Argonaut Delays Announcing Fiscal 4Q and Year End Earnings

February 5, 2003

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Argonaut Group Inc., headquartered in San Antonio, announced it will delay the release of its fiscal fourth quarter and year end financial results in order to complete the company’s previously announced study of its reserves relating to asbestos and environmental liabilities.

The company also deferred consideration of the quarterly dividend until that time. Argonaut expects to announce earnings upon completion of the study.

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