COMMERZBANK AG (London Branch) - Post Stabilisation-Hannover RE EUR500mil Perpetual

Post-Stabilisation Notice

16th September, 2014

Not for distribution, directly or indirectly, in or into the United States or
any jurisdiction in which such distribution would be unlawful.

                         Hannover Rückversicherungs AG

                            €500,000,000 (no grow)

         3.375% Undated Subordinated Fixed to Floating Callable Bonds

                             Stabilisation Notice

Commerzbank AG (contact: Ian Turner; telephone: [phone]) hereby gives
notice that no stabilisation (in accordance with Commission Regulation (EC) No.
2273/2003) was undertaken by the Stabilising Manager(s) in relation to the
offer of the following securities.

Issuer:                   Hannover Rückversicherungs AG

Guarantor (if any):       n/a

ISIN:                     XS1109836038

Aggregate nominal amount: €500,000,000

Description:              €500mil 3.375% Undated Subordinated Fixed to
                          Floating Callable Bonds

Stabilisation Manager     Coordinating Stabilsation Manager:
(s):
                          Commerzbank Aktiengesellschaft

                          Stabilisation Managers

                          Barclays Bank plc

                          Citigroup Global Marlets Limited

                          Credit Agricole Corporate and Investment Bank

This announcement is for information purposes only and does not constitute an
invitation or offer to underwrite, subscribe for or otherwise acquire or
dispose of any securities of the Issuer in any jurisdiction.

This announcement is not for distribution, directly or indirectly, in or into
the United States or any other jurisdiction in which such distribution would be
unlawful.