Winterthur Reclassified

February 12, 2001

The counterparty credit rating and insurer FSR on Wintherthur International Reinsurance Co. Ltd. was downgraded from “AA” to “AA-” by S&P. Concurrently, those ratings were placed on CreditWatch with developing implications along with the “AA-” long-term insurer FSR; “AA-” and counterparty credit rating; and the “A-1+” short term counterparty credit ratings on Winterthur International Insurance Co. Ltd., reflecting a strategic review with respect to those commercial lines businesses currently being undertaken by the Winterthur Group.

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