GIPS - date of company foundation: 01.01.1988

Swiss Life Asset Management ("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 the Swiss Life investment funds, the assets of the Swiss Life Investment Foundation and a large part of the invested assets of the Swiss Life Group, in addition to equity, bond and mixed portfolios for mainly institutional clients in Switzerland.

The growing demands of institutional investors have a direct impact on performance measurement. With a view to offering our customers the greatest possible transparency, Swiss Life Asset Management has been fully GIPS-certified (Global Investment Performance Standards) since 3 March 2004. This assures that clients will be able to compare the investment results of different asset managers on an objective basis. 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 and a run-down on yields, are available on request. For further information, please contact Mr Stephan Thaler, Head of Marketing & Client Relationship, tel. 043 284 33 11, email stephan.thaler@sl-am.com.