Share buyback programmes

On 27 February 2020, the Board of Directors of Swiss Life Holding Ltd ("Swiss Life") had approved the  repurchase of its own registered shares with a par value at that time of CHF 5.10* each (the "Swiss Life  Shares") up to a maximum repurchase value of CHF 400 million by way of a buyback programme
with the purpose of capital reduction (the "Programme").

The Programme, which was announced on 28 February 2020, started on 2 March 2020 and was completed on 31 May 2021, after 908 423 shares for a total of CHF 400 million were repurchased. Repurchases of Swiss  Life Shares for the purpose of a later capital reduction were 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 could do so either via the ordinary trading line or via the second trading line. The repurchase of own shares with the purpose of capital reduction was treated as a partial liquidation of the repurchasing company for both federal withholding tax and income tax purposes. 

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. 

* The ordinary general meeting of shareholders held on 28 April 2020 did approve a reduction of the nominal value of CHF 5.10 to CHF 0.10, which was recorded in the commercial register on 15 July 2020 with effect as of 28 April 2020. 

** The 485 824 registered shares bought back until and including 5 March 2021 were cancelled in July 2021 in accordance with the AGM resolution dated 23 April 2021. The 422 599 registered shares bought back  between 8 March until 21 May 2021 have been canceled in July 2022 in accordance with the planned AGM resolution on 22 April 2022.

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

Maximum daily repurchase volume (calculated in accordance with Art. 123 Abs. 1 lit. c FMIO):
Swiss Life was limited to repurchasing a maximum of 39 881 shares per day.