Annual General Meeting of Zurich Financial Services

Zurich, April 16, 2004 -The Annual General Meeting of Zurich Financial Services (Zurich) today has approved a nominal value reduction of its share capital giving way to a payout to shareholders of CHF 2.50 per registered share and it elected Thomas K. Escher to the Board of Directors. 1,683 shareholders, representing 23,774,443 registered shares or 16.5 percent of the share capital, attended the meeting in Zurich.

Shareholders of Zurich approved amendments of the Articles of Incorporation giving way to a nominal value reduction of each registered share from CHF 9 to CHF 6.50, with the difference of CHF 2.50 per share being paid to shareholders. The share capital will be reduced by CHF 360,017,387.50 from CHF 1,296,062,595 to a new total of CHF 936,045,207.50. The payment of CHF 2.50 per registered share free of charge is expected by July 1, 2004, subject to necessary legal filings and the entry of the share capital reduction in the Commercial Register of the Canton of Zurich.

Thomas K. Escher (55) was elected to the Board of Directors for a two-year term. In addition, the following Board members were re-elected: Lodewijk van Wachem for a one-year term, Philippe Pidoux for a two-year term, and Armin Meyer and Rolf Watter for three-year terms respectively.