DGAP-Stimmrechtsanteile: Münchener Rückversicherungs-Gesellschaft AG (vink. NA)

DGAP-PVR: Münchener Rückversicherungs-Gesellschaft Aktiengesellschaft in München: Release according to Article 26, Section 1 of the WpHG [the German Securities Trading Act] with the objective of Europe-wide distribution

Münchener Rückversicherungs-Gesellschaft Aktiengesellschaft in München

23.12.2015 21:25

Dissemination of a Voting Rights Announcement, transmitted by DGAP - a service of EQS Group AG. The issuer is solely responsible for the content of this announcement. ---------------------------------------------------------------------------

Notification of Major Holdings

1. Details of issuer

Münchener Rückversicherungs-Gesellschaft Aktiengesellschaft in München Königinstraße 107 80802 München Germany

2. Reason for notification

X Acquisition/disposal of shares with voting rights X Acquisition/disposal of instruments Change of breakdown of voting rights Other reason:

3. Details of person subject to the notification obligation

Name: City and country of registered office: Citigroup Inc. Wilmington, Delaware United States of America (USA)

4. Names of shareholder(s) holding directly 3% or more voting rights, if different from 3.

N/A

5. Date on which threshold was crossed or reached

17.12.2015

6. Total positions

% of voting % of voting rights total of total number rights attached through instruments both in % of voting to shares (total (total of 7.b.1 + (7.a. + rights of of 7.a.) 7.b.2) 7.b.) issuer Result- 0,30 % 4,59 % 4,88 % 166843961 ing situat- ion Previo- 0,13 % % 9,84 % / us notifi- cation

7. Notified details of the resulting situation a. Voting rights attached to shares (Sec.s 21, 22 WpHG)

ISIN absolute in % direct indirect direct indirect (Sec. 21 WpHG) (Sec. 22 WpHG) (Sec. 21 WpHG) (Sec. 22 WpHG) DE0008430026 496025 % 0,30 % Total 496025 0,30 %

b.1. Instruments according to Sec. 25 Abs. 1 Nr. 1 WpHG

Type of Expiration or Exercise or Voting Voting instrument maturity date conversion rights rights in period absolute % Listed 18.12.2015 4354000 2,61 % Option Listed 18.03.2016 7900 0,005 % Option Listed 17.06.2016 6200 0,004 % Option Listed 16.12.2016 18600 0,01 % Option Warrant 11.01.2016 148 0,00009 % Warrant 14.03.2016 1250 0,0007 % Warrant 11.07.2016 135 0,00008 % Warrant 15.08.2016 700 0,0004 % Warrant 12.12.2016 10646 0,006 % Total 4399579 2,64 %

b.2. Instruments according to Sec. 25 Abs. 1 Nr. 2 WpHG

Type of Expiration Exercise or Cash or Voting Voting instrume- or maturity conversion physical rights rights nt date period settlement absolute in % OTC Swap 24.10.2016 Cash 173604 0,10 % OTC Swap 23.09.2016 Cash 439 0,0003 % OTC Swap 07.12.2016 Cash 169 0,0001 % OTC Swap 20.01.2017 Cash 1924 0,001 % OTC 18.12.2015 Physical 3031903 1,82 % Option OTC 16.12.2016 Cash 21123 0,01 % Option OTC 17.06.2016 Physical 9264 0,006 % Option OTC 15.12.2017 Cash 13449 0,008 % Option Total 3251875 1,94 %

8. Information in relation to the person subject to the notification obligation

Person subject to the notification obligation is not controlled and does itself not control any other undertaking(s) holding directly or indirectly an interest in the (underlying) issuer (1.). X Full chain of controlled undertakings starting with the ultimate controlling natural person or legal entity:

Name % of voting % of voting rights Total of both rights (if at through instruments (if (if at least least held 3% or at least held 5% or held 5% or more) more) more) Citigroup % % % Inc. Citigroup % % % Global Markets Holdings Inc. Citigroup % % % Financial Products Inc. Citigroup % % % Global Markets Europe Limited Citigroup % % % Global Markets Limited

9. In case of proxy voting according to § 22 Abs. 3 WpHG

Date of general meeting: Holding position after general meeting: % (equals voting rights)

23.12.2015 The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Media archive at www.dgap-medientreff.de and www.dgap.de

--------------------------------------------------------------------------- Language: English Company: Münchener Rückversicherungs-Gesellschaft Aktiengesellschaft in München Königinstraße 107 80802 München Germany Internet: www.munichre.com End of Announcement DGAP News-Service ---------------------------------------------------------------------------