PAULA Financial Announces Reinstatement of Cash Dividends

May 28, 2004

PAULA Financial announced the reinstatement of a quarterly cash dividend in the amount of $0.015 per common share. The dividend will be paid to holders of record as of June 8, 2004 and will be distributed on June 28, 2004.

Jeff Snider, chairman and CEO, commented, “We are very pleased to make this announcement today. It has been the desire of the Board of Directors to reinstate the cash dividend for some time now. The Company has made tremendous progress in the last few years and it is gratifying to be able to acknowledge our shareholders in this manner. It is our intention to make such dividend declarations part of our quarterly routine.”

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