Dividend Notice 2005

Münchener Rückversicherungs–Gesellschaft Aktiengesellschaft in München

— ISIN DE0008430026 (WKN 843 002) —

Dividend Notice

The Annual General Meeting of Shareholders on 28 April 2005 voted for a dividend of €2.00 per share 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 29 April 2005 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. 8 to one of the following paying agents:

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

or one of their branches,

or — in Switzerland — UBS AG, Basel and 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 taxable in accordance with the provisions of German corporation and income tax law (half-income method).

Munich, April 2005

The Board of Management