Zurich Financial Services in advanced negotiations about sale of Frankfurt property

Zurich, November 14, 2003 - Zurich Financial Services Group (Zurich) and Tishman Speyer Properties (TSP) jointly announce that both parties are in advanced negotiations about the sale of the Zurich property at the Frankfurt Opernplatz. The negotiations, which the parties hope to complete shortly, are aimed to position TSP as the developer of a prime commercial project on this site. TSP is one of the world's leading privately-owned real estate owner/developer of office properties. TSP developed the Messe Turm in Frankfurt 15 years ago and currently owns a property portfolio of approximately USD 10 billion worldwide.