Zurich Financial Services Group increases stake in South African Eagle

Zurich, July 19, 2000. - The Zurich Financial Services Group, through a subsidiary, has acquired an additional 25% stake in South African Eagle, in which it already holds 58%, from Anglo South Africa (Pty) Limited, a subsidiary of Anglo American plc. The consideration, which is payable in cash, is ZAR 376 million (USD 55 million). At year end 1999, South African Eagle reported annual after-tax profits of ZAR 189 million (USD 27 million) and net tangible assets amounted to ZAR 1,588 million (USD 231 million).

Sandy Leitch, the Chief Executive of UKISA, said: "We welcome the opportunity to increase our investment in South African Eagle while, at the same time, we regret that our long-standing association with Anglo American has come to an end. The Company is well positioned to take advantage of the market opportunities in Southern Africa and to build on the excellent progress made so far".