Slaughter and May advised Swiss Re Ltd - issue by Demeter Investments BV

Slaughter and May, working as a team with Paul, Weiss, Rifkind, Wharton & Garrison LLP, advised Swiss Re Ltd in connection with the issue by Demeter Investments BV of US$ 700,000,000 Fixed-to-Floating Rate Non Step-Up Callable Notes with a scheduled maturity in 2050 issued under its Secured Note Programme and secured by, among other things, a Facility Agreement entered into with Swiss Re Ltd and up to US$ 700,000,000 Subordinated Fixed-to-Floating Rate Non Step-Up Callable Loan Notes with a scheduled maturity in 2050.