SHARE PURCHASE AGREEMENTdated June 13, 2006

by and between

|Credit Suisse Group      |  |               
|------------------------ |  | --------------
|Paradeplatz 8            |  |               
|8001 Zurich, Switzerland |  | (the "Seller")

and

|AXA                 |  |                  
|------------------- |  | -----------------
|25, avenue Matignon |  |                  
|75008 Paris, France |  | (the "Purchaser")

regardingPurchase and Saleofall Shares in Winterthur

- 2 -

TABLE OF CONTENTS

|1. |  | Defined Terms and Construction      |  | 9                                                                      
|-- |  | ----------------------------------- |  | -----------------------------------------------------------------------
|   |  | 1.1.                                |  | Defined Terms                                                          
|   |  | 1.2.                                |  | Construction                                                           
|2. |  | Sale and Purchase of Shares         |  | 11                                                                     
|   |  | 2.1.                                |  | Object of Sale and Purchase                                            
|   |  | 2.2.                                |  | Purchase Price                                                         
|   |  |                                     |  | 2.2.1.                                                                 
|   |  |                                     |  | 2.2.2.                                                                 
|3. |  | Conditions Precedent to Closing     |  | 11                                                                     
|   |  | 3.1.                                |  | Conditions Precedent                                                   
|   |  | 3.2.                                |  | Material Merger Control Clearances and Regulatory Filings and Approvals
|   |  | 3.3.                                |  | Waiver of Conditions Precedent Non-satisfied                           
|   |  | 3.4.                                |  | Termination of Agreement                                               
|4. |  | Closing                             |  |                                                                        
|   |  | 4.1.                                |  | Date and Place of Closing                                              
|   |  | 4.2.                                |  | Closing Actions                                                        
|   |  | 4.3.                                |  | Deemed Concurrence of Closing Actions                                  
|   |  | 4.4.                                |  | Closing Minutes                                                        
|5. |  | Actions between Signing and Closing |  | 18                                                                     
|   |  | 5.1.                                |  | General; Good Faith                                                    
|   |  | 5.2.                                |  | Filings and Submissions                                                
|   |  | 5.3.                                |  | Access to theWinterthurGroup                                           
|   |  | 5.4.                                |  | Conduct of Business                                                    
|   |  | 5.5.                                |  | Corporate Name, Trademarks and Domain Name Credit Suisse               
|   |  | 5.6.                                |  | Confidentiality Agreement and Trading Restrictions                     
|   |  | 5.7.                                |  | Securities Positions                                                   
|   |  | 5.8.                                |  | 2006/2007 Reinsurance Programs                                         
|   |  | 5.9.                                |  | Integration Planning Committee                                         
|   |  | 5.10.                               |  | Global Bancassurance Agreement                                         
|   |  | 5.11.                               |  | Internal Audit Services                                                
|   |  | 5.12.                               |  | Winterthur Germany                                                     
|   |  | 5.13.                               |  | Additional Information                                                 
|   |  | 5.14.                               |  | Domain Names Winterthur                                                
|   |  | 5.15.                               |  | Other Actions between Signing and Closing                              
|6. |  | Representations and Warranties      |  | 32                                                                     
|   |  | 6.1.                                |  | Representations and Warranties of the Seller                           
|   |  |                                     |  | 6.1.1.                                                                 
|   |  |                                     |  | 6.1.2.                                                                 
|   |  |                                     |  | 6.1.3.                                                                 
|   |  |                                     |  | 6.1.4.                                                                 
|   |  |                                     |  | 6.1.5.                                                                 
|   |  |                                     |  | 6.1.6.                                                                 
|   |  |                                     |  | 6.1.7.                                                                 
|   |  |                                     |  | 6.1.8.                                                                 
|   |  |                                     |  | 6.1.9.                                                                 

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|    |  |                                                                            |  | 6.1.10. Taxes                                                         |  | 38                                             
|--- |  | -------------------------------------------------------------------------- |  | --------------------------------------------------------------------- |  | -----------------------------------------------
|    |  |                                                                            |  | 6.1.11. Authorisations and Permits                                    |  | 38                                             
|    |  |                                                                            |  | 6.1.12. Compliance with Laws                                          |  | 39                                             
|    |  |                                                                            |  | 6.1.13. Consultants; Employees                                        |  | 39                                             
|    |  |                                                                            |  | 6.1.14. Social Security and Pension                                   |  | 40                                             
|    |  |                                                                            |  | 6.1.15. Intellectual Property Rights                                  |  | 41                                             
|    |  |                                                                            |  | 6.1.16. Material Contracts                                            |  | 42                                             
|    |  |                                                                            |  | 6.1.17. Reinsurance Contracts                                         |  | 45                                             
|    |  |                                                                            |  | 6.1.18. Insurance Contracts                                           |  | 46                                             
|    |  |                                                                            |  | 6.1.19. Insurance related Litigation                                  |  | 46                                             
|    |  |                                                                            |  | 6.1.20. Other Litigation                                              |  | 46                                             
|    |  |                                                                            |  | 6.1.21. Internal Control over Financial Reporting                     |  | 46                                             
|    |  |                                                                            |  | 6.1.22. Finso Loan                                                    |  | 47                                             
|    |  |                                                                            |  | 6.1.23. XL Settlement Agreement and Winterthur Germany Share Purchase |  |                                                
|    |  |                                                                            |  |                                                                       |  | Agreement                                      
|    |  | 6.2.                                                                       |  | Representations and Warranties of the Purchaser                       |  | 47                                             
|    |  |                                                                            |  | 6.2.1.                                                                |  | Corporate Existence, Standing and Authorisation
|    |  |                                                                            |  | 6.2.2.                                                                |  | Execution and Binding Nature, No Conflict      
|    |  |                                                                            |  | 6.2.3.                                                                |  | Funds                                          
|    |  | 6.3.                                                                       |  | Representations and Warranties Exclusive                              |  | 48                                             
|7.  |  | Remedies in case of Misrepresentation or Breach of Warranty                |  | 49                                                                   
|    |  | 7.1.                                                                       |  | Term of Representations and Warranties                                |  | 49                                             
|    |  | 7.2.                                                                       |  | Notice of Breach                                                      |  | 50                                             
|    |  | 7.3.                                                                       |  | Remedies of the Purchaser                                             |  | 51                                             
|    |  | 7.4.                                                                       |  | Limitation and Exclusion of Remedies of the Purchaser                 |  | 51                                             
|    |  | 7.5.                                                                       |  | Remedies of the Seller                                                |  | 53                                             
|    |  | 7.6.                                                                       |  | Time Limitations and Remedies Exclusive                               |  | 53                                             
|8.  |  | Limitation of Seller's Liability; Third Party Claims                       |  | 54                                                                   
|    |  | 8.1.                                                                       |  | Limitation of Seller's Liability under this Agreement                 |  | 54                                             
|    |  | 8.2.                                                                       |  | Third Party Claims                                                    |  | 56                                             
|9.  |  | Post-closing covenant                                                      |  | 57                                                                   
|   
|10. |  | Post-Closing undertakings and other Covenants                              |  | 58                                                                   
|    |  | 10.1.                                                                      |  | Inter-company Financial Indebtedness and Trade Accounts               |  | 58                                             
|    |  |                                                                            |  | 10.1.1. Inter-company Financial Indebtedness                          |  | 58                                             
|    |  |                                                                            |  | 10.1.2. Inter-company Accounts Receivable and Payable                 |  | 58                                             
|    |  |                                                                            |  | 10.1.3. Management Fees                                               |  | 58                                             
|    |  | 10.2.                                                                      |  | Assumption and Termination of Seller Commitments                      |  | 59                                             
|    |  | 10.3.                                                                      |  | Termination and Assumption of Winterthur Group Commitments            |  | 60                                             
|    |  | 10.4.                                                                      |  | Document Retention and Access                                         |  | 61                                             
|    |  | 10.5.                                                                      |  | Insurance of the Winterthur Business                                  |  | 62                                             
|    |  | 10.6.                                                                      |  | Corporate Name, Trademarks and Domain NameCredit Suisse               |  | 62                                             
|    |  | 10.7.                                                                      |  | Pension Schemes and Plans                                             |  | 63                                             
|    |  | 10.8.                                                                      |  | Seller Share Plans                                                    |  | 63                                             
|    |  | 10.9.                                                                      |  | No Recourse against Directors and Officers                            |  | 64                                             
|    |  | 10.10.Certain Agreements between the Winterthur Group and the Seller Group |  | 65                                                                   
|    |  | 10.11.Swiss VAT Tax Indemnity                                              |  | 66                                                                   
|    |  | 10.12.Deposit of Disclosed Documents                                       |  | 67                                                                   
|    |  | 10.13.Non-Competition                                                      |  | 68                                                                   
|    |  | 10.14.Non-Solicitation                                                     |  | 70                                                                   
|11. |  | Miscellaneous                                                              |  | 71                                                                   

- 4 -

|    |  | 11.1.                                 |  | Entire Agreement; Amendments                          |  | 71
|--- |  | ------------------------------------- |  | ----------------------------------------------------- |  | --
|    |  | 11.2.                                 |  | No Waiver                                             |  | 71
|    |  | 11.3.                                 |  | Severability                                          |  | 71
|    |  | 11.4.                                 |  | Notices                                               |  | 71
|    |  | 11.5.                                 |  | Confidentiality and Press Releases                    |  | 72
|    |  |                                       |  | 11.5.1. Confidentiality of the Agreement              |  | 72
|    |  |                                       |  | 11.5.2. Confidentiality Undertakings of the Seller    |  | 73
|    |  |                                       |  | 11.5.3. Confidentiality Undertakings of the Purchaser |  | 73
|    |  | 11.6.                                 |  | Assignment                                            |  | 75
|    |  | 11.7.                                 |  | Cost and Expenses; Taxes                              |  | 75
|12. |  | Applicable Law and Dispute Resolution |  | 75                                                   

- 5 -

|TABLE OF SCHEDULES                                                                                                                                                                                                                                                    
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|(The following schedules and exhibits to the agreement identified below have been omitted 
in reliance upon Rule 601(b)(2) of Regulation S-K. The Registrant hereby undertakes to 
furnish such schedules and exhibits to the Commission supplementally upon request.)
|                                                                                                                                                                                                                                                                      
|Schedule No.                                                                                                                                                                                                                                                          
|                                                                                                                                                                                                                                                                      
|Schedule (C)                                                                                                                                                                                                                                                          
|                                                                                                                                                                                                                                                                      
|Schedule 1.1                                                                                                                                                                                                                                                          
|                                                                                                                                                                                                                                                                      
|Schedule 1.1(a)                                                                                                                                                                                                                                                       
|                                                                                                                                                                                                                                                                      
|Schedule 1.1(b)                                                                                                                                                                                                                                                       
|                                                                                                                                                                                                                                                                      
|Schedule 1.1(c)                                                                                                                                                                                                                                                       
|                                                                                                                                                                                                                                                                      
|Schedule 4.2(g)                                                                                                                                                                                                                                                       
|                                                                                                                                                                                                                                                                      
|                                                                                                                                                                                                                                                                      
|Schedule 4.2(h)                                                                                                                                                                                                                                                       
|                                                                                                                                                                                                                                                                      
|Schedule 4.2(j)                                                                                                                                                                                                                                                       
|                                                                                                                                                                                                                                                                      
|Schedule 5.2(a)(i)(1)                                                                                                                                                                                                                                                 
|                                                                                                                                                                                                                                                                      
|Schedule 5.2(a)(i)(2)                                                                                                                                                                                                                                                 
|                                                                                                                                                                                                                                                                      
|Schedule 5.4(c)                                                                                                                                                                                                                                                       
|                                                                                                                                                                                                                                                                      
|                                                                                                                                                                                                                                                                      
|Schedule 5.4(d)                                                                                                                                                                                                                                                       
|                                                                                                                                                                                                                                                                      
|                                                                                                                                                                                                                                                                      
|Schedule 5.4(e)                                                                                                                                                                                                                                                       
|                                                                                                                                                                                                                                                                      
|                                                                                                                                                                                                                                                                      
|Schedule 5.4(g)                                                                                                                                                                                                                                                       
|                                                                                                                                                                                                                                                                      
|                                                                                                                                                                                                                                                                      
|Schedule 5.4(h)                                                                                                                                                                                                                                                       
|                                                                                                                                                                                                                                                                      
|                                                                                                                                                                                                                                                                      
|Schedule 5.4(i)                                                                                                                                                                                                                                                       
|                                                                                                                                                                                                                                                                      
|                                                                                                                                                                                                                                                                      
|Schedule 5.4(j)                                                                                                                                                                                                                                                       
|                                                                                                                                                                                                                                                                      
|                                                                                                                                                                                                                                                                      
|Schedule 5.4(k)                                                                                                                                                                                                                                                       
|                                                                                                                                                                                                                                                                      
|                                                                                                                                                                                                                                                                      
|Schedule 5.4(l)                                                                                                                                                                                                                                                       

- 6 -

|Schedule No.       |  | Schedule Name                                                
|------------------ |  | -------------------------------------------------------------
|                  
|Schedule 5.4(m)    |  | Certain Actions, Suits and Proceedings in respect of Policies
|                   |  | between Signing and Closing                                  
|                  
|Schedule 5.4(p)    |  | Certain Changes to Reinsurance Contracts between Signing     
|                   |  | and Closing                                                  
|                  
|Schedule 5.4(q)    |  | Certain Agreements Limiting the Freedom between Signing      
|                   |  | and Closing                                                  
|                  
|Schedule 5.4(r)    |  | Certain Long-term Financings and other Transactions between  
|                   |  | Signing and Closing                                          
|                  
|Schedule 5.4(t)    |  | Certain Fees to the Seller between Signing and Closing       
|                  
|Schedule 6.1.4     |  | 2005 Financial Statements                                    
|                  
|Schedule 6.1.5     |  | List of Actuarial Reports commissioned by the Company's      
|                   |  | Head Office                                                  
|                  
|Schedule 6.1.6(a)  |  | Certain Disposals of and Encumbrances in Assets since        
|                   |  | January 1, 2006                                              
|                  
|Schedule 6.1.6(b)  |  | Certain Disposals of and Encumbrances in Shares since        
|                   |  | January 1, 2006                                              
|                  
|Schedule 6.1.6(c)  |  | Certain Guarantees, Sureties, Indemnities and Letters of     
|                   |  | Comfort since January 1, 2006                                
|                  
|Schedule 6.1.6(d)  |  | Certain Obligations and Capital Expenditures since January 1,
|                   |  | 2006                                                         
|                  
|Schedule 6.1.6(e)  |  | Certain Losses in respect of Policies since January 1, 2006  
|                  
|Schedule 6.1.8(a)  |  | Certain Disposals of Premises and Equipment since January 1, 
|                   |  | 2006                                                         
|                  
|Schedule 6.1.8(c)  |  | Certain Real Estate                                          
|                  
|Schedule 6.1.9     |  | Certain Dividends and Share Capital Repayments since         
|                   |  | January 1, 2006                                              
|                  
|Schedule 6.1.11(b) |  | Authorised Insurance Classes and Jurisdictions               
|                  
|Schedule 6.1.11(c) |  | Jurisdictions and Types of Licenses                          
|                  
|Schedule 6.1.12    |  | Certain Compliance Matters                                   
|                  
|Schedule 6.1.13(a) |  | Certain Consultancy Agreements                               

- 7 -

|Schedule No.           |  | Schedule Name                                                
|---------------------- |  | -------------------------------------------------------------
|                      
|Schedule 6.1.13(b)     |  | Certain Employment Agreements                                
|                      
|Schedule 6.1.13(c)     |  | Certain Severance Payment Obligations to Employees           
|                      
|Schedule 6.1.14(b)     |  | Certain Pension Plans                                        
|                      
|Schedule 6.1.14(d)     |  | Certain Pension Plans Affected by the Agreement              
|                      
|Schedule 6.1.15(a)(1)  |  | Certain Intellectual Property Rights                         
|                      
|Schedule 6.1.15(a)(2)  |  | Certain Intellectual Property Rights Infringements           
|                      
|Schedule 6.1.16(a)     |  | Material Contracts                                           
|                      
|Schedule 6.1.16(b)     |  | Defaults under, Possible Terminations of or Notifications and
|                       |  | Consents to Material Contracts                               
|                      
|Schedule 6.1.17(a)     |  | Certain Reinsurance Contracts                                
|                      
|Schedule 6.1.17(b)     |  | Defaults under or Possible Terminations of Reinsurance       
|                       |  | Contracts                                                    
|                      
|Schedule 6.1.19        |  | Insurance-related Litigation                                 
|                      
|Schedule 6.1.20        |  | Other Litigation                                             
|                      
|Schedule 7.4(a)(ii)(1) |  | Index of Data Room Documents                                 
|                      
|Schedule 7.4(a)(ii)(2) |  | Additional Disclosed Documents                               
|                      
|Schedule 10.1.1        |  | Certain Financial Indebtedness                               
|                      
|Schedule 10.1.3        |  | Certain Management Fees                                      
|                      
|Schedule 10.2(b)(i)    |  | Certain Seller Commitments                                   
|                      
|Schedule 10.6(b)       |  | Winterthur Trademarks                                        
|                      
|Schedule 10.7          |  | Certain Pension Plan-related Transfers                       
|                      
|Schedule 10.8(a)       |  | Certain Share and Option Plans                               
|                      
|Schedule 10.10(a)(1)   |  | Certain Existing Inter-company Agreements                    
|                      
|Schedule 10.10(a)(2)   |  | Certain Service Level Agreements                             

- 8 -

This Share Purchase Agreement is made as of this June 13, 2006 by and between (i)Credit Suisse Group, a Swiss stock corporation (Aktiengesellschaft),
registered with the commercial register of the Canton of Zurich under registration number CH-020.3.906.075 -9, with registered office at Paradeplatz 8 in 8001 Zurich, and (ii)AXA, a Frenchsociété anonymewith registered office at 25, avenue Matignon in 75008 Paris.

WHEREAS:

|(A) | The Seller owns all issued and outstanding shares in "Winterthur" Schweizerische Versicherungs-Gesellschaft (the "Company" or "Winterthur"), a Swiss stock corporation (Aktiengesellschaft), registered with the register of
commerce of the canton of Zurich under the registration number CH-020.3.928.827-5, with registered office at General Guisan-Strasse 40 in 8400 Winterthur, whose share capital amounts to CHF 260'000'000 (two hundred sixty million Swiss Francs) and is
divided into 13'000 (thirteen thousand) registered shares (Namenaktien) with a par value of CHF 20 each
(the "Shares").
|--- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|   
|(B) | The Company and its Affiliates are providing (i) non-life insurance products and services, including motor vehicle, fire, property, general liability and collective
accident insurance, to private and corporate customers predominantly in Europe and the United States of America and (ii) life insurance and pension products and services, including to private and corporate clients in Europe and selected Asian
markets (together with such other business conducted by the Company and its Affiliates as of the date hereof, the "Winterthur Business").                                             
|   
|(C) | As at the date hereof, the Company has Control, subject to the rights of minority shareholders (if any) under applicable laws or agreements, over the Business Entities
shown inSchedule (C)(the "Winterthur Subsidiaries", together with the Company the "Winterthur
Group"). In addition, the Company, directly or indirectly through Winterthur Subsidiaries, holds minority participations and operates certain branches and representation offices,
respectively, as shown inSchedule 1.1(c).                                                                                                            
|   
|(D) | The Purchaser, who is a global financial services provider, wishes to acquire all Shares in the Company and has been granted access to and has reviewed, analysed and
assessed detailed legal, financial, actuarial, accounting, tax and operational information in relation to the Winterthur Business (including the Disclosed                                                                                                                                                                                                                                                                              
|   

- 9 -

Documents, as further specified in this Agreement) and held various discussions and interviews with the management of the Winterthur Group (such review, analysis, assessment, discussions and
interviews collectively, the "Due Diligence").

|(E) | The Seller wishes to sell to the Purchaser, and the Purchaser wishes to purchase from the Seller, all Shares in the Company pursuant to the terms and subject to the
conditions of this Agreement.           
|--- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|   
|(F) | This Agreement (including its Schedules and annexes) and the consummation of the transactions contemplated by this Agreement have been approved by the board of directors
of the Seller and of the Purchaser.
|   

NOW, THEREFORE,the Parties agree as follows:

|1.   | DEFINED TERMS AND CONSTRUCTION                                                                                                                            
|---- | ----------------------------------------------------------------------------------------------------------------------------------------------------------
|    
|1.1. | DEFINEDTERMS                                                                                                                                              
|    
|     | Capitalised terms used in this Agreement (including in the Recitals above and its Schedules and annexes) shall have the meanings set forth inSchedule 1.1.
|    
|1.2. | CONSTRUCTION                                                                                                                                              
|    
|     | (a)                                                                                                                                                       
|    
|     |                                                                                                                                                           
|    

- 10 -

|(aa) | in relation to Section 3.1(f), on the Closing Date;                                                                                                                                                                                                             
|---- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|    
|(bb) | in relation to Section 5.4, on the day the Company or any Winterthur Subsidiary enters into a specific transaction or undertaking that is subject to Section 5.4 or, if the
respective day is not a Business Day, on the immediately preceding Business Day ; or
|    
|(cc) | in relation to Section 6.1, on the Signing Date;                                                                                                                                                                                                                
|    

|(ii)  | "including" or
"includes" shall be construed without limitation;                                    
|----- | ----------------------------------------------------------------------------------------------------
|     
|(iii) | a provision of law is a reference to that provision as amended or re- enacted from time to time; and
|     
|(iv)  | a time of a day is a reference to Zurich time.                                                      
|     

|(b) | The provision of a table of contents and the Section and Schedule headings in this Agreement are for ease of reference only and shall not affect its
interpretation.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|--- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|   
|(c) | The Schedules attached to this Agreement shall, for all purposes of this Agreement, form an integral part of it. The disclosure by the Seller of any matter in the
Schedules to this Agreement shall not be deemed to constitute an acknowledgement by the Seller that the matter is required to be disclosed by the terms of this Agreement, that the matter is material or that the matter is or is not in the Ordinary
Course of Business, and, notwithstanding any provision to the contrary in this Agreement, any disclosure contained in any Schedule to this Agreement referred to by a Section of this Agreement shall be deemed to apply with respect to all Sections of
this Agreement, unless a Schedule or a specific disclosure in such Schedule is explicitly stated to apply solely with respect to one or several specified Sections of this Agreement.
|   

- 11 -

|2.     | SALE AND PURCHASE OF SHARES                                                                                                                                                                                                                                                                                               
|------ | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|      
|2.1.   | OBJECT OFSALE ANDPURCHASE                                                                                                                                                                                                                                                                                                 
|      
|       | In accordance with the terms and subject to the conditions of this Agreement, the Seller hereby agrees to sell to the Purchaser, and the Purchaser hereby agrees to
purchase from the Seller, all the Shares, free and clear from any Encumbrance.                                                                        
|      
|2.2.   | PURCHASEPRICE                                                                                                                                                                                                                                                                                                             
|      
|2.2.1. | Aggregate Purchase Price                                                                                                                                                                                                                                                                                                  
|      
|       | (a)                                                                                                                                                                                                                                                                                                                       
|      
|       | (b)                                                                                                                                                                                                                                                                                                                       
|      
|2.2.2. | No Adjustment of Purchase Price                                                                                                                                                                                                                                                                                           
|      
|       | Except as set forth in paragraph (b) of Section 2.2.1, the Purchase Price shall not be subject to any price adjustment on any basis whatsoever.                                                                                                                                                                           
|      
|3.     | CONDITIONS PRECEDENT TO CLOSING                                                                                                                                                                                                                                                                                           
|      
|3.1.   | CONDITIONSPRECEDENT                                                                                                                                                                                                                                                                                                       
|      
|       | The consummation of the sale and purchase of the Shares shall be subject to the following conditions precedent being satisfied or waived in accordance with Section 3.3,
prior to or on the last Business Day of the calendar month in which the 1st(first) anniversary of the
Signing Date occurs (the "Long Stop Date"):
|      

- 12 -

|(a) | Material Merger Control Clearances. Subject to Section 3.2, all legally required merger control
clearances:                                                                                                                                                                                                                                                                              
|--- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|   
|    | (i)                                                                                                                                                                                                                                                                                                                                                                                      
|   
|    | (ii)                                                                                                                                                                                                                                                                                                                                                                                     
|   
|    | (iii)                                                                                                                                                                                                                                                                                                                                                                                    
|   
|    | (collectively, the "Material Merger Control Clearances") have been obtained by the Purchaser or the respective waiting periods have expired without a reaction of the relevant competition authority.                                                                                                                                                                                    
|   
|(b) | Certain Regulatory Filings and Approvals. Subject to Section 3.2, all legally required regulatory
notifications, applications, submissions and approvals for the consummation of the transactions contemplated by this Agreement (collectively, the "Regulatory Filings and
Approvals") have been made and, where legally required, obtained by the Purchaser, the Company or the Seller.
|   
|    | The Parties acknowledge that certain regulatory authorities (including the                                                                                                                                                                                                                                                                                                               
|   

Swiss Federal Office for Private Insurances (Bundesamt für Privatversicherungen; "FOPI") may grant the final regulatory
authorisations only upon completion of the transactions contemplated by this Agreement, but will indicate their pre-approval (subject only to completion of the transactions contemplated by this Agreement), in which case such pre-approvals shall be
deemed to be Regulatory Filings and Approvals for purposes of this Section 3.1(b) .

|(c) | No Judgment or Order. The Closing shall not have been prohibited by a judgment or injunction or
other authoritative relief or measure, and there shall be no legal action or application of any Third Person pending in any Material Jurisdiction before any state court, arbitral tribunal or other authoritative body
|--- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|   

- 13 -

which is reasonably likely to be successful and which seeks to prohibit the Closing.

|(d) | Representations, Warranties and Covenants of the Seller. Except as otherwise specified in Section
6.1:                                                                                                                                                                                                                                                               
|--- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|   
|    | (i)                                                                                                                                                                                                                                                                                                                                                                  
|   
|    | (ii)                                                                                                                                                                                                                                                                                                                                                                 
|   
|(e) | Deliveries of Seller. The Seller shall deliver or cause to be delivered to the Purchaser at
Closing the items specified in Section 4.2 to be delivered by it in form and substance reasonably satisfactory to the Purchaser.                                                                                                                                         
|   
|(f) | No Material Adverse Change. From the Signing Date, no Material Adverse Change has occurred and is
subsisting on the Closing Date.                                                                                                                                                                                                                                    
|   
|(g) | Representations and Warranties of the Purchaser. Except as otherwise specified in Section 6.2, the
representations and warranties of the Purchaser contained in Section 6.2 of this Agreement shall be true and accurate as of the Closing Date with the same force and effect as if such representations and warranties had been made on and as of the
Closing Date.
|   

- 14 -

|(h) | Deliveries of Purchaser. The Purchaser shall deliver or cause to be delivered to the Seller at
Closing the items specified in Section 4.2 to be delivered by it in form and substance reasonably satisfactory to the Seller.
|--- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|   

|3.2. | MATERIALMERGERCONTROLCLEARANCES ANDREGULATORYFILINGS ANDAPPROVALS                                                                                                                                                                                                                                                                   
|---- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|    
|     | Notwithstanding anything contained in Sections 3.1(a) and 3.1(b) to the contrary, the conditions precedent set forth therein shall be deemed to have been satisfied
irrespective of any conditions, requests or requirements that the relevant competition authorities or regulatory authorities may impose on the Purchaser unless:
|    
|     | (a)                                                                                                                                                                                                                                                                                                                                 
|    
|     | (b)                                                                                                                                                                                                                                                                                                                                 
|    
|3.3. | WAIVER OFCONDITIONSPRECEDENTNON-SATISFIED                                                                                                                                                                                                                                                                                           
|    
|     | If and to the extent legally permitted under applicable laws:                                                                                                                                                                                                                                                                       
|    
|     | (a)                                                                                                                                                                                                                                                                                                                                 
|    
|     | (b)                                                                                                                                                                                                                                                                                                                                 
|    

- 15 -

|(c) | the Seller and the Purchaser shall jointly (but not individually) have the right to waive in writing, in whole or in part, the conditions precedent to Closing set forth in
Sections 3.1(a), 3.1(b) and 3.1(c).
|--- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|   

|3.4. | TERMINATION OFAGREEMENT
|---- | -----------------------
|    
|     | (a)                    
|    
|     | (b)                    
|    
|     |                        
|    
|     |                        
|    
|4.   | CLOSING                
|    
|4.1. | DATE ANDPLACE OFCLOSING
|    
|     | (a)                    
|    

- 16 -

Section 3.3, but not earlier than on December 31, 2006, or on such other date as the Parties may agree in writing (in each case the "Closing Date").

|(b) | The Closing shall occur at the offices of Lenz & Staehelin, Bleicherweg 58, CH-8027 Zurich, Switzerland, or at such other place as the Parties may agree in
writing.
|--- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------
|   

|4.2. | CLOSINGACTIONS                                                                                                                                                                                 
|---- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|    
|     | Concurrently with and in exchange for the closing actions of the other Party, the following closing actions shall occur in the sequence of the alphabetic order of
paragraphs (a) to (j) below:
|    
|     | (a)                                                                                                                                                                                            
|    
|     | (b)                                                                                                                                                                                            
|    
|     | (c)                                                                                                                                                                                            
|    
|     | (d)                                                                                                                                                                                            
|    
|     | (e)                                                                                                                                                                                            
|    

- 17 -

|(f) | the Seller shall deliver to the Purchaser the share register of the Company in which the Purchaser is registered as the sole shareholder of the Company as of the Closing
Date;                                                                                                                                                                                                                                                                                                                                                                                                                     
|--- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|   
|(g) | the Seller shall deliver to the Purchaser resignation letters of the members of the board of directors of the Company and of Winterthur Life as specified inSchedule 4.2(g), by which such persons (i) resign from such boards of directors (or other governing bodies, as
applicable) and (ii) waive any rights and declare to have no claims towards any Business Entity of the Winterthur Group in connection with their membership in the respective boards of directors (or other governing bodies, as applicable);                                                                            
|   
|(h) | the Purchaser shall deliver to the Seller a certified extract from the resolutions of the shareholders' meeting of the Company and of Winterthur Life substantially in the
form attached hereto asSchedule 4.2(h)granting unconditional discharge to all former members of the board of
directors of the Company, Winterthur Life and the Current Winterthur Group Executive Board in connection with their acts or omissions as directors and executive officers of the Company and of Winterthur Life during the period ending with the Closing
Date;                                             
|   
|(i) | the Purchaser shall procure the full repayment on behalf of Finso, or cause Finso to fully repay, the Finso Loan to the Seller's Guernsey Branch by way of payment of (aa)
the Principal Finso Loan Amount and the (bb) Accrued Finso Interest, in each case in GBP by wire transfer, with value as of the Closing Date and for same day receipt, in immediately available funds to a bank account designated by the Seller in
writing no later than by close of business (Zurich) on the 3rd(third) Business Day prior to the Closing
Date; and                                                    
|   
|(j) | the Seller shall deliver to the Purchaser a confirmation from the Seller's Guernsey Branch substantially in the form attached hereto asSchedule 4.2(j)confirming to the Company and Finso that all amounts owed under the Finso Loan and the Finso Guarantee,
including the Principal Finso Loan Amount, the Accrued Finso Interest and all interest, break cost, fees, commission and any other amounts owed under the Finso Loan and the Finso Guarantee have been discharged in full and that the Company and Finso
are fully and finally released from all obligations thereunder, respectively.
|   

- 18 -

|4.3. | DEEMEDCONCURRENCE OFCLOSINGACTIONS                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
|---- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|    
|     | Notwithstanding that the closing actions set forth in Section 4.2 shall occur in the alphabetic order of paragraphs (a) to (j), the Parties agree that all closing actions
shall, as between themselves, be deemed to have occurred concurrently.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|    
|4.4. | CLOSINGMINUTES                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|    
|     | At the Closing Date, the Parties shall execute closing minutes evidencing the occurrence of the closing actions pursuant to Section 4.2 (the "Closing Minutes"). The Closing Minutes shall be prepared by Seller's legal counsel in cooperation with Purchaser's legal
counsel reasonably prior to the Closing Date. For the avoidance of doubt, the Closing Minutes shall in no event limit or otherwise impact either Party's post-Closing rights and remedies, including pursuant to Sections 7 and 8 hereof.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
|    
|5.   | ACTIONS BETWEEN SIGNING AND CLOSING                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
|    
|5.1. | GENERAL; GOODFAITH                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
|    
|     | From the Signing Date until the Closing Date, each Party shall take all such actions as are within its power to control, and use its commercially reasonable best efforts
to procure that other actions be taken which are not within its power to control, so as to ensure that the conditions precedent to Closing set forth in Section 3.1 will be satisfied as soon as reasonably possible and in any event on or before the
Long Stop Date. In particular, the Purchaser shall take all such actions as are within its power to control, and use its commercially reasonable best efforts to procure that other actions be taken which are not within its power to control, so as to
ensure that the conditions for submitting and obtaining all Merger Control Clearances and Regulatory Filings and Approvals are fulfilled as soon as possible and in any event prior to the Long Stop Date, including by designating appropriate
Representatives to the boards of directors (or other governing bodies, as applicable) and the executive positions, as required, of the Company and of Winterthur Life which meet the standards required by applicable laws and the competent competition
and regulatory authorities. The Parties shall promptly inform each other of any facts or circumstances which could lead to a non- satisfaction or delay of any condition precedent to Closing, and shall in all other
|    

- 19 -

respects co-operate in good faith to consummate the transactions contemplated by this Agreement as soon as possible and in any event on or prior to the Long Stop Date.

|5.2. | FILINGS ANDSUBMISSIONS
|---- | ----------------------
|    
|     | (a)                   
|    
|     |                       
|    
|     |                       
|    
|     |                       
|    
|     | (b)                   
|    

- 20 -

event no later than within 10 (ten) Business Days after the Signing Date with all information on the Seller or the Winterthur Group as specifically requested with reasonable prior written
notice by the Purchaser from the Seller for the purpose of preparing the Regulatory Filings and Approvals and (ii) procure that the Company provides the Seller and the Purchaser as soon as reasonably practicable and in any event no later than within
15 (fifteen) Business Days after the Signing Date with a list that sets forth:

|(i)  | the jurisdictions and insurance classes in which each Winterthur Subsidiary (other than Material Winterthur Insurance Subsidiaries) and each of the branches and entities
set forth inSchedule 1.1(c)are engaged in insurance activities;
|---- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|    
|(ii) | the jurisdictions in which each Winterthur Subsidiary (other than Material Winterthur Insurance Subsidiaries) is (x) either "domiciled" or (y) "commercially domiciled" for
insurance regulatory purposes; and                           
|    

|(iii) | the jurisdictions and types of licences for all Winterthur Subsidiaries (other than Material Winterthur Subsidiaries) which are engaged in activities requiring
broker-dealer, premium finance, banking, mutual fund, asset management or other regulatory licensing.
|----- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|     

|(c) | Except for notifications, applications, submissions, correspondence, meetings or conversations made, exchanged or held by the Seller or any of its Affiliates (including
the Company and any Winterthur Subsidiary) or by the Purchaser or any of its Affiliates in the Ordinary Course of Business, none of the Parties, their Affiliates or Representatives shall make any notifications, applications, submissions or
correspondence to any authority or hold any meeting with any authority (including pursuant to Sections 3.1(a) and 3.1(b) and this Section 5.2) in connection with the transactions contemplated by this Agreement without the prior consent of the other
Party (which consent shall not be unreasonably withheld or delayed) and, with regard to meetings or substantive conversations with authorities, unless the other Party participates or is represented at such meeting or substantive conversation or has
waived, or failed after reasonable notice to exercise, its right to participate or be represented at such meeting or conversation.
|--- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|   

- 21 -

|(d) | Without prejudice to Sections 3.2 and 5.1 hereof, the Purchaser covenants to the Seller that it shall, and to procure that its Affiliates shall, fulfil, comply with, meet
and satisfy as soon as possible and in any event sufficiently prior to the Long Stop Date all conditions, requests or requirements that the relevant competition authorities and regulatory authorities may impose for their clearance of, or approval
to, the transactions contemplated by this Agreement, including in connection with the Merger Control Clearances and the Regulatory Filings and Approvals.
|--- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|   

|5.3. | ACCESS TO THEWINTERTHURGROUP                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|---- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|    
|     | To the extent legally permissible under applicable laws and, as the case may be, contractual confidentiality undertakings, and to the extent required by the Purchaser for
the purpose of (i) preparing the Closing, (ii) ensuring a smooth transition of the Winterthur Business to the Purchaser, including (subject to confidentiality restrictions and to the extent not disruptive to the Winterthur Business) with respect to
possible transfers of Winterthur Subsidiaries in the Asia Pacific region to Affiliates of the Purchaser, at or after the Closing or (iii) evaluating potential divestitures of material Winterthur Group assets or Winterthur Subsidiaries after the
Closing, the Seller shall procure and, with respect to Winterthur Germany, the Winterthur Germany Subsidiaries and the German Business, shall use its commercially reasonable efforts in procuring, that the Purchaser, its Representatives and its
Affiliates will be afforded, in the reasonable discretion of the Seller, from the Signing Date to the Closing Date and upon prior written request of the Purchaser, reasonable access during normal business hours to:
|    
|     | (a)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
|    
|     | (b)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
|    
|     | provided, however, that the access for the Purchaser, its Representatives and its Affiliates to
the directors, officers and selected key personnel and the material books and records and other material information or pursuant to this Section 5.3 shall not be disruptive for such directors, officers and selected key personnel or to the
on-going                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|    

- 22 -

business operations of the Winterthur Group, andprovided further, that any such information shall be kept strictly confidential and may not be disclosed to any Third Person without the prior written consent of the Seller.

|5.4. | CONDUCT OFBUSINESS                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|---- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|    
|     | Save to the extent expressly permitted by this Agreement or required for the consummation of the transactions contemplated by this Agreement, the Seller shall procure and,
with respect to the German Business, use commercially reasonable efforts in procuring, that from the Signing Date to the Closing Date the Winterthur Business will be operated in the Ordinary Course of Business. Without limiting the generality of the
preceding sentence, save to the extent permitted by this Agreement, required by applicable laws or required for the consummation of the transactions contemplated by this Agreement, the Seller shall procure and, with respect to the German Business,
use commercially reasonable efforts in procuring that, without the prior written consent of the Purchaser (which consent shall not be unreasonably withheld or delayed):
|    
|     | (a)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|    
|     | (b)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|    
|     | (c)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|    

- 23 -

|(d) | except as set forth inSchedule 5.4(d)and subject to Section 5.4(e), the Company and the Winterthur Subsidiaries will not other than in the Ordinary Course of Business sell, assign or otherwise transfer to any Third Person, or grant any Encumbrance to any Third Person
in, (i) any premises and equipment (eigengenutzter Grundbesitz und Einrichtungen) or (ii) material
assets (other than investment assets, which may be disposed of in accordance with Section 5.4(f) hereof) of the Company or a Winterthur Subsidiary, if the value of the consideration for the sale, assignment, transfer of, or the Encumbrance in, such
premises, equipment or material assets exceeds (i) individually CHF 20'000'000 (twenty million Swiss Francs) or (ii), if exceeding individually CHF 5'000'000 (five million Swiss Francs), in the aggregate CHF 100'000'000 (one hundred million Swiss
Francs) or the equivalents thereof;
|--- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|   
|(e) | except as set forth inSchedule 5.4(e), the Company and the Winterthur Subsidiaries will neither sell, assign or otherwise transfer, nor grant any Encumbrance in, any shares in the Company or any Winterthur Subsidiary to any Third Person;                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
|   
|(f) | the Company and the Winterthur Subsidiaries will manage the portfolio of investment assets of the Winterthur Group in a prudent and diligent manner consistent with past
practice;                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
|   
|(g) | except as set forth inSchedule 5.4(g), neither the Company nor any Winterthur Subsidiary will resolve or pay any dividends or repay any share capital (i) if such dividend or repayment from any Winterthur Subsidiaries in Spain or the United States of America would
trigger any Tax liability, (ii) to the Company or any Winterthur Subsidiary in excess of individually CHF 50'000'000 (fifty million Swiss Francs) or the equivalent thereof or (iii) to the Seller or any of its Affiliates;                                                                                                                                                                                                                                                                                                                                                                                                                              
|   
|(h) | except as set forth inSchedule 5.4(h)or as required by law, collective bargaining schemes or any agreement existing at the Signing Date, the Company and the Winterthur Subsidiaries will not grant any material monetary or other bonuses or any material increase in the
salary, bonus or other monetary or non-monetary remuneration of any of their directors, officers or employees whose current compensation package (including bonus and equity-based compensation) exceeds CHF 500'000 (five hundred thousand Swiss Francs)
per annum or the equivalent thereof;                                                                                                                                                                                                                                                                                                                                                         
|   

- 24 -

|(i) | except as set forth inSchedule 5.4(i)or as required by law, collective bargaining schemes or any agreement existing at the Signing Date and subject to Sections 4.2(g) and 5.4(h), the Company and the Winterthur Subsidiaries will not (i) other than in the Ordinary
Course of Business change the number of their directors, officers or employees or (ii) materially change or vary the terms of employment of any of their directors, officers or employees;                                                                                                                                                                                          
|--- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|   
|(j) | except in respect of Policies in the Ordinary Course of Business or as set forth inSchedule
5.4(j), the Company and the Winterthur Subsidiaries will not issue any guarantee, surety, indemnity or letter of comfort (i) in respect of obligations of any Third Person or (ii)
in respect of obligations of the Company or any Winterthur Subsidiary for the benefit of any Third Person, in an amount exceeding (x) individually CHF 20'000'000 (twenty million Swiss Francs) or (y), if exceeding individually CHF 5'000'000 (five
million Swiss Francs), in the aggregate CHF 100'000'000 (one hundred million Swiss Francs) or the equivalents thereof;
|   
|(k) | except as:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|   
|    | (i)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
|   
|    | (ii)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|   
|    | (iii)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
|   
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|   
|(l) | except in respect of Policy-related claims in the Ordinary Course of Business (which, for the avoidance of doubt, shall not include any Policy-related claims                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
|   

- 25 -

that are part of the Winterthur Group's closed portfolio management (CPM) unit) or as set forth inSchedule
5.4(l), the Company and the Winterthur Subsidiaries will not settle, or accept any compromise in relation to, any litigation, proceeding or governmental investigation relating to
the Company or any Winterthur Subsidiary, their assets or the Winterthur Business:

|(i)  | in an amount exceeding individually CHF 15'000'000 (fifteen million Swiss Francs) or the equivalent thereof, except to the extent such amounts have been provisioned in the
2005 Financial Statements or the books and records of the Company or any Winterthur Subsidiary; or
|---- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|    
|(ii) | in respect of the Winterthur Group's closed portfolio management (CPM) unit, in an amount exceeding individually CHF 20'000'000 (twenty million Swiss Francs) or the
equivalent thereof;                                                                                      
|    

|(m) | except as set forth inSchedule 5.4(m), the Company and the Winterthur Subsidiaries will not commence any action, suit or proceeding in respect of Policies (i) other than in the Ordinary Course of Business or (ii), if outside the Ordinary Course of Business, in an
amount exceeding individually CHF 15'000'000 (fifteen million Swiss Francs) or the equivalent thereof;                                                                                                                                                                        
|--- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|   
|(n) | except as required by law, the Company and the Winterthur Subsidiaries will not other than in the Ordinary Course of Business make any material modifications to their
usual sales, accounting, actuarial, underwriting or material management practices;                                                                                                                                                                                                                                                                                             
|   
|(o) | the Company and the Winterthur Subsidiaries will not take, or omit to take, any action if such action or omission would reasonably be expected to constitute or result in a
Material Adverse Change;                                                                                                                                                                                                                                                                                                                                                  
|   
|(p) | except as set forth inSchedule 5.4(p), neither the Company nor any Winterthur Subsidiary will other than in the Ordinary Course of Business commute or terminate, or amend or waive any of its rights under, any reinsurance or coinsurance treaties or agreements pursuant
to which it has ceded or transferred any portion of its obligations or liabilities in an amount exceeding (i) individually CHF 20'000'000 (twenty million Swiss Francs) or (ii), if exceeding individually CHF 5'000'000 (five million Swiss Francs), in
the aggregate CHF
|   
|    | 100'000'000 (one hundred million Swiss Francs) or the equivalents thereof;                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|   

- 26 -

|(q) | except as set forth inSchedule 5.4(q), neither the Company nor any Winterthur Subsidiary will enter into any agreement limiting in any material respect the freedom of the Company or any Winterthur Subsidiary to engage in any line of business, compete with any Third
Person, or otherwise conduct the Winterthur Business;                                                                                                      
|--- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|   
|(r) | except for borrowings and financings within the Winterthur Group or as set forth inSchedule
5.4(r), neither the Company nor any Winterthur Subsidiary will, other than in the Ordinary Course of Business or in respect of investment assets (to the extent in accordance with
Section 5.4(f), enter into any:                                                                                                                       
|   
|    | (i)                                                                                                                                                                                                                                                                                                                                                                                                                                  
|   
|    | (ii)                                                                                                                                                                                                                                                                                                                                                                                                                                 
|   
|    | (iii)                                                                                                                                                                                                                                                                                                                                                                                                                                
|   
|    | in each case for a term of more than 1 (one) year, or                                                                                                                                                                                                                                                                                                                                                                                
|   
|    | (iv)                                                                                                                                                                                                                                                                                                                                                                                                                                 
|   
|    | in each case (except in respect of derivative transactions) with a fair market value or, in respect of derivative transactions, with a nominal value, exceeding                                                                                                                                                                                                                                                                      
|   
|    | (x)                                                                                                                                                                                                                                                                                                                                                                                                                                  
|   
|    | exceeding individually CHF 20'000'000 (twenty million Swiss Francs), in the aggregate CHF 240'000'000 (two hundred forty million Swiss Francs) or the equivalents
thereof;                                                                                                                                                                                                                                                           
|   
|(s) | neither the Company nor any Winterthur Subsidiary will enter into, or amend in any material respect, any Material Contract;                                                                                                                                                                                                                                                                                                          
|   
|(t) | except for (i) Management Fees in an amount not exceeding CHF 40'000'000 (forty million Swiss Francs) per annum (pro rata for the period after the Signing Date) or the
equivalent thereof or (ii) as set forth inSchedule 5.4(t), neither the Company nor any Winterthur Subsidiary
will pay any fee to the Seller other than on arm's length basis and for services actually provided to the Company or such Winterthur Subsidiary;
|   

- 27 -

|(u) | neither the Company nor any Winterthur Subsidiary will other than in the Ordinary Course of Business introduce any material changes to the compensation or bonuses paid to
brokers or otherwise alter in any material respect the contractual arrangements with such Persons, in each case where such compensation or bonus is exceeding, or the contractual arrangements with such Persons provide for aggregate fees or
compensation arrangements, in an amount in excess of individually CHF 15'000'000 (fifteen million Swiss Francs) or the equivalent thereof;
|--- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|   
|(v) | neither the Company nor any Winterthur Subsidiary will terminate, or amend, supplement, modify or waive in any material respect its rights and obligations under, the XL
Settlement Agreement and the Winterthur Germany Share Purchase Agreement and the Seller will cause the Company to consummate the transactions contemplated by, and comply with the terms of, such agreements; and                                                                                                                                                                          
|   
|(w) | neither the Company nor any Winterthur Subsidiary will enter into an agreement, whether or not in writing, that would be in breach of any of the undertakings set forth in
this Section 5.4.                                                                                                                                                                                                                                                                                                                                                                        
|   

Without limiting the generality of this Section 5.4, but subject to applicable laws, from the Signing Date to the Closing Date the Seller shall procure that the Company uses commercially
reasonable efforts consistent with past practice to preserve intact the current business organization of the Winterthur Group and maintain good relations with, and the goodwill of, the brokers, customers, creditors, and all other Persons having
material business relationships with the Winterthur Group.

In addition, from the Signing Date to the Closing Date the Seller shall, or shall procure that the Company, whether by electronic mail or otherwise, promptly notify the Purchaser in writing
if the Seller becomes aware that any of the Seller's representations and warranties in this Agreement which are qualified by "as of the Signing Date" or "to the Signing Date" would have become untrue or incorrect had such representation and warranty
not been so qualified;providedthat such notice shall not operate to in any way modify or cure any breach of
the representations and warranties made by Seller in this Agreement or any Schedules referred to herein or attached hereto. The Seller shall have the right to procure and, upon the Purchaser's request, the Seller shall procure that the Company use
commercially reasonable best efforts to take action

- 28 -

which would cause such representations to be true and correct at Closing without giving effect to such qualification.

|5.5. | CORPORATENAME, TRADEMARKS ANDDOMAINNAMECREDITSUISSE
|---- | ---------------------------------------------------
|    
|     | (a)                                                
|    
|     |                                                    
|    
|     |                                                    
|    
|     |                                                    
|    

- 29 -

trade name "Credit Suisse Life & Pension" (or any part or combination thereof) in any manner whatsoever shall be deemed to be terminated with effect as at June 30, 2006 (or such a later
date as the Seller may determine, but not later than as at the Closing Date).

|(b) | The Purchaser acknowledges and agrees that the Seller shall have the right to procure that the Company and all Winterthur Subsidiaries:
|--- | ---------------------------------------------------------------------------------------------------------------------------------------
|   
|    | (i)                                                                                                                                    
|   
|    | (ii)                                                                                                                                   
|   

|5.6. | CONFIDENTIALITYAGREEMENT ANDTRADINGRESTRICTIONS                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|---- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|    
|     | From the Signing Date to the day after the public announcement that the Closing has occurred or this Agreement has been terminated in accordance with Section 3.4 and
except as expressly provided otherwise in this Agreement, the Parties shall, and shall procure that their Affiliates and their Representatives will, continue to strictly abide by (i) the terms and conditions of the Confidentiality Agreement and (ii)
all applicable laws and regulations including trading restrictions under applicable insider laws in respect of any publicly-traded shares or other equity securities ofCredit Suisse, the Purchaser, the Company and their respective Affiliates.
|    

- 30 -

|5.7. | SECURITIESPOSITIONS                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
|---- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|    
|     | The Seller shall, or shall cause the Company to, deliver to the Purchaser, at least 10 (ten) calendar days prior to the Closing Date or at such other time as the Parties
may agree in writing, a list of all equity securities positions of the Winterthur Group in all publicly traded investees, including, in each case, an indication as to whether any public disclosure has been made in respect of any such position
(including by way of making a filing with the United States Securities and Exchange Commission on Schedule 13D or Schedule 13G or equivalent beneficial ownership filings in other jurisdictions), as of the end of the calendar month preceding the
month in which the Closing occurs or such other time as the Parties may agree in writing.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|    
|5.8. | 2006/2007 REINSURANCEPROGRAMS                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|    
|     | During the period between Signing and Closing, the Seller shall, and shall procure that the Company will, meet with the Purchaser and, in good faith and on a commercially
reasonable basis, consider, discuss and explore suggestions of the Purchaser for the Winterthur Group's reinsurance program for the year 2007.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
|    
|5.9. | INTEGRATIONPLANNINGCOMMITTEE                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|    
|     | The Seller and the Purchaser shall establish within 14 (fourteen) Business Days after the Signing Date an integration planning committee, which shall consist of at least 2
(two) senior representatives of the Seller and at least 5 (five) senior representatives of each of the Company and the Purchaser, with the Seller and the Company, on the one hand, and the Purchaser, on the other hand, being entitled to appoint an
equal number of representatives to the integration planning committee. Subject to the terms and conditions of this Agreement and applicable laws, the integration planning committee shall meet on a weekly basis (or as the Parties may otherwise agree)
until Closing by telephone or otherwise, for the first time as soon as reasonably practicable after the Signing Date, in order to plan the integration of the Company's business into the Purchaser's business, (without prejudice in any way to the
Parties' rights and obligations under Section 3, Section 5.1 and Section 5.2) coordinate regulatory filings required prior to Closing, and discuss any issues relating to the foregoing and such other matters (including in respect of the re-branding
contemplated by Section 5.5 and the internal audit services provided by the Seller to the Company and the Winterthur Group contemplated by Section 5.11) as the integration planning committee shall
|    

- 31 -

deem appropriate. At the first meeting, the integration planning committee shall agree on appropriate guidelines consistent with applicable law to govern its conduct. For the avoidance of
doubt, this Section 5.9 does not give, and shall not be construed so as to give, the integration planning committee any power to participate in or influence the management of the Company or any Winterthur Subsidiary prior to the Closing. The
integration planning committee may establish such sub committees, including with respect to geographic and product-related matters, as it deems appropriate, subject to the foregoing constraints and limitations.

|5.10. | GLOBALBANCASSURANCEAGREEMENT                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
|----- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|     
|      | Promptly following the Signing, the Parties will explore in good faith the possibility of entering into a long term global assurance agreement between the Purchaser and
the Seller and/or their Affiliates at arm's length terms.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|     
|5.11. | INTERNALAUDITSERVICES                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|     
|      | Until the Closing Date, and at the request of the Purchaser by prior written notice to the Seller no later than 60 (sixty) calendar days prior to the Closing and subject
to terms to be agreed by and between the Seller and the Purchaser sufficiently prior to Closing, for a reasonable transition period thereafter not in excess of 45 (forty five) calendar days to complete such internal audit process for the pre-Closing
period, the Seller shall continue to provide internal audit services to the Company and the Winterthur Group consistent with past practice through the end of such transition period.                                                                                                                                        
|     
|5.12. | WINTERTHURGERMANY                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
|     
|      | The Seller shall procure that the Company, Winterthur Life and WinCom Versicherungs-Holding AG will not commence or complete a squeeze-out or voluntary tender offer or
other purchase of the shares in Winterthur Germany not owned by it on the date hereof (other than the acquisition of 577'000 (five hundred seventy seven thousand) shares in Winterthur Germany from Turicum Private Bank, if Turicum Private Bank
exercises its right to sell) without the Purchasers prior written consent (which consent shall not be withheld unreasonably). At the Purchasers reasonable prior written request, the Seller shall co-operate in good faith to explore
whether it can cause the Company, Winterthur Life and WinCom Versicherungs-Holding AG (or can
|     

- 32 -

take preparatory steps to allow the Purchaser) to commence either a squeeze-out or a voluntary tender offer for the shares in Winterthur Germany not already owned by it.

|5.13. | ADDITIONALINFORMATION                                                                                                                                                                                                                                                                                                                                                                                 
|----- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|     
|      | The Seller shall procure that the Company and the Winterthur Subsidiaries provide the Purchaser within 30 (thirty) Business Days after the Signing Date with a list
specifying the Intellectual Property Rights of the Winterthur Subsidiaries used in connection with their respective business (other than the Intellectual Property Rights listed inSchedule 6.1.15(a)(1)).                        
|     
|5.14. | DOMAINNAMESWINTERTHUR                                                                                                                                                                                                                                                                                                                                                                                 
|     
|      | The Seller shall procure that all domain names containing the word "Winterthur" registered as of the Signing Date in the name of the Seller or any of its Affiliates for
the benefit of the Company shall be registered in the name of the Company or, at the request of the Purchaser or the Company, any Winterthur Subsidiary sufficiently prior to Closing at the cost and expense of the Company.
|     
|5.15. | OTHERACTIONS BETWEENSIGNING ANDCLOSING                                                                                                                                                                                                                                                                                                                                                                
|     
|      | From the Signing Date to the Closing Date, the Parties shall comply with their respective obligations which are to be performed by them on or prior to the Closing Date in
accordance with Section 10.                                                                                                                                                                                                
|     
|6.    | REPRESENTATIONS AND WARRANTIES                                                                                                                                                                                                                                                                                                                                                                        
|     
|6.1.  | REPRESENTATIONS ANDWARRANTIES OF THESELLER                                                                                                                                                                                                                                                                                                                                                            
|     
|      | Subject to the terms, exceptions and limitations contained in this Agreement, including the exceptions set forth in Section 6.3(a), the Seller hereby represents and
warrants to the Purchaser that each of the statements in Section 6.1 is true and accurate, unless otherwise specified hereafter, both as at the Signing Date and, immediately prior to the                                       
|     

- 33 -

completion of Closing, at the Closing Date;providedthat, notwithstanding anything contained in this Agreement to the contrary:

|(a) | the Purchaser acknowledges and agrees that the Seller does not make any representation or warranty whatsoever with respect to, or to the calculation, establishment,
adequacy or sufficiency of the Insurance Technical Reserves of the Company, any Winterthur Subsidiary, any Additional Winterthur Entity or the Winterthur Group as a whole; and                                                                                                                                                                                                                                                  
|--- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|   
|(b) | the Purchaser acknowledges and agrees that any representation or warranty in respect of Winterthur Germany, any Winterthur Germany Subsidiary or, to the extent conducted
by Winterthur Germany or any Winterthur Germany Subsidiary, the Winterthur Business set forth in Section 6.1 is, and shall be deemed to be, qualified by the Knowledge of the Seller, except for the representations and warranties made in Section 6.1.1
(Corporate Existence and Organisation) and Section 6.1.3 (Shares; Legal Title) which are, and shall be given without qualification by the Knowledge of the Seller.
|   

|6.1.1. | Corporate Existence and Organisation
|------ | ------------------------------------
|      
|       | (a)                                 
|      
|       | (b)                                 
|      
|       | (c)                                 
|      

- 34 -

Winterthur Subsidiary, and no petition has been presented for winding-up the Company or any Material Winterthur Subsidiary.

|6.1.2. | Execution and Binding Nature, No Conflict                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
|------ | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|      
|       | This Agreement has been duly executed by authorised signatories of the Seller and, subject to the Merger Control Clearances and the Regulatory Filings and Approvals
pursuant to Sections 3.1(a), 3.1(b) and 5.2, constitutes legal, valid and binding obligations of the Seller enforceable against it in accordance with its terms. The execution and delivery of this Agreement by the Seller, and the consummation of the
transactions contemplated by this Agreement by the Seller, are and will be (i) in full compliance with and not violate any provision of the articles of incorporation (Statuten), charter or bylaws of the Seller, the Company or any Material Winterthur Subsidiary and (ii), to the Knowledge of the Seller, in material compliance
with and not violate in any material respect any law or order of any court or governmental authority binding upon, or applicable to the Seller, the Company or any Material Winterthur Subsidiary.
|      
|6.1.3. | Shares; Legal Title                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|      
|       | (a)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|      
|       | (b)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|      
|       | (c)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|      

- 35 -

to acquire the Shares or other equity interests in the Company, the shares or other equity interests in the Winterthur Subsidiaries or the Winterthur Business.

|6.1.4. | Financial Statements                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|------ | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|      
|       | Without prejudice to the exclusions of the representations or warranties as set forth in Section 6.1(a) of this Agreement, the consolidated balance sheet, the consolidated
profit and loss statement, the consolidated cash flow statement and the notes for the business years ended December 31, 2004 and December 31, 2005, in each case as reflected in the audited consolidated financial statements of the Winterthur Group
for the business year ended December 31, 2005 (the "2005 Financial Statements", attached hereto asSchedule 6.1.4), have been prepared in accordance with US GAAP and present fairly, in all material respects,
the financial position of the Company and the Winterthur Group as of December 31, 2004 and December 31, 2005, respectively, and the results of their operations and their cash flows for the financial years ended December 31, 2004 and December 31,
2005, respectively, in each case in accordance with US GAAP and in compliance with Swiss law.
|      
|6.1.5. | Actuarial Reports                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|      
|       | The Seller has delivered to the Purchaser true and complete copies of all final external actuarial reports on reserves and embedded value (including for life and pension
insurance business and non-life insurance business) commissioned by the Company's head office in Winterthur between July 1, 2003 and the Signing Date (except in respect ofWinterthurGermany and theWinterthurGermany Subsidiaries), a list of which is attached hereto asSchedule 6.1.5.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|      
|6.1.6. | Conduct of Business in the Ordinary Course                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
|      
|       | As from January 1, 2006 until the Signing Date:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
|      
|       | (a)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|      

- 36 -

assignment, transfer or Encumbrance did not exceed (x) individually CHF 20'000'000 (twenty million Swiss Francs) or (y), if in excess of individually CHF 5'000'000 (five million Swiss
Francs), in the aggregate CHF 100'000'000 (one hundred million Swiss Francs) or the equivalents thereof;

|(b) | except as set forth inSchedule 6.1.6(b), the Company and the Winterthur Subsidiaries have not sold, assigned or otherwise transferred to any Third Person, or granted any Encumbrance to any Third Person in, any shares in any Winterthur Subsidiary unless the value of the
consideration for the sale, assignment, transfer or Encumbrance did not exceed (i) individually CHF                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
|--- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|   
|    | 20'000'000 (twenty million Swiss Francs) or (ii), if in excess of individually CHF 5'000'000 (five million Swiss Francs), in the aggregate CHF 100'000'000 (one hundred
million Swiss Francs) or the equivalents thereof;                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
|   
|(c) | except in respect of Policies in the Ordinary Course of Business or as set forth inSchedule
6.1.6(c), neither the Company nor any Winterthur Subsidiary has other than in the Ordinary Course of Business issued any guarantee, surety, indemnity or letter of comfort (i) in
respect of the obligations of any Third Person or (ii) in respect of obligations of the Company or any Winterthur Subsidiary for the benefit of any Third Person, in an amount exceeding (x) individually CHF 20'000'000 (twenty million Swiss Francs) or
(y), if in excess of individually CHF 5'000'000 (five million Swiss Francs), in the aggregate CHF 100'000'000 (one hundred million Swiss Francs) or the equivalents thereof;                                                                                                                                                                                                                                                                                  
|   
|(d) | neither the Company nor any Winterthur Subsidiary has, to the Knowledge of the Seller, incurred or assumed any obligation, liability or indebtedness, or made a capital
expenditure or commitment therefor (other than in respect of investment assets in a prudent and diligent manner consistent with past practice) in an amount exceeding (x) individually CHF 50'000'000 (fifty million Swiss Francs) or (y), if in excess
of individually CHF 20'000'000 (twenty million Swiss Francs), in the aggregate CHF 240'000'000 (two hundred forty million Swiss Francs) or the equivalents thereof, except for obligations, liabilities, indebtedness, capital expenditures or
commitments therefor (i) incurred, assumed or made, respectively in the Ordinary Course of Business, (ii) in respect of short-term borrowings or financings with a term of less than 1 (one) year, (iii) reflected in the 2005 Financial Statements, (iv)
in respect of Policies, or (v) set forth inSchedule 6.1.6(d);
|   

- 37 -

|(e) | except as set forth inSchedule 6.1.6(e), neither the Company nor any Winterthur Subsidiary has incurred a gross loss resulting from claims in respect of Policies in an amount exceeding individually CHF 50'000'000 (fifty million Swiss Francs) or the equivalents thereof;
and
|--- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|   
|(f) | neither the Company nor the Winterthur Subsidiaries have authorized, entered into an agreement or committed, whether or not in writing, to do anything that would
constitute a misrepresentation or breach of warranty of this Section 6.1.6.                                    
|   

|6.1.7. | No Material Adverse Change                                                                                                                                                    
|------ | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|      
|       | Since January 1, 2006, as of the Signing Date, there has been no change or event which, if it had occurred after the Signing Date, would constitute a Material Adverse
Change.
|      
|6.1.8. | Certain Assets                                                                                                                                                                
|      
|       | (a)                                                                                                                                                                           
|      
|       | (b)                                                                                                                                                                           
|      
|       | (c)                                                                                                                                                                           
|      

- 38 -

|6.1.9.  | No Dividends                                                                                                                                                               
|------- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|       
|        | Except as disclosed inSchedule 6.1.9, the Company has not in 2006 resolved or paid to the Seller (i) dividends or other distributions or (ii) any share capital redemption.
|       
|6.1.10. | Taxes                                                                                                                                                                      
|       
|        | (a)                                                                                                                                                                        
|       
|        | (b)                                                                                                                                                                        
|       
|6.1.11. | Authorisations and Permits                                                                                                                                                 
|       
|        | (a)                                                                                                                                                                        
|       

- 39 -

|(b) | As of the Signing Date, the Company and the Material Winterthur Insurance Subsidiaries are in all material respects duly licensed to engage in insurance activities in the
insurance classes set forth inSchedule 6.1.11(b)and otherwise to carry-on business in furtherance thereof in
all the states and jurisdictions set forth inSchedule 6.1.11(b)unless otherwise disclosed inSchedule 6.1.11(b).                                                                                                                                  
|--- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|   
|    | The Company and the Material Winterthur Insurance Subsidiaries have filed all material statements and reports with the respective insurance regulatory authorities as
required by applicable laws, regulations, licensing requirements and orders administered or issued by such regulatory authorities.Schedule 6.1.11(b)also sets forth the states and jurisdictions where each of the Company and each of the Material Winterthur Insurance Subsidiaries is "domiciled" or "commercially domiciled" for insurance
regulatory purposes.
|   
|(c) | Schedule 6.1.11(c)sets forth the states, jurisdictions and types of licences for the Company and
each of the Material Winterthur Subsidiaries requiring broker-dealer, premium finance, banking, mutual fund, asset management or other regulatory licensing (other than insurance related licences as set forth in Section 6.1.11(b)).                                                                                                                                                                                                  
|   

|6.1.12. | Compliance with Laws                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
|------- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|       
|        | Without prejudice to the exclusions of the representations or warranties set forth in Section 6.1(a) and except as set forth inSchedule 6.1.12, the Winterthur Group is, to the Knowledge of the Seller, in all material respects in compliance with all
laws, regulations, reporting and licensing requirements and orders applicable to it. The Company and each of the Material Winterthur Insurance Subsidiaries (which for purposes of this Section 6.1.12 shall include the Winterthur Subsidiaries and
branches, in each case in Luxembourg and Hong Kong) have adopted appropriate and adequate policies and procedures, consistent with industry practices, in all material respects in accordance with applicable laws regarding "Know Your Client",
"Anti-Money Laundering", "Suspicious Activity Reporting" and similar compliance-related matters.
|       
|6.1.13. | Consultants; Employees                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
|       
|        | (a)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|       

- 40 -

(twelve) months or more and for annual fees in excess of CHF 12'000'000 (twelve million Swiss Francs) or the equivalent thereof per contract.

|(b) | Schedule 6.1.13(b)provides a true and complete list of all material employment agreements with
directors, officers or employees of the Winterthur Group which provide for an aggregate annual remuneration package in excess of CHF                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
|--- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|   
|    | 500'000 (five hundred thousand Swiss Francs) or the equivalent thereof per director, officer or employee specifying the (i) function, (ii) base salary and discretionary
bonus payment for the financial year 2005, (iii) other material remunerations for the financial year 2005, (iv) vacation entitlement and (v) notice period per director, officer or employee.                                                                                                                                                                                                                                                                                                                                                                           
|   
|(c) | Except as set forth inSchedule 6.1.13(c), no director, officer or employee of the Winterthur Group is entitled to receive, upon termination of his employment, upon Signing of this Agreement, or upon consummation of the transactions contemplated by this Agreement, a
severance pay or similar termination compensation or additional benefits under retention and similar incentive plans exceeding individually CHF 500,000 (five hundred thousand Swiss Francs) per director, officer or employee, except for (i) such
payments which are normal salary or other normal benefit payments due during the notice period and (ii) payments which are due under applicable laws, under collective bargaining agreements or on a similar basis.
|   
|(d) | No director, officer or employee of the Winterthur Group is entitled to receive any outstanding payment by way of damages or compensation for loss of office or employment
or for redundancy or unfair or wrongful dismissal, unless appropriately disclosed and provisioned in the books and records of the Company or the relevant Winterthur Subsidiary or accrued as required by applicable law and accounting
principles.                                                                                                                                                                                                                                                                                                                   
|   

|6.1.14. | Social Security and Pension
|------- | ---------------------------
|       
|        | (a)                        
|       

- 41 -

|(b) | All Pension Plans and all stock option plans of the Company and the Material Winterthur Subsidiaries are listed onSchedule 6.1.14(b). All Pension Plans have been managed in accordance, and are in material compliance with, all applicable laws and, to the extent relevant, the
governing provisions of the relevant Pension Plan. Except as set forth inSchedule 6.1.14(b), there are no
material actions, suits, claims, litigation, disputes, audits, inquiries, reviews, proceedings or investigations or, to the Knowledge of the Seller, pending or threatened in writing, with respect to any Pension Plan that would be material to the
Winterthur Business. All material filings required for all Pension Plans have been timely made with the appropriate governmental authority in accordance with the applicable law.
|--- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|   
|(c) | All contributions required to be made with respect to any employees of the Winterthur Group under the terms of any Pension Plan have been timely made or have been
reflected in the 2005 Financial Statements, and the 2005 Financial Statements reflect the reporting of Pension Plans in accordance with US                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|   
|    | GAAP. To the Knowledge of Seller, all required unemployment insurance contributions with respect to the employees of the Winterthur Group have been deducted and remitted
to the relevant governmental entities.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|   
|(d) | Except as set forth inSchedule 6.1.14(d), neither the execution of this Agreement, nor the consummation of the transactions contemplated hereby will result in an increase in the amount of any benefit or trigger or accelerate the vesting, timing, funding or payment of
any benefit or any other material obligation under the Pension Plans or result in any breach or violation of, or a default under, any such Pension Plan subject to the receipt of all union, works council or similar consents under applicable
laws.                                                                                                                                                                                                                                                                                                   
|   

|6.1.15. | Intellectual Property Rights
|------- | ----------------------------
|       
|        | (a)                         
|       

- 42 -

the Company or any Winterthur Subsidiaries, has received any notice in writing of any infringement of any Intellectual Property Right.

|(b) | To the Knowledge of the Seller, there has been no claim presented in writing whether for infringement or otherwise by any Third Person which relates to the use of the
Intellectual Property Rights in connection with the Winterthur Business.                                                   
|--- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|   
|(c) | The Company and the Winterthur Subsidiaries have sufficient rights to use all computer software, middleware and systems, information technology equipment, and associated
documentation used in connection with the operation of the Winterthur Business as currently or proposed to be conducted.
|   
|    | The Company and the Winterthur Subsidiaries have implemented reasonable backup, security and disaster recovery technology consistent with industry practices.                                                                                                                                     
|   

|6.1.16. | Material Contracts
|------- | ------------------
|       
|        | (a)               
|       
|        |                   
|       
|        |                   
|       
|        |                   
|       

- 43 -

|(iv)   | an agreement under which a Third Person provides material information technology products or services to the Company or a Winterthur Subsidiary with annual fees payable
therefor in 2006 of CHF 12'000'000 (twelve million Swiss Francs) (or the equivalent thereof) or more;                                                                                                                                                                                                                                                        
|------ | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|      
|(v)    | an asset management agreement with the Seller or an Affiliate of the Seller or with a Third Person under which such Person manages assets of the Company or the Winterthur
Subsidiaries with a value as of March 31, 2006 of CHF 500'000'000 (five hundred million Swiss Francs) (or the equivalent thereof) or more (for the avoidance of doubt, for the purpose of this Section 6.1.16(a)(v), fund-linked agreements entered into
by the Company or any Winterthur Subsidiary shall not be deemed to be asset management agreements;
|      
|(vi)   | except for borrowings and financings within the Winterthur Group or in respect of investment assets, any (i) mortgage, (ii) promissory note, (iii) long-term loan agreement
or other contract for the long-term borrowing of money, in each case for a term of more than 1 (one) year, or (iv) any currency exchange, commodities or other hedging arrangement or derivative transaction, in each case in an amount exceeding
individually CHF 100'000'000 (one hundred million Swiss Francs) or the equivalent thereof;              
|      
|(vii)  | any agreement limiting the freedom of (i) the Purchaser or any of its Affiliates to conduct its business as currently being conducted solely by virtue of the execution of
this Agreement or the consummation of the transactions contemplated by this Agreement, or (ii) the Company or any Material Winterthur Subsidiary in any material respect to engage in any line of business, compete with any other Person, or otherwise
conduct its business;                                                                              
|      
|(viii) | except in respect of Policies, any guarantee, support, indemnification, assumption or endorsement of, or any similar commitment with respect to, the obligations,
liabilities (whether accrued, absolute, contingent or otherwise) or indebtedness of any Third Person, in each case exceeding CHF 50'000'000 (fifty million Swiss Francs);                                                                                                                                                                                           
|      

- 44 -

|(ix) | any (i) joint venture, profit or revenue sharing agreement, partnership agreement, or (ii) agreement entered into since January 1, 2000 relating to the sale or acquisition
of any current or former Winterthur Subsidiary or assets of the Company or any such Winterthur Subsidiary and involving, in respect of (i), revenues and, in respect of (ii) consideration, in each case in excess individually of CHF 100'000'000 (one
hundred million Swiss Francs) or the equivalent thereof;                                                                                                                                                 
|---- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|    
|(x)  | except for Policies, any agreement (i) which cannot be terminated on twelve (12) months' notice or less (other than in respect of post- termination obligations) and which
involves obligations or liabilities (including termination costs) having a value or cost of more than CHF 50'000'000 (fifty million Swiss Francs) or the equivalent thereof over the remaining term of the agreement or (ii) which involves obligations
or liabilities (including termination costs) having a value or cost of more that CHF 100'000'000 (one hundred million Swiss Francs) or the equivalent thereof over the remaining term of the agreement; or
|    
|(xi) | any agreement made out of the Ordinary Course of Business and having a value or cost of more than CHF 100'000'000 (one hundred million Swiss Francs) or the equivalent
thereof over the remaining term of the agreement.                                                                                                                                                                                                                                                                                                                                                                                                                     
|    

(each a "Material Contract").

|(b) | To the Knowledge of the Seller, as of the Signing Date, none of the Business Entities of the Winterthur Group that is a party to a Material Contracts is in any material
default, or alleged in writing to be in any material default, of any Material Contract and none of the Material Contracts has been terminated or threatened in writing to be terminated, in each case except as specifically set forth inSchedule 6.1.16(b). As of the Signing Date, except as disclosed onSchedule 6.1.16(b), each of the Material Contracts is in full force and effect, and, subject to the receipt of the Material Merger Control Clearances and
Regulatory Filings and Approvals, there exists, to the Knowledge of the Seller, no default or event of default or event, occurrence, condition or act which, with the giving of notice or the lapse of time, would become a material default or event of
default of the Company or any of the Winterthur Subsidiaries under
|--- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|   

- 45 -

any Material Contract, in each case other than as a result of a change of control of the Company.

|(c) | Except as disclosed inSchedule 6.1.16(b), solely the execution, delivery and performance by the Seller, the Company or any of the Winterthur Subsidiaries, as the case may be, of this Agreement, to the Knowledge of the Seller (i) do not (or would not with the giving of
notice or the lapse of time) result in any material respect in a breach or violation of, or conflict with, any Material Contract, and (ii) do not and will not result in, the termination of, any material additional payment under or material change in
any of the material terms of, or accelerate the performance required by (or give rise to a right of any party thereto, exercisable on notice or otherwise, to terminate, to require that any material additional payment be made under, to materially
change any material terms of, or to accelerate the performance of any material obligation under) any Material Contract.
|--- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|   
|(d) | To the Knowledge of the Seller, there is no requirement to make any material filing with, give any material notice to, or obtain any material consent of, any party to a
Material Contract to which the Company or any of the Winterthur Subsidiaries is a party or by which any of them are bound in connection with (i) the lawful completion of the transactions contemplated by this Agreement, (ii) the execution, delivery
and performance of this Agreement by the Seller, the Company or any of the Winterthur Subsidiaries or (iii) the change of control of the Company, except for the filings, notifications and consents set forth inSchedule 6.1.16(b).                                                                                                                                                                                                                                               
|   

6.1.17. Reinsurance Contracts

Schedule 6.1.17(a)sets forth a list of all material reinsurance contracts (other than facultative placements,
reinsurance with captives and pools) existing as of the Signing Date between the Company or any Winterthur Subsidiary and a Third Person covering insurance risks (the "Reinsurance Contracts"), which list is, to the Knowledge of the Seller, accurate and complete. To the Knowledge of the Seller, as of the Signing Date, none of
the Business Entities of the Winterthur Group that is a party to the Reinsurance Contracts is in any material default, or alleged in writing to be in any material default, of any Reinsurance Contract and none of the Reinsurance Contracts has been
terminated or threatened in writing to be terminated, in each case except as set forth inSchedule 6.1.17(b).

- 46 -

|6.1.18. | Insurance Contracts                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|------- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|       
|        | Without prejudice to the exclusions of the representations or warranties set forth in Section 6.1(a), the insurance contracts issued by the Company and the Winterthur
Subsidiaries to Third Persons are, to the Knowledge of the Seller, in all material respects in compliance with applicable insurance regulation as in force and interpreted on the Signing Date.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|       
|6.1.19. | Insurance related Litigation                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
|       
|        | Except as set forth inSchedule 6.1.19, as of the Signing Date, there are no civil, criminal or administrative actions, suits or proceedings or, to the Knowledge of the Seller, pending or threatened in writing, against the Company or any Winterthur Subsidiary before
any court, arbitral tribunal or administrative body, agency or commission (i) in relation to insurance products or services offered by the Winterthur Group or (ii) involving holocaust-era matters, race-based underwriting, product mis- selling,
contingent commission or steering arrangements, in each case involving a claim in an amount in excess individually (or with respect to a series of claims relating to the same underlying fact, event or circumstance, in the aggregate) of CHF
15'000'000 (fifteen million Swiss Francs) or the equivalent thereof and, in respect of non-life insurance products or services, to the extent such amount exceeds the reserves accrued for such claims.
|       
|6.1.20. | Other Litigation                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
|       
|        | Except as set forth inSchedule 6.1.20, as of the Signing Date, there are no civil, criminal or administrative actions, suits or proceedings or, to the Knowledge of the Seller, pending or threatened in writing, against the Company or any Winterthur Subsidiary before
any court, arbitral tribunal or administrative body, agency or commission (i) in relation to any matters other than insurance products or services offered by the Winterthur Group and (ii) involving a claim in an amount in excess individually (or
with respect to a series of claims relating to the same underlying fact, event or circumstance, in the aggregate) of CHF 15'000'000 (fifteen million Swiss Francs) or the equivalent thereof.                                                                                                                                                                                                                                                        
|       
|6.1.21. | Internal Control over Financial Reporting                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|       
|        | (a)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|       

- 47 -

weaknesses" in the Company's internal control over financial reporting (as such term is defined in Rule
13a-15(f) under the U.S. Securities Exchange Act of 1934). Seller has previously provided true and accurate copies of any letters and other reports of the Company's and/or the Seller's external auditors since January 1, 2005 relating to any
"significant deficiency" or "material weakness" (as such term is defined in Rule 13a-15(f) under the U.S. Securities Exchange Act of 1934) relating to or affecting the Company and its Subsidiaries.

|(b) | Changes in Internal Control over Financial Reporting. From January 1, 2006, the Company has not in
any material respect changed its system of internal control over financial reporting.
|--- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|   

|6.1.22. | Finso Loan                                                                                                                                                                                                                                                                                                                                                                                                                                          
|------- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|       
|        | Solely the early repayment of the Finso Loan, and any required amendment or modification of the terms thereof, contemplated by Section 4.2(j) hereof shall in each case not
result in the imposition of penalty payments or break costs on the Company or Finso.                                                                                                                                                                                    
|       
|6.1.23. | XL Settlement Agreement and Winterthur Germany Share Purchase Agreement                                                                                                                                                                                                                                                                                                                                                                             
|       
|        | The Company has consummated the transactions contemplated by the Winterthur Germany Share Purchase Agreement and, except as set forth in Clauses 3.4 to 3.6 of the
Winterthur Germany Share Purchase Agreement, the Winterthur Germany Share Purchase Agreement and the XL Settlement Agreement will not in any material respect be adversely affected by the execution of, or the consummation of the transactions
contemplated by, this Agreement.
|       
|6.2.    | REPRESENTATIONS ANDWARRANTIES OF THEPURCHASER                                                                                                                                                                                                                                                                                                                                                                                                       
|       
|        | Subject to the terms, exceptions and limitations contained in this Agreement, the Purchaser hereby represents and warrants to the Seller that each of the statements in
this Section 6.2 is true and accurate, unless otherwise specified hereafter, both as at the Signing Date and at the Closing Date.                                                                                                                                           
|       
|6.2.1.  | Corporate Existence, Standing and Authorisation                                                                                                                                                                                                                                                                                                                                                                                                     
|       
|        | The Purchaser is asociété anonymeduly organized and validly existing under the laws of France and is in good standing. The Purchaser has the full corporate power and                                                                                                                                                                                                                                                                               
|       

- 48 -

authority to enter into this Agreement and has obtained or, subject to the Merger Control Clearances and Regulatory Filings and Approvals pursuant to Sections 3.1(a), 3.1(b) and 5.2, will
obtain all governmental consents or permits of any nature, to perform its obligations under this Agreement and to consummate the transactions contemplated by this Agreement. The Purchaser has taken all corporate actions necessary to duly authorize
the execution and delivery of, and the performance of its obligations under, this Agreement.

|6.2.2. | Execution and Binding Nature, No Conflict                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
|------ | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|      
|       | This Agreement has been duly executed by authorised signatories of the Purchaser and, subject to the Merger Control Clearances and the Regulatory Filings and Approvals
pursuant to Sections 3.1(a), 3.1(b) and 5.2, constitutes legal, valid and binding obligations of the Purchaser enforceable against it in accordance with its terms. The execution and delivery of this Agreement by the Purchaser, and the consummation
of the transactions contemplated by this Agreement by the Purchaser, will be in full compliance and not violate any provisions of the charter or any other corporate documents of the Purchaser or any of its Affiliates or any agreement to which the
Purchaser or any of its Affiliates is a party or any law or order of any court or governmental authority binding upon, or applicable to, the Purchaser or any of its Affiliates.
|      
|6.2.3. | Funds                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|      
|       | The Purchaser will have, on the Closing Date, access to all funds necessary for the consummation of the transactions contemplated by this Agreement (including for the
payment of the Purchase Price, the repayment of the Principal Finso Loan Amount and the Accrued Finso Interest), and the availability of such funds is not subject to any material adverse change clause or similar conditions other than the conditions
precedent to Closing as set forth in Section 3.1 hereof.                                                                                                                                                                                                                                                                                                                                                                               
|      
|6.3.   | REPRESENTATIONS ANDWARRANTIESEXCLUSIVE                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|      
|       | (a)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|      

- 49 -

particular, without limitation, nothing in this Agreement or the Disclosed Information shall be understood or construed to express or imply any representation or warranty whatsoever (i) in
respect of any budgets, business plans, forward looking statements or any other projections of any nature in respect of the Winterthur Group or the Winterthur Business, or (ii) in respect of, or to the calculation, establishment, adequacy or
sufficiency of the Insurance Technical Reserves of the Company, any Winterthur Subsidiary or the Winterthur Group as a whole.

|(b) | The representations and warranties of the Purchaser set forth in Section 6.2 are the sole and exclusive representations and warranties made by the Purchaser and relied
upon by the Seller in respect of the subject matter of this Agreement, and no other representations or warranties are made by the Purchaser or relied upon by the Seller, whether express or implied, other than those explicitly made in Section
6.2.
|--- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|   

|7.   | REMEDIES IN CASE OF MISREPRESENTATION OR BREACH OF WARRANTY
|---- | -----------------------------------------------------------
|    
|7.1. | TERM OFREPRESENTATIONS ANDWARRANTIES                       
|    
|     | (a)                                                        
|    
|     |                                                            
|    
|     |                                                            
|    

- 50 -

|(iii) | with respect to all other representations and warranties made in Section 6 as from the expiry of a period of 18 (eighteen) months from the Closing Date.
|----- | --------------------------------------------------------------------------------------------------------------------------------------------------------
|     

|(b) | The time periods set forth in Section 7.1(a) shall be deemed to be complied with (and claims under this Agreement shall not be precluded from being raised) if the Seller
receives a Notice of Breach in accordance with Section 7.2 within such time periods (taking into account any Section 7.2 notice period). If the Seller does not receive a Notice of Breach in accordance with Section 7.2 within the time periods set
forth in Section 7.1(a) (taking into account any Section 7.2 notice period), the Purchaser shall be deemed to have waived, and shall have forfeited and be precluded from raising (Verwirkung), any claim or right against the Seller for misrepresentation or breach of warranty in respect of such claim.
|--- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|   
|(c) | If the Seller has received a Notice of Breach in accordance with Section 7.2 within the time periods set forth in Section 7.1(a) (taking into account any Section 7.2
notice period), and the Seller provides written notice that it disputes such breach or claim, the Purchaser shall, within a period of 6 (six) months from the date of such Seller's written notice in respect of such claim, initiate judicial
proceedings in accordance with Section 12(b) in respect of such claim.                                                                                                                                                                                                                                                
|   
|    | Should the Purchaser not initiate judicial proceedings in accordance with Section 12(b) within such 6 (six) months period, any claim or right of the Purchaser against the
Seller for misrepresentation or breach of warranty in respect of such claim shall be forfeited and be precluded from being made (Verwirkung).                                                                                                                                                                                                                                                                                                                                                                                                                   
|   

7.2. NOTICE OFBREACH

Without prejudice to the time periods set forth in Section 7.1(a), should the Purchaser detect any misrepresentation or breach of warranty, or should a Third Party Claim be raised, the
Purchaser shall, within 60 (sixty) Business Days from having obtained reasonable knowledge of the circumstances of such misrepresentation or breach of warranty or of such Third Party Claim, deliver to the Seller a notice in writing describing the
facts and the claim in reasonable detail (the "Notice of Breach");providedthat any failure to so notify the Seller will not relieve the Seller of any liability it may have under this
Agreement or otherwise, except to the extent Seller is actually prejudiced as a result thereof.

- 51 -

|7.3. | REMEDIES OF THEPURCHASER                                                                                                                                                                                                                                                   
|---- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|    
|     | In the event of a breach of the representations and warranties by the Seller which has been notified by the Purchaser in accordance with Section 7.1 and Section 7.2,
subject to the exclusions and limitations set forth in Section 7.4 and Section 8.1, the Seller shall:
|    
|     | (a)                                                                                                                                                                                                                                                                        
|    
|     | (b)                                                                                                                                                                                                                                                                        
|    
|7.4. | LIMITATION ANDEXCLUSION OFREMEDIES OF THEPURCHASER                                                                                                                                                                                                                         
|    
|     | (a)                                                                                                                                                                                                                                                                        
|    
|     |                                                                                                                                                                                                                                                                            
|    
|     |                                                                                                                                                                                                                                                                            
|    

- 52 -

"Disclosed Documents"), all as deposited in a
sealed Storage Facility in accordance with Section 10.12;

(collectively and each part of them, the "Disclosed Information").

|(b) | For the purpose of this Agreement, fairly disclosed shall mean the disclosure of a fact, matter or circumstance in a manner which allowed or would have allowed, by
exercising due care, the Purchaser and its Representatives to identify the impact of such fact, matter or circumstance on the Winterthur Business by reading the Disclosed Information without need for specific explanation by the Seller or the
Winterthur Group, bearing in mind that (i) the Purchaser carries on an international life and pension and non-life insurance business and therefore has in-depth knowledge of, and experience and expertise in, the life and pension and non-life
insurance industry, (ii) the Data Room Documents were accessible to the Purchaser on each day between May 12, 2006 and June 13, 2006 (for the simultaneous inspection by the following number of Representatives of the Purchaser and its advisers: 10
(ten) from (including) May 12, 2006 to (including) May 19, 2006; 30 (thirty) from (including) May 23, 2006 to (including) May 27, 2006; 35 (thirty five) from (including) May 29, 2006 to (including) June 13, 2006; in each case except on May 15, 20,
21, 28 and June 3 to 6, when the data room was closed) and (iii) the Purchaser has had reasonable opportunity to discuss and clarify any matters, facts and circumstances in relation to the Winterthur Group and the Winterthur Business and their
impact with the management and the advisers of the Winterthur Group, Credit Suisse and its Affiliates. For the avoidance of doubt, the fact that certain matters, facts and circumstances have been specifically disclosed in this Agreement (in
particular its Schedules) or are otherwise known to the Purchaser or its Representatives shall not in any way operate or be understood or construed to limit or exclude the effect of the disclosure of any other matters, facts and circumstances which
have been disclosed in the Disclosed Documents but not in this Agreement (in particular the Schedules).
|--- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|   
|    | Notwithstanding the foregoing, no fact, matter or circumstance in respect of the representations and warranties contained in Section 6.1.2 (Execution and Binding Nature, No Conflict), Section 6.1.6(d) (Certain Obligations and Capital Expenditures), Section 6.1.7 (No Material Adverse
Change), Section 6.1.13(c) (Certain Severance Payment Obligations to Employees), Section 6.1.16(a)(vii) (Certain Non-compete Undertakings), Section 6.1.16(a)(viii) (Certain Guarantee Undertakings), Section 6.1.16(a)(ix)
(Certain Joint                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
|   

- 53 -

Ventures, Profit and Revenue Sharing Agreements), Section 6.1.19 (Insurance related Litigation) and Section 6.1.20 (Other Litigation) shall be deemed fairly disclosed in respect of these representations and warranties, unless such fact, matter or circumstance is specifically
disclosed in the Schedules hereto.

|7.5. | REMEDIES OF THESELLER                                                                                                                                                                                                                                                                                                                        
|---- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|    
|     | The representations and warranties of the Purchaser set forth in Section 6.2 shall be valid for a period of 18 (eighteen) months from the Closing Date. The provisions of
Section 7.2 and Section 7.3 shall apply by analogy in the event of a breach by the Purchaser of any of its representations and warranties set forth in Section 6.2.
|    
|7.6. | TIMELIMITATIONS ANDREMEDIESEXCLUSIVE                                                                                                                                                                                                                                                                                                         
|    
|     | (a)                                                                                                                                                                                                                                                                                                                                          
|    
|     | (b)                                                                                                                                                                                                                                                                                                                                          
|    
|     |                                                                                                                                                                                                                                                                                                                                              
|    

- 54 -

|8.   | LIMITATION OF SELLER'S LIABILITY; THIRD PARTY CLAIMS
|---- | ----------------------------------------------------
|    
|8.1. | LIMITATION OFSELLER'SLIABILITY UNDER THISAGREEMENT  
|    
|     | (a)                                                 
|    
|     |                                                     
|    
|     |                                                     
|    
|     |                                                     
|    
|     |                                                     
|    

- 55 -

|(v) | with respect to Qualifying Claims in respect of any and all Taxes owing or which may become owing by the Company or any of the Winterthur Subsidiaries (including, without
limitation, (x) an assessment or reassessment therefor, and (y) Taxes on net income, large corporations Taxes, capital Taxes, non-resident withholding Taxes and other withholding Taxes and interest and penalties), in respect of any taxation year or
period ending on or prior to December 31, 2005, if and to the extent that the aggregate amount of all Taxes so owing exceeds the amount accrued as a liability for Taxes on the consolidated balance sheet of the Company and its Winterthur Subsidiaries
and included within the 2005 Financial Statements; notwithstanding Section 8.1(a)(iii) to the contrary, any Qualifying Claims in respect of such Taxes shall not be subject to the Deductible Amount.
|--- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|   

|(b) | The liability of the Seller for any claim of the Purchaser under or in connection with this Agreement, including for a misrepresentation or breach of warranty in
accordance with Section 7.3(b), which qualifies for reimbursement in accordance with Section 8.1(a), shall further be limited or reduced:
|--- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|   
|    | (i)                                                                                                                                                                                                                                                                                                        
|   
|    | (ii)                                                                                                                                                                                                                                                                                                       
|   
|    | (iii)                                                                                                                                                                                                                                                                                                      
|   
|    | (iv)                                                                                                                                                                                                                                                                                                       
|   

- 56 -

|(v) | if and to the extent that such claim arises or is increased as a result of any new legislation, regulation, rule of law or practice not in force at the Signing Date or any
amendment of any legislation, regulation, rule of law or practice after the Signing Date.
|--- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|   

|8.2. | THIRDPARTYCLAIMS
|---- | ----------------
|    
|     | (a)             
|    
|     |                 
|    
|     |                 
|    

- 57 -

the Purchaser shall oppose and defend, and cause the Company and its or the Company's respective Affiliate to oppose and defend, such Third Party Claim with Purchaser's legal counsel at
Seller's cost and expenses. The Seller shall use its commercially reasonable best efforts in assisting the Purchaser or the Company or their respective Affiliate in the defence of such Third Party Claim at its own cost and expenses. The Purchaser,
the Company and their respective Affiliates shall procure that such Third Party Claim is opposed and defended in good faith and in a diligent manner by way of using commercially reasonable efforts with a view to opposing such Third Party Claim to
the extent reasonable. The Purchaser, the Company and their respective Affiliates shall keep the Seller informed of the material developments in the defence of the Third Party Claim and shall instruct its legal counsel to provide the Seller and its
legal counsel with all information regarding the proceedings in relation to such Third Party Claim as the Seller or its legal counsel may reasonably request. Neither the Purchaser, the Company and their respective Affiliates nor the Seller shall
settle any such Third Party Claim without the prior written consent of the Seller (in case of the Purchaser, the Company and their respective Affiliates) or the Purchaser (in case of the Seller), which consent shall not be unreasonably withheld or
delayed.

|(b) | Notwithstanding the foregoing, the Purchaser shall have the right at any time to compromise any liability asserted against the Purchaser, its Affiliates, the Company or
any Winterthur Subsidiary under any Third Party Claim or to settle any Third Party Claim;provided, however,
that any such compromise or settlement without the prior consent of the Seller (not to be unreasonably withheld or delayed) shall be deemed to constitute a full, irrevocable and unconditional waiver by the Purchaser of any claims under this
Agreement against the Seller in respect of such Third Party Claim.
|--- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|   

9. POST-CLOSING COVENANT

The Purchaser undertakes to the Seller that it shall, and to procure that the Company and the Winterthur Subsidiaries will, as from the Closing Date accept, comply with and satisfy all
conditions, requests and requirements the relevant competition authorities or the regulatory authorities may have imposed or will impose on the

- 58 -

Purchaser, the Company or any Winterthur Subsidiary in connection with such authorities' clearance or approval of the transactions contemplated by this Agreement.

|10.     | POST-CLOSING UNDERTAKINGS AND OTHER COVENANTS                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|------- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|       
|10.1.   | INTER-COMPANYFINANCIALINDEBTEDNESS ANDTRADEACCOUNTS                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
|       
|10.1.1. | Inter-company Financial Indebtedness                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|       
|        | Without prejudice to the obligations of the Purchaser pursuant to Section 4.2(i) hereof, the Seller shall have the right to procure that the Company and the Winterthur
Subsidiaries repay between the Signing Date and the Closing Date to the Seller and Seller's Affiliates the Financial Indebtedness set forth inSchedule 10.1.1, including accrued interest, owing by the Company or the Winterthur Subsidiaries to the Seller or Seller's Affiliates until (and including) the Closing Date;providedthat, where such Financial Indebtedness is not paid on or prior to the Closing Date, it shall be paid when and as due
after the Closing Date.                        
|       
|10.1.2. | Inter-company Accounts Receivable and Payable                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|       
|        | Notwithstanding anything contained in Section 10.10 to the contrary, any accounts receivable owing by the Seller and its Affiliates to the Company or any Winterthur
Subsidiary, and any accounts payable owing by the Company or any Winterthur Subsidiary to the Seller or any Affiliate of the Seller, that has arisen or will arise from the provision of products or services in the Ordinary Course of Business, shall
not be affected by the transactions contemplated by this Agreement and shall be paid and discharged by the debtor thereof prior to or after the Closing Date as the same fall due and become payable in accordance with ordinary business
practice.
|       
|10.1.3. | Management Fees                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|       
|        | Subject to the condition precedent that the Closing occurs, the obligations of the Company and the Winterthur Subsidiaries to pay the contributions to the Seller or its
Affiliates for central costs and expenses of the Seller Group as set forth inSchedule 10.1.3(collectively,
the "Management Fees") shall terminate with effect from the Closing Date;providedthat any such Management Fees becoming due up to (and including) the Closing Date shall be paid on a pro-rated basis
in an amount not                                                                                                                                                                      
|       

- 59 -

exceeding CHF 40'000'000 (forty million Swiss Francs) per annum or the equivalent thereof, it being understood that the total Management Fees paid for 2006 shall not exceed CHF 40'000'000
(forty million Swiss Francs) in any event.

|10.2. | ASSUMPTION ANDTERMINATION OFSELLERCOMMITMENTS
|----- | ---------------------------------------------
|     
|      | (a)                                          
|     
|      |                                              
|     
|      | (b)                                          
|     
|      |                                              
|     
|      |                                              
|     
|      |                                              
|     
|      |                                              
|     
|      |                                              
|     
|      |                                              
|     

- 60 -

|(c) | To the extent necessary, and requested by the Purchaser, the Seller shall use its commercially reasonable best efforts to enable the Purchaser to obtain the releases from
the Seller Commitments set forth inSchedule 10.2(b)(i);providedthat nothing in this Agreement shall oblige the Seller or any of its Affiliates to make any payment to any Person, incur any liability or obligation or
forego any benefit, in order to obtain a release from any Seller Commitment.                                                                                                                                                                                                                                                                                                                                                                               
|--- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|   
|(d) | If and to the extent that the Seller and its Affiliates are not fully, irrevocably and unconditionally released from all Seller Commitments or all present and future
obligations, duties and liabilities thereunder on, by or after the Closing Date, the Purchaser shall, in the name of the Seller or the respective Affiliate of the Seller but at the Purchaser's own expense and account, duly perform any and all duties
and obligations under all such Seller Commitments and receive all benefits thereunder, and on a Franc-for-Franc basis (respectively on a one- to-one basis in the respective foreign currency) indemnify the Seller and its Affiliates for, and hold each
of them harmless from, any and all costs, damages, claims and liabilities arising out of or in connection with any such Seller Commitment as from the Closing Date.
|   

|10.3. | TERMINATION ANDASSUMPTION OFWINTERTHURGROUPCOMMITMENTS
|----- | ------------------------------------------------------
|     
|      | (a)                                                   
|     
|      | (b)                                                   
|     

- 61 -

Company or the respective Winterthur Subsidiary but at Seller's own expense and account, duly perform any and all duties and obligations under all such Winterthur Group Commitments and
receive all benefits thereunder, and on a Franc-for-Franc basis (respectively on a one-to-one basis in the respective foreign currency) indemnify the Purchaser, its Affiliates, the Company and the respective Winterthur Subsidiary for, and hold each
of them harmless from, any and all costs, damages, claims and liabilities arising out of or in connection with any such Winterthur Group Commitment as from the Closing Date.

|10.4. | DOCUMENTRETENTION ANDACCESS                                                                                                                                                                                                                                             
|----- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|     
|      | For a period of time required by applicable laws and regulations but not less than 10 (ten) years from the Closing Date, the Purchaser shall procure that the Company and
the Winterthur Subsidiaries as and when required by the Seller and at no charge to the Seller:
|     
|      | (a)                                                                                                                                                                                                                                                                     
|     
|      | (b)                                                                                                                                                                                                                                                                     
|     
|      | (c)                                                                                                                                                                                                                                                                     
|     
|      |                                                                                                                                                                                                                                                                         
|     

- 62 -

relevant for any such Tax returns of or in respect of the Seller or any of its Affiliates;

|(ii)  | any judicial, quasi-judicial, administrative, Tax, audit, stock exchange or arbitration proceeding involving the Seller or its Affiliates which relate to or involve the
Winterthur Group or the Winterthur Business; and                                                                                                                                                                                         
|----- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|     
|(iii) | the preparation of any financial statements or reports or any reports, filings or submissions to be made by the Seller or any of its Affiliates with any stock exchange or
supervisory authority or as required by any applicable laws and regulations, in so far as the Winterthur Group is relevant for such financial statements, reports, filings or submissions of or by the Seller or any or its Affiliates.
|     

|10.5. | INSURANCE OF THEWINTERTHURBUSINESS                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|----- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|     
|      | The Purchaser acknowledges and agrees that as of the Closing Date neither the Winterthur Group or any parts thereof nor any of the property owned or leased by it nor any
of its Representatives or personnel will be insured under any insurance policy maintained by the Seller or any of its Affiliates. As from the Closing Date, the Seller shall have no obligation of any kind to maintain any form of insurance covering
the Winterthur Group, the Winterthur Business, its assets, Representatives or personnel whatsoever.
|     
|10.6. | CORPORATENAME, TRADEMARKS ANDDOMAINNAMECREDITSUISSE                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|     
|      | (a)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|     

- 63 -

Company and the Winterthur Subsidiaries shall not have any rights or claims against the Seller or its Affiliates, including in the event of claims raised against the Purchaser, its
Affiliates, the Company or any Winterthur Subsidiary by any Third Persons, in connection with their previous use of the word or logo "Credit Suisse" or "Credit Suisse Group" including the corporate and trade name "Credit Suisse Life & Pension"
(or any part or combination thereof). The Purchaser shall indemnify the Seller and its Affiliates for, and hold each of them fully harmless from, any claims, loss, damage, cost and expense (including reasonable attorney's fees) directly or
indirectly arising out of or in connection with the non-permitted use after the Closing by the Purchaser, its Affiliates, the Company or any of the Winterthur Subsidiaries of the word or logo "Credit Suisse" or "Credit Suisse Group" including the
corporate and trade name "Credit Suisse Life & Pension" (or any part or combination thereof).

|(b) | Prior to Closing, the Seller shall, or shall cause its relevant Affiliate to, assign and transfer to the Company all right, title and interest in and to the trademarks,
service marks, domain names, trade dress, trade names and/or logos identified inSchedule 10.6(b), including
all goodwill associated therewith and symbolized thereby (the "Winterthur Trademarks"), to the extent not
already owned by the Company and/or the Winterthur Subsidiaries, on the terms and conditions set forth in an intellectual property transfer agreement to be effective upon the Closing and providing for terms reasonably acceptable to the Purchaser and
the Seller (the "Intellectual Property Transfer Agreement").
|--- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|   

|10.7. | PENSIONSCHEMES ANDPLANS                                                                                                                                                                                                                                                
|----- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|     
|      | Except as set forth inSchedule 10.7, the Seller confirms that the Pension Plans covering the employees of the Company and the Winterthur Subsidiaries are in all material respects separate from the pension schemes and plans carried by the Seller or its
Affiliates.
|     
|10.8. | SELLERSHAREPLANS                                                                                                                                                                                                                                                       
|     
|      | (a)                                                                                                                                                                                                                                                                    
|     

- 64 -

that all Seller Share Plans shall be terminated in respect of the employees of the Winterthur Group, in each case as at or, subject to legal restrictions, as soon as possible after the
Closing Date.

|(b) | As from the Signing Date, the Seller shall not grant any additional awards to any employee of the Winterthur Group under any Seller Share Plan.
|--- | -----------------------------------------------------------------------------------------------------------------------------------------------
|   

|10.9. | NORECOURSE AGAINSTDIRECTORS ANDOFFICERS
|----- | ---------------------------------------
|     
|      | (a)                                    
|     
|      | (b)                                    
|     
|      | (c)                                    
|     

- 65 -

connection with any claim made against it or them by the Company, any of the Winterthur Subsidiaries, the Purchaser or any of its Affiliates in breach of Section 10.9(a) and Section 10.9(b)
..

|10.10. | CERTAINAGREEMENTS BETWEEN THEWINTERTHURGROUP AND THESELLERGROUP
|------ | ---------------------------------------------------------------
|      
|       | (a)                                                            
|      
|       |                                                                
|      
|       | (b)                                                            
|      

- 66 -

Date in accordance with the terms stated in the respective agreements;provided, however, that the Seller and the Purchaser shall have the right to assess their terms and conditions and, if so requested by the Seller or the Purchaser by way of notifying the other Party in
accordance with the terms hereof, negotiate in good faith potential amendments or modifications thereto with a view to ensuring that the terms and conditions of such agreements reflect arm's length terms. If the Seller and the Purchaser fail to
agree on mutually satisfactory amendments or modifications to such an agreement within 60 (sixty) calendar days after a Party has notified the other Party of its request to renegotiate the terms and conditions of a particular agreement, the relevant
agreement shall, notwithstanding anything contained in such agreement to the contrary, terminate and be deemed to be terminated automatically with effect as of the end of the calendar month in which the sixty (60) calendar days period has expired.
Such termination shall be without prejudice to the rights of a party thereunder accruing or accrued until the effective date of termination, which rights shall continue to exist and be fully honoured and satisfied by the respective obligor.
Notwithstanding the foregoing, the Parties agree that (i) the Annex "Fringe Benefits" to the Outsourcing Master Agreement dated March 16, 2006 may not be terminated by either party thereto earlier than with effect as of December 31, 2007 and (ii)
all inter-company asset management and similar agreements between the Company or any Business Entity of the Winterthur Group on the one hand and the Seller or any of its Affiliates on the other hand shall automatically terminate at the Closing or,
at the Purchasers request no later than 3 (three) months following the Closing.

|10.11. | SWISSVAT TAXINDEMNITY
|------ | ---------------------
|      
|       | (a)                  
|      

- 67 -

attorneys' fees) arising therefrom or in connection therewith;provided, however, that if and to the extent the payment requested from the Seller or any of its Affiliates results from a situation that qualifies as a breach of Section 6.1.10, no indemnification shall be owed under this Section
10.11(a) .

|(b) | If and to the extent the Swiss tax authorities request payment from the Company or any Winterthur Subsidiary pursuant to article 32 of the Swiss Federal Law on Value Added
Taxes for any Swiss value added taxes (VAT) owed by the Seller or any of its Affiliates in respect of any tax period ending prior to or on the Closing Date, the Seller shall, subject only to Cap (but not to the De Minimis and the Deductible Amount),
fully indemnify the Company, or the relevant Winterthur Subsidiary, on a Franc-for-Franc (or the equivalent thereof) basis for (i) any such amounts paid by the Company or the relevant Winterthur Subsidiary and (ii) any costs or expenses of the
Company or the relevant Winterthur Subsidiary (including reasonable attorneys' fees) arising therefrom or in connection therewith.
|--- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|   

|10.12. | DEPOSIT OFDISCLOSEDDOCUMENTS
|------ | ----------------------------
|      
|       | (a)                         
|      
|       | (b)                         
|      
|       | (c)                         
|      

- 68 -

|(i)   | not accede the Disclosed Documents in the Storage Facility unless a Swiss notary public is present who minutes such access, re-seals the Disclosed Documents after such
access, and confirms in a deed that no addition to, removal from, or modification of the Disclosed Documents has been made;                                                                                                                             
|----- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|     
|(ii)  | promptly upon receipt of a written request of the Purchaser, grant the Purchaser and its Representatives reasonable access to the Disclosed Documents in the Storage
Facility;providedthat a Swiss notary public is present who minutes such access, re-seals the Disclosed
Documents after such access, and confirms in a deed that no addition to, removal from, or modification of the Disclosed Documents has been made; and
|     
|(iii) | grant access to the Disclosed Documents in the Storage Facility in accordance with an order of any court or governmental authority having competent jurisdiction accordance
with Section 12(b).                                                                                                                                                                                                                                 
|     

|(d) | The Seller shall not receive any fees or cost reimbursement for the deposit of the Disclosed Documents in the Storage Facility. Any fees and costs of the notary public in
connection with the deposit of, or any access to, the Disclosed Documents shall be borne by both Parties in equal parts.                                                                                                                                                                                                                                                                             
|--- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|   
|(e) | At any time during the Deposit Period, the Seller shall have the right to deliver the Disclosed Documents to an appropriate escrow agent who shall hold the Disclosed
Documents in escrow for the Parties;providedthat a Swiss notary public is present who minutes such removal
and delivery and confirms in a deed that no addition to, removal from, or modification of the Disclosed Documents has been made. The Parties shall bear the fees and cost of such escrow agent in equal parts and shall agree with the escrow agent on
the terms and conditions of such escrow.
|   

|10.13. | NON-COMPETITION
|------ | ---------------
|      
|       | (a)            
|      

- 69 -

Company operates in at the Closing Date (the "Relevant Business");providedthat nothing in this Agreement shall restrict:

|(i)   | the Seller or any of its Subsidiaries from acquiring or holding as a passive investor less than 20% (twenty percent) (including voting rights held by any Persons acting
jointly or in concert with the Seller) of the issued and outstanding voting rights of a corporation, the shares of which are listed on a recognized stock exchange andprovidedthat the board of directors of such corporation does not include an individual who is acting on behalf of the Seller or its Subsidiaries or holding voting rights that, directly or
indirectly, give the Seller or its Subsidiaries any management functions in, or the ability to materially influence the conduct of the entity in which such shares are held;
|----- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|     
|(ii)  | the Seller or any of its Subsidiaries from acquiring, or holding any shares or voting rights in, any Person, the shares of which are not listed on a stock exchange and
which, directly or indirectly, carries on such Relevant Business,providedthat the annual gross written
premiums of such Person from such Relevant Business is less than 50% (fifty percent) of such Persons and its Subsidiaries aggregate worldwide annual gross turnover;.                                                                                                                                                                                                                                                                 
|     
|(iii) | the Subsidiaries of the Seller engaged in the private equity business from acquiring, or holding any shares or voting rights in, any Person which, directly or indirectly,
carries on such Relevant Business;                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|     
|(iv)  | the Seller from evaluating, negotiating or entering into a transaction with any Person regarding a public tender offer by such Person for shares in the Seller or regarding
a combination of the Seller or any of its Subsidiaries with, or an acquisition of any Subsidiary of the Seller by, such Person;                                                                                                                                                                                                                                                                                                                                                                                                            
|     
|(v)   | the Subsidiaries of the Seller from offering or selling insurance, reinsurance, life, annuity, pension or health business products offered to the clients of such
Subsidiaries in the normal course of their banking, asset management or investment banking businesses; or                                                                                                                                                                                                                                                                                                                                                                                                                                            
|     

- 70 -

|(vi)  | the Subsidiaries of the Seller from developing, offering or selling investment, asset management or investment banking products or services of any nature to the clients of
such Subsidiaries in the normal course of their banking, asset management or investment banking businesses, irrespective of whether or not such products qualify, or may be deemed to qualify, as insurance or reinsurance products or related products;
or
|----- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|     
|(vii) | the Subsidiaries of the Seller from pursuing any insurance business activities of the nature currently pursued by such Subsidiaries.                                                                                                                                                                                                                                                                                                   
|     

|(b) | Solely for the purpose of this Section 10.13, "Subsidiary" or "Subsidiaries" shall mean any Person that is,
and for as long as such Person is, under Control of another Person. If used in respect of the Seller, the term "Subsidiary" or "Subsidiaries" shall not include the Company or any Winterthur
Subsidiary.
|--- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|   

|10.14. | NON-SOLICITATION
|------ | ----------------
|      
|       | (a)             
|      
|       | (b)             
|      

- 71 -

|11.   | MISCELLANEOUS                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
|----- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|     
|11.1. | ENTIREAGREEMENT; AMENDMENTS                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|     
|      | (a)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|     
|      | (b)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|     
|11.2. | NOWAIVER                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|     
|      | The failure of either of the Parties to enforce any of the provisions of this Agreement or any rights with respect to this Agreement shall in no way be considered as a
waiver of such provisions or rights or in any way affect the validity of this Agreement. The waiver of any breach of this Agreement by either Party shall not operate or be construed as a waiver of any other prior or subsequent breach.                                                                                
|     
|11.3. | SEVERABILITY                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
|     
|      | If any provision of this Agreement is held to be invalid or unenforceable for any reason, such provision shall, if possible, be adjusted rather than voided, in order to
achieve a result which corresponds to the fullest possible extent to the intention of the Parties. The nullity or adjustment of any provision of this Agreement shall not affect the validity and enforceability of any other provision of this
Agreement, unless this appears to be unreasonable for any of the Parties.
|     
|11.4. | NOTICES                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
|     
|      | (a)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|     

- 72 -

or courier) to the following addresses (or such other addresses as may from time to time have been notified according to this Section 11.4):

|(i)  | If to the Seller:                                                                                       
|---- | --------------------------------------------------------------------------------------------------------
|    
|     | Credit Suisse Group Attn. Group General Counsel Paradeplatz 8 CH-8001 Zurich Switzerland with a copy to:
|    
|     | Lenz & Staehelin Dr. Rudolf Tschäni Bleicherweg 58 CH-8027 Zurich Switzerland                           
|    
|(ii) | If to the Purchaser:                                                                                    
|    
|     | AXA                                                                                                     
|    
|     | Attn: Group General Counsel 25, avenue Matignon 75008 Paris France                                      
|    

|(b) | Any notice, request or instruction made under or in connection with this Agreement shall be deemed to have been delivered on the Business Day on which it has been received
(by courier, postal service or facsimile) by the recipient thereof.
|--- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|   

|11.5.   | CONFIDENTIALITY ANDPRESSRELEASES                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|------- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|       
|11.5.1. | Confidentiality of the Agreement                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|       
|        | Without duplication of, or derogation from, the Confidentiality Agreement, neither Party shall disclose to any Third Person, and keep in strict confidence, this Agreement
and its contents or publish any press release or make any public announcement in respect of the transactions contemplated by this Agreement without the prior written consent of the other Party, unless any such disclosure, press release or public
announcement is required under applicable laws or stock exchange regulations or ordered by any competent judicial or regulatory authority or by any competent stock
|       

- 73 -

exchange (in which case the Parties shall, to the extent practicable and permissible, consult with each other prior to any such disclosure).

|11.5.2. | Confidentiality Undertakings of the Seller                                                                                                                                                                                                                                                                                                                                                                                 
|------- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|       
|        | At any time from the Signing Date, the Seller shall not, and shall procure that its Affiliates and any of its or their Representatives will not, directly or indirectly,
disclose to any unauthorised Person or use, directly or indirectly, on its or their own account or on the account of any unauthorised Person, any confidential information with respect to the Winterthur Business, unless and to the extent
that:
|       
|        | (a)                                                                                                                                                                                                                                                                                                                                                                                                                        
|       
|        | (b)                                                                                                                                                                                                                                                                                                                                                                                                                        
|       
|        | (c)                                                                                                                                                                                                                                                                                                                                                                                                                        
|       
|11.5.3. | Confidentiality Undertakings of the Purchaser                                                                                                                                                                                                                                                                                                                                                                              
|       
|        | (a)                                                                                                                                                                                                                                                                                                                                                                                                                        
|       

- 74 -

|(i)   | such confidential information is or becomes generally known to, and available for the use by, the public other than as a result of any breach of the first paragraph of
this Section 11.5.3(a);                             
|----- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|     
|(ii)  | such confidential information becomes available to the Purchaser or its Affiliates through a Person that is not bound by any confidentiality agreement with, or
confidentiality obligation to, the Seller or its Affiliates;
|     
|(iii) | the Purchaser is able to demonstrate that such confidential information was developed or acquired by it, any of its Affiliates, the Company or any Winterthur Subsidiary
independently from the Seller; or                  
|     
|(iv)  | such confidential information relates exclusively to the Winterthur Business and not to the business carried on by the Seller and its Affiliates.                                                                           
|     

|(b) | At any time from the Signing Date until the Closing Date or, should this Agreement be terminated in accordance with Section 3.4, at any time from the Signing Date, the
Purchaser shall not, and shall procure that its Affiliates and any of its or their Representatives will not, directly or indirectly, disclose to any unauthorised Person or use, directly or indirectly, on its or their own account or on the account of
any unauthorised Person, any confidential information with respect to the Winterthur Business, including any information retrieved from or relating to the Disclosed Information, unless and to the extent that:
|--- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|   
|    | (i)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|   
|    | (ii)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
|   
|    | (iii)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
|   

- 75 -

|11.6. | ASSIGNMENT                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
|----- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|     
|      | (a)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
|     
|      | (b)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
|     
|11.7. | COST ANDEXPENSES; TAXES                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
|     
|      | Either Party shall bear all cost, expenses and taxes incurred by it in connection with the transactions contemplated by this Agreement;providedthat any stamp transfer taxes (Umsatzabgabe) levied on the transfer of the Shares and any similar taxes or levies shall be borne by both Parties in equal parts andprovided furtherthat any other transfer or transactional taxes (includingHandänderungsabgabenandGrunderwerbs-
steuernin Switzerland and Germany, respectively) and similar taxes or levies resulting directly or indirectly from the transfer of Shares shall be borne by the Purchaser, except
for capital gains taxes (including property related capital gains taxes such asGrundstückgewinnsteuernin Switzerland) which shall be borne by the Seller unless such property related capital gains taxes or levies result directly or indirectly from any actions (including any change to the book value of the relevant real estate or
the participation held in a Business Entity holding real estate), or omissions to take any commercially reasonable actions that would prevent such taxes or levies from being levied, of the Purchaser, the Company or any Winterthur Subsidiary without
the prior written consent of the Seller (which consent shall not be unreasonably withheld).
|     
|12.   | APPLICABLE LAW AND DISPUTE RESOLUTION                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
|     
|      | (a)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
|     
|      | (b)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
|     

- 76 -

shall be submitted to the exclusive jurisdiction of the Court of Commerce (Handelsgericht) of the Canton of Zurich, Switzerland.

IN WITNESS WHEREOF,the Parties have executed this Agreement on the date first above written.

Credit Suisse Group

Name: Urs RohnerTitle: Chief Operating Officer& General Counsel

AXA

Name: George Stansfield

|Title: | Senior Vice President & Group General Counsel
|------ | ---------------------------------------------

SCHEDULE(C)

WINTERTHUR SUBSIDIARIES

Enclosed.

SCHEDULE1.1

DEFINED TERMS

The capitalised terms used in this Agreement shall have the meaning ascribed to them in this Schedule 1.1.

"2005 Financial Statements" shall have the
meaning set forth in Section 6.1.4.

"Accrued Finso Interest" shall mean 6.98%
interest per annum payable by Finso to, or accruing for the benefit, of Seller's Guernsey Branch on the Principal Finso Loan Amount on a pro rated basis until (and including) the Closing Date in accordance with the terms and conditions of the Finso
Loan Agreement.

"Additional Winterthur Entities" shall mean
the entities shown inSchedule 1.1(c).

"Affiliate" shall mean any Business Entity
that (i) is under Control of another Person or (ii) has Control over another Person. Where used with reference to the Seller or the Purchaser, the terms Affiliate and Affiliates shall not include the Company or any Winterthur Subsidiary and, with
reference to the Company, the term Affiliate and Affiliates shall not include the Seller or its Affiliates.

"Agreement" shall mean the Share Purchase
Agreement (including all Schedules) dated June 13, 2006 by and between the Seller and the Purchaser regarding the sale and purchase of all Shares in the Company, as amended or complemented from time to time.

"Business Day" shall mean any day other than a
Saturday or Sunday on which banks are generally open for the transaction of normal commercial business in Zurich.

"Business Entity" shall mean any corporation,
company, association, foundation or other incorporated legal entity (juristische Person) or any general
or limited partnership or other non-incorporated organisation (Rechtsgemeinschaft) doing
business.

- 2 -

"Cap" shall have the meaning set forth in
Section 8.1(a)(iv) .

"Certain Share and Option Plans" shall mean
the share and option plans shown inSchedule 10.8.

"CHF" shall mean Swiss Francs, being the legal
tender in Switzerland.

"Closing" shall have the meaning set forth in
Section 4.1(a) .

"Closing Date" shall have the meaning set
forth in Section 4.1(a) .

"Closing Minutes" shall have the meaning set
forth in Section 4.4.

"CO" shall mean the Swiss Code of Obligations
(Obligationenrecht) of March 30, 1911, as amended.

"Company" shall mean "Winterthur"
Schweizerische Versicherungs-Gesellschaft, as further specified in Recital (A).

"Confidentiality Agreement" shall mean the
confidentiality agreement entered into by and between the Seller and the Purchaser on March 28, 2006, as amended or completed from time to time.

"Control" shall be deemed to exist if a
Person, alone or jointly with another Person, directly or indirectly, (i) owns more than half of the voting rights of a Business Entity, or (ii) is otherwise able to direct the business affairs of a Business Entity by virtue of any legal or factual
circumstances.

"Current Winterthur Group Executive Board"shall mean the Persons set forth inSchedule 4.2(h).

"Data Room Documents" shall have the meaning
set forth in Section 7.4(a)(ii) .

"Deductible Amount" shall have the meaning set
forth in Section 8.1(a)(iii) .

"De Minimis Amount" shall have the meaning set
forth in Section 8.1(a)(ii) .

"Deposit Period" shall have the meaning set
forth in Section 10.12(b) .

- 3 -

"Disclosed Documents" shall have the meaning
set forth in Section 7.4(a)(ii) .

"Disclosed Information" shall have the meaning
set forth in Section 7.4(a) .

"Due Diligence" shall have the meaning set
forth in Recital (D).

"Encumbrance" shall mean any pledge, mortgage,
indenture, lien, charge, encumbrance or other security interest or any right of first refusal or pre-emption right, or any approval or consent required from another Person for the exercise or full vesting of a right or title, whether based on
agreement or undertaking or arising by the operation of law or otherwise.

"Financial Indebtedness" shall mean any
interest and non-interest bearing, short or long-term financial liabilities and trade credits, owing by one Person to another Person.

"Finso" shall mean Finance Solutions
S.à.r.l., a limited liability company incorporated in Luxembourg and a wholly-ownedWinterthurSubsidiary, with registered office at 13A, rue de Bitbourg, 1273 Luxembourg, Luxembourg.

"Finso Guarantees" shall mean (i) the
Guarantee n. 1 dated July 5, 2004, issued by the Company in favour of the Seller's Guernsey Branch in support of the obligations of Finso under, or in connection with, the Finso Loan Agreement, and (ii) the Guarantee n. 2 dated July 5, 2004, issued
by the Company in favour of the Seller's Guernsey Branch in support of the obligations of Finso under, or in connection with, the Finso Loan Agreement.

"Finso Loan" shall mean all present and future
rights and claims (including all interests and benefits) and all obligations and liabilities of the Seller's Guernsey Branch towards (i) Finso under the Finso Loan Agreement, including the claim for payment of the Principal Finso Loan Amount and the
Accrued Finso Interest in accordance with the terms thereof and (ii) the Company under the Finso Guarantees.

- 4 -

"Finso Loan Agreement" shall mean (i) the
Amended and Restated Loan Agreement N. 1 dated June 28, 2004 by and between the Seller's Guernsey Branch and Finso, (ii) the Amended and Restated Loan Agreement N. 2 dated June 28, 2004 by and between the Seller's Guernsey Branch and Finso, and
(iii) the two related Novation Agreements dated June 24, 2004 by and between the Seller's Guernsey Branch, Winterthur (UK) Holdings Limited and Finso.

"FOPI" shall have the meaning as set forth in
Section 3.1(b) .

"GBP" shall mean British Pound Sterling, the
legal tender of the United Kingdom.

"German Business" shall mean Winterthur
Germany, any of its Winterthur Germany Subsidiaries and any of its or their assets, liabilities, operations, business or affairs, irrespective of where such assets, liabilities, operations, business or affairs are located or conducted.

"Increased Purchase Price" shall have the
meaning set forth in Section 2.2.1(b) .

"Insurance Technical Reserves" shall mean the
insurance technical reserves in accordance with applicable laws and regulations, in each case of the Business Entity in relation to which the term is used, and shall, in relation to theWinterthurGroup, be deemed to include, in particular, the technical provisions under the following line items of the consolidated financial statements of the
Company:

|(a)  | in relation to the life & pension insurance business, (i) unearned premiums, (ii) unearned revenue liability, (iii) future policyholder benefits, (iv) future dividends
to policyholders, (v) death and other benefits and (vi) bonuses held on deposit; or        
|---- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|    
|(ii) | in relation to the non-life insurance business, (i) unearned premiums, (ii) unpaid losses and loss adjustment expenses, (iii) annuities, (iv) future policyholder benefits
(health care business) and (v) future dividends to policyholders (health care business).
|    

- 5 -

"Intellectual Property Rights" shall have the
meaning set forth in Section 6.1.15.

"Intellectual Property Transfer Agreement"
shall have the meaning set forth in Section 10.6(b) .

"Knowledge of the Seller" shall mean the
actual conscious knowledge of any facts, matters or circumstances by any member of (i) the board of directors or the group executive board of the Seller, or (ii) the CurrentWinterthurGroup Executive Board as of the Signing Date.

"Licence Agreement" shall have the meaning set
forth in Section 5.5(a)(ii) .

"Long Stop Date" shall have the meaning set
forth in Section 3.1.

"Loss" shall have the meaning set forth in
Section 8.1(a)(iii) .

"Management Fees" shall have the meaning set
forth in Section 10.1.3.

- 6 -

"Material Adverse Change" shall mean a change
in the assets, liabilities or results of operations of the Winterthur Group which materially and sustainably (nachhaltig) impairs the value of the Winterthur Business taken as a whole and was not, and could in good faith not be, anticipated by the Parties at the Signing Date, excluding any such change that results from (i) any conditions, requests
or requirements imposed by the relevant competition authorities or regulatory authorities in connection with the Merger Control Clearances or the Regulatory Filings and Approvals, (ii) any conditions or occurrences affecting the economy in general
or the life and pension or insurance industry specifically, in any territory, including any developments of the capital or financial markets, any currency fluctuations or any changes in the regulatory environment, (iii) the transactions contemplated
by this Agreement or their announcement, or (iv), other than for purposes of Section 7.4(b) of this Agreement, any facts, matters or circumstances disclosed in the Disclosed Information. For the purpose of the definition of the term Material Adverse
Change, a change shall not be deemed to materially and sustainably impairing the value of the Winterthur Business taken as a whole unless the adverse change (other than the excluded changes pursuant to (i)  (iv) above) in the assets,
liabilities or results of operations of the Winterthur Group exceeds CHF 2'000'000'000 (two billion Swiss Francs) or the equivalent thereof.

"Material Contract" shall have the meaning set
forth in Section 6.1.16(a) .

"Material Jurisdiction" shall mean Switzerland
and each jurisdiction where a Material Winterthur Subsidiary is incorporated.

"Material Merger Control Clearances" shall
have the meaning set forth in Section 3.1(a) .

"Material Winterthur Insurance Subsidiaries"
shall mean all Material Winterthur Subsidiaries other than Winterthur Beteiligungsgesellschaft mbH, WinCom Versicherungs-Holding AG, DBV-Winterthur Holding AG, DBV Holding N.V., Winterthur Verzekeringen Holding B.V., Hispanowin, S.A., Winterthur
U.S. Holdings Inc., Unigard Incorporated, Winterthur (UK) Holdings Ltd., Winterthur Financial Services UK Holdings Ltd, Winterthur Uk Financial services Group Ltd. and Winterthur Life UK Holdings Ltd.).

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"Material Winterthur Subsidiaries" shall mean
each of the Winterthur Subsidiaries set forth inSchedule 1.1(a).

"Merger Control Clearances" shall have the
meaning set forth in Section 5.2(a)(i) .

"Notice of Breach" shall have the meaning set
forth in Section 7.2.

"Ordinary Course of Business" shall mean, with
respect to an action taken by a Person, that such action is consistent with the past practices of such Person and is taken in the ordinary course of the normal day-to-day business and operations of such Person. For the avoidance of doubt, where the
term "Ordinary Course of Business" refers to the Company or any Winterthur Subsidiary, it shall be deemed
to include the offering, entering into, writing, issuance, acceptance and/or assumption of Policies by the Company or any Winterthur Subsidiary consistent with the past practices of such Person and taken in the ordinary course of the normal
day-to-day business and operations of such Person.

"Outsourcing Master Agreement" shall mean the
Outsourcing Master Agreement ("Rahmenvertrag für Auslagerungen") by and among,inter alia, the Seller, Winterthur and Winterthur Life dated February 6/17, 2006, including the Service Level
Agreements from time to time entered into by and between the Seller or any of its Affiliates and the Company or any Winterthur Subsidiary under the Outsourcing Master Agreement, as amended or completed from time to time.

"Party" shall mean either of, and
"Parties" shall mean both of, the Seller and the Purchaser.

"Pension Plan" shall mean all pension or other
post-retirement benefit plans in accordance with US GAAP of the Company and the Winterthur Subsidiaries as set forth inSchedule 6.1.14(b).

"Person" shall mean any individual person
(natürliche Person), any Business Entity, or any state, governmental or other authoritative
administration, entity or body.

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"Policies" shall mean any and all insurance
contracts (including reinsurance contracts) and policies.

"Principal Finso Loan Amount" shall mean the
claim for payment of the Seller's Guernsey Branch towards Finso of the principal amount of GBP 500'000'000 (five hundred million British Pounds Sterling) outstanding under the Finso Loan Agreement.

"Purchase Price" shall mean:

|(a) | the purchase price set forth in Section 2.2.1(a), if the Closing occurs on December 31, 2006;
|--- | ---------------------------------------------------------------------------------------------
|   
|(b) | the Increased Purchase Price, if the Closing occurs after December 31, 2006.                 
|   

"Purchaser" shall mean AXA, as further
specified on the cover page of this Agreement.

"Qualifying Claims" shall have the meaning set
forth in Section 8.1(b)(i) .

"Recital" shall mean a recital of this
Agreement.

"Regulatory Filings and Approvals" shall have
the meaning set forth in Section 3.1(b) .

"Reinsurance Contract" shall have the meaning
set forth in Section 6.1.17.

"Relevant Business" shall have the meaning set
forth in Section 10.13(a) .

"Representative" of a Person shall mean any
member of the board of directors or any other governing body, any officer, any employee or any adviser of such Person.

"Schedule" shall mean a schedule attached to
this Agreement.

"Section" shall mean a section of this
Agreement.

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"Seller" shall meanCredit SuisseGroup, as further specified on the cover page of this Agreement.

"Seller Commitments" shall have the meaning
set forth in Section 10.2(a) .

"Seller Group" shall mean the Seller and its
Affiliates.

"Seller's Guernsey Branch" shall mean Credit
Suisse, Guernsey Branch, a branch of Credit Suisse with registered office at Helvetia Court, South Esplanade, St. Peter Port in Guernsey, Channel Islands GY1 3WF.

"Seller Share Plans" shall mean (i) theCredit SuisseGroup Master Share Plan as adopted on January 16, 2004, (ii) the Swiss Share Plan (Master
Plan Document) as amended and restated with effect from and after January 1, 2003, (iii) the Swiss Share Plan (Option Supplement to the Master Document) as amended and restated with effect from and after January 1, 2002, (iv) the International Share
Plan Master Plan Document as adopted on January 31, 2002, (v) the International Share Plan Option Supplement to the Master Plan Document as adopted on January 31, 2002, (vi) theCredit SuisseGroup Swiss Share Plan (version «Final 8/2001»), (vii) theCredit SuisseGroup Management Performance Plan  Switzerland, adopted by the Group Compensation Committee on January 25, 2001 and effective as of January
1, 2001, and (viii) all other share, option and similar award plans adopted by the Seller or its Affiliates from time to time prior to the Signing Date.

"Service Level Agreements" shall mean any and
all Service Level Agreements (including the Service Level Agreements set forth inSchedule 10.10(a)(2)) that
the parties to the Outsourcing Master Agreement (or any of their Affiliates) have entered into prior to the Signing Date or may enter into at any time thereafter pursuant to the Outsourcing Master Agreement, in each case as amended or complemented
from time to time.

"Shares" shall have the meaning set forth in
Recital (A).

"Signing Date" shall mean the date of this
Agreement as set forth on the cover page of this Agreement.

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"Storage Facility" shall have the meaning set
forth in Section 10.12(a) .

"Subsidiary" shall, solely in respect of
Section 10.13, have the meaning set forth in Section 10.13(b) .

"Swiss Competition Commission" shall mean theSchweizerische Wettbewerbs-kommission.

"Taxes" shall mean all tax liabilities payable
by any Person to any competent tax authority in any jurisdiction, in particular (without limitation) personal and corporate income taxes, capital taxes, issuance duties, transfer duties and other stamp duties, withholding taxes, value added taxes
and customs duties, including any related interest, penalties, costs and expenses.

"Tax Returns" shall have the meaning set forth
in Section 6.1.10(a) .

"Third Party Claim" shall have the meaning set
forth in Section 8.2(a) .

"Third Person" shall mean any Person which is
not under the Control of, has no Control over, and does not act for the account (auf Rechnung) or upon
the instruction of, the Seller, the Purchaser, the Company or any of their respective Affiliates.

"US Competition Authority" shall mean, as
applicable, the Federal Trade Commission or the US Department of Justice.

"US GAAP" shall mean the accounting principles
generally accepted in the United States of America as in effect at the time any applicable financial statements were or are prepared or any act requiring the application of US GAAP was or is performed.

"Winterthur" shall mean "Winterthur"
Schweizerische Versicherungs-Gesellschaft, as further specified in Recital (A).

"Winterthur Business" shall have the meaning
set forth in Recital (B).

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"Winterthur Germany" shall mean DBV-Winterthur
Holding AG, a stock corporation with registered office at Frankfurter Strasse 50, in 65178 Wiesbaden (Germany).

"Winterthur Germany Share Purchase Agreement"
shall mean the share purchase agreement (Aktienkaufvertrag) dated June 6, 2006 by and among DBV
Öffentlichrechtliche Anstalt für Beteiligungen, WinCom Versicherungs-Holding AG and the Company, including, for the avoidance of doubt, its Appendixes (including the Annexes to the Appendixes, as such are separately executed).

"Winterthur Germany Subsidiaries" shall mean
the entities shown inSchedule 1.1(b).

"Winterthur Group" shall have the meaning set
forth in Recital (C).

"Winterthur Group Commitments" shall have the
meaning set forth in Section 10.4(a) .

"Winterthur Life" shall mean Winterthur Leben,
a stock corporation with registered office at General Guisan-Strasse 40 in 8400 Winterthur (Switzerland).

"Winterthur Subsidiaries" shall have the
meaning set forth in Recital (E).

"XL Settlement Agreement" shall mean each of
(i) the Settlement Agreement dated June 7, 2006 by and among the Company, XL Insurance (Bermuda) Ltd and Vitodurum Reinsurance Company, (ii) the WIPP Runoff Agreement dated June 7, 2006 by and among the Company, XL Insurance (Bermuda) Ltd and
Vitodurum Reinsurance Company and (iii) the Escrow Agreement dated June 7, 2006 by and among the Company, XL Insurance (Bermuda) Ltd and Vitodurum Reinsurance Company.

"Winterthur Trademarks" shall have the meaning
set forth in Section 10.6(b) .