Declaration of conformity 2003

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5 December 2003

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 5 December 2003, the Board of Management and the Supervisory Board published the following declaration of compliance, in accordance with Section 161 of the German Stock Companies Act:

"On 6 December 2002, the Board of Management and Supervisory Board of Munich Re published their first declaration of compliance as per Section 161 of the German Stock Companies Act. Since making this declaration, Munich Re has fulfilled the recommendations of the German Code of Corporate Governance (the Code) in the version of 7 November 2002, or will fulfil the recommendations of the Code in the version of 21 May 2003, with the following exceptions:

Item 5.4.5 para. 1 sentence 3 of the Code recommends that separate remuneration be paid for the chairmanship and membership of Supervisory Board committees. At Munich Re's Annual General Meeting on 11 June 2003, Article 15 of the Articles of Association was amended in this respect with effect from the business year 2003. The amendment to the Articles of Association was entered in the Commercial Register on 22 July 2003. Thus, since then, Munich Re has complied with the recommendation in item 5.4.5 para. 1 sentence 3 of the Code.

The annual consolidated financial statements have hitherto been published within the periods stipulated in the German Commercial Code. In 2003, the statements for the business year 2002 were published on 30 April 2003; 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 item 7.1.2 of the Code can be complied with for the first time in the Group's annual report for the business year 2004. The 45-day deadline for the publication of interim reports, provided for in Code item 7.1.2, is scheduled to be complied with for the first time as from the second quarter 2004.

The remuneration of the members of Munich Re's Board of Management is shown in detail for the whole Board in the notes to the consolidated financial statements, broken down according to fixed compensation, performance-related components and components with long-term incentive effect. In view of these informative details on the structure and amount of the remuneration and its components, Munich Re is dispensing with an individualisation of the remuneration within the meaning of item 4.2.4 sentence 2 of the Code."

München, 5 December 2003


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