Dividend Notice 2004

Münchener Rückversicherungs–Gesellschaft Aktiengesellschaft in München

— ISIN DE0008430026(Securities Identification No. 843 002) —

Dividend Notice

The Annual General Meeting of Shareholders on 26 May 2004 voted for a dividend of €1.25 to be paid on each share entitled to dividend.

Payment of the dividend, which will be subject to deduction of 20% German withholding tax and 5.5% solidarity surcharge on the tax withheld (a total of 21.1%), will be made as from 27 May 2004 as follows:

• —
  For registered shares held in joint custody in the German giro transfer system, the dividend will be paid via Clearstream Banking AG, Frankfurt, to the shareholders' banks, which will credit the relevant amounts to the shareholders' accounts.
• —
  Payment for shares still held in certificated form will be made against submission of Dividend Coupon No. 7 at the following banks:

Dresdner Bank AG
Bayerische Hypo- und Vereinsbank AG
Commerzbank AG
Deutsche Bank AG
Goldman, Sachs & Co. oHG
ING BHF-BANK AG
B. Metzler seel. Sohn & Co. KGaA
Morgan Stanley Bank AG
UBS Warburg AG

or any of their branches

as well as — in Switzerland — UBS AG, Basle und Zurich

Shareholders subject to taxation in Germany can offset the tax withheld against assessed tax in their assessment for German income tax or corporation tax. The solidarity surcharge withheld can be offset against the assessed solidarity surcharge. No imputation tax credit is involved in the dividend payment.

Withholding tax and solidarity surcharge will not be withheld in the case of shareholders liable to German taxation who have given their bank a "Nichtveranlagungsbescheinigung" (certificate from the German tax authorities that they are not subject to an assessment procedure). The same applies to such shareholders who have submitted a "Freistellungsauftrag" (German application for exemption from withholding tax).

For shareholders subject to tax assessment in Germany, the dividend will be taxed for the first time according to the new provisions of German corporation and income tax law ("half-income method").

Munich, May 2004

The Board of Management