1. Commercializing Swiss Re’s Sustainability Commitment via Innovative Financing Options

2. Swiss Re’s Sustainability Commitment #1 in sector sustainability rating (since 2000) –3% of our shares held by green/socially responsible investors –High profile issue with clients, media, government (US and EU) Commitment: –Executive Board “Top Topic” –Viewed as competitive differentiator –First to create a business unit – Environmental/GHGRS -Supported by senior executive committee -Brief: Commercialize Sustainability via business generation, risk and awareness raising –Unlocking opportunities for Swiss Re through environmental markets -Monetization of environmental benefits -Renewables financing and risk management -Grow ‘sustainable asset management’ opportunities

3. FOOTPRINT NEUTRAL

4. OVERVIEW OF THE FOOTPRINT NEUTRAL PROGRAM Consumer Education and Offset Revenue Generation Other MDG* Projects Water Neutral Biodiversity Neutral Greenhouse Neutral Menu of Offset Options Water purification Watershed protection Native Restoration Protected Areas Eco-entrepreneurs Human rights Poverty Alleviation HIV/AIDS Energy efficiency Renewable energy Avoided Deforestation Sample Offset Projects Program Management and Fund Allocation Footprint Neutral Program * Refers to the Millennium Development Goals UNDP/TNC/CI roles: program management; business development; technical advisory and project implementation Swiss Re role: financial management and business development Consumers Company Businesses Company Community Cities/Regions Consumer Education and Offset Revenue Generation Other MDG* Projects Water Neutral Biodiversity Neutral Greenhouse Neutral Menu of Offset Options Water purification Watershed protection Native Restoration Protected Areas Eco-entrepreneurs Human rights Poverty Alleviation HIV/AIDS Energy efficiency Renewable energy Avoided Deforestation Sample Offset Projects Program Management and Fund Allocation Footprint Neutral Program * Refers to the Millennium Development Goals UNDP/TNC/CI roles: program management; business development; technical advisory and project implementation Swiss Re role: financial management and business development Consumers Company Businesses Company Consumers Company Businesses Company Community Cities/Regions

5. FOOTPRINT NEUTRAL DEVELOPMENT TIMETABLE Develop Concept and Secure Funding Develop Footprint Neutral concept, attract potential partners and investors Invest in Offset Projects and Grow Partnerships Develop self-sustaining organization that generates and invests funds for offset projects Build Organization and Launch Initial Products Build Footprint Neutral organization and implement initial company partnerships Current Status July ‘04 Project Phase & Description Design and test concept Secure initial partner commitments Secure funding for Footprint Neutral to ensure project sustainability Design and launch Footprint Neutral products with initial company partners Finalize carbon offset frameworks Agree on specific vehicles/ for offset project funding Hire project team and second technical advisors Secure relationships with other service providers Allocate funds to offset projects Monitor, evaluate and report results Manage partner/investor relationships Develop new partnerships and design new Footprint Neutral products Expand team as necessary to support growth Activities PHASE 2 Months 7 - 18 PHASE 3 Months 19 - 36 Design Phase PHASE 1 Post-funding Months 1- 6 Finalize Company Commitments and Launch Program Finalize company partner commitments and launch program Finalize partnership agreements with 1-2 partners Create detailed business plan and product plan for initial company partners Finalize Advisory Board and Technical Standards committees Launch program (at Davos)

6. FN HAS POTENTIAL TO BECOME A MAJOR INNOVATIVE SOURCE OF FINANCING Footprint Neutral would join a small group of innovative mechanisms with substantial funds for offset projects  Prototype Carbon Fund  Biocarbon Fund  Community Development Carbon Fund Self-financing dimension of Footprint Neutral differentiates it from other major funds  Biocarbon and Community Development Carbon still raising financing from public/private sources and not yet operational Uniquely extends offsets beyond carbon to biodiversity, water and other social impacts *Funds still being raised. Not yet operational **Base case scenario – assumes $42M offset project funds generated in year 5 Source: World Bank; Footprint Neutral revenue model $MM

7. Swiss Re European Clean Energy Fund

8. Size: $250 million (soft commitments for $75 million currently being negotiated) Term: 10 years with 5 year renewal option Target Projects:  Cogen, District Heating and Electric, Efficiency Retrofit, Renewable Energy Target Returns: 15% - 25% Geographic Scope: Pan-Europe, including Central and Eastern Europe/Former Soviet Union Roles & Responsiblities Fund Characteristics Conning Asset Management TCW Energy Infrastructure Swiss Re Greenhouse Discussion Fund Highlights

9. Swiss Re to lead marketing efforts in Europe and North America Envisages Regional Distribution Partners for Japan, Australasia Strategic Investors include Multilateral Agencies, Industrial Corporations with GHG profile/renewables interest, Institutional Funds and European/Japanese Banks. Off-take agreements for carbon credits under discussion. Leverage SR GHG knowledge to provide investors with stream of credits. On-ground Network of Project Managers for CEE/FSU Roles & Responsiblities Fund Characteristics Conning Asset Management TCW Energy Infrastructure Swiss Re Greenhouse Discussion Fund Highlights