Release of an announcement according to Section 25a, para. 1 of the WpHG

[the German Securities Trading Act]

2014/05/21

Wertpapierkennnummer 843002
ISIN DE0008430026

We received the following notification pursuant to sec. 25a para. 1 WpHG on
16 May 2014:

1. Listed company:

Münchener Rückversicherungs-Gesellschaft Aktiengesellschaft in München
Königinstraße 107, 80802 Munich, Germany

2. Notifier:

Commerzbank Aktiengesellschaft, Frankfurt, Germany

3. Triggering event:

Falling below threshold

4. Threshold(s) crossed or reached:

5% and 10%

5. Date at which the threshold is crossed or reached:

9 May 2014

6. Total amount of voting rights:

4.19% (equals 7,240,347 voting rights)
calculated from the following total number of voting rights issued:
172,942,618

7. Detailed information on the voting rights proportion:

Voting rights proportion based on financial/other instruments pursuant to sec. 25a WpHG:
3.92% (equals 6,777,597 voting rights)
thereof held indirectly: 0.00% (equals 0 voting rights)

Voting rights proportion based on financial/other instruments pursuant to sec. 25 WpHG:
0.00% (equals 0 voting rights)
thereof held indirectly: 0.00% (equals 0 voting rights)

Voting rights pursuant to sec. 21, 22 WpHG:
0.27% (462,750 voting rights)

8. Detailed information on financial/other instruments pursuant to sec. 25a
WpHG:

ISIN or name/description of the financial/other instrument:

- Short Put, Expiration date 16 May 2014
- Short Put, Expiration date 20 June 2014
- Short Put, Expiration date 18 July 2014
- Short Put, Expiration date 19 September 2014
- Short Put, Expiration date 19 December 2014
- Short Put, Expiration date 20 March 2015
- Short Put, Expiration date 19 June 2015
- Short Put, Expiration date 18 December 2015
- Short Put, Expiration date 16 December 2016
- Future, cash settlement, Maturity 16 May 2014
- Future, cash settlement, Maturity 20 June 2014

Munich, 21 May 2014

The Board of Management