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Zurich is today paying CHF 1 per registered share resulting from the nominal value reduction

Zurich, July 15, 2003 – Zurich Financial Services (Zurich) today pays out to shareholders the reduction in nominal value of each registered share of CHF 1, as approved by the Annual General Meeting on April 30 of this year.

After completing the necessary requirements, Zurich has reduced its share capital by CHF 144,006,955 from CHF 1,440,069,550 to a new total of CHF 1,296,062,595 by reducing the nominal value of each registered share from CHF 10 to CHF 9.

Zurich Financial Services is an insurance-based financial services provider with an international network that focuses its activities on its key markets of North America, the United Kingdom and Continental Europe. Founded in 1872, Zurich is headquartered in Zurich, Switzerland. It has offices in approximately 60 countries and employs about 68,000 people.

For further information please contact:

Zurich Financial Services, Media and Public Relations
8022 Zurich, Switzerland
Phone +41 (0)1 625 21 00, Fax +41 (0)1 625 26 41
http://www.zurich.com
SWX Swiss Exchange/virt-x: ZURN