Declaration of conformity 2002

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6 December 2002

German Corporate Governance Code

Declaration of compliance of Munich Re's board of management and supervisory board in accordance with Section 161 of the German Stock Companies Act

On 6 December 2002 Munich Re's Board of Management and Supervisory Board published their first declaration of compliance with the recommendations of the Government Commission German Code of Corporate Governance, as per Section 161 of the German Stock Companies Act.

"Munich Reinsurance Company (Munich Re) fulfils all of the recommendations of the German Commission Code of Corporate Governance with the following exceptions:

Additional remuneration is not yet paid for the chairmanship and membership of Supervisory Board committees. At the next Annual General Meeting on 11 June 2003 the Board of Management and Supervisory Board will propose an amendment to Article 15 of Munich Re's Articles of Association regarding the remuneration for the chairmanship and membership of Supervisory Board committees. (Code item 5.4.5 para. 1 sentence 3).

The annual consolidated financial statements have hitherto been published within the periods stipulated in the German Commercial Code. In 2002, the statements for the business year 2001 were published on 27 May 2002; Munich Re thus kept well within the legal deadline. In future, Munich Re will optimise its processes even further so that the 90-day deadline recommended in the German Code of Corporate Governance can be complied with for the first time in the Group's annual report for the business year 2004. The 45-day period envisaged in the Code for publishing interim reports will be adhered to for the first time as from the second quarter 2004. (Code item 7.1.2)."

Munich Re is well aware that corporate governance is an ongoing process. We will pursue this issue, developing our corporate governance principles further and thereby taking into account international standards. The decisive thing for Munich Re is that corporate governance is not only incorporated in rules and regulations but is also lived out in practice.

München, 6 December 2002

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