IMPORTANT NOTICE

NOT FOR DISTRIBUTION TO ANY PERSON LOCATED OR RESIDENT IN ANY JURISDICTION WHERE IT IS UNLAWFUL TO DISTRIBUTE THIS DOCUMENT.

IMPORTANT : The following disclaimer applies to the attached offer to purchase (the “Offer to Purchase”) and you are therefore required to read this disclaimer carefully before accessing, reading or making any other use of the Offer to Purchase. By accessing the Offer to Purchase, you agree (in addition to giving the representations below) to be bound by the following terms and conditions, including any modifications to them from time to time, each time you receive any information from Swiss Re Finance (Luxembourg) S.A. (“SRFL” or the “Company”), BofA Securities Europe SA and HSBC Bank plc (the “Dealer Managers”) or D.F. King & Co., Inc. (the “Information and Tender Agent”) as a result of such access. Capitalized terms used but not otherwise defined in this disclaimer shall have the meaning given to them in the Offer to Purchase.

You are reminded that the Offer to Purchase has been sent to you on the basis that you are a person into whose possession the Offer to Purchase may be lawfully delivered in accordance with the laws of the jurisdiction in which you are located or resident and you may not, nor are you authorized to, deliver, distribute, forward or reproduce the Offer to Purchase to any other person. Any delivery, distribution, forwarding or reproduction of this document in whole or in parts is unauthorized. Failure to comply with this directive may result in a violation of applicable laws.

Confirmation of your representation : In order to view the attached Offer to Purchase or to tender any Notes (as defined below) with respect to the Offers, you must be able to participate lawfully in such Offer by the Company to registered holders of such Notes, as applicable, to offer to tender their respective Notes for purchase (the “Offers” and each an “Offer”) on the terms and subject to the conditions set out in the Offer to Purchase. The Offer to Purchase was made available to you at your request and by accessing, reading or making any other use of the Offer to Purchase you shall have represented to the Company, the Dealer Managers, Swiss Reinsurance Company Ltd (“SRZ”), Swiss Re Ltd (“SRL”) and the Information and Tender Agent that:

  1. you are a holder or a beneficial owner of one or more of the following series of notes: the USD denominated 4.250% Guaranteed Perpetual Subordinated Fixed Spread Callable Notes issued by SRFL and guaranteed by SRZ (ISIN: XS2049422343/Common Code: 204942234) (the “USD 4.250% Notes”), the USD denominated 6.050% Non-Step-Up Callable Notes with a scheduled maturity in 2056 issued by Argentum Netherlands B.V. (formerly known as Demeter Investments B.V.) (ISIN: XS1389124774/Common Code: 138912477) (the “USD 6.050% Notes”), the Euro denominated 2.534% Guaranteed Subordinated Fixed Rate Reset Step-up Callable Notes with a scheduled maturity in 2050 issued by SRFL and guaranteed by SRZ (ISIN: XS1963116964/Common Code: 196311696 ) (the “EUR 2.534% Notes”), the USD denominated 5.524% Perpetual Fixed Spread Callable Notes issued by Argentum Netherlands B.V. (ISIN: XS1640851983/Common Code: 164085198 ) (the “USD 5.524% Notes”), the USD denominated 5.000% Guaranteed Subordinated Fixed Rate Reset Step-up Callable Notes with a scheduled maturity in 2049 issued by SRFL and guaranteed by SRZ (ISIN: XS1973748707/Common Code: 1973748707 (Reg S); ISIN: US87089NAA81/Common Code: 197439041/ CUSIP: 87089N AA8 (144A) ) (the “USD 5.000% Notes”) and the USD denominated 5.750% Fixed-to-Floating Rate Non Step-up Callable Notes with a scheduled maturity in 2050 issued by Argentum Netherlands B.V. (ISIN: XS1261170515/Common Code: 126117051 ) (the “USD 5.750% Notes”, together with the USD 4.250% Notes, the USD 6.050% Notes, the EUR 2.534% Notes, the USD 5.524% Notes and the USD 5.000% Notes, the “Notes”);
  2. you are a person to whom it is lawful to send the Offer to Purchase or to make an invitation pursuant to the Offers under all applicable laws;
  3. you are not a Sanctions Restricted Person (as defined in the Offer to Purchase);
  4. you consent to delivery of the Offer to Purchase to you by electronic transmission; and
  5. you shall not distribute or forward the Offer to Purchase to third parties or otherwise make the Offer to Purchase publicly available.

If you have recently sold or otherwise transferred all or any of your holding(s) of the Notes referred to above, you should contact the Information and Tender Agent.

The Offer to Purchase has been sent to you in an electronic form. You are reminded that documents transmitted via this medium may be altered or changed during the process of electronic transmission and consequently none of the Company, SRZ, SRL, the Dealer Managers, the Information and Tender Agent or any person who controls, or is a director, officer, employee, agent or affiliate of, any such person accepts any liability or responsibility whatsoever in respect of any change or alteration arising during the process of transmission.

The distribution of the Offer to Purchase in certain jurisdictions may be restricted by law. Persons into whose possession the Offer to Purchase comes are required by the Company, SRZ, SRL, the Dealer Managers, and the Information and Tender Agent to inform themselves about, and to observe, such restrictions.

Restrictions : Nothing in this electronic transmission constitutes an offer to buy or the solicitation of an offer to sell securities in any jurisdiction or in any circumstances in which such offer or solicitation would be unlawful. The Offer to Purchase does not constitute an offer to buy or sell or a solicitation of an offer to sell or buy the Notes, as applicable, in any jurisdiction in which, or to or from any person to or from whom, it is unlawful to make such offer or solicitation under applicable securities laws or otherwise. In those jurisdictions where the securities, blue sky or other laws require the Offers to be made by a licensed broker or dealer and the Dealer Managers or any of their affiliates is such a licensed broker or dealer in any such jurisdiction, the Offers shall be deemed to be made by the Dealer Managers or such affiliate (as the case may be) on behalf of the Company in such jurisdiction.

NEITHER THE OFFER TO PURCHASE NOR ANY RELATED DOCUMENT HAS BEEN FILED WITH THE U.S. SECURITIES AND EXCHANGE COMMISSION, NOR HAS ANY SUCH DOCUMENT BEEN FILED WITH OR REVIEWED BY ANY U.S. STATE SECURITIES COMMISSION OR REGULATORY AUTHORITY OF ANY COUNTRY. NO AUTHORITY HAS PASSED UPON THE ACCURACY OR ADEQUACY OF THE OFFERS OR ANY RELATED DOCUMENTS, AND IT MAY BE UNLAWFUL AND A CRIMINAL OFFENSE TO MAKE ANY REPRESENTATION TO THE CONTRARY .

You are responsible for protecting against viruses and other destructive items. Your use of this electronic communication is at your own risk. It is your responsibility to take precautions to ensure that this electronic communication is free from viruses and other items of a destructive nature.