Mapfre Middlesea plc - Change in shareholding

Friday, September 30th, 2005

Further to the announcement earlier this week that Munich Re sold its 10% shareholding in Middlesea Valletta Life Assurance Company Limited so as to concentrate its investment in Malta through the Middlesea Group holding company, Middlesea Insurance plc.

In view of the aforementioned, Munich Re today acquired 896,584 shares at Lm3 per share from the Government of Malta. This represents 7.17% of the issued share capital of Middlesea Insurance plc. As a result, Munich Re's stake in Middlesea Insurance plc will increase to 19.9%. This transaction will take place in 15 days.

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