SAFECO Completes Sale of 10.465 Million Shares

November 21, 2002

Seattle-based SAFECO Corp. completed the sale of 10.465 million shares of common stock at $33.00 per share. The sale included the 9.1 million shares SAFECO had previously announced it would sell, plus 1.365 million shares issued in connection with the exercise of the underwriters’ option to purchase additional shares.

SAFECO received net proceeds of $329.8 million from the sale of the shares. SAFECO expects to use the net proceeds for general corporate purposes that may include contributions to operating subsidiaries to support growth, and the repayment or purchase of outstanding indebtedness.

Underwriters for the offering included Goldman, Sachs & Co., lead managing underwriter, as well as Lehman Brothers, Morgan Stanley, and Credit Suisse First Boston, each a co-managing underwriter.

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