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Report of the Supervisory Board

Throughout the year under review, the Supervisory Board monitored the management of the Company’s affairs, acting in a supervisory and advisory capacity. The Board gathered regular reports on the state of the Company and its business activities. In three ordinary meetings and a joint session with the managements of all Group companies as well as the supervisory boards, administrative boards and advisory boards of the Gerling Group, it received and discussed verbal and written reports from the Executive Board. All forms of action requiring the approval of the Supervisory Board were discussed in detail. The Chairman of the Supervisory Board remained in constant contact with the Chairman of the Executive Board and was regularly informed about all major busi- ness transactions and financial indicator movements.

Discussion within the Supervisory Board focused particularly on the economic situation of the Company, its positioning and its prospects in the German and international insurance markets.

At its autumn meeting, the Supervisory Board discussed at length the nature and strategic gearing of action planned for the year 2002 and specifically the impact of the 11 September terrorist attacks on the Com- pany’s results, the global reinsurance market and the general course of US business.

On 12 March 2002, after it had become clear that the financial year 2001 would be marked by particularly high losses, especially in US busi- ness, the Supervisory Board was convened for an extraordinary meet- ing. Three new Executive Board members were appointed at that meeting. It was immediately followed by an Extraordinary General Meeting at which a capital increase was approved furnishing the Company with a cash injection of € 300.0 million. In addition, in May 2002 the Com- pany received a cash contribution of € 102.0 million for the financial year 2001 from its sole shareholder.

Gerling-Konzern Globale Rückversicherungs-AG/Report of the Supervisory Board 33

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