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Declaration of compliance with the German Code of Corporate Governance



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    As from 2005, Munich Re will comply with all the recommendations of the German Code of Corporate Governance with one exception: it will not be disclosing the compensation of the members of its Board of Management individually because it does not consider such disclosure to be appropriate. In its annual report for 2004, the Board of Management's compensation structure will, however, be presented and broken down in more detail than hitherto, including disclosure of figures such as those for pension commitments.

    Dr. Nikolaus von Bomhard, Chairman of the Board of Management: "We are thus satisfying investors' and shareholders' interest in transparency. For their investment decisions, they should be in a position to assess the relationship between the Board of Management's performance and compensation. They consequently require and receive from us detailed information on the Board as a collegial body."

    The information on the compensation structure, which can already be viewed as from today on Munich Re's website, is appended in the attachment; the annual report for 2004 will be published on 15 March 2005.

    Münchener Rückversicherungs-Gesellschaft
    signed Dr. von Bomhard           signed Küppers

    This media information contains forward-looking statements that are based on current assumptions and forecasts of the management of Munich Re. Known and unknown risks, uncertainties and other factors could lead to material differences between the forward-looking statements given here and the actual development, in particular the results, financial situation and performance of our Company. The Company assumes no liability to update these forward-looking statements or to conform them to future events or developments.