reactors and energy engineering

• MAN PrimeServ: comprehensive service portfolio with

representations in all key markets

MAN Group 54MAN Diesel & Turbo 54

MAN Diesel &

Turbo


Connecting heating to the seabed? We are your MAN.


Executive Board

Dr. René Umlauft Chief Executive Officer, Power Plants

Dr. Peter Park Chief Financial Officer

Dr. Stephan Timmermann Marine Systems, After Sales

Dr.-Ing. Hans-O. Jeske Chief TechnologyOfficer, Turbomachinery

Arnd LöttgenChief Manufacturing Officer, Engines


Corporate StructureGeared towards the market

Revenue distribution by strategic business unit

46%

36%

18%

Turbomachinery Power Plants

Engines & Marine Systems

Executive Board

Low Speed

Medium Speed

Turbocharger

Production

PrimeServ Turbo

Oil & Gas

Business units

Strategic business units

Engines & Marine

Systems

Turbomachinery Power Plants After-sales business

Process Industry Power Plants PrimeServ Diesel


Production SitesGlobal reach

Switzerland, ZurichCompressors, hermetically sealed compressors, and vacuum superchargers

Germany

FrederikshavnPropulsion systems

CopenhagenTwo-stroke components, and spare parts

Czech RepublicVelká BítešSmall turbochargers

China, Changzhou Compressors,turbochargers, and other services

FranceSt. NazaireLarge four-stroke engines, and spare parts

Denmark

India, AurangabadFour-stroke engines, and Engineering Center

HamburgSteam turbines, and services

BerlinMultiple shaft compressors, and small/medium-sized radial compressors

OberhausenCompressors, and turbines

DeggendorfReactor technology, and high-pressure apparatuses

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

No.

2011

2010

MAN Diesel & Turbo 14,039 12,455

Headcount*

* Including subcontracted employees at December 31.



• Regionalization

and globalization

to markets with

growth potential

• Be close to our end-

customers

• Improve our project

performance

• Realize cost-down

potential

• Localization of sales

force

• Continuous develop-

ment of MDT engine

portfolio

• Focus on key projects

to meet emission

legislation and provide

customers with com-

petitive solutions

• Introduction and fur-

ther development of a

broad gas engine and

gas turbine portfolio

Regionalization strategy (Brazil, Russia, India, China, and other emerging coun-tries)

Gas strategy Turnkey Efficiency improve-ment

Emissions 2016


Products and Services

One in every two ships plying the world’s oceans is powered by an

MAN diesel engine. MAN Diesel & Turbo is the world market leader

in two-stroke diesel engines, which drive large container ships,

freighters, or oil tankers. The company’s extensive range of four-

stroke engines is used to drive all kinds of merchant ships, special

vessels, and passenger vessels.

• Two-stroke and four-stroke engines for marine applications

• Output range from 450 kW to 87 MW

• Marine GenSets from 450 kW to 11.2 MW

• Fuels: heavy fuel oil, diesel, gas, dual fuel

• Propellers and complete marine propulsion systems

• Axial and radial turbochargers for two-stroke and four-stroke

engines, injection systems, systems electronics


As one of the world’s leading suppliers of turbomachinery, the relevant

strategic business unit of the company offers one of the broadest

product ranges in this field. The diversity of products reflects a wide

circle of customers, for whom MAN Diesel & Turbo designs and

manufactures single compressors and turbines or complete machinery

trains.

• Compressors, gas and steam turbines for the oil & gas industry,

the process industry and power generation

• Turnkey machinery trains including drives and expanders

• Reactors for the chemical and petrochemical industry, special

apparatuses for science

Turbomachinery


Supply

StorageInfrastructure

Thermal management

Engines & components

Exhaust after-treatment

Preparation

With its range of large stationary diesel and gas engines for use in

power plants, MAN Diesel & Turbo is a reliable partner for power

generating companies, regardless of whether the energy is fed into the

power grid or destined for local supply purposes. From fuel depot to

transfomer station, MAN Diesel & Turbo offers complete solutions from

one single source. Power plant operation and maintenance are also

undertaken at the customer’s request.

• Two-stroke and four-stroke engines from 450 kW to 80 MW

• Turnkey diesel power plants

• Combined heat and power plants, diesel combined cycle (DCC)

• Excellent fuel flexibility: diesel, heavy fuel oil, bio-fuels, gas, dual fuel

• MAN PowerManagement: operation and maintenance,

comprehensive services

• Scalable, modular concepts

Power PlantsMAN PrimeServ is MAN Diesel & Turbo’s after-sales service brand,

covering far more than just routine servicing of engines and machinery

or the simple delivery of spare parts. Beside technical service for

all products, the business activities include individual consulting,

extensive support, as well as comprehensive service agreements.

• Individual consulting, service agreements, and contracts

• Maintenance, spare parts supply, and repairs

• Retrofits, upgrades, rerates, relocations

• Online monitoring and diagnosis

• Customer training in MAN PrimeServ academies

• Worldwide network of service hubs: 24 / 7 OEM service around

the globe

MAN PrimeServ

Products and Services


Market Outlook

• Freight rates in the two-stroke segment under pressure due to

overcapacity

• Four-stroke segment dominated by niche markets with fierce

competition

• Long-term growth and trend towards efficient comprehensive

solutions


• Market recovery and diversified growth in the process industry

• Stable growth in the oil and gas business

• Increasing demand, especially in the BRIC countries

Turbomachinery


Market Outlook

• Sharply rising need for energy in BRIC countries and in Africa

• Growing market for decentralized power plants in Europe, due

among other things to the change in energy policy

• Technology driven by reduction in emissions and gas

Power Plants

• Retrofitting is becoming more and more important to meet

emission and fuel consumption needs

• Demand for the service portfolio to be expanded

• Stable growth due to growing population in the field

MAN PrimeServ


Emission from Marine TransportEmission standards

The IMO, a specialist agency of the United Nations, sets limits for the

emission of greenhouse gases such as nitrogen oxides (NOx) and

sulfur oxides (SOx) by ships. The Tier II standard, which requires a 20%

reduction in NOx emissions compared with the Tier I standard dating

from the year 2000, has been in force since January 2011.

Tier III will come into effect in January 2016.

International Maritime Organization (IMO)

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)

Sulfur oxide content (%)

in general

Tier ITier II

Tier III

4.5

4.0

3.5

3.0

2.5

2.0

1.5

1.0

0.5

0


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%.

Emission Controlled Areas (ECAs)

Emission from Marine TransportEmission standards


Innovative TechnologyMaritime 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

fuels.


Innovative TechnologySubsea – underwater extraction of oil and gas

Regarding power generation and the demand for production purposes,

it will not be possible to meet the need of the global population using

renewable sources alone. New reserves of oil and gas must therefore

be located and developed on an ongoing basis. Since easily accessible

sources such as those in the oil-rich desert countries of the Middle

East are becoming increasingly scarce, the exploration and extraction

of these natural resources is becoming ever more demanding. In order

to meet global requirements, experts are advancing into increasingly re-

mote, poorly accessible regions. Wells on the seabed are one example

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.

Background: global challenges

MAN Diesel & Turbo has developed the world’s first subsea com-

pressor for a major oil and gas producer, to allow natural gas to be

extracted directly from the seabed. In this demanding task, the virtually

maintenance-free compressor withstands the water pressure at con-

siderable depth thanks to its robust, hermetically-sealed casing, which

also prevents gas from escaping.

This makes subsea production more cost-effective and more reliable,

while the risk posed by negative environmental influences can also be

further reduced.



Innovative TechnologyGas engines for power plants

Background: global challenges


Rising fuel costs, legislation to reduce emission limits, the trend

towards decentralized energy suppliers, and the energy requirements

of countries with large gas deposits are all driving the stationary use of

gas engines in power plants. In addition to a high supply reliability and

the potential savings on operating and procurement costs, the advan-

tage of gas-fired plants lies chiefly in extremely low emission values

coupled with a high level of efficiency.

Natural gas is the most environmentally friendly of all fossil energy

sources. Due to the lower carbon content of the fuel, gas engines emit

around 25% less CO2 than diesel engines. Nitrogen oxide (NOx) emis-

sions are roughly 80% lower, while emissions of sulfur oxides, soot,

and particles are virtually nonexistent.

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

2013. In addition to a very high efficiency, the new gas engine boasts

very many innovative technological elements. Compliance with all cur-

rent emission limits is made possible solely by internal engine features.

Looking to the future

MDT aims to extend its portfolio of gas engines over the next few years

and to add further models in various output ranges. Alongside their use

in power plant applications and for stationary power and heat genera-

tion, these engines are increasingly being used in the marine sector.

So-called dual fuel engines, which can be operated using liquid and

gaseous fuels, are available for these applications. Customers also

have the opportunity to convert existing diesel engines to dual fuel

engines (retrofitting).

With its involvement in the gas engine field, MDT is gearing itself to

future requirements in a market with extensive growth prospects.


MAN PrimeServThinking globally – acting locally

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


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

swiftly to get the necessary resources to the remotest

corners of the globe within a very short time.

Service hubs for diesel engines

Service hubs for turbomachinery



0

1,000

2,000

3,000

4,000

5,000

2007 2008 2009 2010 2011

Order intake

€ million4,825

4,515

2,936

3,4573,692

0

500

1,000

1,500

2,000

2,500

3,000

3,500

4,000

2007 2008 2009 2010 2011

Revenue

€ million

3,286

3,870 3,796 3,7663,610

0

100

200

300

400

500

600

2007 2008 2009 2010 2011

Operating profit

€ million

417

538

500

439460

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


0

3

6

9

12

15

0

1,000

2,000

3,000

4,000

5,000

6,000

ROSOrder backlog*

%%

12.7

5,52113.2

4,422

12.7

3,805

13.95,924

2007 2008 2009 2010 20112007 2008 2009 2010 20110

3,000

6,000

9,000

12,000

15,000

Headcount**

No.

11,394

12,51112,479 12,455

14,039

2007 2008 2009 2010 2011

11.7

3,793

** Including subcontracted employees as of December 31.* As of December 31.


MAN Group 71Renk 71

Renk


Expansion driven by innovative gears? We are your MAN.

MAN Group 72Renk 72

Executive Board

Ulrich SauterProduction and Administration

Dipl.-Ing. (FH) Florian HofbauerSpokesman, Engineering and Marketing

MAN Group 73Renk 73

Renk Worldwide

Germany

Renk TransmisyonSanayi A.S.,Turkey,IstanbulVehicle transmissions

Augsburg, Renk production siteVehicle transmissions, industrial gears, marine gears, and test systems for passenger cars/ trucks/railway applications/ aviation industries

Rheine, Renk production siteIndustrial gears, marine gears, and couplings

Hanover, Renk production siteSlide bearings

BerlinSlide bearings

Renk-MAAG GmbH, Switzerland, WinterthurTurbo gears, spare parts, and marine spares

Renk U.A.E. LLC., United Arab Emirates, Abu DhabiService and sales for all business units

Japan, TokyoDistribution center for slide bearings (MDT)

China, ChangzhouDistribution center for slide bearings (MDT)

COFICAL Renk Mancaisdo Brasil Ltda., Brazil, GuaramirimSlide bearings

USARenk LABECO Test Systems Corp., IN, MooresvilleTest systems

Renk Corp., SC, DuncanSlide bearings

Renk France S.A.S., France, Saint-Ouen-l’AumôneVehicle transmissions

OMEGA Renk Bearings Pvt. Ltd., India, BhopalCooperation partner for slide bearings

No.

2011

2010

Renk 2,013 1,882

Headcount*

* Including subcontracted employees at December 31.

MAN Group 74Renk 74

• Manufacturer of fully automatic

transmissions built into

medium- and heavy-weight

tracked vehicles as well as of

a broad spectrum of test rigs

included in its product range

• Supply of hydrodynamic,

lubricated slide bearings for

electric motors, generators,

pumps, blowers, water tur-

bines, conveyors, and marine

applications

• The product lineup covers

marine gear units for fast craft

and naval applications with up

to 80 MW power transmission

capacity, stationary gear units

for wide-ranging industrial

environments including

the cement industry and energy

production

Vehicle Transmissions Slide Bearings Special Gear Units Standard Gear Units• Encompasses large-gear

production and specializes in

marine gear units for

merchant ships, ferries,

LNG/LPG tankers,

and supply vessels

• Gear units for turbine plants

and couplings for industrial

use are also manufactured


MAN Group 75Renk 75

Retain technology and market leadership

Profitable growth with new products



MAN Group 76Renk 76

Innovative TechnologyOffshore wind energy

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.

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

MAN Group 77Renk 77

0

100

200

300

400

500

600

Order intake

€ million

439 443

294

525

456

2007 2008 2009 2010 20110

100

200

300

400

500

600

Revenue

€ million

430

527

474

403 389

2007 2008 2009 2010 20110

10

20

30

40

50

60

70

80

Operating profit

€ million

68

80

66

52 53

2007 2008 2009 2010 2011

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


MAN Group 78Renk 78

0

5

10

15

20

ROS

%

15.7

15.113.9

12.913.6

2007 2008 2009 2010 2011

No.

0

500

1,000

1,500

2,000

2,500

Headcount*

1,854

2,0411,903

2,0131,882

2007 2008 2009 2010 2011



MAN Group 79Financial Information 79

Financial Information


Putting together an austerity package that pleases the whole of Europe? We are your MAN.


Basic Share Information

Key indicators for MAN common shares

2011

2010

Earnings per share in € 1 4.62 5.30

Cash dividend per share in € 2 2.30 2.00

Market capitalization (as of Dec. 31) 2 in € million 9,978 12,898

Closing price in € 68.70 88.99

High in € 98.72 96.44

Low in € 52.51 47.99

Dividend yield 3 in % 3.3 2.2

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.

MAN SE, Munich, is listed in the MDAX

Share capital147,040,000 share capital, no-par value shares, of which

140,974,350 common shares (96%) and 6,065,650 pref-

erence shares (4%).

MAN common shares vs. Dax December 2010 to December 2011

MAN SE shares are traded on Xetra and on all seven German stock exchanges

Indexed values, December 31, 2010 = 1.00

Common

shares

Preference

shares

ISIN code DE0005937007 DE0005937031

WKN 593700 593703

Reuters MANG.DE MANG_p.DE

Bloomberg MAN GY MAN3 GY

Source: Bloomberg


Shareholder Structure and Dividend Policy

€

It is MAN’s aim to enable its shareholders to participate in the

company’s success by distributing an appropriate share of its profit.

The amount distributed is not fixed; the MAN Group generally aims for

30% to 60% of net income.

MAN dividend policy

0.0

0.5

1.0

1.5

2.0

2.5

3.0

3.5

2007 2008 2009 2010 2011

Cash dividend per share

3.15

2.00

0.25

2.30

2.00

International

investors are

predominantly

based in the UK

and the USA.

Shareholder structure*

Source: IPREO

On November 9, 2011, the shares that MAN SE shareholders tendered

to Volkswagen AG as part of the May 31, 2011, offer were transferred

to the new majority shareholder. Volkswagen was increasing its

share of the voting rights in MAN SE to 75.03 percent with effect

from June 6, 2012.

Volkswagen is majority shareholder of MAN

Volkswagen AG

German institutional shareholders

Foreign institutional shareholders

Others

Private share-holders

10%

3%8%

75%

* Basis:140,974,350 common shares and 6,065,650 preference shares; shareholder ID as of August 2012

4%


MAN as an InvestmentReasons 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.


Rating and Bonds

Rating

The MAN Group has obtained a credit rating from

Moody’s, a leading and independent international rating

agency.

This rating agency has currently assigned MAN Group the

following rating:

An important component of the MAN Group’s funding is its access to the capital

markets. In 2009, MAN SE launched a Euro Medium Term Note (EMTN) program with

a volume of up to €5 billion. Under this program MAN issued in 2009 a bond in two

tranches expiring in 2013 and 2016, a bond in March 2012 expiring in 2017, a bond

in September 2012 expiring in 2015 , and private placements.

Long-term Short-term

Moody’s A3/Stable P-2

Bond2009/2013

Bond2009/2016

Bond2012/2017

Bond2012/2015

Issuer MAN SE MAN SE MAN SE MAN SE

Volume €1,000 million €500 million €750 million €500 million

Date of issue 5/20/2009 5/20/2009 03/13/2012 09/21/2012

Term 4 years 7 years 5 years 3 years

Coupon 5.375% 7.250% 2.125% 1.000%

Stock exchange

listingLuxembourg Luxembourg Luxembourg Luxembourg

ISIN XS0429607640 XS0181879650 XS0756457833 XS0831383194

German Securities

Code Number

(WKN)

A0ZYPG A0AART A1ML0A A1PG4J

Our rating give the MAN Group better access to the capital markets and contribute to its financial flexibility.

Bond

The A3 rating with a stable outlook awarded by Moody’s

was confirmed in September 2012.


Group Funding

Financing mixincl. asset based fundingA diversified financing structure is the basis for the financial flexibility of

the MAN Group.

Maturity structureexcl. asset based funding An extended maturity profile is the result of conservative financial

policies.

11%

25%

Bonds

Asset basedfunding

Promissory note bond

Public loans

Bank loans

9%

1%54%

Bank loans Promissory note bond

Bonds Public loans

0

300

600

900

1200

1500

2012 2013 2014 2015 2016 2017 2018+

€ million


Industrial Business Financial Services

€ million 2011 2010 2011 2010

Net liquidity/net financial debt at beginning of period 80 -822 -1,858 -1,812

Cash earnings 1,090 861 4 -46

Net cash provided by/used in operating activities 964 1,502 -446 -75

Net cash provided by/used in investing activities -631 -388 -6 14

Free cash flow 333 1,114 -452 -61

Net liquidity/net financial debt at end of period 42 80 -2,254 -1,858

Financial ManagementCash flow

To obtain a more meaningful analysis

of the Group’s financial position, the

figures are classified into the Industrial

Business and Financial Services.

Financial Services relates to MAN

Finance’s sales financing activities,

primarily involving the leasing of

commercial vehicles to customers.

Free cash flow in 2011:Negative free cash flow due to growthFree cash flow in the Commercial Vehicles business area totaled €-339 millionFree cash flow in the Power Engineering business area amounted to €270 million

-1,500

-1,000

-500

0

500

1,000

1,500

2,000

Free cash flow

€ million

1,683

-1,122

-570

1,053

-119

2007 2008 2009 2010 2011


Capital ExpendituresSafeguarding the future and growth of MAN

• New production facility in St. Petersburg

• Enlargement of the logistics center in Salzgitter

• Expansion of the sales and service network

Property, plant, and equipment, and investment property

Intangible assets

Investments

0

100

200

300

400

500

600

700

800

2010 2011

€ million

MAN Truck & Bus

MAN Latin America

• Changeover to the Euro V emission standard

• Resende production site to expand capacity and

leverage potential synergies with MAN Truck & Bus

MAN Diesel & Turbo

• Future emission standards for Engines & Marine

Systems

• Commencement of operation in May 2011 for

the second expansion phase at the Changzhou

production facilities in China

Renk

• Expansion of the Augsburg high-bay warehouse

0

100

200

300

400

500

600

700

800

2007 2008 2009 2010 2011

Capital expenditure

€ million

490

750

399 395

621

Like-for-like data for all years, excluding discontinued operations.2007 to 2009 excluding acquisition of Scania shares, 2009 and 2010 excluding acquisition of MAN Latin America and Sinotruk, 2011 excluding acquisition of ad-ditional interest in EURO-Leasing.

246

355

70

156

235

5


Financial Control MeasuresAssessing MAN’s performance goals

Target returns (average business cycle)*

MAN Group ROS

%

0

2

4

6

8

10

12

2007 2008 2009 2010 2011

11.011.6

4.2

7.1

9.0

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.

MAN Group ROCE

%

0

10

20

30

40

50

2007 2008 2009 2010 2011

31.9

40.2

7.9

17.4

24.4

MAN Group

ROS of 8.5% over a business

cycle and a ROCE that exceeds the

weighted cost of capital of

10%.

Commercial Vehicles

The target ROS is 8.5%.

Power Engineering

The target ROS is 9.0%.

* A bandwidth of +/–2 percentage points has been defined for all specified ROS figures.


Investor RelationsFinancial 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

Scan the QR code to find comprehensive information

on MAN shares, financial publications, and all IR’s

services on MAN’s Investor Relations website:

Furthermore, MAN Investor Relations regularly attends conferences

and holds roadshows.


Investor RelationsContacts

Publisher:

MAN SE

Investor Relations

Ungererstr. 69

80805 Munich

Version: December 2012

Helga WürteleHead of Investor Relations

+ 49. 89. 36098-334

[email protected]

Thomas PaschenIR Manager

+ 49. 89. 36098-574

[email protected]

Beate EhringIR Assistant

+ 49. 89. 36098-499

[email protected]

Eva-Marie BaumIR Media and Events

+ 49. 89. 36098-398

[email protected]

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