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1 October 2009

Munich Re to resume share buy-back programme

Munich Re intends to resume its suspended share buy-back programme and repurchase shares with a volume of up to €1bn by the 2010 Annual General Meeting. The buy-back is scheduled to start shortly.

Munich Reinsurance Company’s Board of Management today resolved, on the basis of the authorisation granted by the Annual General Meeting, that the Company will buy back shares for a total purchase price of up to €1bn in the period from 1 October 2009 until the Annual General meeting on 28 April 2010 at the latest. Based on the current share price (as at 30 September 2009), this would amount to around 9.2 million shares or 4.7% of the share capital. The repurchased shares are to be retired in order to optimise the Company’s capital structure.

Since November 2006, Munich Re has carried out share buy-backs with a total volume of €4bn, including €1bn in 2006/2007. In May 2007, it announced share buy-backs of more than €5bn. Of this amount, share buy-backs totalling €3bn have already been completed: €2bn in 2007/2008 and €1bn in 2008/2009.

Munich, 1 October 2009

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

Disclaimer:
This announcement 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.