THREADNEEDLE ASSET MANAGEMENT

Threadneedle is one of the premier asset management organizations in the U.K., with more than GBP 48 billion (USD 80.35 billion) in assets under management as of the end of the second quarter of 2003. Founded in 1994, Threadneedle manages assets for insurance companies, private investors, corporations, investment funds, pension plans and Zurich affiliate group companies. It is the fourth largest retail investment funds manager(a) and the ninth largest segregated pension fund manager(b) in the U.K. by assets under management. Threadneedle also operates in Germany and other European markets.