Investor relations activities and shareholder service

Our corporate strategy geared to sustained increase in value is accompanied by ongoing and open communication with all capital market participants. In the course of 2008, for example, our investor relations unit organised more than 30 roadshows – primarily in the USA and Europe – to present current topics relating to Munich Re, our financial performance and the progress of our Changing Gear programme. Management also held over 150 individual meetings with investors and analysts at our offices. Additionally, as in previous years, Munich Re participated in investor conferences held by various investment banks.

Besides our annual analysts’ conference on 8 May 2008, the investors’ days we held in London met with a very positive response: the event on 19 February 2008 was devoted to property-casualty reinsurance, whilst that on 7 October focused on life reinsurance. At our analysts’ conference on 3 March 2009, we presented our figures for the year 2008 as a whole and our strategy for the Munich Re Group, for primary insurance and for reinsurance. More than one hundred institutional investors took part in each case, either in person or via videostreaming.

As in 2007, our investor relations work again received recognition from external experts last year. Based on a survey of buy-side analysts, Munich Re received the award for “Most Improved Investor Relations” in the European insurance sector from the Institutional Investor Research Group.

But our activities are not only geared to institutional investors: private investors can contact Munich Re directly at any time as well. All the presentations we use in our meetings with investors are published concurrently on the internet, and we are glad to send these to interested shareholders on request. Many of our events are transmitted live via webstreaming. Enquiries reaching us via our shareholder hotline or by e-mail are answered promptly by our team.

We publish all important information on Munich Re shares on our website under Investor Relations. In 2008, we also expanded the service we provide on our bonds issues and now offer daily updated price charts. The service pages of our shareholder portal (www.munichre.com/register) offer shareholders various facilities, such as registering to receive documents for the Annual General Meeting by e-mail or updating their registered shareholder data online.

High proportion of shares represented at the Annual General Meeting

Some 4,100 investors accepted our invitation to the 121st Annual General at the Annual General Meeting Meeting on 17 April 2008 at the International Congress Center Munich. Many other shareholders arranged for their voting rights at the Annual General Meeting to be exercised by proxies, especially banks and shareholders’ associations. The proposals of the Board of Management and Supervisory Board on the individual agenda items were adopted by the shareholders with clear majorities in each case.

At 45.1%, the proportion of the share capital represented in the votes reached nearly the same level as last year (45.2%). We see this renewed high figure as the fruit of our efforts to actively inform our investors and to encourage them to exercise their voting rights at the Annual General Meeting.

Shareholders’ participation in the Annual General Meeting is facilitated by means of electronic communications. They can, for example, use the internet to authorise Company proxies and issue voting instructions. Furthermore, they have the option to follow the whole AGM live on the internet and, if they have authorised a Company proxy, to change their voting instructions right up until the end of the general debate. In addition, admission cards for the Annual General Meeting can be ordered online.

We publish the resolutions adopted at the Annual General Meeting straight away on our website. Our shareholders can find further important information regarding the Annual General Meeting at www.munichre.com/hv and in the dedicated section of our shareholder portal at wwww.munichre.com/register.