Company Profiles

Munich Re

Germany

Munich Re is a global reinsurance company. The company recognizes its opportunity to exert positive influence on the environmental aspects linked to the risks it assumes. The company links weather-related natural disasters, caused in part and intensified by climate change, to the claims it pays on these insured losses. Munich Re is a vocal supporter of the Kyoto Protocol, is active in the promotion of renewable energy, and strongly encourages immediate action to combat global climate change. The company has launched the Munich Climate Insurance Initiative, which aims to mitigate the effects of climate change using insurance-related solutions, to support pilot projects for such solutions, and to promote these projects with the help of other organizations and initiatives. The company is also an active participant in the global debate on emerging issues, such as the coexistence of organic and genetically modified crops. Recognizing the impact of its investments on sustainability, the company considers social and environmental issues, as well as economic issues, for over 80% of its investments. Munich Re now considers the Global Reporting Initiative in its sustainability reporting; however, the company could improve the transparency by reporting on all of its operations as well as discussing efforts undertaken to address areas where environmental indicators have shown declining performance over the last few years.

To the best of our knowledge the above information is accurate and was obtained from sources we believe to be reliable. Neither the information presented above nor any opinion expressed shall be construed as an offer to sell or a solicitation to buy the security. The views expressed are those of portfolio management as of 11/30/08 and may not reflect current opinions or subsequent events.