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Release of a Notification of Major Holdings of 23.12.2015

12/23/2015

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    WKN 843002
    ISIN DE0008430026
    (Citi)

    1. Details of issuer

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

    2. Reason for notification

    Acquisition/disposal of shares with voting rights
    Acquisition/disposal of instruments

    3. Details of person subject to the notification obligation

    Name:
    Citigroup Inc.

    City and country of registered office:
    Wilmington, Delaware
    United States of America (USA)

    4. Names of shareholder(s)

    holding directly 3% or more voting rights, if different from 3.
    N/A

    5. Date on which threshold was crossed or reached

    17.12.2015

    6. Total positions

    % of voting rights attached to shares (total of 7.a.) % of voting rights through instruments (total of 7.b.1 + 7.b.2) total of both in % (7.a. + 7.b.) total number of voting rights of issuer
    Resulting situation 0.30% 4.59% 4.88% 166,843,961
    Previous notification 0.13% % 9.84%

    7. Details of the resulting situation

    a. Voting rights attached to shares (Sec.s 21, 22 WpHG)
    ISIN absolute in %
    direct (Sec. 21 WpHG) indirect (Sec. 22 WpHG) direct (Sec. 21 WpHG) indirect (Sec. 22 WpHG)
    DE0008430026 496.025 % 0.30%
    Total 496.025 0.30%

    b.1. Instruments according to Sec. 25 Abs. 1 Nr. 1 WpHG

    Type of instrument Expiration or maturity date Exercise or conversion period Voting rights absolute Voting rights in %
    Listed Option 18.12.2015 4,354,000 2.61%
    Listed Option 18.03.2016 7,900 0.005%
    Listed Option 17.06.2016 6,200 0.004%
    Listed Option 16.12.2016 18,600 0.01%
    Warrant 11.01.2016 148 0.00009%
    Warrant 14.03.2016 1,250 0.0007%
    Warrant 11.07.2016 135 0.00008%
    Warrant 15.08.2016 700 0.0004%
    Warrant 12.12.2016 10,646 0.006%
    Total 4,399,579 2.64%

    b.2. Instruments according to Sec. 25 Abs. 1 Nr. 2 WpHG

    Type of instrument Expiration or maturity date Exercise or conversion period Cash or physical settlement Voting rights absolute Voting rights in %
    OTC Swap 24.10.2016 Cash 173,604 0.10%
    OTC Swap 23.09.2016 Cash 439 0.0003%
    OTC Swap 07.12.2016 Cash 169 0.0001%
    OTC Swap 20.01.2017 Cash 1.924 0.001%
    OTC Option 18.12.2015 Physical 3,031,903 1.82%
    OTC Option 16.12.2016 Cash 21,123 0.01%
    OTC Option 17.06.2016 Physical 9,264 0.006%
    OTC Option 15.12.2017 Cash 13,449 0.008%
    Total 3,251,875 1.94%

    8. Information in relation to the person subject to the notification obligation

    Full chain of controlled undertakings starting with the ultimate controlling natural person or legal entity:
    Name % of voting rights (if at least held 3% or more) % of voting rights through instruments (if at least held 5% or more) Total of both (if at least held 5% or more)
    Citigroup Inc. % % %
    Citigroup Global Markets Holdings Inc. % % %
    Citigroup Financial Products Inc. % % %
    Citigroup Global Markets Europe Limited % % %
    Citigroup Global Markets Limited % % %

    9. In case of proxy voting according to § 22 Abs. 3 WpHG