ZCM to buy out minority interests of CPH and QP in ZCM Australia

Zurich, December 2, 2002 – As part of its previously announced restructuring to focus on core strengths, Zurich Capital Markets (ZCM), a group of wholly owned subsidiaries of Zurich Financial Services, has reached an agreement with CPH Investment Corp. (CPH) and Queensland Press Pty. Ltd. (QP) to buy all of the interests QP and CPH held in Zurich Capital Markets Australia (ZCMA).

ZCMA was launched in November of 2000 as a strategic expansion of ZCM to offer tailored investment, risk transfer and risk management solutions to customers in Australia and parts of Asia. ZCM will continue its presence in the region offering its core asset management-based products for clients seeking exposure to alternative investments.

Given the revised scope and change in ownership of ZCMA, several members of the original ZCMA management team have left the firm to pursue other interests. ZCM, CPH, and QP thank them for their efforts and wish them well in their new endeavors. Mike Watanabe and John Moran will oversee the ZCM operations in Sydney until a new management team is named.