HANOI, VIETNAM - December 10, 2002 - ACE INA today announced that a groundbreaking ceremony was held at a site in Ninh Tien, Hoa Lu district, Ninh Binh province to mark the beginning of construction of a new elementary school for the children of that village. The construction of the school was funded by U.S.-based ACE INA through the Vietnam Children's Fund, and in cooperation with the Vietnam Unions of Friendship Organization and the Ninh Binh and Ninh Tien People's Committees. 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 is honored to have this opportunity to help build a brighter future for the children of Vietnam," said Mr. Brian Anstey, chief executive officer of ACE Asia Life. "We hope this school will stand as proof of the renewed friendship and mutual commitment to growth and prosperity between the U.S. and Vietnam."
Joining Mr. Anstey at the groundbreaking ceremony were Mr. Sam Russell, Country Director for the Vietnam Children's Fund; Mr. Phan Trong Thai of the Vietnam Unions of Friendship Organization; and representatives from both the Ninh Binh and Ninh Tien People's Committees. Also participating was Vice Minister of Foreign Affairs Le Van Bang, who was born in Ninh Binh and has played such an important role in strengthening Vietnam - U.S. relations.
"We are so pleased that Vice Minister Le Bang and Mr. Thai could join us on this special day," added Mr. Russell of the Vietnam Children's Fund. "We appreciate the continued strong support of the Vietnamese Government, and the generosity of ACE, in helping to fulfill our mission to develop a network of schools throughout the country."
Today's groundbreaking marked the official start to the construction of the elementary school. It is expected that the construction will be finalized by May 2003. The school, which will open for the start of the upcoming school year, will house 470 students.
ACE INA International Holdings, Ltd. has maintained a representative office in Vietnam since 1996. In August 2002, it formally submitted its application to establish and operate a life insurance company in Vietnam.
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.
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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.