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We are
MAN.
MAN Factbook 2012
May 2012
Engineering the Future – since 1758.
MAN SE

MAN Group 2
MAN at a Glance
€ million
Q1
2012
Total
2011
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
Q4
2011
Q3
2011
Q2
2011
Q1
2011
Total
2010
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
1 As of the reporting date.
2
Including subcontracted employees.

MAN Group 3
9
Group Order
Situation
18
BRIC Strategy
01/ MAN Group
2 MAN at a Glance
4 About MAN
6 Management Board
7 Corporate Strategy
9 Key Figures
11 Corporate Responsibility
13 Leadership Culture
02/ Business Areas
14 Commercial Vehicles
24 MAN Truck & Bus
36 MAN Latin America
48 Power Engineering
50 MAN Diesel & Turbo
68 Renk
03/ MAN Financial Information
77 Basic Share Information
78 Shareholder Structure and Dividend Policy
79 MAN as an Investment
80 Ratings and Bonds
81 Group Funding
82 Financial Management
84 Financial Control Measures
21 - 23
Commercial
Vehicles: Market
Potential
55 - 56
MAN Diesel &
Turbo: Products
and Services
79
MAN as an
Investment
04/ Investor Relations
85 Financial Calendar
86 Investor Relations Contacts

MAN Group 4
About MAN
Engineering the Future
Headquartered in
Munich
254-year history
Focus on transportation
and
energy
Around 52,500
employees in 150
countries
The MAN Group is one of Europe’s leading industrial players
in transport-related engineering, with revenue of approximately
€16.5 billion in 2011. As a supplier of trucks,
buses, diesel engines, turbomachinery, and special gear
units, MAN employs approximately 52,500 people worldwide.
Its divisions hold leading positions in their respective
markets.
MAN SE, Munich, is listed in the Dax equity index, which
comprises Germany’s thirty leading stock corporations.
Leading positions
in all our markets
Represented on
all five continents

MAN Group 5
About MAN
MAN has moved. For more than 250 years
MAN SE
Business
Areas
Divisions
Commercial Vehicles (CV)
MAN
Truck & Bus
Revenue 2011:
€9.0 bn
MAN
Latin America
Revenue 2011:
€3.6 bn
MAN
Diesel & Turbo
Revenue 2011:
€3.6 bn
Power Engineering (PE)
Renk
(76%)
Revenue 2011:
€0.4 bn
Investments
Sinotruk 25% + 1 share, Scania 17.4% voting rights
1758 1787
Foundation of
the St. Antony
Ironworks,
predecessor
of the
"Gutehoffnungshütte"
(GHH)/MAN
GHH
becomes
Germany’s
first railroad
track manufacturer
1888
First German
triple-expansion
steam
engine
1897
World’s first
diesel engine
1903
First fastrunning
fourstroke
diesel
ship engine
and world's
first steam
turbine and
first largebore
diesel
engine power
plant
1923
First diesel
vehicle engine
with direct
fuel injection
1971
Participation
in launch
of vehicle
astronautics
project
2000
Trucknology®
Generation
truck series
and use
of first
large-bore
electronically
controlled
diesel engine
2001
First hybriddrive
city bus
2006
Development
and construction
of world's
largest screw
compressor
2011 2012
MAN TGX
18.400
named
“Green Truck
2011”
IAA Commercial
Vehicles
Show in September
2012:
Euro VI truck
engines will
be unveiled

MAN Group 6
Management Board
Frank H. Lutz
Chief Financial
Officer of MAN SE
Antonio R. Cortes
President of
MAN Latin America
Dr. René Umlauft
Chief Executive Officer of
MAN Diesel & Turbo SE
Dr.- Ing. Georg Pachta-Reyhofen
Chief Executive Officer of MAN SE
and of MAN Truck & Bus AG
Jörg Schwitalla
Chief Human
Resources Officer of MAN SE

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
(% of revenue)
4.5 4.3
Internally funded R&D 565 469
R&D employees (annual average) 4,443 3,944
R&D expenditures
€ million € million
800
700
600
500
400
433
493 504
626
740
R&D expenditures by business
area (2011)*
800
700
600
500
400
403
345
740
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 consistently
high level. Our ability to constantly pioneer and
evolve has made us a front-runner in the transportation
and energy industry.
300
300
200
100
0
2007 2008 2009 2010 2011
* MAN Group incl. Others/Consolidation.
200
100
0
Commercial
Vehicles
Power
Engineering
MAN
Group
MAN is mainly focusing on:
• Reducing emissions
• Reducing consumption
• Alternative drive concepts
• 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
15,000
17,818
14,033
15,072
17,145
20,000
15,000
4,148
30
25
21
26
24
4,000
20
9,860
10,000
10,000
15
13
11,163
13,093
10
11
5,000
5,000
5
4
1
0
2007 2008 2009 2010 2011
0
2010 2011
Commercial Vehicles Power Engineering
0
Germany
Other EU
countries
Other European
countries
Asia
Americas
Africa
Australia &
Oceania

MAN Group 10
Key Figures
Group revenue situation
Revenue
Revenue by business area
2011 revenue by region
€ million
€ million %
20,000
20,000
5,000
15,000
14,063 14,945 12,026
14,675
16,472
15,000
3,999
4,000
21
25
25
4,169
3,000
10,000
10,000
13
12,563
2,000
11
5,000
5,000
10,586
1,000
4
1
0
2007 2008 2009 2010 2011
0
2010 2011
Commercial Vehicles Power Engineering
0
Germany
Other EU
countries
Other European
countries
Asia
Americas
Africa
Australia &
Oceania

MAN Group 11
Corporate Responsibility
CR principles
MAN’s CR strategy
Corporate responsibility is part of the corporate and leadership culture
at MAN and drives our vision. We are committed to sustainable value
creation, which for us means long-term economic value combined with
a strong sense of responsibility towards the environment and all of our
stakeholders – whether they be employees, customers, investors, or society
at large. As a result, our stakeholders will reward us with strong sales
and lasting trust.
Reliable, innovative, dynamic and open
Our four corporate values are the pillars of our corporate
responsibility activities. They guide our CR strategy and
initiatives and shape our communications with all of our
stakeholders.
Employee awareness
Our employees live up to the principles of corporate responsibility
in their day-to-day work and act as CR ambassadors.
Product responsibility
Given the nature of our product and service portfolio we
have a special responsibility towards the environment.
Environmental care and safety form integral parts of our
CR strategy and programs.
Stakeholder dialog
Intensive dialog with all of our stakeholder groups ensures
that we understand their expectations and enables the
continuous development of our CR strategy and programs.

MAN Group 12
Corporate Responsibility
MAN’s climate strategy
Acknowledge responsibility
The transportation and energy sectors
are contributing to climate change to
an ever-greater extent.
Commitment
Our target: reduce our own CO 2
emissions by 25% by 2020 (baseline:
2008).
MAN sustainability ratings
Climate change is among the greatest challenges
to humanity. MAN is fully aware of
and acknowledges its responsibility to contribute
to reducing the global carbon footprint
of the transportation and energy sector.
Dilemma and approach
The interaction between our own
product development, our suppliers,
legislation, and our customers and their
customers is complex.
Vision
By 2020, our aim is to be recognized as
one of the industry players to have dealt
with the challenges of climate change
the best.
Rating agency Index Rating
Dow Jones Sustainability 64 out of 100 points, not
Sustainable Asset Management (SAM)
Indexes
listed
Carbon Disclosure Leadership 73 out of 100 points, listed for
Carbon Disclosure Project (CDP)
Index (CDLI)
the second time in a row
oekom research - Prime C+
Sustainalytics - 15 th out of 82
Scan the QR code to
learn more about MAN,
corporate responsibility
and find MAN’s latest
CR Report:

MAN Group 13
Leadership Culture
Talent management
MAN rated as top employer internationally:
Headcount*
An independent study conducted by the CRF Institute named
MAN Truck & Bus “Top employer Germany” in 2011.
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.
No.
2011 2010
Germany 30,187 27,354
Other countries 22,355 20,315
Other countries in % 43 43
Total 52,542 47,669
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.
MAN’s leadership culture focuses on four
specific leadership qualities:
competence, transparency, commitment,
and behavior.
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.

Staying in the
black while going
green?
We are your MAN.
Commercial Vehicles 14
Commercial
Vehicles
Engineering the Future –
since 1758.
MAN Group

Commercial MAN Vehicles Group 15
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)
MTB is the largest MAN Group company and is
a leading supplier of commercial vehicles and
transportation solutions.
• 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
MAN Latin America (ML)
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.
• 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

Commercial MAN Vehicles Group 16
Production Sites
Global reach
Germany
Munich
Heavy trucks, cabs, and driven
axles
Salzgitter
Heavy trucks, bus chassis, and
components
Nuremberg
Engines
Poland
Cracow
Heavy trucks
Poznan
City buses, and bus chassis
Starachowice
Body in white bus
Russia
St. Petersburg*
Heavy trucks
Turkey
Ankara
Coaches, and city buses
Plauen
Premium coaches, doubledecker
buses, and coaches
MAN Truck & Bus
MAN Latin America
Cooperation partners &
joint ventures
Mexico, Querétaro
Trucks, and buses
Austria
Steyr
Light /medium trucks,
and cabs
Vienna
RMMV
Special-purpose
vehicles
China, Jinan
Sinotruk Ltd.
Heavy trucks
Headcount**
No. 2011 2010
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.
Brazil, Resende
Heavy/medium/light trucks, and
bus chassis
South Africa
Olifantsfontein
Buses
Pinetown
Trucks, and bus chassis
India, Pithampur
MAN Trucks India Pvt. Ltd.
Heavy trucks

Commercial MAN Vehicles Group 17
Commercial Vehicles
Cooperation
vW Group
Sinotruk (25% + 1 share)
MAN Trucks India Pvt. Ltd.
Capital: 71.1%
Voting rights: 73.0%
as of April 12, 2012
• 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
Capital: 49.3%
Voting rights: 71.8%
Capital: 13.3%
Voting rights: 17.4%
• 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
• 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

Commercial MAN Vehicles Group 18
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
strategy.
Brazil Russia/CIS India
China
• 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)
• 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
• 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
• 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
solely by MAN

Commercial MAN Vehicles Group 19
Commercial Vehicles
Multi-brand strategy
• Core market: Europe
• MAN: premium segment
• MAN CLA: upper low segment
• MAN buses: city buses, chassis,
coaches
• Core market: Europe
• Premium coach brand
• Extensive modernization
of NEOPLAN plant
in Plauen, completion
planned in 2013
• 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

Commercial MAN Vehicles Group 20
Challenges Facing Transportation
Emission standards
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).
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
Brazil
Euro III Euro V 2 Euro VI 3
to reduce energy consumption per ton of goods
Russia Euro II Euro III Euro IV 4
transported and to develop drive systems that
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 MAN Vehicles Group 21
European truck & bus market forecast
as of Feb. 2012*
Units sales (thousand)
500
Market Potential
Europe and Brazil
Brazilian truck & bus market forecast
as of Feb. 2012
Unit sales (thousand)
250
400
200
300
150
200
100
100
0
2010 2015 2020
Trucks
> 6 t GVW
Bus
> 8 t GVW
50
0
2010 2015 2020
Trucks
> 6 t GVW
Bus
> 8 t GVW
2011 market share trucks > 6 t*
2011 market share trucks > 5 t
18%
9%
30%
22%
13%
14%
11%
22%
MAN
Mercedes-Benz
Scania
DAF
Volvo
Others
8%
18%
11%
24%
MAN
Mercedes-Benz
Volvo
Ford
Scania
Others
* Europe excl. Turkey and Bulgaria.
Source: MAN Truck & Bus Registration Report/MAN Latin America Registration Report

Commercial MAN Vehicles Group 22
Russian truck & bus market forecast
as of Feb. 2012
Units sales (thousand)
200
350
Market Potential
Russia and India
Indian truck & bus market forecast
as of Feb. 2012
Unit sales (thousand)
300
150
250
100
200
150
50
0
2010 2015 2020
2011 market share trucks > 6 t
12%
MAN
URAL
GAZ
32%
11% MAZ
KAMAZ
31%
Others
Trucks
> 6 t GVW
Bus
> 8 t GVW
100
50
0
2011 market share trucks > 12 t
25%
2010 2015 2020
3% 2%1% 65%
4%
MAN
Tata Motors
Ashok Leyland
Asia Motor Works
VE Eicher
Others
Trucks
> 12 t GVW
Bus
> 8 t GVW
Source: MAN Truck & Bus Registration Report

Commercial MAN Vehicles Group 23
Market Potential
China
Chinese truck & bus market forecast
as of Feb. 2012
Unit Sales (thousand)
1200
1000
800
600
400
200
0
2010 2015 2020
2011 market share trucks > 14 t
16%
Trucks
> 14 t GVW
Bus
> 8 t GVW
21%
21%
18%
12%
12%
CNHTC
Beijing Automotive
Weichai
FAW
Dongfeng
Others
Source: IHS Global Insight

Doing something
about rocketing fuel
prices?
We are your MAN.
MAN Truck MAN & Group Bus 24
MAN
Truck & Bus
Engineering the Future –
since 1758.
MAN Group

MAN Truck MAN & Group Bus 25
Executive Board
Dr.-Ing. Georg
Pachta-Reyhofen
Chief Executive Officer
Jörg Astalosch
Chief Financial Officer
Controlling
Bernd Maierhofer
Chief Technical Officer
R&D and Purchasing
Dr. Carsten Intra
Production & Logistics
Frank Hiller
Marketing, Sales &
Services

MAN Truck MAN & Group Bus 26
Products
Broad product portfolio
Trucks Buses Engines & Components Service
• 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
• 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
MAN I Service
MAN I Support
MAN I Finance
MAN I TopUsed
MAN I Rental
special-purpose vehicles
• Export series: Cargo Line A (CLA),
and SITRAK T7H

MAN Truck MAN & Group Bus 27
Strategic Objectives
Profitable international growth
Internationalization
Customer orientation
Operational excellence
Innovation
• Strengthen position in home
market Europe
• Exploit market potential in
BRIC and other growth
markets
• Implement a holistic
customer orientation approach
with MAN/NEOPLAN
• Provide integrated transport
business solutions
• Concentration on core competencies
• Optimization of vertical and
horizontal value chain
• Focus on innovation leadership
in selected fields
• Strengthen new business
concepts to increase customer
value

MAN Truck MAN & Group Bus 28
Innovative Technologies
Euro VI
Legal standards
All new commercial vehicles registered in Europe from January 1, 2014, must comply with the Euro VI emission standard.
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
g/kWh
0.40
0.35
0.30
0.25
0.20
0.15
0.10
Nitrogen oxide limits
g/kWh
8
7
6
5
4
3
2
MAN has already developed the solutions
The two technologies necessary for the Euro VI emission
standard – exhaust gas recirculation (EGR) and selective
catalytic reduction (SCR) – have been successfully
used at MAN in series production of commercial vehicles
for several years now.
• 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
0.05
1
0.00
0
Euro I II III IV V VI Euro I II III IV V VI
Scan the QR code to learn more about
legal requirements, Euro VI standards, and
MAN’s innovative solutions:

MAN Truck MAN & Group Bus 29
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
• Uses up to 30% less fuel and produces correspondingly less CO 2
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 TGL 12.220 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 Truck MAN & Group Bus 30
Transportation Efficiency
Consistently efficient
MAN TGX EfficientLine
• 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 Concept S study
• 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
registration rules within the EU
* EfficientLine vehicles and packages, as of February 1, 2012.

MAN Truck MAN & Group Bus 31
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.
Revenue development
•
€ million
Expansion of sales and
service network
•
•
Rail
Bus (components)
• Delivery of 2,188 engines to Russian
bus manufacturer LIAZ (subsidiary of
• Production start-up of
key projects
•
•
Construction
Agriculture
Russia’s largest automotive group,
GAZ Group)
350
300
• High investments in new
products
•
•
Marine
Power
• World premiere at the AGRITECH-
NIKA 2011: new V12 gas engine
250
200
• Change in energy policy
additionally bolstering the
business
boasting 550 kW
150
Dedicated The right engine for every application
Customized The right emission technology for every market
Innovative MAN engines and their technology
Business development
Target markets
Highlights 2011
100
50
0
2009 2010 2011

MAN Truck MAN & Group Bus 32
Market Shares
Key market drivers
MAN Truck & Bus market share
Trucks > 6 t*
% %
20
15
10
5
0
2007 2008 2009 2010 2011
* Europe excl. Turkey and Bulgaria.
MAN Truck & Bus market share
Buses > 8 t*
30
25
20
15
10
5
0
2007 2008 2009 2010 2011
Key market drivers – truck market:
• Lower export growth is reflecting weaker global demand
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
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
Source: MAN Truck & Bus Registration Report

MAN Truck MAN & Group Bus 33
Market Potential in Europe
Transportation and traffic volume on the rise
3,000
2,500
2,000
1,500
1,000
500
Goods transportation in Europe
• 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
Billion ton-kilometers*
8,000
7,000
6,000
5,000
4,000
3,000
2,000
1,000
Passenger transportation in Europe
• 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
Person-kilometers**
0
2000 2005 2010 2020 2025
Inland waterways Railways Roads
0
Rail
2000 2005 2010 2020 2025
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 MAN & Group Bus 34
Key Figures
Business performance
Highlights 2011
Order intake and revenue increase by double-digit percentages
Operating profit more than triples
Order intake
€ million
Revenue
€ million
Operating profit/loss
€ million
15,000
12,000
12,684
12,000
10,000
8,984
1,200
1,000
1,039 1,062
10,410 10,610 6,395
9,000
6,000
9,130
5,224
8,023
9,514
8,000
6,000
4,000
7,446
800
600
400
200
158
565
3,000
2,000
0
-91
0
2007 2008 2009 2010 2011
0
2007 2008 2009 2010 2011
-200
2007 2008 2009 2010 2011

MAN Truck MAN & Group Bus 35
Key Figures
Business performance
Vehicle sales
ROS
Headcount*
Units
120,000
10
%
10.0
10.0
No.
40,000
36,591 36,251
100,000
7,349
7,227
8
6.3
35,000
30,000
34,239
31,519
31,284
80,000
5,775
6
25,000
60,000
40,000
20,000
93,260
5,483
96,478 77,643
6,232
55,166
40,535
4
2
0
-1.4
2.1
20,000
15,000
10,000
5,000
0
2007 2008 2009 2010 2011
-2
2007 2008 2009 2010 2011
0
2007 2008 2009 2010 2011
Trucks
Buses
* Including subcontracted employees as of December 31.

Driving the leading
truck and bus
company in
Latin America?
We are your MAN.
MAN Latin MAN America Group 36
MAN
Latin
America
Engineering the Future –
since 1758.
MAN Group

MAN Latin MAN America Group 37
Executive Board
Antonio R.
Cortes
President
Gastão Rachou
Product Strategy &
Portfolio Management
Helmut
Hümmerich
Finance
Adilson Dezoto
Production &
Logistics
Jose Ricardo
Alouche
Sales, Marketing
& After Sales
Marcos Forgioni
International Sales
& Marketing

MAN Latin MAN America Group 38
Products
Broad product portfolio
Constellation
Worker
Delivery
Volksbus
The Constellation is
equipped with a sleeping
compartment and the most
advanced technology. It is
ideal for medium- and longdistance
transport as well
as off-road.
The Worker features reliable,
high-quality robustness
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.
The Volksbus includes a
complete line of urban
and coach chassis
designed to provide
comfort for passengers
and profitability for fleet
owners.

MAN Latin MAN America Group 39
Strategic Objectives
Internationalization
Customer orientation
Operational excellence
Innovation
• Expand market presence in
Latin America and global
budget markets
• Develop reliable and
affordable products with
leading quality in their segments
• 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

MAN Latin MAN America Group 40
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
with minimal fixed costs. It also reduces manufacturing
costs, warehouse inventories, and even production times.
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
Modular work processes
• Seven independent partners supply not only individual
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 responsible
for quality assurance during production as well
as for product development, marketing, and the
worldwide after-sales business

MAN Latin MAN America Group 41
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
Hybrid prototype
• 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
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 TGS 33.440 6x4
• 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 CO 2
and particulate material

MAN Latin MAN America Group 42
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
Trucks > 5 t
% %
MAN Latin America market share
Buses > 8 t
35
35
30
30
25
25
20
20
15
15
10
10
5
5
0
2007 2008 2009 2010 2011
0
2007 2008 2009 2010 2011
Source: MAN Latin America Registration Report

MAN Latin MAN America Group 43
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 between
2010 and 2014 and investments of R$631.6 billion from 2014 onward
Introduction
of Euro V in
2012
Brazilian
government
has decided
on stimulus
measures to
ensure continuous
development
of the
economy
Infrastructure
needs due to
2014 FIFA
World Cup
and 2016
Olympic
Games
Economic
growth due to
many exportoriented
companies,
strong
commodities
producing
sector, tapping
of newly
discovered
mineral resources
Need to renew
Brazil’s
aging fleet of
transportation
vehicles.
Government
finance
programs
to push this
(average fleet
age: above 16
years)
Localization
of MAN’s
TGX/TGS
models and
of the D08
engine
High aftersales
potential
due to
engine component
market
and introduction
of MAN
products
New export
business
Export of VW
models using
the MAN
sales network
and export of
MAN models
via MAN Latin
America importers

MAN Latin MAN America Group 44
Market Potential
Infrastructure and transportation
2,000
Goods transportation in Brazil
• 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
Billion ton-kilometers*
1,200
Passenger transportation in Brazil
• 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
Person-kilometers**
1,500
1,000
800
1,000
600
500
400
200
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 MAN America Group 45
Market Potential
Introduction of MAN products in Brazil
Introduction of TGX and TGS 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
Introduction of MAN D08 engine in Brazil
• 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

MAN Latin MAN America Group 46
Key Figures
Business performance
Highlights 2011
Revenue and operating profit at record level
Market lead reinforced
Order intake*
Revenue*
Operating profit
€ million
4,000
3,579
€ million
4,000
3,579
€ million
400
370
400
3,500
3,140
3,500
3,140
350
3,000
3,000
300
2,500
2,500
250
2,000
2,000
200
1,500
1,412
1,500
1,412
150
142
1,000
1,000
100
500
500
50
0
2009** 2010 2011
0
0
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 MAN America Group 47
Key Figures
Business performance
Vehicle sales
ROS
Headcount*
Units
%
No.
80,000
70,000
60,000
65,630
72,102
12
10
10.1
11.8
11.2
2,000
1,500
1,510
1,736
1,915
50,000
8
40,000
35,842
6
1,000
30,000
4
20,000
500
10,000
2
0
2009** 2010 2011
0
0
2009** 2010 2011 2009** 2010 2011
* Including subcontracted employees as of December 31.
** MAN Latin America consolidated as of March 31, 2009.

Powering the TV
sets of an entire city
from a garage?
We are your MAN.
Power Engineering MAN Group 48
Power
Engineering
Engineering the Future –
since 1758.
MAN Group

Power Engineering MAN Group 49
Power Engineering
Strategy
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)
One of the world’s leading providers of low- and mediumspeed
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
Renk (76%)
A globally recognized manufacturer of high-quality special
gear units, propulsion components, and testing systems.
• 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

Connecting
heating to the
seabed?
We are your
MAN.
MAN Diesel MAN & Group Turbo 50
MAN
Diesel &
Turbo
Engineering the Future –
since 1758.
MAN Group

MAN Diesel MAN & Group Turbo 51
Executive Board
Dr. René Umlauft
Chief Executive
Officer, Power Plants
Dr.-Ing. Hans-O. Jeske
Chief Technology
Officer,
Turbomachinery
Dr. Peter Park
Chief Financial
Officer
Dr.-Ing. Stephan
Timmermann
Engines & Marine
Systems, After Sales

MAN Diesel MAN & Group Turbo 52
Corporate Structure
Geared towards the market
Executive Board
Revenue distribution by
strategic business unit
Strategic
business
units
Engines & Marine
Systems
Turbomachinery Power Plants After-sales business
18%
36%
46%
Business
units
Low Speed
Medium Speed
Turbocharger
Process Industry Power Plants PrimeServ Diesel
Oil & Gas
PrimeServ Turbo
Power Plants
Turbomachinery
Engines & Marine Systems
Production

Germany
Hamburg
Steam turbines, and services
Berlin
Multiple shaft compressors, and
small/medium-sized radial
compressors
Oberhausen
Compressors, and turbines
Deggendorf
Reactor technology, and highpressure
apparatuses
Augsburg
Large four-stroke engines, core
components/spare parts for all
four-stroke engines, and large
turbochargers
France
St. Nazaire
Large four-stroke
engines, and
spare parts
Denmark
Frederikshavn
Propulsion systems
Copenhagen
Two-stroke components,
and spare parts
Switzerland, Zurich
Compressors, hermetically
sealed compressors, and
vacuum superchargers
MAN Diesel MAN & Group Turbo 53
Production Sites
Global reach
Czech Republic
Velká Bíteš
Small
turbochargers
China,
Changzhou
Compressors,
turbochargers,
and other
services
Headcount*
India, Aurangabad
Four-stroke engines, and
Engineering Center
No.
2011 2010
MAN Diesel & Turbo 14,039 12,455
* Including subcontracted employees at December 31.

MAN Diesel MAN & Group Turbo 54
Strategic Objectives
Regionalization
strategy (Brazil,
Russia, India,
China, and other
emerging countries)
Gas strategy Turnkey Efficiency improvement
Emissions 2016
• Regionalization
and globalization
to markets with
growth potential
• Be close to our endcustomers
• Introduction and further
development of a
broad gas engine and
gas turbine portfolio
• Improve our project
performance
• Realize cost-down
potential
• Localization of sales
force
• Continuous development
of MDT engine
portfolio
• Focus on key projects
to meet emission
legislation and provide
customers with competitive
solutions

MAN Diesel MAN & Group Turbo 55
Products and Services
Engines & Marine Systems
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 fourstroke
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
Turbomachinery
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

Thermal
management
Exhaust
after-treatment
Engines &
components
Storage
Infrastructure
Preparation
Supply
MAN Diesel MAN & Group Turbo 56
Products and Services
Power Plants
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
MAN PrimeServ
MAN 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 Diesel MAN & Group Turbo 57
Market Outlook
Engines & Marine Systems
• 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
Turbomachinery
• Market recovery and diversified growth in the process industry
• Stable growth in the oil and gas business
• Increasing demand, especially in the BRIC countries

MAN Diesel MAN & Group Turbo 58
Market Outlook
Power Plants
• 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
MAN PrimeServ
• 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 Diesel MAN & Group Turbo 59
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 CO 2 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)
Tier I
Tier II
Tier III
Sulfur oxide content (%)
4.5
4.0
3.5
3.0
2.5
2.0
1.5
1.0
0.5
0
in general
International Maritime Organization (IMO)
The IMO, a specialist agency of the United Nations, sets limits for the
emission of greenhouse gases such as nitrogen oxides (NO x ) and
sulfur oxides (SO x ) by ships. The Tier II standard, which requires a 20%
reduction in NO x 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.

MAN Diesel MAN & Group Turbo 60
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 worldwide
since January 1, 2012, but from January 1, 2020,
the IMO will demand a maximum content of just 0.5%.

MAN Diesel MAN & Group Turbo 61
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 measures
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 offers
so-called dual fuel engines, which run on both liquid and gaseous
fuels.

MAN Diesel MAN & Group Turbo 62
Innovative Technology
Subsea – underwater extraction of oil and gas
Background: global challenges
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 remote,
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.
Solutions from MAN Diesel & Turbo
MAN Diesel & Turbo has developed the world’s first subsea compressor
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 considerable
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.

MAN Diesel MAN & Group Turbo 63
Innovative Technology
Gas engines for power plants
Solutions from MAN Diesel & Turbo
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 advantage
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 CO 2 than diesel engines. Nitrogen oxide (NO x ) emissions
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 current
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 generation,
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 Diesel MAN & Group Turbo 64
MAN PrimeServ
Thinking 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.
Solutions from MAN Diesel & Turbo
Service hubs for diesel
engines
Service hubs for
turbomachinery
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 workshop
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.

MAN Diesel MAN & Group Turbo 65
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
4,825
5,000
4,000
4,515
3,457
3,692
€ million
4,000
3,500 3,286
3,000
3,870
3,796 3,766
3,610
€ million
600
500
417
538
500
439
460
3,000
2,936
2,500
400
2,000
300
2,000
1,500
200
1,000
1,000
500
100
0
2007 2008 2009 2010 2011
0
2007 2008 2009 2010 2011
0
2007 2008 2009 2010 2011

MAN Diesel MAN & Group Turbo 66
Key Figures
Business performance
Order backlog*
%
ROS
%
Headcount**
No.
6,000
5,000
5,521
5,924
4,422
15
12
12.7
13.9
13.2
11.7
12.7
15,000
12,000
11,394
12,479 12,511 12,455
14,039
4,000
3,793
3,805
9
9,000
3,000
2,000
6
6,000
1,000
3
3,000
0
2007 2008 2009 2010 2011
0
2007 2008 2009 2010 2011
0
2007 2008 2009 2010 2011
* As of December 31.
** Including subcontracted employees as of December 31.

Financial MAN Information Group 67

Expansion driven
by innovative
gears?
We are your MAN.
Renk MAN Group 68
Renk
Engineering the Future –
since 1758.
MAN Group

Renk MAN Group 69
Executive Board
Dipl.-Ing. (FH) Florian
Hofbauer
Spokesman,
Engineering and
Marketing
Ulrich Sauter
Production and
Administration

Renk MAN Group 70
Renk Worldwide
Germany
Augsburg, Renk production
site
Vehicle transmissions, industrial
gears, marine gears, and test
systems for passenger cars/
trucks/railway applications/
aviation industries
Renk-MAAG GmbH,
Switzerland, Winterthur
Turbo gears, spare parts,
and marine spares
USA
Renk LABECO Test Systems
Corp., IN, Mooresville
Test systems
Renk Corp., SC, Duncan
Slide bearings
Rheine, Renk production site
Industrial gears, marine gears,
and couplings
Hanover, Renk production
site
Slide bearings
Berlin
Slide bearings
OMEGA Renk Bearings
Pvt. Ltd., India, Bhopal
Cooperation partner for slide
bearings
Japan, Tokyo
Distribution center for slide
bearings (MDT)
Renk France S.A.S.,
France, Saint-Ouenl’Aumône
Vehicle transmissions
Headcount*
Renk Transmisyon
Sanayi A.S.,Turkey,
Istanbul
Vehicle transmissions
Renk U.A.E. LLC.,
United Arab Emirates,
Abu Dhabi
Service and sales for all
business units
China, Changzhou
Distribution center for slide
bearings (MDT)
No.
2011 2010
Renk 2,013 1,882
COFICAL Renk Mancais
do Brasil Ltda., Brazil,
Guaramirim
Slide bearings
* Including subcontracted employees at December 31.

Renk MAN Group 71
Products
Broad product portfolio
Vehicle Transmissions Slide Bearings Special Gear Units Standard Gear Units
• 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 turbines,
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
• 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

Renk MAN Group 72
Strategic Objectives
Retain technology and
market leadership
Profitable growth with
new products
Internationalization

Renk MAN Group 73
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 MAN Group 74
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
500
400
300
439 443
294
525
456
600
500
400
300
430
527
474
403
389
80
70
60
50
40
68
80
66
52 53
200
200
30
20
100
100
10
0
2007 2008 2009 2010 2011
0
2007 2008 2009 2010 2011
0
2007 2008 2009 2010 2011

Renk MAN Group 75
Key Figures
Business performance
ROS
%
20
Headcount*
No.
2,500
15
15.7
15.1
13.9
12.9
13.6
2,000
1,500
1,854
2,041
1,903
1,882
2,013
10
1,000
5
500
* Including subcontracted employees as of December 31.
0
2007 2008 2009 2010 2011
0
2007 2008 2009 2010 2011

Putting together an
austerity package
that pleases the
whole of Europe?
We are your MAN.
Financial MAN Information Group 76
Financial
Information
Engineering the Future –
since 1758.
MAN Group

Financial MAN Information Group 77
Basic Share Information
MAN SE shares are traded on Xetra and on all seven
German stock exchanges
MAN SE is listed in the Dax equity index
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
Share capital
147,040,000 share capital, no-par value shares, of which
140,974,350 common shares (96%) and 6,065,650 preference
shares (4%).
Common Preference
MAN common shares vs. Dax
December 2010 to December 2011
Indexed values, December 31, 2010 = 1.00
shares
shares
ISIN code DE0005937007 DE0005937031
WKN 593700 593703
Reuters MANG.DE MANG_p.DE
Bloomberg MAN GY MAN3 GY
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 Information Group 78
Shareholder Structure and Dividend Policy
MAN 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.
Cash dividend per share
€
3.5
3.15
3.0
Shareholder structure*
21%
7% 54%**
7%
11%
VW AG
Private shareholders
Foreign institutional
shareholders
German institutional
shareholders
Others
International
investors are
predominantly
based in the UK
and the USA.
* Basis:140,974,350 common shares and 6,065,650 preference shares; as of November/
December 2011
** As of the trading date of April 12, 2012, Volkswagen AG held 73.00% of the common shares
and 26.46% of the preference shares (71.08% of the total share capital).
Source: IPREO
2.5
2.0
1.5
1.0
0.5
0.0
2.30
2.00
2.00
0.25
2007 2008 2009 2010 2011
Volkswagen is majority shareholder of MAN
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. As of the trading date of April 12,
2012, Volkswagen AG held 73.00% of the common shares and
26.46% of the preference shares (71.08% of the total share capital).

Financial MAN Information Group 79
MAN as an Investment
Reasons for investing in MAN
We are focused.
We are global.
We are innovative.
We are sustainable.
We are strong.
We are cooperative.
MAN concentrates on two strategic areas: Commercial Vehicles and Power Engineering. We are focused on transportation
and energy – market segments with long-term global opportunities.
MAN has a clear globalization strategy. We are a global player represented on all five continents. We hold leading positions
in our markets and primarily see growth abroad, especially in the BRIC countries.
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.
MAN is committed to future-oriented sustainable corporate leadership. We take economic, ecological, and social
requirements into consideration.
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.
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 Information Group 80
Ratings and Bonds
Bond
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, of which €2.4 billion has currently been utilized through
the issue in 2009 of a bond in two tranches expiring in 2013 and 2016, the issue of
a bond in March 2012 expiring in 2017, and a private placement amounting to €150
million.
Rating
In May 2011, Standard & Poor’s lifted its outlook for
MAN’s BBB+ long-term rating from “stable” to “positive,”
confirming this again in July 2011, and then lifted its rating
to A– with a stable outlook in December 2011. The A3
rating with a stable outlook awarded by Moody’s was
confirmed in September 2011.
Bond
2009/2013
Bond
2009/2016
Bond
2012/2017
Issuer MAN SE MAN SE MAN SE
Volume €1,000 million €500 million €750 million
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%
Stock exchange listing Luxembourg Luxembourg Luxembourg
ISIN XS0429607640 XS0181879650 XS0756457833
German Securities
A0ZYPG A0AART A1ML0A
Code Number (WKN)
Our ratings give the MAN Group better
access to the capital markets and
contribute to its financial flexibility.
Long-term Short-term
Standard
A-/Stable A-2
& Poor's
Moody's A3/Stable P-2

Financial MAN Information Group 81
Group Funding
Maturity structure
excl. asset based funding
An extended maturity profile is the result of conservative financial
policies.
€ million
Financing mix
incl. asset based funding
A diversified financing structure is the basis for the financial flexibility of
the MAN Group.
1500
1200
900
1% 54%
Bank loans Promissory note bond
9%
Bonds
Public loans
600
Asset based
funding
Bank loans
300
25%
Promissory note
bond
0
2012 2013 2014 2015 2016 2017 2018+
11%
Bonds
Public loans

Financial MAN Information Group 82
Free cash flow
€ million
2,000
1,683
1,500
1,053
1,000
500
0
-119
-500
-570
-1,000
-1,122
-1,500
2007 2008 2009 2010 2011
Financial Management
Cash flow
Free cash flow in 2011:
Negative free cash flow due to growth
Free cash flow in the Commercial Vehicles business
area totaled €-339 million
Free cash flow in the Power Engineering business
area amounted to €270 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
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.

Financial MAN Information Group 83
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
600
500
400
300
200
100
0
5
156
235
Property, plant, and equipment, and
investment property
Intangible assets
Investments
70
246
355
2010 2011
700
600
500
400
300
200
100
490
399 395
621
0
2007 2008 2009 2010 2011
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 additional
interest in EURO-Leasing.
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

Financial MAN Information Group 84
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
(average business cycle)*
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%.
MAN Group ROS
%
11.6
12 11.0
10
8
6
4.2
4
7.1
9.0
MAN Group ROCE
%
50
40.2
40
31.9
30
20
17.4
24.4
Power Engineering
The target ROS is 9.0%.
2
10
7.9
0
2007 2008 2009 2010 2011
* A bandwidth of +/–2 percentage points has been defined for all specified ROS figures.
0
2007 2008 2009 2010 2011

Financial MAN Information Group 85
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 Information Group 86
Investor Relations
Contacts
Helga Würtele
Head of Investor Relations
+ 49. 89. 36098-334
helga.wuertele@man.eu
Thomas Paschen
IR Manager
+ 49. 89. 36098-574
thomas.paschen@man.eu
Eva-Marie Baum
IR Media and Events
+ 49. 89. 36098-398
eva-marie.baum@man.eu
Beate Ehring
IR Assistant
+ 49. 89. 36098-499
beate.ehring@man.eu
Publisher:
MAN SE
Investor Relations
Ungererstr. 69
80805 Munich
Version: May 2012