Disclosure of Investment

Zurich, August 23, 2002 – Pursuant to Article 20 of the Swiss Stock Exchange Law, Zurich Financial Services received the following notice from Brandes Investment Partners L.P.:

Brandes Investment Partners, L.P. (11988 El Camino Real, Suite 500, P.O. Box 919048, San Diego, CA 92191 – 9048, USA) ("Brandes") holds as of 22 August 2002 by virtue of discretionary investment authority from its clients 10,02% of the voting rights in Zurich Financial Services.

Brandes holds 4'549'375 ordinary shares of Zurich Financial Services and 38'034'878 American Depository Receipts ("ADRs") of Zurich Financial Services. These ADRs represent 3'803'487.8 ordinary shares of Zurich Financial Services and entitle the holder to give voting instructions through the Bank of New York, which administrates the Zurich Financial Services ADR program. All the said securities are beneficially owned by Brandes’ clients. Brandes reports not holding any shares of Zurich Financial Services on a proprietary basis.