Ad-hoc announcement from 17 January 2002

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17 January 2002 | Translation of the German ad-hoc announcement

Munich Reinsurance Company

Successful completion of the transactions announced last year by Munich Re and Allianz / Munich Re increases its stake in Nürnberger to nearly 20% / Early disclosure of a number of shareholdings.

Munich Re has successfully completed the transactions announced in April 2001: it now holds 25.7% of the share capital and 26.3% of the voting rights in HypoVereinsbank AG and 91.7% of ERGO Versicherungsgruppe AG. In return, it has sold its shares in Allianz Lebensversicherungs-AG and Dresdner Bank AG to Allianz AG and has reduced its interest in Allianz AG to around 20%, as planned.

Besides this, in agreement with the Nürnberger Insurance Group, Munich Re has acquired a portion of the shares in Nürnberger Beteiligungs-AG previously held by Deutsche Bank, thus increasing its stake to nearly 20%. In a further move, it has sold its interest of 12.2% in Generali Lloyd AG to the AMB Group.

In anticipation of the disclosure obligations due to be become effective as of 1st April under the new German securities trading law, the Munich Re Group is now also publishing details of other notifiable stakes in German companies: BHS tabletop AG 28.9%, BHW Holding AG 9.2%, Commerzbank AG 10.4%, Forst Ebnath AG 96.3%, JENOPTIK AG 9.9%, Mannheimer AG Holding 10.0 %, WMF AG 17.0%.

In addition to the above-mentioned steps concluding the deals announced in April 2001, the transactions agreed between Munich Re and Allianz back in May 2000 will be realized as at 1st July 2002: Munich Re will sell its stakes in Bayerische Versicherungsbank AG and Frankfurter Versicherungs-AG to Allianz AG and in return will increase its stake in Karlsruher Lebensversicherung AG to 90.1%.

The Nürnberger Insurance Group, whose holding company Nürnberger Beteiligungs-AG is listed in the S-DAX with a market capitalization of around EUR 1.1bn, wrote premium income of approximately EUR 3.7bn in the year 2001, putting it in the top group of German insurers. With direct and indirect shares in the group amounting to nearly 20%, Munich Re, also in the interest of mutual business relations, will continue to support the course of the Nürnberger Insurance Group's Board of Management in pursuing an independent and successful business policy. No further increase in the stake is planned.

Dr. Heiner Hasford, member of Munich Re's Board of Management responsible for investments:
Purchases and sales of shareholdings have always been a part of Munich Re's active asset management and are geared to long-term optimization of earnings. Hence, Munich Re invests in companies whose market positioning gives reason to expect sustained positive business development. With investments of over EUR 150bn, we number among the biggest investors in Germany. Investments in financial service providers have traditionally been of special importance for us.

Munich Reinsurance Company
Board of Management
17th January 2002


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