Johannesburg, 13 April 2005

Zurich Financial Services Group (Zurich), the majority shareholder of SA Eagle Insurance Company Limited (SA Eagle) has signed an agreement to sell a 10% stake of the total issued share capital of SA Eagle to Royal Bafokeng Finance (Pty) Limited (RBF), a company wholly-owned by the Royal Bafokeng Nation (RBN). In line with the Financial Sector Charter, the BEE transaction highlights issues of ownership and equity in the short term insurance industry.

As part of the agreement, RBF is entitled to nominate one director to the SA Eagle Board and it has an option to increase its shareholding in line with the ownership requirements of the Financial Sector Charter. Moreover, SA Eagle has undertaken, in line with the terms of the Charter, to fund specific projects nominated by RBF in areas such as corporate social investment, enterprise development and empowerment financing, subject to approval by the SA Eagle Board.

SA Eagle Managing Director, Nick Beyers comments: “We are enthusiastic about the transaction with Royal Bafokeng Finance, which reflects the commitment of SA Eagle and Zurich to Black Economic Empowerment initiatives.”

Beyers adds: “We see in Royal Bafokeng Finance a business partner with whom we can collaborate to deliver on the BEE objectives as set out in the Financial Sector Charter.”

Kgosi Leruo Molotlegi, King of the Royal Bafokeng Nation, said: “The Royal Bafokeng Nation is delighted to be associated with Zurich Financial Services and SA Eagle. The acquisition of this interest in a leading financial services company is an important step in broadening the community’s access to cost-effective financial products and increasing our involvement in the national economy.”

Notes to the Editors:
SA Eagle is a majority-owned subsidiary of Zurich Financial Services, an insurance-based financial services provider with a global network. Zurich is headquartered in Zurich, Switzerland, and has offices in more than 50 countries. SA Eagle forms part of Zurich’s International Businesses Division, which provides a key presence in potentially high growth markets.

The Royal Bafokeng Nation is a community of approximately 300 000 people based in the Rustenburg valley region in North West Province in South Africa. The fortunes of the Royal Bafokeng Nation have historically been closely linked to the mining industry. Royal Bafokeng Finance was established in 2004 in order to reduce its reliance on mining and to increase its participation in the national economy. The focus of Royal Bafokeng Finance is to hold the non-mining commercial assets of the Royal Bafokeng Nation that will provide meaningful diversification benefits.

For more information contact:
Malini Merkofer-Naidoo – Group Marketing Manager, SA Eagle
Telephone: office - 011 370 9426

Gaynor Holshausen – Communications Manager, SA Eagle
Telephone: office - 011 370 9173

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