https://www.munichre.com/content/dam/munichre/contentlounge/website-pieces/documents/PSI-Disclosure- 29Munich Re _ CR-Report 2020 Corporate governance Core business Employees Environment Society Key figures Indices Annex The following exclusions apply for our insurance business: There is a Group-wide policy applicable for banned weapons, stipulating that Munich Re does not insure or invest in companies that manufacture cluster bombs or land mines, or in companies that trade in them or transport them.