Voting results

of the Annual General Meeting of the Munich Reinsurance Company on 11 June 2003

At the 116th Annual General Meeting of Shareholders on 11th June 2003 at the ICM — International Congress Centre Munich — the result of the voting on the different items of the agenda was as follows (click here for further details of the items). 57.49% of the share capital was represented.

Item 2
Resolution on the appropriation of the balance sheet profit from the business year 2002
Abstentions:	8,840
No votes:	4,967,553
Yes votes:	97,737,601
Management proposal adopted with 95.16% in favour.
Item 3
Resolution to approve the actions of the Board of Management in respect of the business year 2002
Abstentions:	431,897
No votes:	100,499
Yes votes:	102,181,890
Management proposal adopted with 99.90% in favour.
Item 4
Resolution to approve the actions of the Supervisory Board in respect of the business year 2002
Abstentions:	432,322
No votes:	101,103
Yes votes:	102,180,695
Management proposal adopted with 99.90% in favour.
Item 5
Elections to the Supervisory Board
Abstentions:	40,923
No votes:	256,931
Yes votes:	102,416,246
Management proposal adopted with 99.75% in favour.
Item 6
Authorization to buy back shares
Abstentions:	16,177
No votes:	71,179
Yes votes:	102,621,423
Management proposal adopted with 99.93% in favour.
Item 7
Resolution to cancel Contingent Capital Increase 1993 and Contingent Capital Increase 1998 as well as the authorisation of 5 November 1998; to grant a new authorisation to issue warrants; to create a new contingent capital; and to amend the Articles of Association
Abstentions:	26,140
No votes:	3,224,045
Yes votes:	99,463,283
Management proposal adopted with 96.86% in favour.
Item 8
Resolution to cancel the authorisation of 17 July 2002 as well as Contingent Capital Increase 2002 and to grant a new authorisation to issue convertible bonds and/or bonds with warrants; to create a new contingent capital; and to amend the Articles of Association
Abstentions:	4,216,154
No votes:	2,546,212
Yes votes:	95,951,285
Management proposal adopted with 97.41% in favour.
Item 9
Other amendments to the Articles of Association
Abstentions:	22,305
No votes:	5,021,552
Yes votes:	97,670,362
Management proposal adopted with 95.11% in favour.
Item 10
Approval of profit-transfer agreements
Abstentions:	19,983
No votes:	13,376
Yes votes:	102,679,970
Management proposal adopted with 99.99% in favour.

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