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Facts concerning Long Term Strategy AG, Zug


In its edition of 27 October 2002 the "Sonntagszeitung" carried an article concerning the Long Term Strategy investment company. The facts of the case are as follows:
The Long Term Strategy AG (LTS AG ) investment company was founded by Swiss Life/Rentenanstalt in 1999 with capital amounting to CHF 250 000. It is a company under Swiss Law with its head office in Zug; it is entered in the Register of Companies and in all publicly available Stock Guides.

In the spring of 2000 LTS AG conducted a capital increase, raising its capital to CHF 2 million. Within this framework members of the Swiss Life/Rentenanstalt Corporate Executive Board - but not members of the Board of Directors - were able to invest private assets at their own risk. Following the capital increase Swiss Life/Rentenanstalt maintained a 15% stake in LTS AG's share capital. This co-investment with Swiss Life/Rentenanstalt took place in keeping with precisely defined criteria, was subject to prior legal review and judged to be perfectly in order. Additionally, it was established that these private investments by members of the Corporate Executive Board did not in any way represent an element of remuneration on behalf of Swiss Life/Rentenanstalt.

During 2001 and 2002 Swiss Life/Rentenanstalt acquired all shares of the investment company at a price equal to their net asset value. The proportion of stocks acquired now has a higher value than the net asset value originally paid to the members of the Corporate Executive Board. At the end of July 2002 the investments in question were realised by LTS AG. Swiss Life/Rentenanstalt generated a gain from this investment. LTS AG no longer actively conducts investments.

LTS bore its own costs. In addition, provisions were made for the remaining costs and a final settlement will be drawn up for these.