SAFECO Declares Regular Dividend, Stock Offering

November 7, 2002

SAFECO Corp. declared a regular dividend of 18.5 cents per share on its common stock. The dividend is payable Jan. 27, 2003, to shareholders of record on Jan. 10, 2003.

The company also announced that it plans to sell 9.1 million shares of its common stock. SAFECO expects to use the net proceeds from the offering for general corporate purposes, which may include contributions to operating subsidiaries to support growth and repayment or purchase of outstanding indebtedness.

A registration statement relating to this offering has been filed with the U.S. Securities and Exchange Commission and has become effective. This offering will be made pursuant to a prospectus supplement to the registration statement.

Copies of the preliminary prospectus supplement, when available, may be obtained from Goldman, Sachs & Co., Prospectus Department, 85 Broad St., New York, N.Y. 10004, or by phone at 212-902-1171.

SAFECO, in business since 1923, is a Fortune 500 company based in Seattle that sells insurance and related financial products through more than 17,000 independent agents and financial advisors.

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