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Bär & Karrer Ltd.

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Geneva, Lugano, Zug, Zurich

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Zurich Financial Services closes placement of shares

May 2009

Zurich Financial Services AG ("ZFS") closed the placement of 6'714'096 shares with institutional investors via an accelerated bookbuilding to raise CHF 1.26 billion for the purpose of acquiring, through ZFS' US subsidiary Farmers Group, Inc., American International Group, Inc.'s US Per-sonal Auto Group. The shares being placed represent 4.7 percent of ZFS' registered share capital prior to the placement. The shares were fully underwritten by a syndicate of banks, comprising of Citigroup Global Markets Limited, Credit Suisse and Deutsche Bank AG, London Branch ("Joint Bookrunners").

Bär & Karrer acted as Swiss legal adviser to the Joint Bookrunners in the transaction. The team comprised Thomas Reutter, Ariane Riedi Wirth, Claudio Bazzi and Christoph Schmid (tax).  

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