Munich Re Group accepts UniCredit's exchange offer

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5 October 2005 | Group

Press release

Munich Re Group accepts UniCredit's exchange offer for its shares in HypoVereinsbank

The Munich Re Group, which has a total stake of 18.3% in HypoVereinsbank, has accepted UniCredit's exchange offer. Munich Reinsurance Company today announced that the relevant decisions had been taken by the governing bodies of the companies involved.

On completion of the exchange, the Munich Re Group's stake in UniCredit will be at least 6.3%, approximately half of which will be held by Munich Reinsurance Company and half by ERGO Versicherungsgruppe AG. It will not be possible to quantify the exact size of the stake until it is clear to what extent UniCredit's exchange offer has been accepted by the shareholders of HypoVereinsbank, Bank Austria Creditanstalt and Bank BPH.

This press release 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.

Note for editorial departments:
In case of enquiries, please contact Rainer Küppers on +49 (89) 38 91-25 04 or Irmgard Joas on +49 (89) 38 91-93 92.

Munich, 5 October 2005

Münchener Rückversicherungs-Gesellschaft
signed von Bomhard           signed Küppers

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