The Programme has started in December 2018 and will last until 31 December 2019, the latest.

On 28 November 2018, the Board of Directors of Swiss Life Holding Ltd ("Swiss Life" or the "Company" approved the repurchase of its own registered shares with a par value of CHF 5.10 each (the "Swiss Life Shares") up to a maximum repurchase value of CHF 1 billion by way of a buyback programme with the purpose of capital reduction (the "Programme").

The Programme, which was announced on 29 November 2018, will start in December 2018 and last until 31 December 2019, the latest. Repurchases of Swiss Life Shares for the purpose of a later capital reduction are carried out on a second trading line on the SIX Swiss Exchange, with Swiss Life as the exclusive buyer, via Zürcher Kantonalbank acting as agent.

Shareholders wishing to sell Swiss Life Shares may do so either via the ordinary trading line or via the second trading line. Swiss Life Shares sold via the second trading line are subject to 35 percent withholding tax on the difference between the repurchase price of the Swiss Life Share and its nominal value of CHF 5.10. The Company or the mandated bank will deduct this tax from the repurchase price in favour of the Federal Tax Administration. Shareholders domiciled in Switzerland are entitled to a reimbursement of the withholding tax provided that they are beneficial owners of the Swiss Life Shares at the time they are surrendered and that they do not avoid taxes (Article 21 of the Withholding Tax Law). Shareholders domiciled outside Switzerland may reclaim the withholding tax in accordance with any applicable double taxation agreements. These statements do not constitute a comprehensive description of possible tax consequences nor tax advice. Shareholders are advised to consult their own tax advisor regarding the tax consequences of participating in the Programme.

Further details on the Programme can be found in the official announcements in German and French:

Swiss Life Holding AG Swiss security no ISIN Ticker Symbol
Ordinary trading line 1.485.278 CH0014852781 SLHN
Second trading line 44.539.526 CH0445395269 SLHNE

Maximum daily repurchase volume (calculated in accordance with Art. 123 Abs. 1 lit. c FMIO):
Swiss Life is limited to repurchasing a maximum of 39'392 shares per day.

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