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Münchener Rückversicherungs-Gesellschaft
Aktiengesellschaft in München

WKN 843002

ISIN DE0008430026

Disclosure according to Section 2 para. 1 of Regulation (EU) No. 2016/1052

The Board of Management of Münchener Rückversicherungs-Gesellschaft
Aktiengesellschaft in München ("Munich Re") resolved on 19 March 2019 that
own Munich Re shares (ISIN DE0008430026) will be acquired for a maximum
total purchase price (excluding incidental expenses) of EUR 1 billion via
the stock exchange in the period between 2 May 2019 and, at the latest, the
Annual General Meeting on 29 April 2020.

The Board of Management is thus availing itself of the authorisation to buy
back shares granted by the Annual General Meeting on 25 April 2018.

The buy-back for a maximum total purchase price (excluding incidental
expenses) of EUR 1 billion shall be carried out in several tranches. A
first tranche with a maximum total purchase price (excluding incidental
expenses) of up to EUR 360,000,000 will be carried out in the period
between 23 May 2019 and 28 August 2019 at the latest at the conditions
stated below.

The buy-back will be carried out in accordance with Articles 5, 14 and 15
of Regulation (EU) No 596/2014 of the European Parliament and of the
Council of 16 April 2014 in conjunction with the rules of Commission
Delegated Regulation (EU) 2016/1052 of 8 March 2016 supplementing
Regulation (EU) No 596/2014 of the European Parliament and of the Council
with regard to regulatory technical standards for the conditions applicable
to buy-back programmes and stabilisation measures (hereinafter: Regulation
(EU) 2016/1052), with the exception of Article 2 para. 1 a) of Regulation
(EU) 2016/1052. The buy-back may be carried out on behalf of and for the
account of Munich Re using one or more independent banks. The banks are
obliged to carry out the acquisition of Munich Re shares in keeping with
the above-mentioned rules and to comply with the provisions of the Annual
General Meeting authorisation of 25 April 2018.

The banks will make their decisions regarding the timing of share
acquisitions independently of and without influence by Munich Re, according
to Article 4 para. 2 b) of Regulation (EU) 2016/1052. Munich Re will thus
not exercise control over the banks" decisions in this respect. The Board
of Management may stop the share buy-back programme and - subject to the
insider trading rules of Regulation (EU) No 596/2014 of the European
Parliament and of the Council of 16 April 2014 - resume it at any time.

In particular, the banks are obliged to observe the trading conditions of
Article 3 of Regulation (EU) 2016/1052 and the conditions of this share
buy-back programme.

The own shares acquired may be used for all legally admissible purposes
authorised by the Annual General Meeting on 25 April 2018.

The transactions will be published according to EU Regulation 2016/1052;
Munich Re will provide regular information on the progress of the share
buy-back programme at www.munichre.com.

Munich, 22 May 2019

The Board of Management