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ST. PAUL AND USF&G ANNOUNCE LEADERSHIP STRUCTURE FOR COMBINED ORGANISATION

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<div> <P>Saint Paul, Minnessota and Baltimore, Maryland, Febraury 9 - The St. Paul Companies (NYSE: SPC) and USF&amp;G Corporation (NYSE: FG) announced today the leadership structure that would be put in place following the closing of the proposed merger of USF&amp;G with St. Paul Fire and Marine Insurance Co., a wholly owned subsidiary of The St. Paul.</P> <P>"Two weeks ago I promised employees of both The St. Paul and USF&amp;G that we would quickly decide who was going to lead the new organisation," said Douglas W. Leatherdale, chairman of The St. Paul. "I think it's important that we move forward thoughtfully and quickly. These people will be the key leaders of our new, combined company. We are very pleased that the leadership structure reflects the management strengths of the combined organisation. With the leadership in place, we can begin planning the integration of these two fine organisations."</P> <P>The following St. Paul executives will assume these new responsibilities with St. Paul Fire and Marine Insurance Co., effective immediately:</P> <UL> <LI>Joseph B. Nardi has been named executive vice president of St. Paul Fire and Marine and president-Specialty Commercial. In addition, Nardi will continue to serve in his present capacity as president- Medical Services until a successor is named.</LI> <LI>James A. Schulte has been named executive vice president of St. Paul Fire and Marine and president-General Commercial, which will include small commercial insurance. Schulte was previously President-Commercial.</LI> <LI>T. Michael Miller has been named senior vice president of St. Paul Fire and Marine and president-Financial and Professional Services. Miller was previously vice president-Financial and Professional Services.</LI> </UL> <P>The following USF&amp;G executives will assume these positions after the merger receives all necessary approvals and has closed:</P> <UL> <LI>Robert J. Lamendola, of USF&amp;G, will be named senior vice president of St. Paul Fire and Marine and president-Surety; Lamendola serves as president of USF&amp;G's Surety Group. George Thompson, president of The St. Paul's Surety operation, will continue to lead that organisation through closing, after which he will retire from The St. Paul.</LI> <LI>Robert W. Mueller, of USF&amp;G, will be named senior vice president of St. Paul Fire and Marine and president-Nonstandard Auto; Mueller serves as president of USF&amp;G's Victoria Financial.</LI> <LI>Kenneth E. Cihiy, of USF&amp;G, will be named senior vice president- Claim for St. Paul Fire and Marine; Cihiy serves as executive vice president of Claims for USF&amp;G.</LI> <LI>Stephen W. Lilienthal, of USF&amp;G, will be named senior vice president-Operations for St. Paul Fire and Marine; Lilienthal serves as USF&amp;G's executive vice president and chief underwriting officer, and president of the Commercial Insurance Group.</LI> </UL> <P>Schulte, of The St. Paul, and Kim B. Rich, currently president of USF&amp;G's Family and Business Insurance Group, will be co-leaders of the insurance integration team, reporting to Patrick A. Thiele, executive vice president of The St. Paul and president and CEO of the Worldwide Insurance Operations. The integration team will develop an overall plan for merging the companies that builds on the strengths of both organizations.</P> <P>In addition, the following St. Paul executives will continue to serve in their current capacities for the combined operations after the merger:</P> <UL> <LI>Michael J. Conroy, executive vice president and chief administrative officer of St. Paul Fire and Marine Insurance Co., overseeing Claim, Loss Control and Administration;</LI> <LI>Susan J. Albrecht, senior vice president of St. Paul Fire and Marine and president-Major Markets;</LI> <LI>Stephen J. Klingel, senior vice president of St. Paul Fire and Marine and president-Personal Insurance;</LI> <LI>Janet R. Nelson, senior vice president of St. Paul Fire and Marine and president- Custom Markets;</LI> <LI>Mark L. Pabst, president and chief operating officer-International Underwriting;</LI> <LI>Gary P. Hanson, senior vice president of Sales &amp; Marketing for St. Paul Fire and Marine; and</LI> <LI>Wayne Hoeschen, senior vice president of Information System for St. Paul Fire and Marine.</LI> </UL> <P>Following closing, John R. Berger, of USF&amp;G, will continue as president of F&amp;G Re and will report to James F. Duffy, president of St. Paul Re. George L. Estes, III, and Scott P. Doyle, will continue as chairman/CEO and president/COO respectively of Discover Re, and will report to Duffy.</P> <P>Harry N. Stout, of USF&amp;G, will continue as president of Fidelity &amp; Guaranty Life Insurance, reporting to Paul Liska, executive vice president and chief financial officer of The St. Paul.</P> <P>As previously announced, the combined organisations will operate under The St. Paul name. Mr. Leatherdale will continue to serve as chairman, president and chief executive officer of the combined companies.</P> <P>The St. Paul Companies, headquartered in Saint Paul, Minnesota, is a group of companies providing property-liability insurance products and services throughout the world.</P> <P>USF&amp;G Corporation, with total assets of $15.8 billion, is a holding company for property/casualty and life insurance operations. Its principal operating subsidiary is United States Fidelity and Guaranty Company.</P> </div>

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