Disclosure of Investment

Zurich, November 19, 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 November 11, 2002 by virtue of discretionary investment authority from its clients 8.22 % of the voting rights in Zurich Financial Services. This is equivalent to the voting rights of 11,831,383 common shares.

Brandes holds 7'600'409 ordinary shares of Zurich Financial Services and 42'309'740 American Depository Receipts ("ADRs") of Zurich Financial Services. These ADRs represent 4'230'974 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.