SWX: Ad Hoc publicity: Preliminary Investigation Of Schweizerische Rückversicherungs-Gesellschaft ("Swiss Re") Stayed

In January 2006, the SWX Swiss Exchange announced that it had initiated a preliminary investigation of Swiss Re with regard to a potential violation of Art. 72 of the Listing Rules ("Ad hoc publicity"). On the basis of this preliminary investigation, the SWX has concluded that there has not been a breach of its provisions governing ad hoc publicity. The SWX has stayed the proceeding, because no new potentially price-sensitive facts were communicated by Swiss Re in January 2006.

The SWX examined whether Swiss Re had communicated selectively new potentially price-sensitive facts in connection with an interview given to Financial Times Deutschland and the Financial Times by Mr Jacques Aigrain, CEO of Swiss Re, on 18 January 2006, in which Mr Aigrain announced a cutback of 1700 (15 %) of Swiss Re's jobs.

This cutback is related to a media release of 18 November 2005 announcing the acquisition of GE Insurance Solutions and an associated cost synergy in the amount of USD 300 million. On the occasion of the above mentioned interview no new potentially price-sensitive facts were selectively communicated, thus.

The SWX has therefore stayed the proceeding.

The reporting obligation in the context of ad hoc publicity (Art. 72 Listing Rules) concerns potentially price-sensitive, not publicly known facts that occur in connection with the business activities of a listed company. A potentially price-sensitive fact must be disclosed by the issuer as soon as it has knowledge of the main points. The information must occur in a manner of equal treatment for all investors. The notices must be factual, clear and complete. The purpose of the Ad hoc publicity rules is to ensure the information to the capital market in a timely manner and the prevention of insider trading.