HIH Rating Review Ratings and Inspections Notice On the 26th day of February 1998, Winterthur Swiss Insurance Company (Winterthur) announced that it was evaluating its option in relation to its 51 percent shareholding in HIH Winterthur International Holdings Limited (HIH). At the time of the September 1997 merger of Winterthur with Credit Suisse Group, it was announced that a major review would be undertaken of the global business and strategic holdings of the enlarged group within the context of the merged group's strategy. That review is continuing and no decision has been taken at this time. Following the announcement on the 26th day of February 1998 by Winterthur that it was evaluating its option regarding its 51 percent shareholding in HIH Winterthur International Holdings Limited, ratings agency Standard and Poor's reviewed the claims paying ability rating of HIH to A (credit watch developing). The rating reflects a potential stand-alone position of HIH and is based on the strong business franchise and earnings profile and the good growth opportunities available to HIH. This rating applies to these New Zealand entities: HIH Casualty and General Insurance (NZ) Limited. CIC Insurance Limited (New Zealand Branch). CMG Insurance Company (NZ) Limited. The rating scale is available for inspection at any office of the above companies. This notice is made, pursuant to the Insurance Companies (Ratings and Inspections) Act 1994.