Sale of Threadneedle to American Express Completed

Zurich, October 1, 2003 - Zurich Financial Services Group (Zurich) today announced the completion of the sale of Threadneedle Asset Management Holdings Ltd (Threadneedle) to American Express Financial Corporation. This transaction was announced on June 16, 2003. The transaction value of approximately GBP 340 million (approximately USD 565 million at current exchange rates) was paid in cash on completion.

Threadneedle will maintain its close working relationship with Zurich’s U.K. distribution network, which will continue to have access to Threadneedle investment products and services.