Bär & Karrer Advises
Pax Anlage on the Public Takeover Offer of Baloise

Pax Holding (Genossenschaft), Pax, Schweizerische
Lebensversicherungs-Gesellschaft AG and Nürnberger Lebensversicherung AG to
acquire the remaining approx. 70 per cent of the share capital and voting rights
in Pax Anlage AG. The transaction is further subject to governmental approvals.

Bär & Karrer, together with Battegay Dürr Wagner AG, acts as legal
advisors to Pax Anlage AG in this transaction. The Bär & Karrer team
includes Thomas Reutter, Mariel Hoch, Daniel Raun, Daniel Heiniger and Sandro Fehlmann
(all Corporate/M&A) as well as Mani Reinert (Merger Control).

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