HANOI, VIETNAM - October 22, 2002 - ACE INA today announced that it was contributing $65,000 to the Vietnam Children's Fund to build an elementary school in Ninh Tien Village, located in the Hoa Lu District of Ninh Binh Province. In a ceremony held in Hanoi, ACE Limited Chairman Brian Duperreault presented Mr. Nguyen Huu Dung, Chairman of the People's Committee of Ninh Tien Village with a symbolic check for the costs of the school construction. Also participating in the ceremony were Vice Minister of Foreign Affairs Le Van Bang, Vietnam's former Ambassador to the U.S. who was born in Ninh Binh, the Honorable Vu Xuan Hong, a member of Vietnam's National Assembly and President of the Vietnam Unions of Friendship Organization; former U.S. Ambassador to Vietnam Pete Peterson, a member of the Board of Directors of the Vietnam Children's Fund; and Madame Bui Thi Thanh, Vice Chairwoman of the Ninh Binh People's Committee.
"ACE is honored to have the opportunity to participate in this remarkable program," said Mr. Duperreault. "We all know how important a quality education is to our children. For Vietnam, this is an investment that will help grow the economy and develop its most important resource-its future workforce. We know that this school will provide a supportive setting for the children of Ninh Binh so they can continue to learn and become an integral part of Vietnam's future."
Said Vice Minister Le Bang, "This is a dream come true for me. The construction of this school in my home province will forever serve as a symbol of friendship and reconciliation between the peoples of Vietnam and the peoples of America. I would like to thank ACE and the Vietnam Children's Fund for their generosity and support. I know this school will bring greater opportunity and happiness to the students."
On behalf of the Vietnam Children's Fund, Ambassador Peterson said, "We are grateful that ACE and Vice Minister Le Bang have worked so hard to make this project a reality. The Vietnam Children's Fund was founded to create living memorials to the past that serve as symbols of growth and friendship for the future. The support for this new school is yet another example of the strengthening friendship between Vietnam and the United States and the ability of both countries to work together toward a brighter future."
On August 27, 2002, ACE INA International Holdings, Ltd. formally submitted its application to establish and operate a life insurance company in Vietnam. ACE INA, based in Philadelphia, Pennsylvania, is the largest component of the ACE Group of Companies, one of the world's largest and most innovative providers of insurance, reinsurance and financial services. ACE INA has maintained a representative office in Vietnam since 1996.
The Vietnam Children's Fund is a U.S. tax exempt 501(c)(3) organization dedicated to creating a living memorial to the Vietnamese men, women and children who died in that country's long war by building a network of schools throughout Vietnam. To date, the Vietnam Children's Fund has completed 20 schools serving 12,000 children. The goal is to build enough classroom space for 58,000 children. Additional information can be found at www.vietnamchildren.org.
ACE INA Holdings Inc., whose ultimate parent is ACE Limited (NYSE: ACE), provides insurance and reinsurance products and services through operating subsidiaries for a diverse group of clients around the world. Additional information can be found at www.ace-ina.com.
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