State Auto Financial Declares 50th Consecutive Dividend

The board of directors of Columbus, Ohio-based insurer State Auto Financial Corp. declared a quarterly cash dividend of 4 cents per share, payable Dec. 31, 2003, to shareholders of record at the close of business on Dec. 15, 2003.

This is the 50th consecutive quarterly cash dividend declared by the company’s board since STFC had its initial public offering of common stock on June 28, 1991. STFC’s dividend payments have increased at a compound average annual growth rate exceeding 10% since 1991.

State Auto Financial Corporation is a regional property and casualty insurance holding company engaged primarily in writing both personal and commercial lines of insurance. The company currently markets its products through more than 22,000 independent agents associated with approximately 3,400 agencies in 26 states and the District of Columbia. Products are marketed primarily in the central and eastern United States, excluding New York, New Jersey and the New England states.