Disclosure of shareholdings by JPMorgan Chase in accordance with Swiss Stock Exchange Law

Zurich, April 29, 2008 – Zurich Financial Services, Mythenquai 2, 8002 Zurich, (Zurich) announces that it received a notification of shareholding as per April 18, 2008 in accordance with articles 9 and 17 of the SESTO-SFBC and in connection with article 20 of the Swiss Stock Exchange Law by JPMorgan Chase & Co, 270 Park Avenue, New York, NY 100017, USA, (JPM) on April 25, 2008. According to this notification, JPM along with its subsidiaries has exceeded the threshold of 3 percent of voting rights on Zurich with purchase positions.

1.  The reported purchase positions on registered Zurich shares include:

• 3,284,060 registered shares (2.26%)
• 507,450 long call options (0.35%)
• 853,200 short put options (0.58%)
• *12,768 equity swaps (*0.01%)

Together this equals a purchase position of *3.20% of the share capital and the voting rights of Zurich entered in the commercial register.

2. The reported sale positions of registered Zurich shares include:

• 1,586,000 long put options (1.09%)
• 1,701,000 short call options (1.17%)
• *12 equity swaps (*0.00%)

Together this equals a sale position of *2.26% of the share capital and the voting rights of Zurich according to the entry in the commercial register.

On April 29, 2008, the Disclosure Office of the SWX Swiss Exchange granted Zurich a relief from the disclosure requirements in accordance with article 20 of the SESTO-SFBC. Detailed option conditions can be requested at Zurich Financial Services, Investor Relations, investor.relations@zurich.com, phone: +41 (0)44 625 22 99, free of charge. They will be sent to any interested party within two stock exchange days.

3. Identity of the individual Group members:

• J.P. Morgan Securities Ltd., 125 London Wall, London EC2Y 5AJ, UK
• J.P. Morgan Whitefriars Inc., 125 London Wall, London EC2Y 5AJ, UK
• J.P. Morgan (Suisse) SA, 8 rue, de la confederation, P.O. Box 5160, 1211 Geneva 11, Switzerland
• J.P. Morgan Trust Bank Ltd., Tokyo Building, 7-3 Marunouchi, 2 Chome, Chiyoda-ku, Tokyo 100-6432, Japan
• J.P. Morgan Investment Management Inc., 245 Park Avenue, New York, NY 10167, USA
• JF Asset Management Limited, 21st Floor Chater House, 8 Connaught Road, Central, Hong Kong
• JPMorgan Asset Management (Japan) Limited, Tokyo Building, 7-3 Marunouchi, 2 Chome, Chiyoda-ku, Tokyo 100-6432, Japan
• JPMorgan Asset Management (UK) Limited, 125 London Wall London EC2Y 5AJ, UK
• JPMorgan Chase Bank, N.A., 1111 Polaris Parkway, Columbus, Ohio 43240, USA
• Highbridge Capital Management, LLC, 9 West 57th Street, New York, USA

4. Nature of agreement: Group of companies

5. Proxy for Group members: Michael Kirwan, 125 London Wall, London EC2Y 5AJ, UK, phone: + 44 (0) 207 325 14 13.