Auditors Report

KPMG Bayerische Treuhandgesellschaft Aktiengesellschaft Wirtschaftsprüfungsgesellschaft Steuerberatungsgesellschaft audited the following documents and gave them an unqualified auditor's opinion: the Munich Reinsurance Company's bookkeeping, its company financial statements and the consolidated financial statements as at 31 December 2010, plus the management reports for the Company and the Group. The auditor's reports were promptly given to all the members of the Supervisory Board.

Under Section 341 k of the German Commercial Code, the auditors of German insurance companies' financial statements are appointed not by the Annual General Meeting but by the Supervisory Board.

For fiscal year 2011 the Supervisory Board has appointed KPMG Bayerische Treuhandgesellschaft Aktiengesellschaft Wirtschaftsprüfungsgesellschaft Steuerberatungsgesellschaft as auditor.