Zurich Financial Services and Deutsche Bank have signed Definitive Agreements

Zurich/Frankfurt, December 4, 2001. - Following their joint announcement of September 24, Zurich Financial Services and Deutsche Bank have signed Definitive Agreements, which in accordance with the previous heads of agreements include the transfer of businesses and a broad strategic cooperation for the mutual distribution of products and services:

• Zurich will acquire 75.9 % of Deutscher Herold and 100% of Deutsche Bank's life insurance operations in Italy, Spain and Portugal. The due diligence findings confirmed a valuation of EUR 1.5 billion for 100% of these insurance activities.
• Deutsche Bank will acquire 100% of Zurich Scudder Investments excluding Threadneedle valued at USD 2.5 billion.
• Zurich, together with Deutscher Herold, will be the exclusive provider for insurance products to Deutsche Bank's retail and private banking customers in Germany. Zurich will also be the exclusive provider in Italy, Spain and Portugal and the preferred provider elsewhere in Continental Europe. Deutsche Bank will be Zurich's preferred provider for asset management products to Zurich's retail and private clients throughout Continental Europe and will be one of its preferred providers for banking products.

Additionally, both parties agreed on a swap of businesses:

• Zurich Financial Services will acquire 100% of Bonnfinanz, the 4th largest independent distributor of financial services in Germany and DGV (Deutsche Gesellschaft für Vermögensberatung) in exchange for Zurich's asset management businesses in Germany and Italy.

The transactions are subject to regulatory approvals and various consents and are expected to occur in the first half of 2002.

With these transactions, Zurich will significantly strengthen its position in Continental Europe. Complementing its leading positions in Switzerland, in the U.S. and in the UK, the agreement with Deutsche Bank will allow Zurich to expand as one of the five largest insurance organizations in Continental Europe in the rapidly growing life business, and to access one of the largest retail banking networks on the Continent through 2000 branches in Germany, Italy, Spain and Portugal.

Zurich Financial Services expects to realise net proceeds of approximately USD 700 million and a substantial capital gain after tax.