Munich Re Group Quarterly financial statements as at

Munich Re Group Quarterly financial statements as at 30.6.2008 Telephone conference with analysts and investors Nikolaus von Bomhard Jörg Schneider 6 August 2008

Agenda Analysts' conference 2008 Introduction 2 Financial reporting 2008 Munich Re Group in total 5 Reinsurance segment 15 Primary insurance segment 19 Reinsurance renewals July 2008 25 Financial strength and capital efficiency 28 Outlook 32 Backup 34 2

Introduction Munich Re Group Summary 1.4bn of earnings in first half of 2008; robust result in challenging capital market environment Diversification and sophisticated asset-liability management are cornerstones of our strategy Excellent financial strength allows participation in market opportunities Capital management and cycle management are key to our future success Aim to achieve > 18 EPS in 2010 3

Introduction Impact of weak stock markets Why did we change our profit guidance? Updated profit guidance REVISED FROM 3.0 3.4bn TO well above 2bn H1 08 H2 08 External view Actual impact of losses on shares 3 STOCK MARKET DOWNTURN DJ EURO STOXX 23.8% x CHANGES IN UNREALISED GAINS/LOSSES ON SHARES 3 (INCLUDED IN SHAREHOLDERS' EQUITY) 1.9bn EQUITY GEARING 51% 1 + ADUSTED SHAREHOLDERS' x = EQUITY 22.5bn 2 NET P&L IMPACT OF UNDERPERFORMANCE 0.3bn 4 = Under unchanged or even recovering stock market conditions, impairment rules will lead to further shift from unrealised gains/losses in shareholders' equity to P&L EXPECTED HIT ON SHAREHOLDERS' EQUITY 2.7bn ACTUAL HIT ON SHAREHOLDERS' EQUITY 2.2bn 1 As at 31.12.2007. Equity exposure (after hedges, net of tax and policyholders participation) divided by shareholders' capital (incl. net off-balance-sheet reserves, excl. minority interests and goodwill). 2 As at 31.12.2007. Shareholders' equity ( 25.5bn) + off-balance-sheet reserves ( 0.6bn) minority interests ( 0.5bn) goodwill ( 3.1bn). 3 Incl. equity funds. 4 Calculated from baseline assuming normalised harvesting of unrealised gains and losses. 4

Agenda Analysts' conference 2008 Introduction Financial reporting 2008 Munich Re Group in total Reinsurance segment Primary insurance segment Reinsurance renewals July 2008 Financial strength and capital efficiency Outlook Backup 5

Financial reporting 2008 Munich Re Group in total Overview 2008 Satisfactory result impacted by capital markets GROUP Gross premiums written REINSURANCE Combined ratio property-casualty % PRIMARY INSURANCE Combined ratio property-casualty 1 % 2007 18,928 2007 98.4 2007 93.3 2008 2007 2008 18,857 FX-driven decline in reinsurance offset by growth from acquisitions GROUP Investment result 5,646 3,263 Significant impairments of equities and lower realised gains 2008 99.6 Favourable combined ratio of 95.4% in GROUP Operating result 2007 2008 2,848 2,174 Satisfactory underwriting result 2008 2007 2008 91.0 Clearly below target of 95% GROUP Consolidated result 2,132 1,406 Reduction owing to declining investment result 1 Incl. legal expenses. 6

Financial reporting 2008 Munich Re Group in total Investment result Significant impact of impairments and lower net gain on disposals 2008 Return 1 Regular income 2,294 5.4% Other income/expenses 181 0.4% Gains/losses on the disposal of investments 134 0.3% Write-downs/write-ups of investments 671 1.6% Investment result 1,576 3.7% 2 2008 Return 1 Regular income 4,064 4.8% Other income/expenses 513 Major driver of deterioration 2 3 0.6% Gains/losses on the disposal of investments 876 Major driver of deterioration 1 3 1.0% Write-downs/write-ups of investments 1,164 1.4% Investment result 3,263 3.8% 2 1 Return on quarterly weighted investments (market values) in % p.a. 2 Return incl. change in on- and off-balance-sheet reserves: 3.0% for 2008 and 6.7% for 2008. 3 For details, see next slides. 7

Financial reporting 2008 Munich Re Group in total Investment result Major driver 1 Write-downs/write-ups of investments Impairments of equities partly offset by derivatives 2008 2007 Change Afs fixed-interest 30 0 30 Afs non-fixed-interest 2,163 47 2,210 Derivatives 1,128 407 1,535 Loans 0 1 1 Real estate 93 75 18 Other Afs non-fixed-interest Strong impact from non-cash related impairments on listed shares, thereof: Stocks hedged by derivatives ("hedge accounting"): ~ 1.0bn Due to "once impaired always impaired": ~ 0.7bn Due to 20% or 6-month rule: ~ 0.5bn Derivatives Impairments partly compensated for write-ups of derivatives 6 4 2 Total net write-downs/write-ups 1,164 440 724 Main effects in 8

Financial reporting 2008 Munich Re Group in total Investment result Major driver 2 Gains/losses on the disposal of investments Lower gains on disposal 2008 2007 Change Afs fixed-interest 226 274 500 Afs non-fixed-interest 137 1,753 1,616 Derivatives 455 23 478 Loans 3 7 4 Real estate 33 582 549 Other 28 18 46 Total net realised gains 876 2,013 1,137 Main effects in Afs non-fixed-interest/derivatives Lower gains on disposal from equities compared to 2007 due to careful policy and exceptionally high gains in 2007 Partly offset by derivatives result Real estate Lower gains on disposal from real estate compared to exceptionally high gain in H1 2007 9

Financial reporting 2008 Munich Re Group in total Investments Impact on unrealised gains/losses on shareholders' equity Decrease of investments by 5.6% to 166.2bn compared to end of 2007 ( 176.2bn) Development afs fixed-interest securities 1 Development afs non-fixed-interest securities 1 94,585 1,744 2,398 90,443 Thereof net effect 2 753 31.12.2007 Change unrealised gains/losses (gross) Δ Amortised costs 3 30.06.2008 Economic beneficiary of rising interest rates 4 24,449 3,196 2,398 18,866 Thereof net effect 2 1,943 31.12.2007 Change unrealised gains/losses (gross) Δ Amortised costs 3 30.06.2008 Total effect of the decrease in investments on shareholders' equity mitigated through participation of policyholders, deferred taxes and minorities 1 Both asset classes explain 98% decrease of investments. 2 In unrealised gains on shareholders' equity. Net of policyholders and taxes. 3 In- and outflows (sales, reinvestment) as well as write-downs and write-ups. 4 See Backup-Slide 49 "Accounting missmatch" 10

Financial reporting 2008 Munich Re Group in total Equity Impacted by capital market as well as dividend and share buy-back Equity 31.12.2007 25,458 Consolidated result 1,406 621 Changes Dividend 1,118 Unrealised gains/losses 1 2,771 1,118 1,427 Exchange rates 520 59 Share buy-backs 958 Other 25 Equity 30.6.2008 Consolidated result and changes 21,472 3,986 383 37 2,285 1 On other securities. 11

Financial reporting 2008 Munich Re Group in total Derisking of equities Ongoing reduction of exposure to equity markets DJ Euro Stoxx Insurance Equity-backing ratio 1 Gross of derivatives After taking derivatives into account 300 250 200 Q1 Q3 Q4 Q1 2007 2008 14.9 14.1 13.8 13.8 11.6 11.4 13.5 13.1 11.3 10.8 7.2 6.8 Q1 Q3 Q4 Q1 2007 2008 1 Proportion of investments in equities, equity funds and shareholdings to total investments. 12

Financial reporting 2008 Munich Re Group in total Visible impact of derisking Cost of capital substantially reduced Investment risks Beta factor Munich Re and industry Lowered equity gearing Reduced concentration risks Very moderate credit risk Asset-liability management State-of-the-art ALM Strong risk management Insurance risks Active cycle management High diversification Strong Group reserves 2.2 2.0 1.8 1.6 1.4 1.2 1.0 0.8 0.6 Munich Re Significantly reduced to below 0.8 for Munich Re 2004 2005 2006 2007 2008 DJ EuroStoxx Insurance Derisking reflected in significant reduction of cost of capital Munich Re now well below industry Source: Bloomberg raw beta to DJ Stoxx 600, total return, daily basis, 1-year. Status 31 July 2008. 13

Financial reporting 2008 Munich Re Group in total Operating and consolidated result Satisfactory underwriting influenced by declining investment result 2007 2008 ERGO dividend 1 Reinsurance life and health Operating result 579 690 Consolidated result 401 551 Reinsurance property-casualty Reinsurance sub total Primary insurance life and health Primary insurance property-casualty Primary insurance sub total Munich Re Group 2 204 243 406 289 610 532 1,838 1,878 2,174 2,417 2,568 2,848 1 2008 incl. dividend from ERGO of 947m (before taxes), thereof RI life and health: 180m, RI property-casualty: 767m. 2007 incl. dividend from ERGO of 114m (before taxes), thereof RI life and health: 23m, RI property-casualty: 91m. 2 Operating result 2008 including asset management ( 44m, 2007 68m) and consolidation ( 970m, 2007 247m). Consolidated result 2008 including asset management ( 34m, 2007 47m) and consolidation ( 970m, 2007 247m). 99 118 206 311 324 410 1,521 1,467 1,406 1,922 2,018 2,132 14

Agenda Analysts' conference 2008 Introduction Financial reporting 2008 Munich Re Group in total Reinsurance segment Primary insurance segment Reinsurance renewals July 2008 Financial strength and capital efficiency Outlook Backup 15

Financial reporting 2008 Reinsurance segment Highlights Selective underwriting Gross premiums written Investment result 1 2007 10,993 2007 2,648 2008 % 2007 2008 10,683 Organic growth and acquisitions partly compensate for negative currency development Combined ratio Property-casualty 98.4 99.6 Impacted by major claims 1 2008 incl. dividend from ERGO of 947m. 2007 incl. dividend from ERGO of 114m. 2008 2007 2008 2,734 Beside inflow of ERGO dividend, high write-downs and lower result from disposal Operating result 1 2,417 2,568 Adjusted for ERGO dividend, lower due to reduced investment result 16

Financial reporting 2008 Reinsurance segment Premium development Decline driven by currency developments Gross premiums written 2007 Foreign-exchange effects Divestment/ Investment Breakdown by segment (segmental, not consolidated) 10,993 921 349 Organic change 262 Gross premiums written 2008 10,683 Property-casualty 7,290 (68%) ( 0.6 %) Decline mainly due to currency developments, esp. driven by US$ Acquisition Midland ( 166m) and Sterling Life ( 161m) Organic growth in P&C Reduction of large accounts in life Life 2,588 (24%) ( 12.4 %) Health 805 (8%) ( 14.2%) 17

Financial reporting 2008 Reinsurance segment Combined ratio Property-casualty Favourable combined ratio after normal claims level in % Loss ratio Thereof NatCat 1 Thereof man-made Expense ratio 2007 96.4 67.9 5.0 4.9 28.5 2007 94.9 62.9 3.6 1.3 32.0 2008 95.4 67.7 2.5 3.7 27.7 2007 98.4 2008 99.6 % 120 110 100 90 80 96.3 103.4 127.3 118.8 91.6 91.7 90.4 101.8 96.5 94.9 69.9 71.3 97.1 91.7 103.8 Q1 Q3 Q4 Q1 Q3 Q4 Q1 Q3 Q4 Q1 2005 2006 2007 2008 1 Previous year adjusted owing to change in method (due to a change of limits for outlier/large losses ( 10m and $15m) from Q1 2008 on) 95.4 8.0 6.6 1.0 5.5 28.5 28.3 425m NatCat claims significantly above 5-year average ( 237m); thereof highest claims: Two floods in Queensland, Australia: Each nearly 100m (Q1) Winterstorm Emma: ~ 75m (Q1) Normal claims level in Additional 352m in man-made losses (5-year average: 263m) Slightly decreased expense ratio close to normal level 18

Agenda Analysts' conference 2008 Introduction Financial reporting 2008 Munich Re Group in total Reinsurance segment Primary insurance segment Reinsurance renewals July 2008 Financial strength and capital efficiency Outlook Backup 19

Financial reporting 2008 Primary insurance segment Highlights 2008 Satisfactory result in difficult financial markets Gross premiums written Investment result 2007 8,813 2007 3,336 2008 % 2007 2008 8,971 Organic growth in property-casualty and health Combined ratio Property-casualty 1 93.3 91.0 Positive development of losses and lower expenses 2008 2007 2008 1,609 Significantly lower, 2007 impacted by exceptional high gains from disposals Operating result 610 532 Satisfactory underwriting result partially balances decline in investment result 1 Incl. legal expenses. 20

Financial reporting 2008 Primary insurance segment Premium development Organic growth in property-casualty and health Gross premiums written 2007 Foreign-exchange effects Divestment/ Investment Breakdown by segment (segmental, not consolidated) 1 Incl. legal expenses. 8,813 41 38 Organic change 161 Gross premiums written 2008 8,971 Property-casualty 1 3,313 (37%) ( 5.2%) Life 2,901 (32%) ( 2.6%) Health 2,757 (31%) ( 2.6%) Organic growth in Eastern European business (esp. motor and engineering) Organic growth in health; new business abroad, increase in premiums at DKV Acquisition DAUM Direct Life statutory premiums IFRS premiums 2,901m ( 2.6%) Investment-oriented products 538m ( 36.2%) Total 3,439m ( 1.9%) 21

Financial reporting 2008 Primary insurance segment New business (Statutory premiums) ERGO new business life insurance Total business Single Regular Total premium premium APE 1 2007 824 542 282 336 Comments Germany Increase in regular premiums mainly due to fourth Riester stage 2008 927 600 327 387 Δ 12.5 % 10.7 % 16.0 % 15.2 % Thereof Germany 2007 2008 Single Regular Single Regular Total premium premium APE 1 Total premium premium APE 1 688 473 215 262 771 513 258 309 Δ 12.1% 8.6 % 19.9 % 17.9 % International Increase due to single premiums Thereof international 2007 2008 136 69 67 74 156 87 69 78 Δ 14.6 % 25.0 % 3.6 % 5.6 % 1 Annual premium equivalent. 22

Financial reporting 2008 Primary insurance segment New business (Statutory premiums) Increasing proportion of investment-type products Unit-linked/investment-type products 1 Premium mix of total book 1 New business, APE ~206 % Premiums (investment-type) IFRS premiums (uncons.) 72.7 112.9 ~140 1 st half 76.5 2006 2007 2008e 2010e High growth of investment-type products 10.2 12.4 15.4 89.8 87.6 84.6 2006 2007 2008 1 German business only. 23

Financial reporting 2008 Primary insurance segment Combined ratio Property-casualty Excellent combined ratio despite storms Emma and Hilal % Loss ratio 1 Expense ratio 1 2007 93.4 58.6 34.8 2007 85.1 53.1 32.0 2008 92.9 60.8 32.1 % 2007 93.3 2008 91.0 100 95 90 85 99.0 90.3 91.3 92.2 97.0 87.2 89.1 90.2 102.1 Q1 Q3 Q4 Q1 Q3 Q4 Q1 Q3 Q4 Q1 2005 2 2006 2007 2008 1 Incl. legal expenses. 2 Adjusted due to first-time application of IAS 19 (rev. 2004). 3 Kyrill: 5.8%. 4 Emma: 2.1% 3 58.7 34.6 57.9 33.1 85.1 92.1 94.7 89.0 4 92.9 Overall favourable development in 2008 with normal fluctuations on quarterly basis NatCat claims slightly increased in 2008 due to storm Hilal Declining expense ratio reduced mainly due to lower administrative expenses 24

Agenda Analysts' conference 2008 Introduction Financial reporting 2008 Munich Re Group in total Reinsurance segment Primary insurance segment Reinsurance renewals July 2008 Financial strength and capital efficiency Outlook Backup 25

Financial reporting 2008 Reinsurance renewals July 2008 July renewals Commitment to active cycle management Split of renewed portfolio (approx. 10% of total treaty book) by line of business % Marine Credit Casualty Property 5 6 35 54 by region Europe Latin America Asia Pacific Global North America 8 12 22 23 35 Outcome Premium decrease of 8.7% reflecting active cycle management Moderate rate decrease of 3.6% 26

Financial reporting 2008 Reinsurance renewals July 2008 July renewals Commitment to active cycle management Active cycle management Declining unprofitable business Strict cancellation of business of inadequately priced business Holding firm on terms and conditions Client profitability as key criterion Very long-tailed US casualty business reduced by 45% Outcome Active portfolio management Private placements and differential terms US hurricane business still profitable Increase in property proportional prices in Australia Optimisation of profitable business Proportional business: Providing underwriting audits for our cedents XL business: Restructuring of layering (e.g. attachment points) and shift of capacity within programmes towards higher, more profitable layers Optimisation of reinsurance programmes Sophisticated portfolio management in difficult stage of cycle 27

Agenda Analysts' conference 2008 Introduction Financial reporting 2008 Munich Re Group in total Reinsurance segment Primary insurance segment Reinsurance renewals July 2008 Financial strength and capital efficiency Outlook Backup 28

Financial strength and capital efficiency Financial strength Capitalisation still at very strong level 31.12.07 34.3bn available financial resources against 16.5bn economic risk capital requirements 1 30.6.08 Shareholders' equity down by 4.0bn to 21.5bn Available financial resources decreased accordingly Slightly lower capital requirements due to reduced market risks 20.1% debt leverage 2 reflects secure financial strength 12.7x interest coverage 3 on comfortable level Financial strength offers downside protection and optimisation potential 1 Based on 175% of VaR 99.5%. 2 Strategic debt divided by total capital (= sum of strategic debt + shareholders equity). All subordinated bonds treated as debt. 3 Earnings before interest expenses, tax and depreciation divided by finance costs. 29

Financial strength and capital efficiency Optimisation potential influenced by local GAAP balance sheet Unequal development of capital position from 2003 to 2007 MUNICH RE GROUP Economic equity bn MUNICH RE GROUP IFRS equity bn MUNICH RE AG HGB (local GAAP) equity bn 29.4 +12.1 17.3 2003 2007 19.3 +6.2 25.5 2003 2007 Decreased HGB equity alongside significantly increased economic buffers 11.4 2.1 9.3 2003 2007 30

Financial strength and capital efficiency Optimisation potential influenced by local GAAP balance sheet Economic buffers protect shareholders from large loss events MUNICH RE AG HGB (local GAAP) view bn Economic buffers 25.3 Equity 6.9 7.0 11.0 11.4 29.8 9.5 9.3 2003 2007 Equalisation provision and similar provisions 1 Valuation reserves 1 HGB equity incl. 0.7bn revenue reserves Different degree of availability for economic buffers Releases of equalisation provision regulated by law Equalisation provision protects HGB profit and dividend paying capacity against large loss events Valuation reserves on participations and investments Future development Capital distribution to shareholders Future profits, internal capital management measures and probable release of equalisation provisions 1 Pre-tax; a tax impact has to be considered when reducing equalisation provision and realising valuation reserves. 31

Agenda Analysts' conference 2008 Introduction Financial reporting 2008 Munich Re Group in total Reinsurance segment Primary insurance segment Reinsurance renewals July 2008 Financial strength and capital efficiency Outlook Backup 32

Outlook Updated guidance for consolidated result in 2008 Guidance for 2008 Consolidated result well above 2.0bn (RoRaC well above 10%), below previously envisaged range of 3.0 3.4bn Gross premiums written expected to be unchanged in the range of 36.0 37.5bn (given stable currency environment) Combined ratio in reinsurance of 98%, thereof NatCat 6.5% (achievable only if major claims below expectations) Combined ratio primary insurance below 95% RoI target: 4.5% on a sustainable basis; in 2008 <4.0% is expected Mid-term targets Earnings per share of > 18 by 2010 confirmed RoRaC of at least 15% over the cycle Mid-term perspective to stand 33

Agenda Analysts' conference 2008 Introduction Financial reporting 2008 Capitalisation Renewals July 2008 Outlook Backup 34

Agenda Backup Highlights 2008 stand-alone Investments On- and off-balance-sheet reserves Renewals July 2008 Quarterly figures Shareholder information 35

Backup: Financial reporting 2008 Highlights 2008 stand-alone Group in total GROUP Gross premiums written REINSURANCE Combined ratio property-casualty % PRIMARY INSURANCE Combined ratio property-casualty 1 % 2007 8,908 2007 94.9 2007 85.1 2008 2007 2008 9,013 GROUP Investment result 2,485 1,576 2008 95.4 GROUP Operating result 2007 2008 1,535 1,023 2008 2007 2008 92.9 GROUP Consolidated result 1,158 621 1 Incl. legal expenses. 36

Backup: Financial reporting 2008 Highlights 2008 stand-alone Reinsurance Gross premiums written Investment result 1 2007 5,173 2007 1,324 2008 % 2007 2008 5,191 Combined ratio Property-casualty 94.9 95.4 1 2008 incl. dividend from ERGO of 947m. 2007 incl. dividend from ERGO of 114m. 2008 2007 2008 1,734 Operating result 1 1,358 1,706 37

Backup: Financial reporting 2008 Highlights 2008 stand-alone Both man-made and NatCat losses significantly above 5-year average 2008 2008 4 Man-made Natural catastrophes Man-made Natural catastrophes 2004 1 279 279 2004 1 112 112 2005 1 412 2006 2 418 2007 3,4 615 2008 3 777 5-year average 500 71 262 263 349 150 544 1 Major losses over 5m each; excl. run-off-profits. 2 Major losses over 5m each; incl. run-off-profits. 3 Major losses over 10m each; incl. run-off-profits. 4 Changed compared with earlier announcement. 69 352 425 237 2005 1 161 2006 2 144 2007 3 77 2008 3 199 5-year average 139 100 61 9 153 43 120 120 79 89 50 38

Backup: Financial reporting 2008 Highlights 2008 stand-alone Primary insurance Gross premiums written Investment result 2007 4,055 2007 1,373 2008 % 2007 2008 4,168 Combined ratio Property-casualty 1 85.1 92.9 2008 2007 2008 893 Operating result 294 286 1 Incl. legal expenses. 39

Backup: Financial reporting 2008 Highlights 2008 stand-alone Other income and expenses 2007 2008 Other income: 1,019m Other expenses: 1,143m Other income: 1,662m Other expenses: 1,761m FX income/expenses FX income/expenses 576 707 131 Income Expenses Net position All other income/expenses 443 436 Income Expenses Net position 7 1,313 1,330 17 Income Expenses Net position All other income/expenses 349 431 82 Income Expenses Net position 40

Backup: Financial reporting 2008 Highlights 2008 stand-alone Adverse foreign exchange rate developments Currency split % of total premium volume reinsurance Exchange rates Balance sheet (period end) Income statement (average) 26.2% Other 21.5% US$ 34.6% UK 10.9% CAN$ 6.8% 30 June 2008 30 June 2007 2008 2007 1 /US$ 1.5756 1.3506 1.5623 1.3483 1 /UK 0.7917 0.6732 0.7927 0.6789 1 /CAN$ 1.5985 1.4367 1.5781 1.4815 41

Agenda Backup Highlights 2008 stand-alone Investments On- and off-balance-sheet reserves Renewals July 2008 Quarterly figures Shareholder information 42

Backup: Financial reporting 2008 Investments Well-balanced portfolio mix Investment structure by asset classes (market values) Land and buildings Loans Fixed-interest securities Shares, equity funds and participating interests Miscellaneous 1 31.12.2004 2 181 31.12.2005 3,4 180 31.12.2006 179 31.12.2007 176 31.3.2008 171 30.6.2008 166 % 5.9 4.0 3.6 2.8 2.8 2.9 11.7 14.3 16.4 19.4 21.4 22.1 Decrease due to strong euro and write-downs of equities 1 Deposits retained on assumed reinsurance, investments for unit-linked life, deposits with banks, investment funds (bond, property). 2 After reclassification of owner-occupied properties of Munich Reinsurance Company to other assets. 3 After reclassification of owner-occupied properties of Munich Re Group to other assets. 4 Decrease of 13.2bn in assets (market values) due to sale of Karlsruher in Q4 2005. 5 After taking equity derivatives into account: 6.8%. 57.0 56.0 54.9 54.2 54.1 55.2 13.9 14.0 14.6 13.8 11.6 11.4 5 11.5 11.7 10.5 9.8 10.1 8.4 43

Backup: Financial reporting 2008 Investments Significant reduction of asset exposure Equity gearing 1 Extended view 2 % as at end of period % as at end of period 178 114 110 87 72 71 51 36 2002 2003 2004 2005 2006 2007 2008 90 90 2006 2007 2008 1 Equity exposure (after hedges, net of tax and policyholder participation) divided by shareholders' capital (incl. net off-balance-sheet reserves, excl. goodwill). 2 Incl. exposure in real estate, structured products and corporate bonds rated below AA. 3 After taking equity derivatives into account. 44

Backup: Financial reporting 2008 Investments Careful expansion into products with good quality Fixed-interest portfolio 1 Structured products 2 5% (4) Loans to policyholders 4% (4) Corporates 8% (7) Banks 13% (13) Thereof 25% cash positions (= 3% of total) TOTAL 131bn 1 Incl. loans, parts of other securities and cash positions. Economic view not fully comparable with IFRS figures. 2 Thereof subprime exposure: ~ 240m. Figures in brackets 31.12.2007 Government/ Semi-government 42% (47) Thereof 12% inflation-linked bonds (= 5% of total) Pfandbriefs/ Covered bonds 28% (25) 45

Backup: Financial reporting 2008 Investments Structured products split by ratings and region 1 Total exposure 6.7bn Structured product portfolio (ABS/MBS/CDO..) AAA AA A BBB <BBB NR USA Europe Total ABS Consumer-related ABS 2 714 7 26 2 0 4 632 121 753 Corporate-related ABS 3 213 0 108 4 0 0 132 193 325 Subprime HEL 127 85 4 0 0 0 216 0 216 CDO / CLN Subprime-related 17 2 0 0 5 0 0 24 24 MBS Non-subprime-related 108 48 68 11 0 78 31 282 313 Agency 4 3,272 83 0 0 0 0 3,355 0 3,355 Non-agency prime 587 37 35 6 0 0 339 326 665 Non-agency other (not subprime) 262 10 4 0 0 0 268 8 276 Commercial MBS 710 18 2 0 0 3 701 32 733 Total 6,010 290 247 23 5 85 5,674 986 6,660 Limited structured credit exposure in strong ratings (90% AAA) 1 Including Midland and Sterling. 2 Consumer loans, auto, credit cards, student loans. 3 Asset-backed CPs, business and corporate loans, commercial equipment. 4 Exposure in Freddie Mac/Fannie Mae investments: 3.1bn. Additionally, Freddie Mac/Fannie Mae bonds of ~ 550m (as per 30.6.2008). ~ 450m as per 31.7.2008. 46

Backup: Financial reporting 2008 Investments Effects of changes in value of equities and equity-based derivatives Strict application of IFRS accounting principles Equity-based derivatives (held for trading) All changes in value are recognised in income statement Equities (available for sale) All changes in value are recognised in equity, no effect on profit or loss. General IFRS accounting regulations therefore lead to mismatch in income statement Special Case 1: Fair value hedge accounting under IFRS Preconditions for fair value hedging: (in acc. with IAS 39.88) Consequence: All fluctuations in value including those of underlying equities are recognised on income statement, mirroring the changes in value of derivatives Formal documentation of hedging relationship Highly effective hedging relationship Reliable measurability of effectiveness Proof of effectiveness at every balance sheet date In case of rising share prices: Write-off of derivative and write-up of shares In case of falling share prices: Write-up of derivative and write-off of shares Strong price changes lead to inflated income and expenses 47

Backup: Financial reporting 2008 Investments Effects of changes in value of equities and equity-based derivatives (contd.) Special Case 2: Write-down of shares owing to significant or sustained impairment Shares are considered to be subject to impairment if fair value falls below average historical acquisition price significantly (20%) or for a sustained period (6 months). In this case, the loss recognised in equity to reflect the price loss is reversed and recognised as an expense in the income statement. Important: Further declines in share prices already written down in the past are recognised immediately in the income statement ("once impaired, always impaired"). By contrast, recoveries in value are always recognised in equity with no effect on profit or loss. There is no limitation on write-ups under fair-value measurement. Conclusion: Changes in value of shares/derivatives are not reflected in a uniform manner in the balance sheet and income statement, and they depend on the extent of underlying hedging relationships. In very volatile capital markets, it is more difficult to predict the effects on profit and loss where there is no hedge accounting. 48

Backup: Financial reporting 2008 Investments "Accounting mismatch" Accounting mismatch IFRS accounting afs (through balance sheet) IFRS (gross of RfB 1, taxes) IFRS (after RfB 1, taxes) Economic balance sheet Economic perspective Change in equity Illustrative Change in interest rates Fair values of investments and provisions with equal duration develop parallel Primary L&H: Slight increase in economic equity in case of rising interest rates due to longer duration of provisions Reduction of market value Assets available for sale View according to IFRS accounting Reduction in equity, deferred RfB 1, deferred taxes and minority interests Equity Liabilities Valuation of investments mainly at market values while large proportion of covered provisions is valued at undiscounted best estimate Valuation mismatch of assets and liabilities leads to volatility of shareholders equity Primary L&H: Participation of policyholders in unrealised gains and losses through RfB 1 and deferred taxes has mitigating effect 1 RfB: Reserve for premium refunds (Rückstellungen für Beitragsrückerstattungen). 49

Agenda Backup Highlights 2008 stand-alone Investments On- and off-balance-sheet reserves Renewals July 2008 Quarterly figures Shareholder information 50

Backup: Financial reporting 2008 On- and off-balance-sheet reserves Unrealised gains/losses on securities (afs) and off-balance sheet reserves Land and buildings 1 1,135 At equity 2 400 Other (mainly loans) 2 2,180 Off-balance-sheet reserves 30.06.2008 Policyholders' participation Gross unrealised gains and losses Policyholders' participation 645 1,251 Deferred taxes 83 Minority interests 1 Shareholders' stake 522 1,740 311 Deferred taxes 133 Minority interests 47 Consolidation 54 Shareholders' stake 2,285 1 Without reserves on owner-occupied properties. 2 Changed compared with earlier announcement. 51

Backup: Financial reporting 2008 On- and off-balance-sheet reserves Split by asset classes 31.12.2007 30.6.2008 Other investments (fixed-interest) 122 Other investments (non-fixed-interest) Land and buildings 1 Miscellaneous Loans 6,683 3 Total 7,076m 1,260 337 1,323 on-balance-sheet off-balance-sheet on-balance-sheet off-balance-sheet Unrealised gains and losses gross 7,076 2./. Provision for deferred premium refunds 936./. Deferred taxes 466./. Effects from consolidation and currency 6./. Minority interests 34 Unrealised gains and losses net 5,646 1 Without reserves on owner-occupied properties. 2 Incl. unrealised gains/losses from valuation at equity, unconsolidated affiliated enterprises and cash flow hedging of 122m. 3 Incl. unrealised gains/losses from valuation at equity, unconsolidated affiliated enterprises and cash flow hedging of 112m. 112 3,487 1,747 Total 1,207m 1,135 2,180 400 Unrealised gains and losses gross 1,207 3./. Provision for deferred premium refunds 1,558./. Deferred taxes 49./. Effects from consolidation and currency 61./. Minority interests 44 Unrealised gains and losses net 2,919 52

Agenda Backup Highlights 2008 stand-alone Investments On- and off-balance-sheet reserves Renewals July 2008 Quarterly figures Shareholder information 53

Backup: Financial reporting 2008 Renewals July 2008 July: Volume decrease as a consequence of strict cycle management % 100 21.7 78.3 2.5 15.5 91.3 1,147 249 898 29 178 1,047 Approx. 10% of total treaty property-casualty business was up for renewal Total renewable from 1 July 2007 Cancelled Renewed Decrease on renewable Change in renewed 3.2% Thereof Pure price 3.6% Exposure 2.1% Share 1.6% New business Estimated outcome 8.7% volume reduction as a consequence of 3.6% price decrease Split of 100m premium decrease: Property Casualty Proportional XL 48m 48m 30m 70m Significant part of cancelled/new business derives from restructuring 54

Backup: Financial reporting 2008 Renewals July 2008 Property % 100 25.0 75.0 1.5 18.8 92.3 616 154 462 9 116 569 Stable price mainly driven by price increase in proportional Australian business Total renewable from 1 July 2007 Cancelled Renewed Decrease on renewable Change in renewed 2.0% Thereof Pure price 0.4% Exposure 4.7% Share 6.3% New business Estimated outcome Prices in XL falling more strongly than in proportional but from higher levels US hurricane business still profitable, otherwise cancelled 55

Backup: Financial reporting 2008 Renewals July 2008 Casualty % 100 20.2 79.8 4.3 12.6 88.1 405 82 323 18 51 357 Total renewable from 1 July 2007 Cancelled Renewed Decrease on renewable Change in renewed 5.4% Thereof Pure price 7.0% Exposure 1.4% Share 2.9% New business Estimated outcome Mainly US-based business (77%) Premium reductions to approx. 1/3 in proportional and to 2/3 in XL Premium decrease across all regions Price reduction in XL slightly stronger than in proportional 56

Backup: Financial reporting 2008 Renewals July 2008 YTD: New business priced to support Group return targets % 100 15.0 85.0 3.6 11.5 100.1 10,405 1,562 8,843 373 1,197 10,413 Approx. 95% of total treaty property-casualty business included Total renewable from 1 July 2007 Cancelled Renewed Increase on renewable Change in renewed 4.2% Thereof Pure price 2.8% Exposure 13.9% Share 5.9% New business Estimated outcome Premium volume remains constant with a rate decrease of 2.8% Downcycle less pronounced than some suspected Discontinuation of inadequately priced business (e.g. US XL 160m, thereof majority in long-tail US casualty business) 57

Agenda Backup Highlights 2008 stand-alone Investments On- and off-balance-sheet reserves Renewals July 2008 Quarterly figures Shareholder information 58

Backup: Financial reporting 2008 Quarterly figures Munich Re Group Q1 2007 1 2007 Q3 2007 Q4 2007 Q1 2008 2008 Gross premiums written 10,020 8,908 9,148 9,186 9,844 9,013 Investment result 3,161 2,485 1,990 1,636 1,687 1,576 Total income Total expenses Operating result Finance costs Taxes on income Consolidated result Equity (balance-sheet date) 12,367 11,054 1,313 70 269 974 26,341 11,953 10,418 1,535 79 298 1,158 25,330 11,311 10,179 1,132 89 173 1,216 24,857 11,692 10,583 1,098 95 414 589 25,458 11,283 10,132 1,151 86 280 785 23,757 10,887 9,864 1,023 95 307 621 21,472 1 Adjusted due to IAS 8. 59

Backup: Financial reporting 2008 Quarterly figures Reinsurance segment Life and health Q1 2007 2007 Q3 2007 Q4 2007 Q1 2008 2008 Gross premiums written 1,791 1,867 1,866 1,775 1,678 1,715 Investment result 417 410 361 344 374 470 Total income Total expenses Operating result Finance costs Taxes on income Consolidated result 2,202 1,921 281 23 86 172 2,307 2,009 298 26 43 229 2,237 1,968 269 31 77 315 2,193 1,947 243 35 199 9 2,146 1,806 340 27 11 302 2,246 1,896 350 30 71 249 60

Backup: Financial reporting 2008 Quarterly figures Reinsurance segment Property-casualty Q1 2007 2007 Q3 2007 Q4 2007 Q1 2008 2008 Gross premiums written 4,029 3,306 3,610 3,279 3,814 3,476 Investment result 907 914 502 472 626 1,264 Total income Total expenses Operating result Finance costs Taxes on income Consolidated result Combined ratio (in %) 4,503 3,725 778 41 111 626 101.8 4,477 3,417 1,060 45 120 895 94.9 3,930 3,401 529 51 64 542 97.1 4,095 3,394 701 55 120 526 91.7 4,271 3,749 522 52 186 284 103.8 4,675 3,319 1,356 59 114 1,183 95.4 61

Backup: Financial reporting 2008 Quarterly figures Primary insurance segment Life and health Q1 2007 1 2007 Q3 2007 Q4 2007 Q1 2008 2008 Gross premiums written 2,855 2,810 2,726 3,256 2,857 2,801 Investment result 1,668 1,256 1,100 808 607 740 Total income Total expenses Operating result Finance costs Taxes on income Consolidated result 4,483 4,369 114 58 56 4,174 4,084 90 1 46 43 3,986 3,761 225 47 178 4,278 4,128 150 1 70 81 3,636 3,536 100 42 58 3,670 3,527 143 83 60 1 Adjusted due to IAS 8. 62

Backup: Financial reporting 2008 Quarterly figures Primary insurance segment Property-casualty Q1 2007 2007 Q3 2007 Q4 2007 Q1 2008 2008 Gross premiums written 1,903 1,245 1,281 1,210 1,946 1,367 Investment result 295 117 76 245 109 153 Total income Total expenses Operating result Finance costs Taxes on income Consolidated result Combined ratio (in %) 1 1,478 1,276 202 6 2 194 102.1 1,356 1,152 204 6 81 117 85.1 1,364 1,276 88 6 82 164 92.1 1,557 1,376 180 5 24 151 94.7 1,418 1,272 146 6 35 105 89.0 1,507 1,364 143 6 36 101 92.9 63

Agenda Backup Highlights 2008 stand-alone Investments On- and off-balance-sheet reserves Renewals July 2008 Quarterly figures Shareholder information 64

Backup: Financial reporting 2008 Shareholder information Shares in circulation decreased due to buy-back programme Development of shares in circulation m shares 31.12.2007 Acquisition of own shares in 2008 Retirement of own shares in 2008 30.06.2008 Shares in circulation 207.8 6.6 201.2 Own shares held 10.1 6.6 11.5 5.2 Total 217.9 206.4 Weighted average number of shares 219.9 204.1 2007 2008 227.6 215.3 Q1 4 2006 Q1 4 2007 Further 1.4 million own shares were acquired in July 2008 65

Appendix Shareholder information Financial calendar 7 October 2008 Investors' Day on life reinsurance, London 7 November 2008 Interim report as at 30 September 2008 3 March 2009 Balance sheet press conference for 2008 financial statements (preliminary figures) Analysts' conference, Munich 22 April 2009 Annual General Meeting 23 April 2009 Dividend payment 6 May 2009 Interim report as at 31 March 2009 4 August 2009 Interim report as at 30 June 2009; Half-year press conference 5 November 2009 Interim report as at 30 September 2009 66

Appendix Shareholder information For information please contact Sascha Bibert Head of Investor & Rating Agency Relations Tel.: +49 (89) 38 91-39 10 E-mail: sbibert@munichre.com Ralf Kleinschroth Tel.: +49 (89) 38 91-45 59 E-mail: rkleinschroth@munichre.com Dr. Thomas Dittmar Tel.: +49 (89) 38 91-64 27 E-mail: tdittmar@munichre.com Andreas Silberhorn Tel.: +49 (89) 38 91-33 66 E-mail: asilberhorn@munichre.com Münchener Rückversicherungs-Gesellschaft Königinstrasse 107, 80802 München, Germany Fax: +49 (89) 38 91-98 88 E-mail: IR@munichre.com Internet: www.munichre.com Christine Franziszi Tel.: +49 (89) 38 91-38 75 E-mail: cfranziszi@munichre.com Martin Unterstrasser Tel.: +49 (89) 38 91-52 15 E-mail: munterstrasser@munichre.com 67

Appendix Shareholder information Disclaimer This presentation 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. 68