Munich Re

ots Ad hoc-Service: Münchener Rückvers. Munich Re and Allianz plan restructuring of their shareholdings

The sender is solely responsible for the contents of this announcement. ----------------------------------------------------- München (ots Ad hoc-Service) - Munich Reinsurance Company and Allianz AG intend to reduce their cross holdings of 25% to around 20%. The companies signed a letter of intent to this effect today. Also planned is a restructuring of shareholdings in some jointly held companies. The plan is for Munich Re and Allianz to reduce their cross holdings of 25% to around 20%. The reduction will take place in several steps, with due consideration for the capital markets, and is scheduled to be completed by the end of 2003. It is also planned that Allianz will acquire Munich Re's stakes of 45% in Bayerische Versicherungsbank AG (BVB) and 49.9% in Frankfurter Versicherungs-AG. Whilst Munich Re will then no longer have stakes in Allianz's German property insurers, Allianz's shareholding in BVB will increase to 90% and in Frankfurter to nearly 100%. In return, it is planned that Munich Re will acquire from Allianz 36.1% in Karlsruher Lebensversicherungs-AG and 39% in Mercur Assistance. This would raise Munich Re's shareholding in Karlsruher Lebensversicherungs-AG to around 90% and in Mercur Assistance to 63%. The transactions are scheduled for next year. The transfer of the Mercur shares is due to take place this year, subject to approval by the competent authorities. The planned reduction of the cross holdings will make it possible to increase the free float of the two companies and broaden their shareholder profile. It will further enhance the attractiveness of Munich Re and Allianz shares for international investors. At the same time the Boards of Management of both companies take the view that the proven successful cooperation between the two groups should be continued. With the planned transactions, Munich Re and Allianz are rounding off the strategic restructuring of their shareholdings. A factor which has played a role in their considerations is the expectation that the German government's tax reform plans will be realized. Munich Re Insurance Company Board of Management End ----------------------------------------------------- Internet: http://recherche.newsaktuell.de Original-Content von: Munich Re, übermittelt durch news aktuell

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