Acquisition of Deutsche Bank's Deutscher Herold, Bonnfinanz and DGV completed

Zurich, April 11, 2002 - Zurich Financial Services (Zurich) today announced the closing of the acquisition from Deutsche Bank of 75.9% of the Versicherungsholding der Deutschen Bank AG, which includes the Deutscher Herold Group, Bonnfinanz, and DGV (Deutsche Gesellschaft für Vermögensberatung). Zurich and Deutsche Bank agreed on the transaction, valued at approximately EUR 1 billion, on December 3, 2001.

The acquisition marks an important step in the implementation of Zurich's strategy to strengthen its market position in Continental Europe. It completes the second part of a broader transaction between Deutsche Bank and Zurich, which also includes the completed sale of Zurich Scudder Investments to Deutsche Bank. The third part of the transaction will include the sale of Zurich's asset management activities in Germany (Zurich Invest) and Italy to Deutsche Bank and the sale of Deutsche Bank's insurance businesses in Italy, Spain and Portugal to Zurich, which are expected to close during the second quarter of this year.

"The acquisition of Deutscher Herold provides an excellent platform from which the Group will grow its life insurance and wealth accumulation business in Continental Europe and take advantage of the growing pension market business," said Axel P. Lehmann, CEO Continental Europe.

Integration

Zurich and Deutscher Herold aim to integrate their respective product and customer segment-driven businesses. While Deutscher Herold will keep its independent legal structure, brand presence and headquarters in Bonn, it will operationally be integrated into the Zurich Group. At the end of 2001, Zurich Group Germany and Deutscher Herold had combined gross written premiums of EURO 5.2 billion.

Strategic distribution partnership

The strategic distribution partnership will give Deutscher Herold and Zurich access to Deutsche Bank's retail and private banking customers in Germany as the bank's exclusive provider for insurance products. Deutscher Herold and Zurich will offer Deutsche Bank's asset management products to their retail and private clients in Germany.