Successful close of sale of Zurich Scudder Investments to Deutsche Bank

Zurich, April 8, 2002 - Having received all necessary approvals, Zurich Financial Services today announced the completion of the sale of Zurich Scudder Investments to Deutsche Bank. The closing is the first step in the completion of a broader transaction between Deutsche Bank and Zurich that also includes the sale of Deutsche Bank's stake in Deutscher Herold and all of its insurance businesses in Italy, Spain and Portugal to Zurich.

As agreed on December 3, 2001, Deutsche Bank has acquired 100% of Zurich Scudder Investments, excluding Threadneedle businesses which remain part of the Zurich Group. The price for the transaction was USD 2.5 billion.

Zurich's acquisition of Deutscher Herold, Bonnfinanz, and DGV (Deutsche Gesellschaft für Vermögensberatung) from Deutsche Bank is expected to close within the next few days. The sale of Deutsche Bank's life insurance operations in Italy, Spain and Portugal to Zurich and the sale of Zurich's asset management operations in Germany and Italy are expected to close during the second quarter of this year.