<SEC-DOCUMENT>0000950123-11-057893.txt : 20110609
<SEC-HEADER>0000950123-11-057893.hdr.sgml : 20110609
<ACCEPTANCE-DATETIME>20110609161901
ACCESSION NUMBER:		0000950123-11-057893
CONFORMED SUBMISSION TYPE:	SC 13E3/A
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20110609
DATE AS OF CHANGE:		20110609
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:		11903400

	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>c65096sc13e3za.htm
<DESCRIPTION>SC 13E3/A
<TEXT>
<HTML>
<HEAD>
<TITLE>sc13e3za</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
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<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; margin-top: 0pt"><B>(Amendment No.&nbsp;2)</B></DIV>



<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B>(Rule&nbsp;13e-100)</B></DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><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: 10pt; margin-top: 12pt"><B>Rule&nbsp;13e-3 Transaction Statement<BR>
under Section&nbsp;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<BR>
<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<BR>
<B>CONTINENTAL CASUALTY COMPANY</B><BR>
a wholly-owned subsidiary of<BR>
<B>THE CONTINENTAL CORPORATION</B><BR>
a wholly owned subsidiary of<BR>
<B>CNA FINANCIAL CORPORATION</B><BR>
a majority-owned subsidiary of<BR>
<B>LOEWS CORPORATION<BR>
CNA SURETY CORPORATION </B>(issuer)
<DIV style="width: 100%; border-bottom: 1px solid #000000; FONT-size: 1px">&nbsp;</DIV>
(Names of Filing Persons (other person(s))</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B>Common Stock, $0.01 Par Value Per Share</B><BR>
<DIV style="width: 100%; border-bottom: 1px solid #000000; FONT-size: 1px">&nbsp;</DIV>
(Title of Class of Securities)<BR><BR>

<B>12612L1008</B><BR>
<DIV style="width: 100%; border-bottom: 1px solid #000000; FONT-size: 1px">&nbsp;</DIV>
(CUSIP Number of Class of Securities)</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt">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>
(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>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top">Gary Horowitz <BR>
Simpson Thacher &#038; Bartlett LLP <BR>
425 Lexington Avenue <BR>
New York, New York 10017-3954<BR>
(212)&nbsp;455-2000
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Rosemary Quinn<BR>
CNA Surety Corporation<BR>
333 S. Wabash Avenue, 41<SUP style="FONT-size: 85%; vertical-align: text-top">st</SUP> Floor<BR>
Chicago, Illinois 60604<BR>
(312)&nbsp;822-5000
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Mark D. Gerstein<BR>
Timothy P. FitzSimons<BR>
Latham &#038; Watkins LLP<BR>
233 South Wacker Drive, Suite&nbsp;5800<BR>
Chicago, Illinois 60606<BR>
(312)&nbsp;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="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="91%">&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>
    <TD>&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>
    <TD>&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>
    <TD>&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:&nbsp; <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:&nbsp;<FONT style="font-family: Wingdings">&#254;</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" style="font-size: 1px">
    <TD width="1%">&nbsp;</TD>
    <TD width="52%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD><!-- VRule -->
    <TD width="2%">&nbsp;</TD>
    <TD width="42%">&nbsp;</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" style="border-top: 2px solid #000000"><DIV style="margin-left:15px; text-indent:-15px">TRANSACTION VALUATION*</DIV></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">AMOUNT OF FILING FEE**</TD>
    <TD width="1%" style="border-top: 2px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD width="1%" style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD align="center" style="border-top: 2px solid #000000"><DIV style="margin-left:30px; text-indent:-15px">$466,255, 011</DIV></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>



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%">&nbsp;</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="2%" 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="40%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="59%">&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: 12pt"><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>

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

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










<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;2 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 5 (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)(xiii),
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 4 (as so amended
and supplemented, the &#147;<B>Schedule&nbsp;TO</B>&#148;), copies of which are attached hereto as Exhibits (a)(1)(xiv)
to (a)(1)(xviii), 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
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>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;15. Additional Information</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Item&nbsp;15 of the Schedule&nbsp;13E-3 is hereby amended and supplemented to add the following information:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;The Offer expired at 12:00 midnight, New York City time, on Wednesday, June&nbsp;8, 2011. Wells
Fargo Bank, N.A., the Depositary for the Offer has advised Purchaser that, as of such time, a total
of 14,711,891 Shares had been validly tendered and not withdrawn in the Offer, with an additional
376,057 Shares tendered by notice of guaranteed delivery. The tendered Shares (excluding shares
tendered subject to guaranteed delivery procedures) represent approximately 84% of the outstanding
Shares not owned by CNA Financial and its subsidiaries. The number of Shares tendered pursuant to
the Offer satisfies the non-waivable &#147;majority-of-minority&#148; condition to the Offer. Purchaser has
accepted for payment all Shares that were validly tendered in the Offer, and payment for such
Shares will be made promptly in accordance with the terms of the Offer. Upon purchase of the
tendered Shares, CNA Financial and its subsidiaries will own approximately 94% of the outstanding
Shares.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As soon as practicable, Purchaser intends to complete a short-form merger with and into CNA
Surety. No vote of CNA Surety stockholders will be required in connection with the merger. As a
result of the merger, all shares of CNA Surety common stock held by the remaining minority
stockholders of CNA Surety will be cancelled and, subject to appraisal rights under Delaware law,
converted into the right to receive $26.55 per share in cash, the
</DIV>

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

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<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">same consideration paid in the tender offer. Following the completion of the merger, CNA
Surety will be a wholly owned indirect subsidiary of CNA Financial and CNA Surety&#146;s common stock
will cease to be traded on the New York Stock Exchange.&#148;
</DIV>


<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>

<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="8%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="90%">&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>

<!-- 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>
<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)(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&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)(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&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)(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>
<!-- 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="10%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="88%">&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>


<!-- End Table Head -->
<!-- Begin Table Body -->
<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">Solicitation/Recommendation Statement (Amendment No.&nbsp;5) on Schedule&nbsp;14D-9, dated
June&nbsp;9, 2011 (incorporated by reference to the Schedule&nbsp;14D-9 (Amendment No.&nbsp;5)
filed on June&nbsp;9, 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 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)(xv)
</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)(xvi)
</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)(xvii)
</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)(1)(xviii)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Tender Offer Statement (Amendment No.&nbsp;4) on Schedule&nbsp;TO, dated June&nbsp;9, 2011
(incorporated by reference to the Schedule&nbsp;TO (Amendment No.&nbsp;4) filed on June&nbsp;9,
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&nbsp;14(f) of the Exchange Act on Rule&nbsp;14f-1
thereunder (incorporated by reference to Annex I to the Schedule&nbsp;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">(a)(5)(iv)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Press Release, issued by CNA Financial, dated June&nbsp;9, 2011 (incorporated by
reference to Exhibit (a)(5)(iii) to the Schedule&nbsp;TO (Amendment No.&nbsp;4) filed on June
9, 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>
<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)(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>

<!-- 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="8%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="90%">&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>

<!-- End Table Head -->
<!-- Begin Table Body -->
<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&nbsp;31, 2010,
prepared by Milliman, Inc., dated January&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">(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">






<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>

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD>Dated:  June 9, 2011<BR>
</TD>
</TR><TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left"><B>CNA FINANCIAL CORPORATION</B><BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/ Jonathan D. Kantor
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">Jonathan D. Kantor&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">Executive Vice President, General Counsel and Secretary&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left"><BR>
<B>SURETY ACQUISITION CORPORATION</B><BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/ Jonathan D. Kantor
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">Jonathan D. Kantor&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">Executive Vice President, General Counsel and Secretary&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left"><B>CONTINENTAL CASUALTY COMPANY</B><BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/ Jonathan D. Kantor
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">Jonathan D. Kantor&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">Executive Vice President, General Counsel and Secretary&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left"><BR>
<B>THE CONTINENTAL CORPORATION</B><BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/ Jonathan D. Kantor
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">Jonathan D. Kantor&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">Executive Vice President, General Counsel and
Secretary&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>



<P align="center" style="font-size: 10pt"><!-- Folio -->7<!-- /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">



<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left"><B>LOEWS CORPORATION</B><BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/ Gary W. Garson
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">Gary W. Garson&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">Senior Vice President, General Counsel and Secretary&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left"><B>CNA SURETY CORPORATION</B><BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>

<TD colspan="2" style="border-bottom: 1px solid #000000" align="left">
/s/ Rosemary Quinn
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">Rosemary Quinn&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">Senior Vice President, General Counsel and Secretary&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>


<P align="center" style="font-size: 10pt"><!-- Folio -->8<!-- /Folio -->
</DIV>



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