Munich Re

31 Mar 2011

Rating: A/A (S&P/Fitch)

Amount: Eu1bn tier two capital

Maturity: 26 May 2041

Issue/re-offer price: 99.064

Coupon: 6% until 26 May 2021; thereafter coupon steps up to three month Euribor plus 350bp if not called

Spread at re-offer: 250bp over mid-swaps; 279.2bp over the 2021 Bund

Call option:at par from 26 May ...

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