**Differing Price Expectations**

Swiss Life and the consortium including UniCredito Italiano, swissfirst Bank AG and private investors have abandoned their exclusive negotiations on the sale of Banca del Gottardo. The two parties were too far apart on price to reach agreement.

Speaking about the outcome of the negotiations, Rolf Dörig, Chief Executive Officer, said, *”Our valuation of CHF 1.5 billion for Banca del Gottardo is realistic; a fact that is confirmed by the bank’s good result for 2003, with a profit of CHF 85 million. Due to the bank’s good performance, we are confident that we can extract this value by different means, and thus find a better solution for our shareholders.”*

Swiss Life will review the situation regarding Banca del Gottardo in the coming weeks. Swiss Life intends to find a forward-looking solution quickly, in order that Banca del Gottardo customers and staff, as well as Swiss Life shareholders, can be clear about the bank’s future. Swiss Life will provide information about the next steps concerning Banca del Gottardo on 30 March 2004 at the presentation of its results for the financial year 2003.