Markus J. Granziol invited to join the Board of Directors of Zurich Financial Services

Zurich, May 14, 2002 - The Board of Directors of Zurich Financial Services announced today that, subject to shareholder approval, it has invited Markus J. Granziol (1952) to join the Board as a non-executive member. Because he will remain in his current position as Chairman of UBS Warburg until the end of August 2002, the approval of shareholders is expected to be sought at the Ordinary Annual General Meeting in 2003.

Markus J. Granziol

Markus Granziol, Chairman of UBS Warburg, served from 1998 to 1999 as Global Head of Equities and Fixed Income at Warburg Dillon Read and was a member of the Group Managing Board. From 1996 to 1998, he was General Manager and member of the SBC Group Executive Board. Between 1995 and 1996, he served with SBC Warburg as the Joint Global Head of Equities. In 1994 he became Global Head of Equities at SBC in Hong Kong. Mr. Granziol joined SBC in 1987 as Head of the Securities Department at SBC in Zurich.

Prior to that, he was Chief of Staff at the Swiss National Bank and was also a lecturer in macro-economics and financial theory at the University of Zurich.