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Liberty Mutual Reaffirms Plans for Safeco Acquisition

July 15, 2008

BOSTON --- Liberty Mutual Group and Safeco Corp. announced that Liberty Mutual remains committed to the previously announced acquisition of Safeco by the end of the third quarter of 2008.

The acquisition will be subject to Safeco shareholder approval and regulatory approvals.

Under the terms of the merger agreement, Liberty Mutual will acquire all outstanding shares of common stock of Safeco for $68.25 per share in cash. The transaction is not subject to financing contingencies.

Both companies offer business fleet insurance policies.



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