CNA Financial Announces Results of Successful Tender Offer for Shares of CNA Surety

CNA Financial Corporation CNA announced today that an indirect wholly-owned subsidiary of CNA Financial, Surety Acquisition Corporation (“Surety Acquisition”), has successfully completed its previously announced tender offer for all of the outstanding shares of CNA Surety Corporation (“CNA Surety”) common stock not owned by CNA Financial or its subsidiaries. The tender offer expired at 12:00 midnight, New York City time, on June 8, 2011. Based upon information provided by Wells Fargo Bank, N.A., the depositary for the tender offer, as of the expiration of the tender offer, CNA Surety stockholders had validly tendered a total of 14,711,891 shares, with an additional 376,057 shares tendered by notice of guaranteed delivery. The tendered shares (excluding shares tendered subject to guaranteed delivery procedures) represent approximately 84% of the outstanding shares of CNA Surety not already owned by CNA Financial or its subsidiaries and satisfies the non-waivable majority-of-the-minority condition to the tender offer. All shares that were validly tendered in the tender offer have been accepted for payment. As soon as practicable, CNA Financial will cause Surety Acquisition to complete a short-form merger with and into CNA Surety. No vote of CNA Surety stockholders will be required in connection with the merger. As a result of the merger, all shares of CNA Surety common stock held by the remaining minority stockholders of CNA Surety will be cancelled and, subject to appraisal rights under Delaware law, converted into the right to receive $26.55 per share in cash, without interest and less any applicable withholding tax, the same consideration paid in the tender offer. Following the completion of the merger, CNA Surety's common stock will cease to be traded on the New York Stock Exchange.