Successful placement of SMIC MILES

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Zurich, January 23, 2002 - Zurich Financial Services (Zurich) announces today the successful placement of 75'000 ZFS SMIC MILES (Market Index-Linked Exchangeable Securities), raising an equivalent of approximately CHF 600 million new equity.

Zurich today announces the successful completion of its ZFS SMIC MILES transaction, an innovative index-linked instrument that was launched last week through the lead manager UBS Warburg. The MILES offered Zurich an attractive way to raise approximately CHF 600 million new equity (please refer to press release January 15, 2002).

The MILES were very well received in the market by international and Swiss investors and the issue was oversubscribed several times. Books were closed early on January 17th after a short marketing period of 3 days. The issue was priced on the close of the SMIC index calculated on a 3 day average period ending yesterday. The MILES are expected to start trading today on the Swiss Stock Exchange.

Summary of Final Pricing

Size

CHF 602'325'000, 75'000 MILES

Pricing

3 day SMIC closing average index level:
8031 points
1 MILES = 21.76 number of shares based on Jan. 22nd closing of ZFS shares

Expiry

3 years

Payment and Settlement

January 31, 2002

Security Codes

ISIN: CH001348622
Common: 14191640
SWX Ticker: MILE
Swiss Sec. No: 1.345.862

The Zurich Financial Services Group (www.zurich.com) provides its customers solutions in the areas of financial protection (non-life insurance and structured solutions) and asset gathering (life insurance and asset management). The Group focuses its activities on its key markets of North America, UK and Continental Europe. Founded in 1872, Zurich is headquartered in Zurich, Switzerland. It has offices in more than 60 countries and employs approximately 70,000 people.

For further information please contact:
Zurich Financial Services, Media and Public Relation
8022 Zurich, Switzerland
Phone +41 (0)1 625 21 00, Fax +41 (0)1 625 26 41
http://www.zurich.com

THIS PRESS RELEASE IS NOT BEING ISSUED IN THE UNITED STATES OF AMERICA, CANADA AND JAPAN AND SHOULD NOT BE DISTRIBUTED TO UNITED STATES PERSONS OR PUBLICATIONS WITH A GENERAL CIRCULATION IN THE UNITED STATES. THIS DOCUMENT DOES NOT CONSTITUTE AN OFFER OR INVITATION TO SUBSCRIBE FOR OR PURCHASE ANY MILES. IN ADDITION, THE MILES OF ZURICH FINANCIAL SERVICES HAVE NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES LAWS AND MAY NOT BE OFFERED, SOLD OR DELIVERED WITHIN THE UNITED STATES OR TO U.S. PERSONS ABSENT REGISTRATION UNDER OR AN APPLICABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE UNITED STATES SECURITIES LAWS. STABILISATION / FSA. THE CONTENTS OF THIS PRESS RELEASE, WHICH HAS BEEN PREPARED BY AND IS THE SOLE RESPONSIBILITY OF ZURICH FINANCIAL SERVICES, HAVE BEEN APPROVED BY UBS WARBURG SOLELY FOR THE PURPOSES OF SECTION 21(2)(B) OF THE FINANCIAL SERVICES AND MARKETS ACT 2000. UBS WARBURG IS ACTING FOR ZURICH FINANCIAL SERVICES IN CONNECTION WITH THE MILES OFFER AND NO-ONE ELSE AND WILL NOT BE RESPONSIBLE TO ANYONE OTHER THAN ZURICH FINANCIAL SERVICES FOR PROVIDING THE PROTECTIONS OFFERED TO CLIENTS OF UBS WARBURG NOR FOR PROVIDING ADVICE IN RELATION TO THE MILES OFFER.