Strategic initiative of HypoVereinsbank

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13 June 2005 | Group

Press release

Munich Re welcomes strategic initiative of
HypoVereinsbank / "We will carefully review the share swap offered by UniCredit"

HypoVereinsbank and UniCredit yesterday announced plans to merge the two banks. UniCredit intends to offer HypoVereinsbank shareholders five UniCredit shares for every HypoVereinsbank share held and in this connection to call an extraordinary general meeting of shareholders on 27 July 2005.

Nikolaus von Bomhard, Chairman of the Board of Management: "We welcome the strategic initiative of our cooperation partner HypoVereinsbank in entering this cross-border banking deal. As a major HypoVereinsbank shareholder, we will carefully review the share swap offered by UniCredit."

The Munich Re Group holds 18.3% of HypoVereinsbank's share capital. HypoVereinsbank has a stake of almost 10% in Munich Reinsurance Company and 5% in ERGO Versicherungsgruppe AG, in which Munich Reinsurance Company holds a majority interest of 94.7%. The successful sales cooperation between the ERGO Insurance Group and HypoVereinsbank would remain unaffected by this merger of the two banks.

Note for editorial departments:
In case of enquiries, please contact Rainer Küppers on +49 (89) 38 91-25 04.

Munich, 13 June 2005

Münchener Rückversicherungs-Gesellschaft
signed von Bomhard           signed Küppers

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