GIPS

Swiss Life Asset Management Ltd claims compliance with the Global Investment Performance Standards (GIPS®).

GIPS - date of company foundation: 01.01.1988

Swiss Life Asset Management Ltd ("SLAM" or "the company"), Zurich, is a wholly owned subsidiary of Swiss Life Investment Management Holding AG, Zurich, which in turn is a wholly owned subsidiary of Swiss Life Holding, Zurich.

SLAM is the successor of the Schweizerische Lebensversicherungs- und Rentenanstalt Vermögensverwaltung AG, founded in Zurich in 1988. It has been operating under its present name since February 2000. In March 2000 SLAM was sold by the Swiss Life Insurance and Pension Company, Zurich, to SLAM Holding SA, Luxembourg. In March 2003 SLAM acquired, through a merger, Swiss Life Fund Master AG in Zurich, a company specialised in fund-of-funds management. In December 2003 SLAM was transferred to Swiss Life Holding. In April 2005 SLAM was transferred to Swiss Life Investment Management Holding AG.

The company manages equity, fixed income and balanced portfolios mainly of institutional clients, a large quantity of Swiss Life investment funds, the assets of the Swiss Life Investment Foundation and significant parts of the insurance mandate of Swiss Life. Swiss Life investment funds consists of all collective investments which are managed in Switzerland. The Investment foundation Swiss Life offers fund-like investment products specifically tailored to the requirements of Swiss employee benefits institutions.

The growing demands of institutional investors have a direct impact on performance measurement. In order to offer our clients the greatest possible transparency, Swiss Life Asset Management Ltd undertakes to comply with the Global Investment Performance Standards (GIPS ®). This ensures that clients can compare the investment results of different asset managers objectively. The rules set out in these standards cover the method of calculation, the preparation of data and the presentation of investment results, among other aspects.

A basic principle of the GIPS rules is the presentation of investment results using what are called composites. These composites embrace all the discretionary and fee-based portfolios pursuing a comparable investment strategy or investment objective. This rules out the possibility of presenting only those portfolios for comparison which have shown particularly good investment results.

A complete list of our composites, as well as additional information on their calculation methods, the current GIPS verification report and a run-down on yields, are available on request. For further information, please contact Mr Daniel Giubellini, Head Products & Business Services, tel. 043 284 69 99, email daniel.giubellini@swisslife.ch.