Zurich, July 20, 2006 - Zurich Financial Services (Zurich) today announced that it intends to cancel its secondary listing of shares on the London Stock Exchange (LSE) effective October 2, 2006. Zurich shares will continue to be listed on the SWX Swiss Exchange and traded on the "EU-regulated" segment of virt-x (ticker symbol: ZURN). No material impact on the share price is expected as a result of the de-listing.
Low trading volumes of Zurich shares on the LSE have led to poor liquidity, which in turn has made it difficult for investors to obtain up-to-date market prices. The significant majority of trading in Zurich shares is conducted on the SWX Swiss Exchange using the virt-x trading platform, an investment platform enabling UK residents to trade directly in certain European shares, thereby ensuring up-to-date market prices and greater liquidity. Accordingly, Zurich considers that the costs associated with maintaining the secondary listing on the LSE are no longer justifiable.
In addition, Zurich plans to withdraw its sponsorship of the Zurich Financial Services Corporate Nominee Service administered by Lloyds TSB Registrars by the end of 2007. A circular is being sent today to affected holders of CREST Depository Interests (CDIs) through this nominee service, explaining their options.
Note:
The listing of Zurich Financial Services shares on the LSE dates back to October 2000 when Zurich Allied AG and Allied Zurich p.l.c. were unified to form a new holding structure for the Zurich Financial Services Group. The former shareholders of Allied Zurich p.l.c. were then offered Zurich Financial Services shares which were delivered in the form of CDIs in CREST. CDIs are independent securities created by CREST Depository Limited (a wholly-owned subsidiary of CRESTCo) and constituted under English law, which may be held, transferred and settled within CREST, the system for the paperless settlement of trades in securities and the holding of uncertificated securities in the UK.
CDI holders or UK-based investors who have any questions can contact the information line on 0870 600 3979 (local call charges apply) from within the UK (or on +44 1903 276342 from outside the UK). This information line will be available between 8:30 am and 5:30 pm, UK time, Monday to Friday (excluding UK Bank Holidays) from July 20, 2006 to September 29, 2006.
Zurich Financial Services Group (Zurich) is an insurance-based financial services provider with a global network of subsidiaries and offices in North America and Europe as well as in Asia Pacific, Latin America and other markets. Founded in 1872, the Group is headquartered in Zurich, Switzerland. It employs approximately 55,000 people serving customers in more than 120 countries.
