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CAPITAL HOLDING SHAREHOLDERS ELECT DIRECTORS AT ANNUAL MEETING; BOARD ANNOUNCES PREFERRED STOCK EXCHANGE

 LOUISVILLE, Ky., May 5 /PRNewswire/ -- Shareholders of Capital Holding Corporation (NYSE: CPH) approved the election of one new director to the company's board and re-elected three directors during the company's annual meeting today.
 Newly elected to a three-year term on the board of directors is Raymond V. Gilmartin, 52, chairman, president and chief executive officer of Becton Dickinson & Company, an international company which manufactures and sells medical supplies and diagnostic systems. Gilmartin joined Becton Dickinson in 1976 and has held various operating positions. He became president of the company in 1987 and chief executive officer in 1989.
 Directors re-elected to three-year terms are: Irving W. Bailey II, 51, chairman, president and chief executive officer of Capital Holding; John L. Clendenin, 58, chairman and chief executive officer of BellSouth Corp.; and John L. Weinberg, 68, senior chairman of Goldman, Sachs & Company.
 Also, John Izard, 70, former partner of the law firm of King & Spalding, retired from Capital Holding's board as of May 5, 1993. Izard had been a director since 1973.
 Shareholders also approved a proposal to ratify the appointment of Ernst & Young as the company's independent auditors.
 In his remarks to the company's shareholders, Bailey said, "Our strength as a company (is) born of the progress we've made ... and our efforts to ensure that progress continue." In 1992, despite a soft economy, Capital Holding again delivered an increase in operating earnings per share of 10.1 percent and earned an operating return on equity of 16.4 percent.
 He pointed to Capital Holding's strengths in target marketing and effectively managing customer relationships as keys to the company's continued success. "Our mission is to assist individuals and families in achieving their financial objectives through the services and products we offer. We are well positioned for 1993 and beyond," he said.
 In February of this year, the board approved a two-for-one stock split in the form of a stock dividend of one share of common stock for each share of common stock held.
 The distribution of the stock dividend was made on April 30, 1993 to shareholders of record on April 15, 1993. The second quarter cash dividend of 18.25 cents per share of common stock will be payable on June 15, 1993 to shareholders of record on June 1, 1993. This is consistent with the 36.5 cents per share quarterly dividend declared for the first quarter of 1993 at the December 1992 board meeting, adjusted for the stock dividend.
 A quarterly cash dividend of $1.6875 per share will be payable on our adjustable-rate preferred stock, series F, on July 15, 1993 to holders of record on June 30, 1993. A quarterly cash dividend of $1.00 per share will be payable on our Non-Cumulative Convertible Junior Preferred Stock, Series J, on June 15, 1993 to holders of record on June 1, 1993.
 Also, following the annual meeting, the company's Board of Directors approved the exchange of the Non-Cumulative Convertible Junior Preferred Stock, Series J, for the company's common stock effective June 16, 1993. Each share of preferred stock will be exchanged for 5.55 shares of common stock, which is the same as the current conversion ratio for such preferred stock.
 Capital Holding Corporation, with $21.8 billion in assets, is a leading provider of consumer financial services including insurance, consumer loan and annuity and pension products. The corporation offers these and other financial services and products primarily through agents, direct-marketing media and investment professionals. Its common stock is listed on the New York and Pacific stock exchanges under the ticker symbol CPH; its Series F preferred stock is listed on the New York Stock Exchange as CPHF.
 -0- 5/5/93
 /CONTACT: Bonnie Otto, 502-560-3019, or Michael Bateman, 502-560-2723, both of Capital Holding Corporation/
 (CPH)


CO: Capital Holding Corporation ST: Kentucky IN: INS SU: PER

CM -- CH005 -- 5022 05/05/93 16:07 EDT
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Date:May 5, 1993
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