<SEC-DOCUMENT>0000950123-11-056507.txt : 20110728
<SEC-HEADER>0000950123-11-056507.hdr.sgml : 20110728

<ACCEPTANCE-DATETIME>20110603165823

<PRIVATE-TO-PUBLIC>

ACCESSION NUMBER:		0000950123-11-056507

CONFORMED SUBMISSION TYPE:	SC 13E3/A

PUBLIC DOCUMENT COUNT:		3

FILED AS OF DATE:		20110603

DATE AS OF CHANGE:		20110707

GROUP MEMBERS:		CONTINENTAL CASUALTY COMPANY

GROUP MEMBERS:		LOWES CORPORATION

GROUP MEMBERS:		SURETY ACQUISITION CORPORATION

GROUP MEMBERS:		THE CONTINENTAL CORPORATION


SUBJECT COMPANY:	


	COMPANY DATA:	

		COMPANY CONFORMED NAME:			CNA SURETY CORP

		CENTRAL INDEX KEY:			0001044566

		STANDARD INDUSTRIAL CLASSIFICATION:	SURETY INSURANCE [6351]

		IRS NUMBER:				364144905

		FISCAL YEAR END:			1231



	FILING VALUES:

		FORM TYPE:		SC 13E3/A

		SEC ACT:		1934 Act

		SEC FILE NUMBER:	005-51709

		FILM NUMBER:		11892876



	BUSINESS ADDRESS:	

		STREET 1:		333 S. WABASH AVENUE

		STREET 2:		41ST FLOOR

		CITY:			CHICAGO

		STATE:			IL

		ZIP:			60604

		BUSINESS PHONE:		3128225000



	MAIL ADDRESS:	

		STREET 1:		333 S. WABASH AVENUE

		STREET 2:		41ST FLOOR

		CITY:			CHICAGO

		STATE:			IL

		ZIP:			60604




FILED BY:		


	COMPANY DATA:	

		COMPANY CONFORMED NAME:			CNA FINANCIAL CORP

		CENTRAL INDEX KEY:			0000021175

		STANDARD INDUSTRIAL CLASSIFICATION:	FIRE, MARINE & CASUALTY INSURANCE [6331]

		IRS NUMBER:				366169860

		STATE OF INCORPORATION:			DE

		FISCAL YEAR END:			1231



	FILING VALUES:

		FORM TYPE:		SC 13E3/A



	BUSINESS ADDRESS:	

		STREET 1:		CNA

		STREET 2:		333 S. WABASH

		CITY:			CHICAGO

		STATE:			IL

		ZIP:			60604

		BUSINESS PHONE:		3128225000



	MAIL ADDRESS:	

		STREET 1:		CNA

		STREET 2:		333 S. WABASH

		CITY:			CHICAGO

		STATE:			IL

		ZIP:			60604



</SEC-HEADER>

<DOCUMENT>
<TYPE>SC 13E3/A
<SEQUENCE>1
<FILENAME>c64981sc13e3za.htm
<DESCRIPTION>SC 13E3/A
<TEXT>
<HTML>
<HEAD>
<TITLE>sc13e3za</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 1pt solid black; font-size: 1pt">&nbsp;</DIV>




<DIV align="center" style="font-size: 14pt; margin-top: 12pt"><B>UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION</B>
</DIV>

<DIV align="center" style="font-size: 12pt"><B>WASHINGTON, D.C. 20549</B>
</DIV>

<DIV align="center" style="font-size: 12pt"><B><DIV align="center"><DIV style="FONT-size: 3pt; margin-top: 16pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV></DIV></B>
</DIV>

<DIV align="center" style="font-size: 18pt; margin-top: 12pt"><B>SCHEDULE 13E-3</B>
</DIV>

<DIV align="center" style="font-size: 12pt"><B>(Amendment No.&nbsp;1)</B></DIV>



<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>(Rule&nbsp;13e-100)</B>
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><DIV align="center"><DIV style="FONT-size: 3pt; margin-top: 16pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV></DIV>
</DIV>

<DIV align="Center" style="font-size: 12pt; margin-top: 6pt"><B>Rule&nbsp;13e-3 Transaction Statement<BR>
under Section 13(e) of the Securities Exchange Act of 1934</B>
</DIV>
<DIV align="center" style="font-size: 24pt; margin-top: 12pt"><B>CNA SURETY CORPORATION</B>
</DIV>

<DIV align="center" style="font-size: 24pt; margin-top: 3pt"><B><DIV style="width: 100%; border-bottom: 1px solid #000000; FONT-size: 1px">&nbsp;</DIV></B>
</DIV>

<DIV align="center" style="font-size: 10pt">Name of Subject Company (issuer)</DIV>



<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>SURETY ACQUISITION CORPORATION</B><BR>
a wholly-owned subsidiary of
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>CONTINENTAL CASUALTY COMPANY</B><BR>
a wholly-owned subsidiary of
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>THE CONTINENTAL CORPORATION</B><BR>
a wholly owned subsidiary of
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>CNA FINANCIAL CORPORATION</B><BR>
a majority-owned subsidiary of
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>LOEWS CORPORATION</B>
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>CNA SURETY CORPORATION </B>(issuer)
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><DIV style="width: 100%; border-bottom: 1px solid #000000; FONT-size: 1px">&nbsp;</DIV>
</DIV>
<DIV align="center" style="font-size: 10pt">(Names of Filing Persons (other person(s))</DIV>



<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Common Stock, $0.01 Par Value Per Share</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 3pt"><DIV style="width: 100%; border-bottom: 1px solid #000000; FONT-size: 1px">&nbsp;</DIV>
</DIV>

<DIV align="center" style="font-size: 10pt">(Title of Class of Securities)</DIV>



<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>12612L1008</B>
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 0pt"><DIV style="width: 100%; border-bottom: 1px solid #000000; FONT-size: 1px">&nbsp;</DIV>
</DIV>
<DIV align="center" style="font-size: 10pt">(CUSIP Number of Class of Securities)</DIV>



<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">Jonathan D. Kantor, Esq.<BR>
Executive Vice President, General Counsel and Secretary<BR>
CNA Financial Corporation<BR>
333 South Wabash Avenue<BR>
Chicago, Illinois 60604-4107<BR>
(312)&nbsp;822-5000
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 0pt"><DIV style="width: 100%; border-bottom: 1px solid #000000; FONT-size: 1px">&nbsp;</DIV>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 3pt">(Name, address, and telephone numbers of person authorized to receive notices and communications on behalf of filing persons)
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B><I>With copies to:</I></B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="31%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="31%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="31%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top">Gary Horowitz
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Rosemary Quinn
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Mark D. Gerstein</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">Simpson Thacher &#038; Bartlett LLP
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">CNA Surety Corporation
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Timothy P. FitzSimons</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">425 Lexington Avenue
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">333 S. Wabash Avenue, 41<SUP style="FONT-size: 85%; vertical-align: text-top">st</SUP> Floor
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Latham &#038; Watkins LLP</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">New York, New York 10017-3954
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Chicago, Illinois 60604
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">233 South Wacker Drive, Suite&nbsp;5800</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">(212) 455-2000
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">(312) 822-5000
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Chicago, Illinois 60606</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">(312) 876-7700</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">This statement is filed in connection with (check the appropriate box):
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="96%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">a.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><FONT style="font-family: Wingdings">&#111;</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">The filing of solicitation materials or an information statement
subject to Regulation&nbsp;14A, Regulation&nbsp;14C or Rule&nbsp;13e-3(c) under the
Securities Exchange Act of 1934.</TD>
</TR>
<TR valign="bottom" style="line-height: 8pt"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">b.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><FONT style="font-family: Wingdings">&#111;</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">The filing of a registration statement under the Securities Act of 1933.</TD>
</TR>
<TR valign="bottom" style="line-height: 8pt"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">c.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><FONT style="font-family: Wingdings">&#254;</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">A tender offer.</TD>
</TR>
<TR valign="bottom" style="line-height: 8pt"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">d.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><FONT style="font-family: Wingdings">&#111;</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">None of the above.</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Check the following box if the soliciting materials or information statement referred to in
checking box (a)&nbsp;are preliminary copies: <FONT style="font-family: Wingdings">&#111;</FONT>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Check the following box if the filing is a final amendment reporting the results of the
transaction: <FONT style="font-family: Wingdings">&#111;</FONT>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Calculation of Filing Fee</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="1%">&nbsp;</TD>
    <TD width="47%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD><!-- VRule -->
    <TD width="2%">&nbsp;</TD>
    <TD width="47%">&nbsp;</TD>

    <TD width="1%">&nbsp;</TD>
</TR><TR style="font-size: 1px" valign="bottom">
    <TD nowrap align="left" colspan="6" style="border-bottom: 3px double #000000">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">    <TD width="1%">&nbsp;</TD>

    <TD nowrap align="center">TRANSACTION VALUATION*</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">AMOUNT OF FILING FEE**</TD>
    <TD width="1%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD width="1%" style="border-top: 2px solid #000000">&nbsp;</TD>
              <TD align="center" valign="top" style="border-top: 2px solid #000000">$466,255, 011
</TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD align="center" valign="top" style="border-top: 2px solid #000000">$54,132.21</TD>
    <TD width="1%" style="border-top: 2px solid #000000">&nbsp;</TD>
</TR>
<TR style="font-size: 1px" valign="bottom">
    <TD nowrap align="left" colspan="6" style="border-top: 3px double #000000">&nbsp;</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 0pt; width: 18%; border-top: 0px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">*</TD>
    <TD>&nbsp;</TD>
    <TD>Estimated for purposes of calculating the amount of the filing fee
only. The calculation assumes the purchase of all outstanding shares
of common stock, par value $0.01 per share (the &#147;Shares&#148;), of CNA
Surety Corporation, a Delaware corporation, other than Shares owned by
CNA Financial Corporation (&#147;CNA Financial&#148;) and its subsidiaries, at a
purchase price of $26.55 per Share, net to the seller in cash. As of
May&nbsp;6, 2011, there were 44,986,541 Shares outstanding, of which
27,425,147 Shares are owned by subsidiaries of CNA Financial. As a
result, this calculation assumes the purchase of 17,561,394 Shares.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">**</TD>
    <TD>&nbsp;</TD>
    <TD>The amount of the filing fee is calculated in accordance with Rule
0&#151;11 of the Securities Exchange Act of 1934, as amended, by
multiplying the transaction value by 0.00011610.</TD>
</TR>

</TABLE>



<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">

<TD width="3%" nowrap align="left"><FONT style="font-family: Wingdings">&#254;</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD> Check box if any part of the fee is offset as provided by Rule&nbsp;0-11(a)(2) and identify the
filing with which the offsetting fee was previously paid. Identify the previous filing by
registration statement number, or the form or schedule and the date of its filing.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="48%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="50%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Amount Previously Paid: $54,132.21
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Filing Party: CNA Financial Corporation</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Form or Registration No.: Schedule&nbsp;TO
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Date Filed: May&nbsp;11, 2011</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>NEITHER THE SECURITIES AND EXCHANGE COMMISSION NOR ANY STATE SECURITIES COMMISSION HAS APPROVED
OR DISAPPROVED OF THIS TRANSACTION, PASSED UPON THE MERITS OR FAIRNESS OF THIS TRANSACTION, OR
PASSED UPON THE ADEQUACY OR ACCURACY OF THE DISCLOSURE IN THIS SCHEDULE 13E-3. ANY REPRESENTATION
TO THE CONTRARY IS A CRIMINAL OFFENSE.</B>
</DIV>


<DIV style="width: 100%; border-bottom: 1pt solid black; margin-top: 10pt; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>







<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<!--TOC-->
<!--/TOC-->

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>INTRODUCTION</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Amendment No.&nbsp;1 to Schedule&nbsp;13E-3 Transaction Statement amends and supplements the
Transaction Statement on Schedule&nbsp;13E-3, together with the exhibits hereto (as so amended and
supplemented, the &#147;<B>Schedule&nbsp;13E-3</B>&#148; or the &#147;<B>Transaction Statement</B>&#148;) filed on May&nbsp;11, 2011 by (1)&nbsp;CNA
Financial Corporation, a Delaware corporation (&#147;<B>CNA Financial</B>&#148;), (2)&nbsp;The Continental Corporation, a
New York corporation and a direct wholly-owned subsidiary of CNA Financial (&#147;<B>TCC</B>&#148;), (3)&nbsp;Continental
Casualty Corporation, an Illinois insurance company and a direct wholly-owned subsidiary of TCC
(&#147;<B>CCC</B>&#148;), (4)&nbsp;Surety Acquisition Corporation (&#147;<B>Purchaser</B>&#148; ), a Delaware corporation and a direct
wholly-owned subsidiary of CCC, (5)&nbsp;Loews Corporation, a Delaware corporation and the owner of
approximately 90% of the outstanding shares of common stock of CNA Financial (&#147;<B>Loews</B>&#148;) and (6)&nbsp;CNA
Surety Corporation, a Delaware corporation (&#147;<B>CNA Surety</B>&#148;) (collectively, the &#147;<B>Filing Persons</B>&#148;).
This Transaction Statement relates to the tender offer by Purchaser to purchase all the outstanding
shares of common stock, par value $0.01 per share (the &#147;<B>Shares</B>&#148;), of CNA Surety, other than Shares
owned by CNA Financial and its subsidiaries, at a purchase price of $26.55 per Share, net to the
seller in cash, without interest and less any applicable withholding of taxes, upon the terms and
subject to the conditions set forth in the Offer to Purchase, dated May&nbsp;11, 2011 (as may be amended
or supplemented from time to time, the &#147;<B>Offer to Purchase</B>&#148;), and the related Letter of Transmittal
(as may be amended or supplemented from time to time, the &#147;<B>Letter of Transmittal</B>&#148;) (which, as
amended or supplemented from time to time, together constitute the &#147;<B>Offer</B>&#148;).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under the rules governing &#147;going private&#148; transactions, CNA Financial, Purchaser, TCC, CCC,
Loews and CNA Surety are deemed to be engaged in a &#147;going private&#148; transaction and are therefore
required to, among other things, express their reasons for the transactions described in the Offer
to Purchase, a copy of which is filed as Exhibit (a)(1)(i) of the Schedule&nbsp;TO dated May&nbsp;11, 2011
and their views as to the fairness of the transactions to CNA Surety&#146;s unaffiliated stockholders.
The Filing Persons make the statements in this Transaction Statement, solely for the purpose of
complying with the requirements of Rule&nbsp;13e-3 and related rules under the Exchange Act.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The information contained in the Solicitation/Recommendation Statement on Schedule&nbsp;14D-9
filed by CNA Surety with the Securities and Exchange Commission (&#147;<B>SEC</B>&#148;) on May&nbsp;11, 2011, as amended
and supplemented by Amendments No.&nbsp;1 through 4 (as so amended and supplemented, the &#147;<B>Schedule
14D-9</B>&#148;), copies of which are attached hereto as Exhibits
(a)(1)(viii) to (a)(1)(xii), respectively,
and the information contained in the Tender Offer Statement filed on Schedule&nbsp;TO with the SEC on
May&nbsp;11, 2011, as amended and supplemented by Amendments No.&nbsp;1 through 3 (as so amended and
supplemented, the &#147;<B>Schedule&nbsp;TO</B>&#148;), copies of
which are attached hereto
as Exhibits (a)(1)(xiii) to (a)(1)(xvi), respectively, is incorporated by reference, and the
responses to each item in this Schedule&nbsp;13E-3 are qualified in their entirety by the information
contained in the Schedule&nbsp;14D-9 and the Schedule&nbsp;TO. All information contained or incorporated by
reference in this Transaction Statement concerning any of the Filing Persons has been provided by
such Filing Person and none of the Filing Persons takes responsibility for the accuracy of any
information not supplied by such Filing Person.
</DIV>
<!-- link2 "Item&nbsp;16. Exhibits" -->

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;16. Exhibits</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Item&nbsp;16 of the Schedule&nbsp;13E-3 is hereby amended and restated in its entirety to read as
follows:
</DIV>
<!-- link2 "ITEM 16. EXHIBITS" -->

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>ITEM 16. EXHIBITS.</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="18%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="80%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Exhibit No.</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Description</B></TD>
</TR>
<TR>
    <TD style="font-size: 10pt">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">(a)(1)(i)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Offer to Purchase, dated May&nbsp;11, 2011 (incorporated by reference to Exhibit
(a)(1)(i) of the Schedule&nbsp;TO filed on May&nbsp;11, 2011).</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">(a)(1)(ii)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Letter of Transmittal (incorporated by reference to Exhibit (a)(1)(ii) of the
Schedule&nbsp;TO filed on May&nbsp;11, 2011).</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">(a)(1)(iii)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Notice of Guaranteed Delivery (incorporated by reference to Exhibit (a)(1)(iii) of
the Schedule&nbsp;TO filed on May&nbsp;11, 2011).</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="18%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="80%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Exhibit No.</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Description</B></TD>
</TR>
<TR>
    <TD style="font-size: 10pt">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">(a)(1)(iv)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Letter to Clients for use by Brokers, Dealers, Commercial Banks, Trust Companies and Other
Nominees (incorporated by reference to Exhibit (a)(1)(iv) of the Schedule TO filed on May 11, 2011).</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">(a)(1)(v)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Letter to Brokers, Dealers, Commercial Banks, Trust Companies and Other Nominees
(incorporated by reference to Exhibit (a)(1)(v) of the Schedule TO filed on May 11, 2011).</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">(a)(1)(vi)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Summary Advertisement published in
The New York Times on May&nbsp;11, 2011 (incorporated by
reference to Exhibit (a)(1)(vi) to the Schedule&nbsp;TO filed on May&nbsp;11, 2011).</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">(a)(1)(vii)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Letter from the Special Committee to CNA Surety&#146;s stockholders, dated May&nbsp;11, 2011
(incorporated by reference to Exhibit (a)(1)(vii) to the Schedule&nbsp;14D-9 on May&nbsp;11,
2011).</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">(a)(1)(viii)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Solicitation/Recommendation Statement on Schedule&nbsp;14D-9, dated May&nbsp;11, 2011
(incorporated by reference to the Schedule&nbsp;14D-9 filed on May&nbsp;11, 2011).</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">(a)(1)(ix)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Solicitation/Recommendation Statement (Amendment No.&nbsp;1) on Schedule&nbsp;14D-9, dated
May&nbsp;16, 2011 (incorporated by reference to the Schedule&nbsp;14D-9 (Amendment No.&nbsp;1)
filed on May&nbsp;16, 2011).</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">(a)(1)(x)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Solicitation/Recommendation Statement (Amendment No.&nbsp;2) on Schedule&nbsp;14D-9, dated
May&nbsp;17, 2011 (incorporated by reference to the Schedule&nbsp;14D-9 (Amendment No.&nbsp;2)
filed on May&nbsp;17, 2011).</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">(a)(1)(xi)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Solicitation/Recommendation Statement (Amendment No.&nbsp;3) on Schedule&nbsp;14D-9, dated
May&nbsp;27, 2011 (incorporated by reference to the Schedule&nbsp;14D-9 (Amendment No.&nbsp;3)
filed on May&nbsp;27, 2011).</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">(a)(1)(xii)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Solicitation/Recommendation Statement (Amendment No.&nbsp;4) on Schedule&nbsp;14D-9, dated
June&nbsp;3, 2011 (incorporated by reference to the Schedule&nbsp;14D-9 (Amendment No.&nbsp;4)
filed on June&nbsp;3, 2011).</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">(a)(1)(xiii)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Tender Offer Statement on Schedule&nbsp;TO, dated May&nbsp;11, 2011 (incorporated by
reference to the Schedule&nbsp;TO filed on May&nbsp;11, 2011).</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">(a)(1)(xiv)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Tender Offer Statement (Amendment No.&nbsp;1) on Schedule&nbsp;TO, dated May&nbsp;17, 2011
(incorporated by reference to the Schedule&nbsp;TO (Amendment No.&nbsp;1) filed on May&nbsp;17,
2011).</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">(a)(1)(xv)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Tender Offer Statement (Amendment No.&nbsp;2) on Schedule&nbsp;TO, dated May&nbsp;27, 2011
(incorporated by reference to the Schedule&nbsp;TO (Amendment No.&nbsp;2) filed on May&nbsp;27,
2011).</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">(a)(1)(xvi)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Tender Offer Statement (Amendment No.&nbsp;3) on Schedule&nbsp;TO, dated June&nbsp;3, 2011
(incorporated by reference to the Schedule&nbsp;TO (Amendment No.&nbsp;3) filed on June&nbsp;3,
2011).</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">(a)(5)(i)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Joint Press Release, issued by CNA Financial and CNA Surety, dated May&nbsp;11, 2011
(incorporated by reference to Exhibit (a)(5)(i) to the Schedule&nbsp;TO filed on May&nbsp;11,
2011).</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">(a)(5)(ii)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Joint Press Release, issued by CNA Financial and CNA Surety, dated April&nbsp;21, 2011
(incorporated by reference to Exhibit&nbsp;99.1 to CNA Surety&#146;s Current Report on Form
8-K filed by CNA Surety on April&nbsp;21, 2011).</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">

<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">(a)(5)(iii)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Information Statement Pursuant to Section 14(f) of the Exchange Act on Rule 14f-1 thereunder
(incorporated by reference to Annex I to the Schedule 14D-9 filed on May 11, 2011).</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">(b)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">None.</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="18%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="80%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Exhibit No.</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Description</B></TD>
</TR>
<TR>
    <TD style="font-size: 10pt">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">(c)(1)*
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Presentation of J.P. Morgan to the CNA Financial board of directors, dated October
27, 2010.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">(c)(2)*
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Presentation of J.P. Morgan to the CNA Financial board of directors, dated October
28, 2010.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">(c)(3)*
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Presentation of J.P. Morgan to management of CNA Financial, inadvertently dated
March&nbsp;10, 2010 rather than March&nbsp;10, 2011, which was the date on which the
presentation was discussed.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">(c)(4)*
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Presentation of J.P. Morgan to management of Loews and CNA Financial, dated March
17, 2011.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">(c)(5)*
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Presentation of J.P. Morgan to Goldman, Sachs &#038; Co., dated March&nbsp;18, 2011.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">(c)(6)*
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Presentation of J.P. Morgan to the CNA Financial board of directors, dated April
20, 2011.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">(c)(7)*
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Presentation by Goldman, Sachs &#038; Co. to the Special Committee, dated December&nbsp;20,
2010.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">(c)(8)*
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Presentation by Goldman, Sachs &#038; Co. to the Special Committee, dated January&nbsp;24,
2011.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">(c)(9)*
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Follow-Up Discussion Materials presented by Goldman, Sachs &#038; Co. to the Special
Committee, dated March&nbsp;21, 2011.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">(c)(10)*
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Presentation by Goldman, Sachs &#038; Co. to the Special Committee, dated April&nbsp;20, 2011.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">(c)(11)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Opinion of Goldman, Sachs &#038; Co. to the Special Committee, dated April&nbsp;20, 2011
(incorporated by reference to Annex II to the Schedule&nbsp;14D-9 on May&nbsp;11, 2011).</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">(c)(12)*
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Estimate of Unpaid Loss and Loss Adjustment Expenses as of December 31, 2010,
prepared by Milliman, Inc., dated January 21, 2011.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">(d)(1)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Agreement and Plan of Merger, dated as of April&nbsp;20, 2011, by and among CNA
Financial, CNA Surety and Purchaser (incorporated by reference to Exhibit&nbsp;2.1 to
the Form&nbsp;8-K filed by CNA Surety on April&nbsp;21, 2011).</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">(f)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Section&nbsp;262 of the Delaware General Corporation Law (incorporated by reference to
Schedule&nbsp;C of the Schedule&nbsp;TO filed on May&nbsp;11, 2011).</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">(g)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">None.</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">*</TD>
    <TD>&nbsp;</TD>
    <TD>Previously filed with the Transaction Statement on
Schedule&nbsp;13E-3 filed on  May&nbsp;11, 2011.</TD>
</TR>

</TABLE>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">





<!-- link1 "SIGNATURE" -->

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>SIGNATURE</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;After due inquiry and to the best of my knowledge and belief, I certify that the information
in this statement is true, complete and correct.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="45%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="45%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Dated: June&nbsp;3, 2011</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="5" valign="top" align="left"><B>CNA FINANCIAL CORPORATION</B></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">/s/ Jonathan D. Kantor</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Name:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Jonathan D. Kantor</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Title:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Executive Vice President, General Counsel and<BR>
 Secretary</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="5" valign="top" align="left"><B>SURETY ACQUISITION CORPORATION</B></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">/s/ Jonathan D. Kantor</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Name:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Jonathan D. Kantor</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Title:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Executive Vice President, General Counsel and<BR>
 Secretary</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="5" valign="top" align="left"><B>CONTINENTAL CASUALTY COMPANY</B></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">/s/ Jonathan D. Kantor</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Name:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Jonathan D. Kantor</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Title:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Executive Vice President, General Counsel and<BR>
 Secretary
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="5" valign="top" align="left"><B>THE CONTINENTAL CORPORATION</B></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">/s/ Jonathan D. Kantor</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Name:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Jonathan D. Kantor</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Title:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Executive Vice President, General Counsel and<BR>
 Secretary
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="45%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="45%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="5" valign="top" align="left"><B>LOEWS CORPORATION</B></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">/s/ Gary W. Garson</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Name:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Gary W. Garson</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Title:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Senior Vice President, General Counsel and<BR>
 Secretary</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="5" valign="top" align="left"><B>CNA SURETY CORPORATION</B></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">/s/ John F. Welch</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Name:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">John F. Welch</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Title:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">President and Chief Executive Officer</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>



</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>3
<FILENAME>c64981c6498101.gif
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 c64981c6498101.gif
M1TE&.#EA'@%G`.8``):3DBLG)KV[NK6SLIV:F>[M[*VKJJ6BH<C'QDQ)21@4
M%,S*RJBFI6UJ:9&.C>KHZ&EF97Y[>?/R\5524=72T8F&A'9S<;"NK$1"0Z"=
MG%!-3%A55.+AX&5B8G%M;,7$Q+BVM%Y:6<3`OF%=7,K)R-K9V-[=W(%]?'AU
M=>?EY.7DX^3BXM#.S71P;^#?WL#`P-/1T)B5E,"^O86"@8V*B-S:V=K8UM;5
MU(J(B-C6UGMX=SPZ.;*PK[NYN(2`?H*!@D$\.^CGYJNHIC8R,>SJZO;V]0<%
M!L7"P$A%1:*@G]W<V];4T\+`O_7U]/#O[I./CVIG9L[,R_?V]HN(AIN8EC`L
M+.GHYC@U-<;$PLK(Q_3S\\_+R.'@WX>%A&-@7R$='4-`/UM85XZ+BM'0SY",
MB6AD8VQG9NWLZX>$@H^-C%-03Q`-#DU(1VAB83,P+_O[^_W]_?KZ^?GX^/CX
M]_?W]O3T\_'P[\/!P$I'2,+!P9"+B,/"PCLX.-'/SX!^?O___R'Y!```````
M+``````>`6<```?_@'^"@X2%AH>(B8J+C(V.CY"1DI.4E9:7C7)+$G^<F)^@
MH:*3!3:CIZBIACQ#$$@='JJR`5^T"K4*3[*[A$]77D!:B@\1`0H8&E=E,KS-
MJ@-5;X(."<ZC%G)_4`H4?REIUJI+7Z8C/(PX1H,91D+A[Y@S5X-%%8,F.DA,
M@BL>2'.]$A@0E`,*'@@:>A`BX`'-B"2%/'BH,,&4H!)0PJ@05*,%CB"'NFGC
MQE%0'S4:;OPAD6!$B4(%O!R:0V-$C#8-$`C"$L;+DC\@U$!Y600$AA%FS*@Y
M]P<?DC)J_#A9](3D%9V+TA'Z\N50&4,\$R`<."@)'C5($J`UU80`!A0N_PH5
MU)`TQ(Q!*#5@4),`A2"S:O"H12+`4)P+;VL4PIB`0:'#&#:$Z%"@K)$-2@@2
M`A"`T($U$`7%"0!&FB`_U<:LN2"(Q88B?[#@H'>%`)RF`?8,*J!`C6D<A15M
M$TE(0X1!8&87(K"&2*$W&OS^>=/!L:`)7P7A\4-HS0M!2G0)XOR'R)`.B_H8
M\:'C1XD7+_HDTBJHC@(PAA88`6%H`I0_""@0VA]4;!0``'\(8!T,"F!Q"&KK
M#!(#'`BH4T<&@J"P$5T)'H"(`AX:X@<>'S+PAA=N>.)$!T8$X,!4FW4V"`-M
M5`';'Q>P@0$A/U3S1P#297"%8@D.0H`"=0S2P?\&<0RB00!H"(+#=\*15(@:
M/PR"@7+T^/"%/81D4$4*@\`PP"`;_"=(`ED.H@"5!:PP"'E_>#&/(A)\L<9`
M,'R!01;S&?$!`@)T\`56A#@P`A"&I"D(D(-8\2B"4G`@"`4*;'%(CX(\`)(@
M9P"HSA^A_D$DAU)(>H@"UA7"Z:J.?6`$"YLI8(0;"\1("`-1*$`6&$_L.`BG
M=:P1PR!5"&B:($/(-`@5:T0Q2`0]&%'8E(L,9PB66G(IR``9'-GD(`F$D8BC
M:[8IB*\IU(#@G)VE4(4%BBBQ@QI&T+"F2H'ZX8<77R#Q$R$KT!"%$284XJ@,
M"C!%R(&%8*JI(3]@D$+_"AZ024B%B'"H"*N;^F@(R`XT5X@<'ABA`(Q_T"D(
M`Q0TH,$;>P@1+(]?>%&%!^/^44`91GSQTKKJ_L&`$53^<1RT+F!;)7%X51'&
MU`IX^P<-9]BQW\-J'K)!`%.'\471"C1`!@H0U+J!$3W<A@@%:]10!P9K%,``
MAHK0]T<1>EHZR!.Z!7`7(1M4484;<AH",2$2;UH%&62,60C'AWB<",@4BUR(
M`DA,$("T@O#`A9%&@-FRC"]3P)L0([QQ\[":"R*!-#<DZ]P?8&C0RQ?\*BV(
M%P%8D#0BVEZI[I:$$`%$4J01@L0&YW;-)B%O"F+1>`'`<06]B8S`AR!W&%%%
M_QG+(J+W'SX8098@:D!@!A!K/$`X%"FLX?##[P[2>.:"1.')()0SA.5*%#("
M%H(&>/N#$K[0*I<9K1L0",!Q7B>(5^T**P68E2`$$#^\Q&):@B@"'[R3+2L1
M@EN"0-X@6A"7/P3!"(#ZRQ?&,`@B$`==?YB>FY)&`GB9*@`)-`02OD`'0;3`
M"".P0U-85HCS3<`(,!@$#\[T!SA\@0#S^X.8H#:IB&5J$`ZJH,A,(!\`CDJ`
M9E@$YF)C&@N:H(?K:M4@<!"`MKT!!SL`B"#2T)5UY$H``:A,%ZX@C`P):U=A
M2-@=@)"D*G;``F>`PP!V,+3I?/`/-_C"\`XQ@37LH_\0>&C`(*YPG$YE1Q!N
M:$`V!!$&).1*"01H(1PTX*PXO&40<0#-Q8YP2CYB+X:&B(`1H-`#`&R@`49(
M0!=&T#-"P`$*@J(``F:PAAFX+0Y@^%\(P""_*M)2$!O0P*<&\04Q%*)7!*``
M!9+@@$&@``@7*T$+RB@()ABAD(4`P@@4\08%S$"=%VAGAOC0!PI$H07\ZF<0
M0T<%%&@@`1;HYA]ZT`(H#`X+'FB!8G0B`@]`(4HX:@`4Q#,($<3``QOPP/\$
M<8$1;.`'>OR#%"+0@`$-((J)L``4H-``UI1EI^X``$_/(86*WD$0(A#I@'`T
M`0WXH0D2:D`#W*$'GO*G`%7_W>E.J4A1BPHB!E"XWR#>,(.TB"<#>-A`#@[Q
M@!-HE:<XT)@@*@"%$%G!HR"-@53=P8$6>$!5?T`#3Q4BB`+HX*U0@.,%1*K5
M_/V!`A4]`6#_,E1$S!2Q<`0!8W?ZKLNV`%'P"*UH1TO:TIKVM*A-K6I7R]K6
MNO:UL(VM;&=+V]K:]K:XS:UN=\O;WOKVM\`-KG"'2]SB&O>XR$VN<I?+W.8Z
M][G0C:YTITO=ZEHW"N`@2!E:D+!!".$'QRK$"@"0@<3A=@&CLZYT"Z`!Z/TA
M#B.0`!1"L)L&/(&*"K-:$!#`W[7^H00(Z,8"*""-*""@,C:`XPJR4$@X9($'
M-;C=_QCXBP`:"B(((,B#:1Z`@"(6``&W,P003/<'%R!`,74`<8DI3*0%M)`%
M,)"#'$A``BT480$_L<,"*'PC]:+V"15PKQP\H3M!=``#S/":U?Z@@!2LP!VL
M/,$?S-#"/D@G#E5P#!SV^0<Z-*"'!L#B'UI``3#(X%T]@,`;N("$(OY!#:7D
MLB&44($UK!0(A-6!-."PAA1P(41!.-0?CD#8`8CG`*OL@@]2(`2<^MBT`P`!
M`]P[B",(]`\LR$``Q)S?D?F,2"Y$0@P&]EAUZ:PP;1`$`5HPB$]E0P,I6"62
M!3$"O&6DG5TKA`/BL(.E$N`_7`@CD_^@@A;6"0ATV`*57O_PKE;A0!<J:.:C
M12N!$;S@!&#8B""T8(&5_J$/.U#RR"XP@_7]X0`!Z!D%U#445Z;Z#QZ8S1L<
MX(`>PWH0;A#)#P8'A16H`02Y;C48"-!4-Y<G`4[P@=O^L)H(Y,%(!@##$9;=
M[#EVX`(AFC9I4[!3)`0@R7&800K@4#XX($'<@O";`GQF`CT^@`HM:-6Z!_$?
M`WSS#S@0Y1^>X*U["P(,880`%03QGS%<80*'8(``^.N&X,S5`IP>=A",;9L(
M6%L0>3CT''41!(-KG+23%DT+9@``"\#Q"39@`'_ZXP$*P``*W55`'-Y@G3=T
M(05-4`"18%#*.GW5O2O``ZUHX"W_-I@W"7YQ`A*Z2;X_W*$*AG`"2,?L+$&X
M8`U0'<0:X""'5@W]#SN@T@K"4(>$S]&<2B#LUTG[@($Y`3XOL/`?"#`%\Q(L
M#[#'2A!@;^$Q?$`+6LA#%F"S@#Q4I@!YN!UQBL"#"!C@?R;(`ZA-58$,W*@(
M'^@NK>22!_G-X0,O,#:F">$"V..T!@A08A,D6H((`,`3=D``[+V]^OK;__[X
MS[_^]\___OO__P`8@`(X@`18@`9X@`@86A30`5)F*@U`8I(@!'C@!94!`!/P
M2:<@``DA"`BP%(:`!AB@`T;4`=-G"$005H0P`"W0`@MW`1:P:X,0!?0U"'N`
M`3:8<83@_P1L$`#X101FT`;X]0=I@`%(1PA"\'D$^`%KH"\[AQ49\`10*"</
M$`,$(`!/(`,2``"YTD3?HT4.0W<ZX#`B`(5)9BKDE85B90B?,3#<4PAT$`(?
M1`/B=PA!T!B#L`!J8#1B9@/ST`67A@!#X!F#,@).1P@@H`4#<"=_``&5X0;^
M-0=3@`#^)0@W$`!D8(`($$&%\018<00CD`)*`$=@A3O,X`%>)SL[0``/```+
MUP#\<0`@Q6<KT`)MV`$'D`(S4!F*P`"<$1=M6`@V\`44(``^M0@;X&RB5`.0
M]P=Z]0<#(#(IP"B#L$H:<(J$(`,")0$[(`T3$%X5<`45P#(%X/\``'")!8@`
M]_4%',")@K`%_V$#;J8$D.<%71`'YG0()%`V?O,'4;`!MV%%&K-R#E!Y4%`!
M]<8(#)`"#1`"3O"+A0``.V`!UN@UK>(!69("HS(#E_@";C`(T6@(!3`X(9$`
MI?0&:N`A2"`>%"`$8"""@I`!"U".F*@+/@`&,X`56S`$*)"'@\`&+F`!&I!]
MB8`')+5S71,`,;0&,A-B4/`%CI4("?D'2.`!#ED(:_`!CG",[L0=ER<(7:`O
M/:"('UD(20`Z?R`&.`!E@L`%378I&N`!"G!4@_``198#PM,"#2!1`HB.@J`!
M"H"3_U$$C?0'/``$)!`"$'@ECK4$/,G_9-VD`&\`!G"D#1F`!&H)E62R`FX@
MC1\"6HJ@E:JV3UDP@P9`7S$@9V-)")RY$I)8"!$P65C0F(,P.'T`.1.@!M<C
M@$P`)DT`!%@A`C*1`JQ6'QW)`%5)"'AP:8)@`1Z"!AFW!G_`!&#@9AV0!$50
M!5,@#0^P`R6H19GQ!V.PC+.W4)Y4"&6@EWB10'8``72P`0,C0DW@`8CB`AU)
M,#IW"%TP`'UPGW\``QOP/Q/``WJ@>N-AC@2X`!^@BR6@*@L`>W+U!Z-#!.EU
M"$20!WN@BX(@!T<@!)-9?G%A4#[S`;D"?IDA!S2P=H-@!Q]``J9!:GTPB7]@
M`R\P?(30`ZM$_P@ID`>@101"L'V%)00PF@,O`#4K,$Z&D`552`@EP`0+]P<R
M0`#=10@J8'L)R%I-<`!*5*5:NJ5<VJ5>^J5@&J9B.J9D6J9F:J;E(PE->J8#
M:`#\D@1<(6P%T`'9-1TZ\`57H#%<$%Z(4`6D1@=#$`#W^&T!\'&'4`!74#9C
M10-"<$HG8C.$H`,$())L"EL\\'E!,!`\4)]_8*+J0@(@``<6,*@@4(R%X"7$
M80$R0`&>``=B4%`WNA`%H`([L(5)($H^X%-)8$Y0X%,6@"!>\)V5ZEIU,`%Z
M1`=%)`7X\3?J(@72\`'Y\P9N,)AWR`,!(!)S$`!(L#YCX`8)@(&%`/\C96`1
M9:`O'Y`V4ME#72`=5\`,#I"8PYI:'Q!NA6``A?@$12,(;6![5X"5A%``K':M
MA&```2![L[<&1EH(#^"2.80@""`C)($#[O67+2.;\:I:#'!(@J`"P\FLA2`#
M8H4!<J0T4T`&"N`#I<)2_#E[9!$!1Y&R,W`]&X`@'U!D`1!%7:`F`:`3:1!P
M%XM:,D"O&^N2+(.OA'`'$$$$,<4'92@(2P`?7W``^)0@"P4"H,,!%%`#IG$"
MB@$C.'`<:"!F:'`F'2!F8>`.4"!L/YM:!2`R+H`$&J`&0-!-<M`"7M!-=W`%
M:J`&<O8C&%H(;C`P)6`3`R($'4`%44<(-##_!"@A4"E@`7NP`;J8`B'`!"B@
MBTJ@`P,P`FNZMJ=%`#YU!A1FEC.6!=VT`A1F7E'PE(0P!C="!SSP`3=J!3RP
MA8=@8/S%,@\P`"'V!RL``G^;>O3GN:?U!`\J"430@,3+?[TK"=2ZO-`;O=([
MO=1;O=9[O=B;O=J[O=S;O=[[O>`;OF=J!SA0ON9[ONB;ONJKOC&0IN(;7"J0
M`/([O_1;O_9[O_>[`3'UOOS;O_[[OP`<P`(\P`1<P`9\P`B<P`J\P`S<P)+`
M,A(@K(/`1#YC7EI`P8^1L)+@`L-;""HPM6^0`]+VI2[P!2?``.TA6R#`%%G0
M5-$@"&]09X304E=@_RY5Q`-J&Q%I-`A#H``AL"P]/(.&H`-P&83&<)]C&P%P
MI`)@$`)5D)M@&@#?02&$,`/ELP0```('`&4](`0&`&4FH`$)HP5B,`6"``<-
M<"9OH%FA$@0M@*(*I`878`!\ZI%Z%CIQ$`=(0$]\YAE_8`6*^`8A,+P@X`4[
M[*1IT&,[1P"*3`@FH!,$@!Z"H`,&<*,+<')$0*\+T"0C4)11_`)TH+8F4`7`
M]`9\H!@%X`."``%3@:(K)PA4\`53L0!#(!(((#*4YB951&J#H`.L"P63!9V/
M47DMLU!-`0`,<,AD$`!J$*4>$``,J0@@8&H!``5Z1`4\N0:3I0.F&L4:T/\!
MJCP(!P`#E7>8AO`$AJK+JC8#$)$$/V#+N#PR",``$T,(8$"@)4;,#+<*=3I1
MR]H+#Y#,A8`VA-`$.Z4('2!^3A`&+BFQ@K`&Q-$$/N"^7BK%Y3$(9S`#+_`%
M1)('?4<(+&#"ZCQ[<O`%3.#.\(PF(Y,"`N"CR#(\$I"8PKP;9%`^+R">@M`#
M`8`!5?`%W=RQA24L1Z(`_CI1MCL()>`C&<"31H"A#9"R8FK1NY(K8M`%@N`$
M7^`)<ED8<=!'PZ9JVJ`&3O#.'!C/IN)?K^P":9H`]T,#\@/',_T'$BT';^!T
M/&"Q<W`QIYEY@Z"<IL*PA=`#K`$#VB8("R!02J"^.Q1@PW^``O+3.V#J`FJ0
M!/A$!&D@*13@!43"`SJ0`2"@*HR:!'CC`G@0%UJ`=BG```40`6H,`A#0QAZ0
M`0R0!I6A!`D@``)@QF1I.D_07A/@=%&`!+UC`1.P`6I`:C^0PX,@``(E!4B@
M`U10*LKJ`P=`T8.[`1N@`TU"!!A0`7)T`51P`BTT`+Z=N)YK!R6P+')0`-VI
J"F\0`7]+"IS;"$Y0@BE0V(Y0I(;PP0Y<"7]F"1)P`!/9WP1>X`88"``[
`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>4
<FILENAME>filename4.htm
<TEXT>
<HTML>
<HEAD>
<TITLE>corresp</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><IMG src="c64981c6498101.gif" alt="()">
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="60%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">June&nbsp;3, 2011</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><U>VIA EDGAR AND</U><BR>
<U>FACSIMILE</U>

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Mellissa Campbell Duru<BR>
Securities and Exchange Commission<BR>
Division of Corporation Finance<BR>
Office of Mergers and Acquisitions<BR>
100 F Street, NE<BR>
Washington, D.C. 20549-0303

</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="80%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>Re:</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>CNA Surety Corporation<BR>
Schedule&nbsp;TO-T/A filed by Surety Acquisition Corporation,<BR>
Continental Casualty Company and The Continental Corporation<BR>
(the &#147;CNA Group&#148;)<BR>
Filed May&nbsp;27, 2011<BR>
File No.&nbsp;005-51709</B><BR></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>Schedule&nbsp;13e-3 filed by the CNA Group and CNA Surety<BR>
Corporation and Loews Corporation<BR>
Filed May&nbsp;11, 2011<BR>
File No.&nbsp;005-51709</B></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Dear Ms.&nbsp;Duru:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On behalf of the CNA Group and Loews Corporation (&#147;Loews&#148;) we are providing the following
responses to the comments contained in the comment letter of the staff of the Securities and
Exchange Commission (the &#147;Commission&#148;), dated June&nbsp;1, 2011, relating to the Schedule&nbsp;TO-T/A filed
by the CNA Group on May&nbsp;27, 2011 and the Schedule&nbsp;13E-3 filed by the CNA Group, CNA Surety
Corporation (&#147;CNA Surety&#148;) and Loews on May&nbsp;11, 2011 in connection with Surety Acquisition
Corporation&#146;s offer to purchase all of the outstanding shares of CNA Surety not currently owned by
CNA Financial Corporation (&#147;CNA Financial&#148;) or any of its subsidiaries. For convenience of
reference, we have set forth the text of the staff&#146;s comments below in bold. Capitalized terms
used and not defined
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Securities and Exchange Commission<BR>
June&nbsp;3, 2011<BR>
Page 2

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">herein have the meanings assigned to such terms in the Offer to Purchase filed as Exhibit
(a)(1)(i) to the Schedule&nbsp;TO-T.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt;text-indent:4%">In response to the staff&#146;s comments, the CNA Group is transmitting via EDGAR for filing
Amendment No.&nbsp;3 to the Schedule&nbsp;TO-T and the CNA Group, Loews and CNA Surety are transmitting
Amendment No.&nbsp;1 to the Schedule&nbsp;13E-3.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><U><B>Schedule&nbsp;13e-3 </B></U>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>1.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>The Schedule&nbsp;13e-3 does not incorporate the most recently filed amendments to Schedule&nbsp;TO.
Please file an amendment to Schedule&nbsp;13e-3 to incorporate the amended disclosure documents</B>
<U><B>each</B></U><B> time updated information is included in an amended Schedule&nbsp;TO.</B></TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt;text-indent:4%">In response to the staff&#146;s comments, the CNA Group, Loews and CNA Surety are transmitting via
EDGAR Amendment No.&nbsp;1 to the Schedule&nbsp;13E-3. The CNA Group and Loews also acknowledge the staff&#146;s
request that an amendment to the Schedule&nbsp;13E-3 be filed <U>each</U> time updated information is
included in an amended Schedule&nbsp;TO and confirm that further amendments to the Schedule&nbsp;13E-3 will
be filed in the event that updated information is subsequently included in an amended Schedule&nbsp;TO.
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>2.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>We note your response to prior comment 1. As done in your response, revise to clarify in your
next amendment that the exhibit is incorrectly dated but consists of the same materials
referenced in the Offer to Purchase.</B></TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt;text-indent:4%">In response to the staff&#146;s comments, the disclosure under Item&nbsp;16 of the Schedule&nbsp;13E-3 and
the disclosure on page 15 of the Offer to Purchase has been revised.
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>3.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>In your response to prior comment 3 and in the Offer to Purchase, you include ambiguous
statements regarding the status of Loews as a filing person for Schedule&nbsp;13e-3. By virtue of
Loews filing the Schedule&nbsp;13e-3, it has acknowledged its status as a filing person. As such,
it is inappropriate to imply in your disclosure that Loews could &#147;arguably be considered&#148; or
&#147;in the case of Loews,... may be required&#148; to comply with the disclosure requirements set
forth in Rule&nbsp;13e-3. Revise to clarify without qualification throughout that Loews is a filing
person for purposes of Schedule&nbsp;13e-3.</B></TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt;text-indent:4%">In response to the staff&#146;s comments, the disclosure on page 6 of the Offer to Purchase under
the heading &#147;Introduction&#148;, the disclosure on page 13 of the Offer to Purchase under the heading
&#147;Purpose of and Reasons for the Offer; Plans for CNA Surety After the Offer and the Merger&#148; and the
disclosure on page 14 of the Offer to Purchase
under the heading &#147;Position of the CNA Financial Group Regarding Fairness of the Offer and the
Merger&#148; has been revised.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Securities and Exchange Commission<BR>
June&nbsp;3, 2011<BR>
Page 3

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><U><B>Exhibit (a)(1)(i)</B></U><BR>
<U><B>Special Factors, page 9 </B></U><BR>
<U><B>Background, page 9 </B></U>

</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>4.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>We partially reissue prior comment 3. In your response to prior comment 2, you indicate that
management of CNA Financial also discussed the offer with, and provided updates to, the
management of Loews. Revise the background discussion to provide details regarding when these
discussions occurred, the material items discussed relating to the terms of the transaction or
alternatives being considered and the persons (including any advisors) who were present.</B></TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt;text-indent:4%">In response to the staff&#146;s comments, the disclosure on pages 9, 11 and 12 of the Offer to
Purchase under the heading &#147;Background&#148; has been revised.
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>5.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>We partially reissue prior comment 3. Please revise to discuss the benchmarking analysis
provided to CNA Financial Group by its financial advisor. We note that required disclosure of
the background leading up to the transaction, inclusive of the reasons for engaging in the
going private transaction is a separate and distinct requirement from the disclosure
requirement regarding the fairness of the transaction. Please separately address how CNA
Financial Group considered the benchmarking presentation. Refer generally to Item&nbsp;7 of
Schedule&nbsp;13e-3 and corresponding Item&nbsp;1013 (b)&nbsp;and (c)&nbsp;of Regulation&nbsp;M-A.</B></TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt;text-indent:4%">In response to the staff&#146;s comments, the disclosure on page 11 of the Offer to Purchase under
the heading &#147;Background&#148; has been revised.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><U><B>Position of the CNA Financial Group..., page 14</B></U>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>6.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>We partially reissue prior comment 5. Further to our comment 3 above regarding the removal of
qualifying and ambiguous language, please revise the SCH TO-T/A to state, without
qualification, why </B><U><B>each</B></U><B> filing party is undertaking the going private transaction at
this time. In this regard, we note the ambiguous language in the amended Schedule&nbsp;TO filed on
May&nbsp;27, 2011 under the third revision.</B></TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt;text-indent:4%">In response to the staff&#146;s comments, the disclosure on page 13 of the Offer to Purchase under
the heading &#147;Purpose of and Reasons for the Offer; Plans for CNA Surety After the Offer and the
Merger&#148; has been revised.
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>7.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>We partially reissue prior comments 7 and 9. Please revise to clarify that the CNA Financial
Group expressly adopts the analyses in the Schedule&nbsp;14D-9, </B><U><B>as amended</B></U><B>. We remind you
that if the analyses adopted by CNA Financial Group does not address certain factor(s) listed
in Instruction 2 to Item&nbsp;1014 that were considered by CNA Financial Group, then CNA Financial
Group is required to</B></TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Securities and Exchange Commission<BR>
June&nbsp;3, 2011<BR>
Page 4

</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>provide a reasonably detailed discussion of its own consideration of such factor(s). For
example, although the Special Committee&#146;s analyses did not consider the going concern value
of CNA Surety, you disclose that CNA Financial Group assessed the fairness of the
transaction in relation to &#147;the going-concern value of CNA Surety on a stand-alone basis.&#148;
Revise to provide a reasonably detailed discussion of this factor given its apparent
relevance to the CNA Financial Group.</B></TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt;text-indent:4%">In response to the staff&#146;s comments, the disclosure on page 15 of the Offer to Purchase under
the heading &#147;Position of the CNA Financial Group Regarding Fairness of the Offer and the Merger&#148;
has been revised.
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>8.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>We reissue prior comment 10. Please disclose the ratio of earnings to fixed charges as
required by Item&nbsp;1010 (c)&nbsp;of Regulation&nbsp;M-A. Please note that the cross reference to which you
refer in your response does not eliminate the disclosure requirements specified in Schedule
13e-3.</B></TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt;text-indent:4%">In response to the staff&#146;s comments, the disclosure on page 49 of the Offer to Purchase under
the heading &#147;Selected Financial Information&#148; has been revised.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>* * * * * * * *</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt;text-indent:4%">Attached hereto as Exhibit&nbsp;A is the written acknowledgement requested by the staff.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt;text-indent:4%">Please call Gary Horowitz at (212)&nbsp;455-7113 or Christopher May at (212)&nbsp;455-7572 with any
additional questions you may have or if you wish to discuss the above responses.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="50%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="45%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Very truly yours,</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/ Gary Horowitz</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Gary Horowitz</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="94%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">cc:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Jonathan Kantor, Esq.<BR>
Stathy Darcy, Esq.</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="right" style="font-size: 10pt; margin-top: 12pt">EXHIBIT A
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ACKNOWLEDGEMENT</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each of the undersigned acknowledges that:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>it is responsible for the adequacy and accuracy of the disclosure in the
filings;</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>staff comments or changes to disclosure in response to staff comments do not
foreclose the Commission from taking any action with respect to the filings; and</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>it may not assert staff comments as a defense in any proceeding initiated by
the Commission or any person under the federal securities laws of the United
States.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="45%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="45%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">SURETY ACQUISITION CORPORATION</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/ Jonathan D. Kantor
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Jonathan D. Kantor
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>

<TD align="left" valign="top"><div style="margin-left: 15pt;text-indent: -15pt">Executive
Vice President, General Counsel<BR> and Secretary</div></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">CNA FINANCIAL CORPORATION</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/ Jonathan D. Kantor
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Jonathan D. Kantor
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><div style="margin-left: 15pt;text-indent: -15pt">Executive Vice President, General Counsel<BR>
 and Secretary</div></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">CONTINENTAL CASUALTY COMPANY</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/ Jonathan D. Kantor
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Jonathan D. Kantor
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><div style="margin-left: 15pt;text-indent: -15pt">Executive Vice President, General
Counsel<BR>
 and Secretary</div></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">THE CONTINENTAL CORPORATION</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/ Jonathan D. Kantor
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Jonathan D. Kantor
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>

<TD align="left" valign="top"><div style="margin-left: 15pt;text-indent: -15pt">Executive Vice President, General Counsel<BR>
 and Secretary</div></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
  <TD nowrap align="center">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">LOEWS CORPORATION</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/ Gary W. Garson
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Gary W. Garson
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><div style="margin-left: 15pt;text-indent: -15pt">Senior Vice President, General Counsel<BR>
 and Secretary</div></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
