Outcome of the April 28, 2003 meeting of the Supervisory Board of Munich Re:

• Shareholders at the 2003 AGM will be asked to renew authorizations for capital measures
• Ratification elections for Supervisory Board
• Unchanged dividend of €1.25 proposed
• Change in chairmanship of the Board of Management at December 31 2003

Motions for the 2003 AGM

MUNICH, Munich, April 28, 2003—One of the items on the agenda for the AGM on June 11 will be the renewal of the existing authorization to issue convertible bonds and/or bonds with warrants. In the process, the related contingent capital is to be increased from €30m to €100m to reflect the fall in the share-price level.

The German Code of Corporate Governance recommends that the remuneration of Supervisory Board members take account of the membership and chairmanship of Supervisory Board committees. As a consequence, the Supervisory Board and the Board of Management will be proposing that each member of such a committee receive a supplement equivalent to 25% of their remuneration in each case, and that the chairman of such a committee receive a supplement equivalent to 50% of his or her remuneration. The Supervisory Board’s emoluments will otherwise remain the same.

In December 2002, after Dr. Breuer and Dr. Schulte-Noelle left the Supervisory Board, the Munich Registration Court appointed as their successors Prof. Dr. Hubert Markl, former President of the Max Planck Society, and Wolfgang Mayrhuber, Deputy Chairman of the Board of Management of Lufthansa AG. The Supervisory Board will move that these appointments be ratified by the AGM.

From the balance sheet profit of €1.3bn (previous year €221m), Munich Re’s Supervisory Board and the Board of Management will propose that an unchanged dividend of €1.25 be paid on each share entitled to dividend. In addition to this already announced dividend proposal, which will mean a total distribution of €223.3m, an amount of €1.08bn is to be allocated to the revenue reserves.

Change in chairmanship of the Board of Management at December 31 2003

Dr. jur. Hans-Jürgen
Schinzler

Dr. Hans-Jürgen Schinzler (62) will of his own accord leave the Board of Management of the Company at the end of 2003 in line with longer-term planning. He will have served Munich Re for 35 years, twelve of these as the Board member responsible for Finance and almost eleven as Chairman of the Board of Management. The Supervisory Board thanked Dr. Schinzler for his successful work and acknowledged in particular his initiative and role in turning Munich Re into a broadly based financial services group.

At its meeting today, the Supervisory Board appointed Dr. Nikolaus von Bomhard (46) as successor to Dr. Schinzler as Chairman of the Board of Management with effect from January 1, 2004. He has been groomed for this task in consultation with the Supervisory Board. Dr. von Bomhard has been with Munich Re since 1985 in various divisions and functions; at present he has responsibility on the Board of Management for the regional divisions covering northern, western, and southern Europe as well as Latin America.

In compliance with the German Code of Corporate Governance and the Munich Re Supervisory Board rules of procedure regarding retirement, Rudolf Ficker (70) will leave the Supervisory Board at the end of this year. The Supervisory Board is pleased to announce that Dr. Schinzler will then, subject to his appointment by the Registration Court, be available to join the Supervisory Board and become its Chairman from January 1, 2004. In this case, Mr. Ulrich Hartmann has intimated that he will relinquish his chairmanship of the Supervisory Board. The Supervisory Board will propose to the 2004 AGM when new elections are due, that Dr. Schinzler be elected.

Munich Reinsurance Company