Compliance

A further essential consideration in the structuring of our corporate guidelines, other rules, business processes and our daily actions is the goal of avoiding liability and reputational risks that could adversely impact our business activities. With this in mind, the Executive Board revised the Code of Conduct most recently in mid-2008 (http:// www.hannover-re.com/resources/cc/generic/codeofconduct-e.pdf). The rules elaborated therein are intended to help our staff cope with all relevant legal and ethical challenges in their day-to-day work, prevent conflicts of interest and generate trust through correct, value-based conduct. Compliance with our Code of Conduct will further strengthen the company's standing in the eyes of the public at large.

An interim compliance report for 2009 was submitted to the Supervisory Board setting out the structure and diverse range of activities of Hannover Re in this regard. After in-depth examination of topics such as directors' dealings, ad hoc reporting requirements, the insider register, adherence to internal guidelines and the Group-wide whistleblower system, the report concludes that no grounds can be identified for suspecting significant breaches of relevant standards. By strengthening our personnel resources in this area we intend to continue preventing breaches of the law and to safeguard integrity in the behaviour of staff and officers of Hannover Re, irrespective of whether the issues involved relate to anti-trust law, compliance with national or international embargo restrictions or equal treatment / non-discrimination. Compliance with statutory provisions – not only in terms of their letter but also their spirit – is our overriding priority.