MAPFRE APPROVES NEW BOARD OF DIRECTORS REGULATION THAT REINFORCES ITS CORPORATE GOVERNANCE

Rafael Beca Borrego has been appointed Supervising Director, and recent amendments to the Spanish Companies Act have been incorporated to improve Corporate Governance.

During a recent meeting, the MAPFRE Board of Directors has approved a new Board of Directors Regulation that includes the latest amendments to the Spanish Companies Act in relation to good corporate governance.

This Regulation also includes some of the trends that may be included in the revised version of the Unified Code of Good Governance, which is currently being prepared by the Spanish National Securities and Exchange Commission (the “CNMV”) in Spain.

Rafael Beca Borrego has been appointed Supervising Director in compliance with the new requirement set out in the Spanish Corporations Act. Rafael Beca has been an independent director since December 29, 2006.

In addition, the Board has approved the new members of the Appointments and
Remuneration Committee. This committee will be chaired by an independent director, Luis Iturbe, who has been a Board Member until now; Adriana Casademont, also an independent director, will become a Board Member.

The amendments to the Regulation provide a strengthened role for the Board of
Directors with a minimum of ten annual meetings, instead of the previous six. They also include new responsibilities for the Compliance Committee connected with risk management; consequently, this committee will now be called Risk and Compliance Committee.

There is also a reduction in the number of members of delegate bodies.

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