Disclosure of shareholdings in accordance with Stock Exchange Act

20 March 2006, New York

Swiss Reinsurance Company (Swiss Re), Mythenquai 50/60, 8022 Zurich, announces that, Franklin Resources, Inc., 500 E.Broward Blvd., Ft. Lauderdale, FL 33394, USA, known as Franklin Templeton Investments, holds, through a number of its Group companies listed below, in the capacity of investment manager for mutual funds and clients 15,857,955 registered shares of Swiss Re and fell below the threshold of 5% of the voting rights. Franklin Templeton Investments holds now 4.92% of the voting rights which can be exercised autonomously of the beneficial owners.

Group companies:

Fiduciary International, Inc., 600 5th Avenue, NY 100200, USA
Templeton Investment Counsel, LLC, 500 E.Broward Blvd., Suite 2100 Ft. Lauderdale, FL 33394-3091, USA
Franklin Advisers, Inc., One Franklin Parkway, San Mateo, CA 94403, USA
Franklin Templeton Investments Corp., One Financial Place, 1 Adelaide Street East, Suite 2101, Toronto, Ontario, Canada M5C 3B8
Franklin Templeton Investments (Asia) Ltd., 17th Floor, Chater House, 8 Connaught Road, Central, Hong Kong
Franklin Templeton Alternative Strategies, LLC, 500 E.Broward Blvd., Suite 2100 Ft. Lauderdale, FL 33394-3091, USA
Franklin Templeton Investment Management Ltd., Exchange Tower, 19 Canning Street, Edinburgh, Scotland EH3 8EG
Franklin Templeton Investments Australia Ltd., Level 46, 80 Collins Street, Melbourne, Victoria 3000, Australia
Templeton Global Advisors Ltd., Box N-7759 Lyford Cay, Nassau, Bahamas
Templeton Asset Management Limited, 17th Floor, Chater House, 8 Connaught Road, Central, Hong Kong
Franklin Templeton Portfolio Advisers, Inc., One Franklin Parkway, San Mateo, CA 94403, USA