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Swiss Life opens bookbuilding for mandatory convertible securities


Swiss Life Holding today opens the bookbuilding procedure for the mandatory convertible securities amounting to a maximum of CHF 350 million as announced on 3 December 2003.

The mandatory convertible securities (MCS II) issued by Swiss Life Cayman Finance Ltd. and unconditionally and irrevocably guaranteed by Swiss Life Holding were offered to existing shareholders by way of advance subscription rights in eligible jurisdictions from 9 to 16 December 2003. During this period MCS II securities were subscribed to a total of CHF 43 million in all. The MCS II not subscribed for by existing shareholders, amounting to up to CHF 307 million, are being offered to potential investors in an open bookbuilding procedure commencing today. The result for Swiss Life Holding is thus a maximum issue volume of CHF 350 million.

The fixed coupon is an indicative 1.00% to 1.50% and will be set today on the basis of the bookbuilding. The MCS II have a life of one year and a conversion premium of 0%. A bookbuilding is also being conducted for Swiss Life Holding shares up to an amount of CHF 220 million simultaneously with the MCS II placement. As is customary in such transactions this bookbuilding is being undertaken in order to coordinate selling interest in Swiss Life Holding shares resulting from the issuance of the MCS II. The price resulting from the bookbuilding for the Swiss Life Holding shares will be used as the MCS II conversion price, which is also being announced today.

OZ Bankers AG are selling 237 706 Swiss Life/Rentenanstalt shares (RAN) to Swiss Life Holding and receiving a guaranteed allocation from the MCS II issue corresponding to the volume of shares it sold. A ratio of 1.55 Swiss Life Holding shares per RAN share applies. The proportion of MCS IIs to be allocated to OZ Bankers AG is roughly 25% of the total maximum issue volume of CHF 350 million.

Credit Suisse First Boston is acting as sole lead manager and bookrunner for the mandatory convertible securities issue and guarantees a minimum of CHF 240 million in proceeds for the issue.

Swiss Life
The Swiss Life Group is one of Europe's leading providers of long-term savings and protection and life insurance. The Swiss Life Group offers individuals and companies comprehensive advice across a broad range of products via agents, brokers and banks in its domestic market, Switzerland, where it is market leader, and selected European markets. Multinational companies are serviced with tailor-made solutions by a network of partners in over fifty countries.

Swiss Life Holding, registered in Zurich, was founded in 1857 as the Swiss Life Insurance and Pension Company. Shares of Swiss Life Holding are listed on the SWX Swiss Exchange (SLHN). The enterprise employs around 11 000 people worldwide.
Cautionary statement regarding forward-looking information
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