38 Events after the Balance Sheet Date

In January 2009, the Swiss Life Group set the cash compensation for AWD shareholders at EUR 30 per share under the terms of the squeeze out and also entered into a profit transfer agreement. Minority shareholders will receive a cash compensation offer of EUR 30 or an annual gross cash settlement of EUR 2.34 per share.

In February 2009, the Swiss Life Group decided against redeeming the 1999 private placement of subordinated perpetual step-up loan totalling about CHF 970 million on the first possible call date in April 2009. The interest margin on this loan thus increases from 105 basis points to 205 basis points over Libor/Euribor.