Zurich Transfers Zurich Capital Markets Operations To BNP

July 14, 2003

Zurich Financial Services Group (Zurich) and BNP Paribas (BNPP) have agreed on a framework for the transfer of derivative transactions and credit facilities and related assets by Zurich Capital Markets (ZCM) to BNPP.

BNP Paribas has taken over responsibility for servicing these transactions, and relevant ZCM employees have transferred to BNPP. Zurich and BNPP expect to conclude individual agreements for the transfer of specific transactions and facilities over the coming months.

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