SAFECO to Sell $375M in 10-Year Bonds

August 20, 2002

Seattle-based SAFECO Corp. announced an offering to sell $375 million in 10-year bonds. SAFECO expects to use the net proceeds from the offering for the repayment of commercial paper borrowings and medium-term notes, and for general corporate purposes.

Goldman, Sachs & Co. will be the lead underwriter, with Banc of America Securities LLC, JPMorgan and U.S. Bancorp Piper Jaffray acting as co-managers for the offering.

A shelf registration statement relating to this offering was originally filed with the Securities and Exchange Commission on May 7, and has since been declared effective. This offering will be made pursuant to a prospectus supplement to the shelf registration statement on file with the SEC.

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