Zusammenarbeit zwischen Banken und Versicherungen am Beispiel der Deutschen Bank Berlin, den 2. Oktober 2003 Hagen Sinodoru Deutsch-Russische UAG Finanzdienstleistungen

Zusammenarbeit zwischen Banken und Versicherungen

am Beispiel der Deutschen Bank

Berlin, den 2. Oktober 2003

Hagen Sinodoru

Deutsch-Russische UAG Finanzdienstleistungen - Schwerpunktthema: Versicherungen

2

Deutsch-Rusische KonferenzSchwerpunktthema:Versicherungen

Agenda

1 Betreuung von Versicherungen bei der Deutschen Bank

2 Allgemeine Geschäftsansätze mit Versicherungen

3 Geschäftsansätze mit Russischen Versicherungen

4 Ihr Ansprechpartner bei der Deutschen Bank

Anhang

A Weitere Unterlagen

3


Struktur der Deutsche Bank Gruppe

Mergers & Acquisitions Equity Capital Markets Global Credit Products

Relationship Management

Global Cash Management

Global Trade Finance Trust and Security

Services Asset Finance &

Leasing

DWS Group Finanza & Futuro (Retail)

CORPORATE FINANCE

(Cohrs)

GLOBAL BANKING DIVISION(Fitschen)

PRIVATE WEALTH MANAGEMENT

(Weck)

PRIVATE & BUSINESS CLIENTS

(Neske)

DB SERVICES

DEUTSCHE BANK GruppeVorstand:

Ackermann (Spokesman), Börsig, Lamberti, Heydebreck

CORPORATE CENTRE

Deutsche Bank 24 Europe

e-Brokerage Maxblue Private

Banking

CORPORATE AND INVESTMENT BANKFitschen (Operating Committee)

Privatkunden und ASSET MANAGEMENT

Pierre de Weck (Operating Committee)

FX Bonds Derivatives MM Research E-business

GLOBAL MARKETS

(Jain)

GLOBAL EQUITIES

(Parker)

Sales & Trading

Derivatives Research E-business

CORPORATE INVESTMENTS

CORPORATE INVESTMENTS

(Wieandt *)

DB Investor DB Capital Partners

Deutsche Asset Mgmt. (Inst.)

ASSETMANAGEMENT

(Hughes)

* not member of the Group Executive Committee

4


Aufgaben des Relationship Manager/Versicherungen in der Deutschen Bank

Aufbau nachhaltiger Kundenbeziehungen durch kontinuierliche Betreuung auf allen Ebenen des Kunden.

Führung der Verkaufsaktivitäten für alle Produkte der DB.

Fokussierung auf cross-selling (Gruppenweite Profit Maximierung).

Gemeinsamer Betreuungsansatz mit Global Markets, Global Equities, GBD und PCAM (Akquisition, Marketing, Abwicklung).

Unterstützung GCF/FIG bei Advisory, M&A und ECM .

Optimale Ausnutzung des strategischen Kreditgeschäftes zur Hebung von Kundenprofiten und gleichzeitig Risiko/RWA-Minimierung.

Steuerung des Kreditrisikos durch Portfolioansatz und LEMG.

WICHTIG: WIR SIND KEIN WETTBEWERBER (mehr) !

5


Kundenportfolio des Relationship Management FI der Deutschen Bank

Portfolio umfasst z. Zt. ca. 940 Kunden ( vormals 2.500 ).

Reduzierung erfolgte zum Zwecke der optimalen Ressourcennutzung.

Other49

Broker9

Invest. Mgr.68

Insurance133

Banks664

Finance Comp.

16

Kunden Portfolio nach Industrien

*Other beinhaltet Körperschaften in Entwicklungsländern

Western Europe

371

EMEA253

Asia176

Americas139

Kunden Portfolio nach Regionen

6


Globales Relationship Management Versicherungen *

AmerikaNew York

Charles KohlerJohn McGillClinton Johnson

AsienHong Kong

Richard ClarkeTokyo

Toshiya Kambayashi

UK & NordicGarth Harlow

SchweizHeinz Reinsch

Wolfgang Henrich

Sascha Walz

Russland

Ost Europa

Hagen Sinodoru

FrankreichHeinz Reinsch

Geoffroy de Bretagne

Österreich

Matthias Schwierz

SpanienBert Beyebach

ItalienMatthias Schwierz

Deutschland

NordenGernold Spletter

Juergen Meyer

WestMatthias Schwierz

Hagen Sinodoru

Alexander Koepp

Stefanie Hockenbrink

ZentrumHeinz Reinsch

Matthias Schwierz

Hagen Sinodoru

Sascha Walz

Andreas

Wagenknecht

Stefanie Noelp

SüdenWolfgang Henrich

Guenter Baeuerlein

BeneluxMatthias Schwierz

GriechenlandHagen Sinodoru

DänemarkHagen Sinodoru

* 20 Mitarbeiter

7


Agenda





Anhang


8


Produktgruppen und deren Geschäftsansätze

Erst bzw. Rückversicherer

PersonenversichererKompositversicherer

Spezialversicherer, Konglomerate

Erst bzw. Rückversicherer

PersonenversichererKompositversicherer

Spezialversicherer, Konglomerate

Global Markets / Global Equities

Global Banking Division Asset Management

•FX- (USD/EUR) inkl.

Deriv.

•Anleihen/SSD/High Yield

•Money Market Geschäfte

•Verkäufe aus den KA

•Aktienderivate auf die KA

•Hybrides Kapital / EK

•ART / Verbriefungen

•IPO / SPO

•Zahlungsverkehr

•Depotverwaltung

•Besicherungsanhang

•Kreditversicherung

•Kreditlinien

•Letter of Credits

•CTAS

•Liquiditätsfonds

•Spezialfonds inkl.

•Corporate Bonds

•Hedge Funds

•Master KAG

•Immobilien KA

•Facility Management

•Vermögende PK / PWM

9


Global Banking Division

Zahlungsverkehr / Pooling

e-Banking

Kartenservice

Depotverwaltung

Besicherungsanhang

Zahlstellenfunktion CTAS

Letter of Credits

10


Asset Management / DeAM / DWS / PWM

Liquiditätsfonds / Spezialfonds Unternehmensanleihen Hedge Funds Master KAG Immobilien KA Facility Management Vermögende PK / PWM

11

Deutsch-Rusische KonferenzSchwerpunktthema:Versicherungen Asset Management

Weltweit managen wir EUR 607 Mrd. für ein breites Spektrum von Anlegern. Unser Service ist auf die Anlegermentalität und Sprache sowie auf die länderspezifischen,aufsichtsrechtlichen, bilanziellen und steuerlichen Vorschriften unserer Kunden zugeschnitten.

Kunden nach Sektoren

Unternehmen147 Mrd.

Versiche-rungen85 Mrd.

Publikumsfonds314 Mrd.

Regierungs-stellen

50 Mrd.

Stiftungen und Privatkunden

11 Mrd.

12


Die Asset Management Produkte

Aktien

Global

USA

Europe

- Europe ex UK- Euroland- European Small & Mid Cap

Local

- Germany Mainstream- Germany Small & Mid Cap

Japan

Emerging Markets

Index / Enhanced

Fixed Income

Global

USA

Euroland

- Euroland Core- Euroland Plus- Relative Value

Credits

- Unternehmensanleihen(Investment-Grade)

- Wandelanleihen- Collateralised Debt Obligations

Japan

Emerging Markets

- Emerging Markets (Global)- Zentral- und Osteuropa

Konvergenz

Absolute Return

Index / Enhanced

Balanced

Wertsicherung

Nachhaltiger Wertzuwachs

Dynamisches Wachstum

Kapitalaufbaustrategien

Index / Enhanced

Alternative Investments

Hedge Funds

Private Equity

Real Estate

13


DB Funds Money plus*

DB Portfolio Euro Liquidity

DB Funds Euro Garant

1M EUR LIBID+5bp.*

3M EUR LIBID

6 M EUR LIBID

3,50%

4,00%

4,50%

0,00% 0,25% 0,50% 0,75%

Risiko (Standardabweichung) 5J/seit Auflegung*

Datum: 31. Juli 2003

1-3 Monate 3-6 Monate 6-12 MonateInvestment Horizont

Deutsche Global

Liquidity Series

Geldmarktnahe

Fonds der DWS

Rating und Ranking

Portfolio Management

Kapitalgarantie

Appendix

Geldmarktnahe Fonds der DWSHöheres Renditepotenzial bei langfristigem Anlagehorizont

14


seit Euro Umstellung

Datum: 29. August 2003

Deutsche Global

Liquidity Series

Geldmarktnahe

Fonds der DWS

Rating und Ranking

Portfolio Management

Kapitalgarantie

Appendix

DB Funds Euro GarantOutperformance mit leicht höherer Volatilität

85

87

89

91

93

95

97

99

101

103

12/98 06/99 12/99 06/00 12/00 06/01 12/01 06/02 12/02 06/03

EUR/Unit Price

Guarantee Level

6M EUR LIBID


Guarantee as at 31-December-2003: EUR 101.4

02-Jan-1992 to 29-Aug-2003

Risk/Return of DB Funds Euro Garant vs 6M EUR Libid


Benchmark4.60%

4.80%

5.00%

5.20%

0.50% 0.75% 1.00%

Risk (Standard Deviation)

An

nu

aliz

ed

Ret

urn

15


Global Equities / Global Markets

Primäre / Sek. Aktienplatzierung Aktienderivate ADRFX / DerivateGeldmarkt GeschäfteAnleihen / SSD / High YieldHybrides KapitalART / Verbriefungen / Cat Bonds

16


Ausgewählte “tombstones” in 2003

Euler & Hermes5 year swap transaction to hedge their funding arrangement with parent Allianz

EuropeJanuary 2003

Nuernberger Lebensversicherung AGEur 20 Million20-year NC

Private PlacementEuropeMarch 2003

Munich ReEur 3 Billion20 NC 10 step-upSubordinated Bond

Joint BookrunnerEuropeMarch 2003

AegonEur 900 MillionBonds - Eurobonds

Joint Bookrunner

EuropeApril 2003

Munich ReGBP 300 Million25 NC 15 step-up Subordinated Bond

Joint BookrunnerEuropeApril 2003

AllianzEur 4.5 BillionCapital increase

Joint Global Co-ordinator

EuropeMay 2003

SkandiaUSD 420 Million3.5 year Syndicated Loan Facility

Lead Arranger

U.K.March 2003

17


Global Equities: Marktanteile

Source: Autex/ BlockDATA/McLagan Market share for secondary cash trading), Jan 2003

UK 14.3% #1

Deutschland 17.1% #1

Frankreich 13.6% #2

Niederlande 11.1% #3

Italien 13.3% #2

Schweden 10.4% #3

Schweiz 18.3% #1

Spanien 19.5% #1

Portugal 29.0% #1

Österreich 30.4% #1

Finnland 18.5% #2

Europa Marktanteil RankingEuropa * #1Europa * #1

USA ** #8USA ** #8

Japan *** #1Japan *** #1

18


Derivative Aktien Geschäfte mit Institutionellen Investoren

Kunden

– Relativ - Absolut - Konventional

– Versicherungen

– Pensionskassen

– Fund Manager– Aktiv, Passiv und Enhanced

– Hedge Funds – Risk Arbitrage

– Statistical Arbitrage

– Long / Short

– Macro

– Volatility

Haupt Anwendungen

– Taktische Asset Allokation

– Strategische Asset Allokation

– Cash Equitisation

– Leveraged Equity Exposure

– Yield Enhancement

– Volatilitäts Management

– Portfolio

– Index Verfolgung

– Index Verbesserung

World’s Best Risk World’s Best Risk Management Management

House 2002, 2001House 2002, 2001

IFR Review of the IFR Review of the YearYear

Derivatives House Derivatives House 20022002


Größte Bezugsrechtsemission für eine

Europäische Versicherung.

Zweitgrößte Aktienemission mit

verbindlicher Unterzeichnung.

Erhöhung von € 3,5 Mrd. auf € 4,5 Mrd

sendet positives Signal.

Allianz AG - Eur 4.5 Mrd. Bezugsrechtsemission

Transaktion

Anzahl Aktien: 117.187.500 Neue AktienVolumen: € 4.5 Mrd (von 3,5)Start-Preis: € 30,00 (20 März 2003)Finaler Preis: € 38,00 (12 April 2003)Zeichnungs-Verhältnis: 7:15 (7 neue Aktien 15 alt)Fixing: 12 April 2003Akzeptanz Verhältnis: 99.74%

Deutsche Bank: Joint Globaler Koordinator

Hintergrund zur Transaktion

Allianz verkündete einen Verlust von € 1.2bn in 2002 und

Abschreibung von € 5.5bn aufgrund von Kursrückgängen.

Notwendigkeit zur Stärkung der Kapitalbasis und um das

Rating von AA- zu stabilisieren.

40.00

50.00

60.00

70.00

17-M

ar

24-M

ar

31-M

ar

7-Ap

r

14-A

pr

21-A

pr

28-A

pr

Allianz DAX

20/03 - Announcement

of rights issue

Subscription period

Aktienkurs Entwicklung

20


Launch / Datum: April 02, 2003

Fälligkeit: April 16, 2008

Spread (reoffer): 4.25% Feb 2008 OBL + 137 bps, Mid-Swaps + 120 bps

Bookrunner: Deutsche Bank, Barclays

Rating (bei Emission): A2/AA- (Moody’s/S&P)

Transaktionsmerkmale

Emissionsdetails

Geografische Verteilung

Investoren Verteilung

Aegon’s erste senior benchmark Transaktion am Kapitalmarkt.

Eurpäische “roadshow” in UK, Deutschland, Frankreich und den Niederlande.

Preisspanne von mid swaps + 120-125 bps für eine benchmark Transaktion (EUR 500mm or larger).

Am Zeichnungsende, Ordervolumen > EUR 1,1 Mrd. Allokation am oberen Ende des Preiskorridors.

Hauptsächlich Deutsche und UK Institutionelle und teilweise Private Investoren.

Sekundärmarkt stabil trotz “one notch downgrade from S&P” bei + 103 bps.

Aegon EUR 1 Mrd. 4.625% 2008 Erstrangige Anleihe

* by allocations


Allianz €2 Mrd. 6.125% 20 NC 10 step-up Nachrangige Hybrid Kapital Anleihe Aa2/AA-

17 Mai 2002 Allianz mandatiert Bookrunners für EUR 1 Mrd. Transaktion. Keine Roadshow, nur “one on one” Investoren Konferenzgespräche. Pot styled orderbook startet am 21 Mai 2002 und Platzierung 3 Tage später. Insgesamt wurden EUR 3 Mrd. gezeichnet / 3- fache Überzeichnung. Starke geographische Distribution (siehe Grafik). Order zwischen Eur 100 Mio. und EUR 1 Mio. Finanzmittel dienen zur Deckung der Dresdner Bank Akquisition. Die Anleihe zahlt fix für die ersten 10 Jahre anschließend variabel mit 100

bps step-up wenn nicht gekündigt. Der Emittent kann die Zinszahlung bei fehlender Dividende stunden.

Transaktionsmerkmale

Emissionsdatum: 24 Mai 2002 für 31 May 2002 settlement

Fälligkeit: 31 Mai 2022 mit step-up / Kündigung 31 Mai 2012

Start Spread: Mid 10 J. Swaps + 74 bps (DBR 5% 2012 + 98 bps)

Joint-Lead Managers: Deutsche Bank und Dresdner KW (Gem. Bücher) und ABN Amro (keine Bücher)

Emissionsdetails

Geographical distribution

Investoren

Benelux20%France

27%

Germany15%

UK/Ireland15%

Italy9%

Others3%

Switzerland2%

Spain/Portugal6%

Austria3%

Banks11%

Funds52%

Insurance29%

Pension funds1%Retail/HNWI

7%

22

Deutsch-Rusische KonferenzSchwerpunktthema:Versicherungen Kapitalmarkt Innovationen / Entwicklung

Fixed Interest Rate Bonds Stocks

Multi-Currency

Bonds

Mortgaged-Backed

Securities

CatastropheBonds

WeatherBonds

Interest RateDerivatives

EquityDerivatives

CurrencyDerivatives

MBSFutures

catastropheDerivatives

WeatherDerivatives

Exotische Optionen

Interest RateRisk

EquityRisk

CurrencyRisk

Real EstateRisk

InsuranceRisk

WeatherRisk

Kategorien handelbarer Risiken

Risiko Transformation

Exotic Formsof Derivatives

Basic Formof Derivatives

Capital and riskallocating

instruments

Seit 1970 Seit 1996 Seit 1998

Seit 1973

Seit 1991

23


Agenda





Anhang


24

Deutsch-Rusische KonferenzSchwerpunktthema:Versicherungen Geschäftsansätze mit Russischen

Versicherungen

Produktbetreuung auf allen Ebenen

FK und EK Beschaffung - Börsenemission- eigene Anleihen

Fixed Income Handel - Russische Staatspapiere- Unternehmens- und

Bankanleihen

FX Handel / Hedging

Repos - hauptsächlich Reverse Repos

25


Versicherungen (2)

Zahlungsverkehr

Kontenführung (global/lokal)

Depotverwaltung

Avalgeschäft

Vermögensverwaltung

Liquiditätssteuerung

Spezialfonds

Restriktionen bsp. Währungen / UFG

26


Versicherungen (3)

Konsolidierungs- bzw. Wachstumsberatung

Rating Beratung

Vermittlung von Kontakten zu ausl. Wettbewerbern

Risikoberatung

Kredit / Underwriting

Marktrisiken

Operativ / intern

Wissenstransfer / Erfahrungsaustausch

27


Agenda





Anhang


28


Relationship Management Versicherungen

Russland / Osteuropa

Hagen Sinodoru

Tel: +49 69 910 42463

Mobil: +49 172 6698 635

E-mail: [email protected]

Fax: +49 69 910 42450

Taunusanlage 12, D-60325 Frankfurt am Main

Ihr Ansprechpartner bei der Deutschen Bank

29


Vielen Dank für Ihre Aufmerksamkeit

spasibo bol'schoe za wnimanie

Hagen SinodoruDeutsche Bank AG

30


Agenda





Anhang


32


Clients•Institutionals•Retail Intermediaries•Retail direct

Products•Diverse payment formulas•CPPI and other portfolio trading products•Underlyings: equities, funds and hedge funds

Structured and Investment Products - Client Driven

Packaging•OTC•Deposits•Securitized•Funds (ETFS)•SPVs•Insurance Contacts

Branding• Marketing services and brands available for retail intermediaries and retail direct

Legal•Optimisation •Regulatory capital optimisation•Listing services

Activity•Corporate Finance•Legal, Accounting and Tax Transactions

Clients•Corporates•Financial Institutions

Strategic Equity Transaction Group

Global Equity Derivatives - Sales

Clients•Pension Funds•Fund Managers•Insurance Companies•Hedge Funds

Applications•Portfolio Trading•Tactical Asset Allocation and Hedging•Strategic Asset Allocation and Hedging•Leveraged Equity Exposure•Yield Enhancement

Combined Sales & Research•Analysts•Relative Value Product•Derivative Value Added•Web Based Tools - ederivatives.db.com•Solution Driven Products•DB Sectors

Products / Business Groups•Portfolio Trading•Exchange Traded and OTC Derivatives•Relative Value Group•Securitized Products•Exchange Traded Funds

Institutional Derivatives - Market Driven

Applications

•ESOP

•Balance Sheet Management

•Regulatory Arbitrage

•M&A Derivatives

•Hedging and Monetisation

•Ultra High Net Worth

33


Beispiel : PIONEER 2002 Katastrophen Bond Struktur

Swiss Re

(Sponsor)

Specific Notes(Tranches A - F)

LIBOR + Spread

North Atlantic Hurricane

Europe Windstorm

California Earthquake

Central U.S. Earthquake

Japan Earthquake

Combined 5 perils

$255 million(initial takedownout of $2 billion)

LIBORSwap

Collateral investment

PIONEER 2002 Ltd.

(SPV)

Hedge Funds

& Mutual Funds

(Investor)

Alternativer Risiko Transfer

Investment Bank

Swiss Re Capital Markets

34


Recent completed transactions

Book built up to € 6.3bn, leading to Munich Re

increasing initial size from € 2bn to € 3bn

Due to strong demand and favourable

conditions, the deal priced at 245 bps over

mid-swaps as against expectations of 250 -

260 bps

Strong order book performance despite

preceding downgrading of Munich Re’s

Insurer Financial Strength Rating by two

notches

Extensive marketing material included detailed

company presentation, a red herring and

credit research distributed to sales before

roadshow

Orderbook totalled approximately 1.8bn in 3

days time - oversubscription of 80%

Due to strong demand, final pricing was set at

mid-swaps +177 bps as against initial talk of

mid-swaps +180 bps area. Issue tightened by

3bps after bonds were free to trade

Transaction achieved broad geographical

distribution in Europe. 355 separate orders

placed into book prior to launch

With submitting 39% of the total order volume

Deutsche Bank once again proved its strong

distribution capabilities

No roadshow undertaken, nor was a

preliminary prospectus published

Mandate announced as minimum €1bn deal.

Order book totalled in excess of €3bn in three

days

At the time largest Hybrid Capital offering for

an insurance company ever, and largest

single tranche hybrid capital offering ever in

Euros

2002 deal of the year in Financial Institutions

segment: EuroWeek

Munich Re Finance BV Allianz Finance II BV

Munich Re Finance BV

EUR 3 billion6.75% 20 NC 10

Joint BookrunnerApril 2003

EUR 2 billion6.125% 20NC10

Joint Lead ManagerMay 2002

Allianz Finance II BV

EUR 1 billion6.5% 22NC12

Joint BookrunnerDecember 2002

Allianz Finance II BV Allianz Finance II BV

35


Recent completed transactions (continued)

Munich Re Finance BV Allianz Finance II BV

The tranche was announced during the road show for the Euro denominated subordinated issue, and intended to diversify Munich Re’s investor base and to create price tension for the EUR investors.

Due to increase of EUR denominated tranche from € 2 bn to € 3 bn, the envisioned size of GBP 300 - 500 m was reduced to GBP 250 mm

Premarketing spread started with a range of 285 -300 bps over the Gilt 8% December 2015. Due to strong demand the spread could be tightened to 295 and the issue amount increased to GBP 300 mm

Bookbuilding officially started on Friday, April 4th. Books were already closed after 1 hour when total book volume of GBP 429 mm was reached

The issue was part of a dual currency funding exercise that also comprised a € 1 bn 22NC12 subordinated hybrid capital issue

The transaction successfully targeted retail investors, in particular the Asian retail base

Marketing took place with roadshows in Hong Kong and Singapore; initial price talk was 7.50% area

The strong demand resulted in 50% oversubscription, with an orderbook approaching US$ 750 mm.

Due to the extremely strong order book the final pricing was revised downwards and set at 7.25%

The transaction achieved broad geographical distribution, led by Asia Pacific, Germany/Austria and Switzerland

The offering is structured to boost the issuer’s capital base and satisfy rating agency hybrid capital criteria. The issue structure is perpetual fixed rate. The issuer has the option to defer coupon payments subject to no dividend being declared on common stock of Allianz AG

Munich Re Finance BV

GBP 300 million7.625% 25 NC 15


US$ 500 million7.25% PerpNC5

Joint BookrunnerDecember 2002

Allianz Finance II BV

Aegon

EUR 1 billion4.625% 8yr Senior Benchmark


Aegon NV

This transaction represents Aegon’s first senior benchmark transaction in the capital markets.

Given the difficult market environment generally for insurance companies, Aegon undertook a European roadshow encompassing the UK, Germany, France and the Netherlands as well as numerous investor conference calls to address investor concerns.

After completion of the roadshow, the lead managers approached the market with price guidance of mid swaps + 120-125 bps for a benchmark transaction (EUR 500mm or larger). Strong order inflow resulted in the books being closed by early afternoon on the second day.

At close, the book totalled EUR 1.1bn of high quality orders, allowing high allocations. The lead managers priced a EUR 900 mm transaction at the tight end of the price guidance.

The order book was largely driven by German and to a lesser extent UK institutional buyers, however German retail also participated in the deal.

The issue exhibited a strong secondary market performance, despite a one notch downgrade from S&P, and was tapped for EUR 100mm at mid swaps + 103 bps one week later

36


Munich Re Finance B.V. EUR 3 billion 6.75% 2013/2023 Guaranteed Subordinated Bond (A2/A) 20 NC 10 Step-Up

Issuer: Munich Re Finance B.V., The NetherlandsGuarantor: Münchener Rückversicherungs-Gesellschaft Aktiengesellschaft, Munich, GermanyLaunch / Pricing Date: 09 April 2003 for 16 April 2003 settleMaturity Date: 21 June 2023 with a step-up of 100 bps to float and call on 21 June 2013Launch Spread: Mid 10yr Swap +245 bps (DBR 4,5% Jan 2013 +262 bps)Joint Books: Deutsche Bank, UBS WarburgJoint Lead: HVB

On March 20th Munich Re and the Joint Bookrunners announced the mandate of Munich Re’s first subordinated bond issue. With this issue, Munich Re will strengthen its capital base for rating agency and regulatory purposes.

After the release of the preliminary 2002 figures, Munich Re and the Joint Bookrunners undertook an intensive roadshow in London, Paris, Amsterdam, The Hague and Frankfurt, as well as investor conference calls in the first week of April. Extensive marketing material included a detailed company presentation and a red herring, as well as credit research distributed to sales before the roadshow started.

Bookbuilding started on Monday morning 07 April. Books increased rapidly to EUR 6.8 bn before closing. Therefore, Munich Re increased the initial issue size of EUR 2 bn to EUR 3 bn on the day immediately preceding launch and pricing.

Order book and deal performance was very good despite the preceding downgrading of Munich Re’s Insurer Financial Strength Rating by two notches to AA-(neg.)/Aa3 (Fitch confirmed the AA+ (neg.) IFSR rating) and volatile stock markets with Munich Re’s share breaking the EUR 70 mark during book building after a low of EUR 52.50 (closing price) on 31 March.

Due to huge investor demand and favourable market conditions, the initially announced spread range of 250 - 260 bps over midswaps could be tightened to 245 - 250 bps. The deal then priced at the lower end of this range.

Issue Highlights

37


Germany32%

UK17%France

11%

Italy10%

USA5%

Spain5%

Austria3%

Switzerland4%

Asia5%

Other Europe5%

Other3%

Regional Distribution

Funds48%

Banks30%

Insurances11%

Retail /HNWI6%

Others5%

Investor Type Distribution

Germany38%

UK15%

France11%

Italy10%

USA5%

Spain4%

Austria3%

Switzerland3%

Asia4%

Other Europe4% Other

3%

ORDER BOOK

ALLOCATION

Funds53%

Banks24%

Insurances12%

Retail /HNWI7%

Others4%

Munich Re Finance B.V. EUR 3 billion 6.75% 2013/2023 Guaranteed Subordinated Bond (A2/A) 20 NC 10 Step-Up

38


Group Executive Committee

Member of the Board of Managing Directors

Corporate and Investment Bank (CIB)

Corporate Investments (CI)

Private Clients & Asset Management (PCAM)

Anshu JainGlobal Markets

Clemens BörsigCFO / CRO

Rainer NeskePrivate & Business

Clients

Hermann-Josef Lamberti

COO

Josef AckermannSpokesman of the Board of Managing Directors

Chairman of Group Executive Committee

Jürgen FitschenGlobal Banking

Division

Kevin ParkerGlobal Equities

Michael CohrsCorporate Finance

Pierre de WeckPrivate Wealth Management

Tessen von Heydebreck

CAO

Tom HughesAsset Management

* not member of the Group Executive Committee

Axel Wieandt *Corporate

Investments

39


Struktur des Bereichs Corporate & Investment Bank

Fixed Income Sales & Trading

Bond Origination

Bond Syndication

Derivatives

Money Markets/Repo

Securitisation

Foreign Exchange

Metals and Commodities

Exchange Traded Derivatives

Research

e-Business

Equities Sales and Trading

Equity Derivatives

Research

e-Business

Global Equities

Global Markets

Corporate Finance Coverage

Global Credit Products

High Yield

Mortgage-Backed

Loans Syndication

Leveraged Finance

Project Finance

Mergers and Acquisitions

Advisory

ECM

Equity Origination

Equity-Linked

Syndication

Corporate Finance

Relationship Management (RM)

Financial Institutions

German Midcaps

Global Corporates

Global Cash Management (GCM)

Electronic Banking Services

Payment Services

Liquidity Management

Information Services

Card Services

e-Business

Global Trade Finance (GTF)

Structured Trade and Export Finance (STEF)

Trade & Risk Services (TRS)

Portfolio and Risk Management (PRM)

Asset Finance & Leasing (AFL)

Trust & Securities Services (TSS)

Domestic Custody Services (DCS)

Corporate Trust and Agency

Global Banking Division

40


Organigramm Global Banking Division

CEO Global Banking DivisionJuergen Fitschen (London, Frankfurt)

Relationship Management

German MidcapsJuergen Fitschen (Frankfurt)

Global CorporatesAshok Aram (London)

Financial InstitutionsPeter Tils (Frankfurt)

Product Units Business Support

Global Trade FinanceReinhard Uhl (Frankfurt)

Trust & Securities ServicesDinkar Jetley (London)

Asset Finance & LeasingGeorg Bachmaier (Frankfurt)

Global Cash ManagementNorbert Wanninger (Frankfurt)

Business Area ControllingJuergen Dobritzsch (New York)

Human ResourcesAndy Walker (London)

IT / OperationsWolfgang Gaertner (Frankfurt)

Chief Operating OfficerWerner Steinmueller (Frankfurt)

Project Mariner / FastTrack ProgrammeIngo Gefeke (New York)

41


GBD / FI Management Struktur

Financial Institutions Relationship Management (FIRM)Peter Tils

Wolfgang WagnerBusiness Manager

North AmericaBanks, Broker /

Dealer & InsuranceCharles Kohler

Latin AmericaAlberto Seeger

Western EuropeBanks

Franca V. Peters

Eastern EuropeJoerg Bongartz

Central EuropeBanks

HP Ludescher

AsiaClark De-Waal

Near & MiddleEast / Africa

Hake/Cellarius

UK & IrelandBanks

Mike South

InsuranceEurope

Heinz Reinsch

Asset ManagerKathleen Bowers

Alan Krouk

Documents

Zusammenarbeit zwischen Banken und Versicherungen am Beispiel der Deutschen Bank Berlin, den 2. Oktober 2003 Hagen Sinodoru Deutsch-Russische UAG Finanzdienstleistungen