Press Release Concerning the Annual Financial Statements as at 31 December 2008 of GLOBALE Rückversicherungs-AG (GLOBAL Re)

COLOGNE, Germany -

- GLOBAL Re Closes With Another Loss; New Member of Executive Board Appointed; New Members in Supervisory Board

For its financial year 2008 GLOBALE Rückversicherungs-AG had to post an after-tax deficit of EUR 8.7 million. This result was driven by losses sustained in investment activities. Last year GLOBAL Re, whose portfolios are running off since October 2002, had achieved positive net income for the year of EUR 21.0 million. The circle of members of the Executive Board was extended, with Kay Uwe Erdmann being newly appointed. Vacancies left by the resignation of members of the Supervisory Board were filled by the appointment of the new members Prof. Dr. Gerhard Fels, Manfred Kuhn and Dr. Hubert Wagner.

Non-underwriting result

Due to the impact of the global financial crisis, the general account closed with a deficit of EUR 9.3 million as against a surplus of EUR 112.3 million realized in the preceding year. The sale of the entire portfolio of shares and share funds alone, which had to be made in October 2008 for considerations of safety, generated losses that totalled EUR 41.8 million.

It has been possible to avoid further depreciation needs to the tune of EUR 17.7 million by reclassifying securities as non-current assets.

Underwriting result

The financial year 2008 produced an underwriting surplus of EUR 8.2 million. After years of underwriting losses (last year EUR -88.7 million) this item would - for the first time - have been able to contribute to a very good result. In spite of another loss from the last remaining major treaty the commutation of a number of liability portfolios allowed a release of some part of the provision for losses incurred but not reported.

Remaining net provision for claims outstanding in all insurance classes was EUR 1,025 million. This remaining provision is still to run off.

Investments

The book value of investments including deposits retained on business assumed for reinsurance decreased in the financial year, from EUR 1,554 million to EUR 1,301 million.

Negative net income for the year

Financial 2008 thus closed with negative net income for the year of EUR 8.7 million (preceding year positive net income for the year of EUR 21.0 million).

Outlook 2009

The recovery visible on financial markets will greatly relieve the general account of GLOBAL Re.

Overall we expect the financial year 2009 to close with a positive result.

Extension of Executive Board

Kay Uwe Erdmann (37) was appointed member of the Executive Board as from 1 November. His responsibilities include, inter alia, the legal, risk controlling and auditing departments. Mr. Erdmann has been with GLOBAL Re since 2003, lately as a director and head of the legal department.

New members in Supervisory Board

After resignation of its members Volker Bonnet, Frank Hilbert and Gabriele Hüsen the Supervisory Board is now composed of the following members:

- Hans Rolf Koerfer Partner law firm Oppenhoff & Partner, Cologne - Fritz-Klaus Lange Chief representative Georgsmarienhütte Holding GmbH, managing partner RGM Gebäudemanagement GmbH, Bochum - Dipl.-Volkswirt Günter Völker Chairman of the supervisory boards Barmenia Versicherungen, Wuppertal - Prof. Dr. Gerhard Fels Former director of Institut der deutschen Wirtschaft, Bergisch Gladbach - Dipl.-Volkswirt Manfred Kuhn Member of the supervisory board VAV Wien, Hanover - Dr. h.c. Dipl.-Volkswirt Hubert Wagner Former spokesman of the management Gerling-Konzern München GmbH/Munich Regional Centre, Rosenheim

About GLOBAL Re

In 2005 GLOBAL Re started to offer services based on the experience that the company has been able to gather since 2002 from the run-off of its worldwide portfolio. The range of offers includes consultancy services for the development and implementation of exit strategies, support with and realization of commutations, claims management, recovery of claims as well as cash and liquidity management.

From 8 to 10 March 2010, GLOBAL Re will stage the then fifth Continental Commutations Rendez-Vous in Cologne in a joint effort with Cavell.

For further information: GLOBALE Rückversicherungs-AG Phone: +49-221-2889-264 Fax: +49-221-2889-80264 E-mail: yusuf.mete@globalre.com Web: www.globalre.com

Source: GLOBALE Rückversicherungs-AG

For further information: GLOBALE Rückversicherungs-AG, Phone: +49-221-2889-264, Fax: +49-221-2889-80264, E-mail: yusuf.mete at globalre.com