Corporate Press Release

Press Release

Winterthur Group completes sale of Churchill to The Royal Bank of Scotland Group

Winterthur Group announced today that it has completed the sale of its UK non-life insurer Churchill to The Royal Bank of Scotland Group.

At completion, Winterthur Group received cash consideration of approx. GBP 1.1 billion. In addition, the transaction involves the repayment of approximately GBP 100 million of debt to Credit Suisse Group companies. The sale will result in a capital gain, to be recorded in Credit Suisse Group's third quarter results, and a significant strengthening of Winterthur Group's solvency position.

Winterthur Group and The Royal Bank of Scotland Group entered into the agreement to sell Churchill on June 11, 2003.

Churchill Insurance Group plc is the UK's fifth-largest general insurer, with a customer base of 7.5 million and 9,200 staff. The Group includes NIG (National Insurance and Guarantee), Devitt Insurance Services Limited, Inter Group Insurance Services and Prudential General Insurance.