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RELIANCE TO REDEEM NOTES AND DEBENTURES

 NEW YORK, Nov. 17 /PRNewswire/ -- As previously announced, Reliance Group Holdings, Inc. (NYSE: REL) has called for redemption, on or about December 16, 1993, all of its public debt other than the Senior Reset Notes due 2000 of its Reliance Financial Services Corporation subsidiary. The issues of Reliance Group Holdings, Inc., Reliance Group, Incorporated and Reliance Financial Services Corporation being redeemed are:
 -- Reliance Group Holdings, Inc. 14 percent Debentures due 1996, at a price of 102.2 percent of the principal amount plus interest from December 1, 1993 to the redemption date. The redemption agent is First Trust National Association, P.O. Box 64111, St. Paul, MN 55164-0111.
 -- Reliance Group Holdings, Inc. 11 1/2 percent Debentures due 1997, at a price of 100.0 percent of the principal amount plus interest from December 1, 1993 to the redemption date. The redemption agent is Yasuda Bank & Trust Company (USA), c/o BankAmerica National Trust Co., 2 Rector St., New York, NY 10006.
 -- Reliance Group Holdings, Inc. 11 percent notes due 1996, at a price of 100.0 percent of the principal amount plus interest from November 15, 1993 to the redemption date. The redemption agent is Provident Bank, Three East Fourth Street, Cincinnati, OH 45202.
 -- Reliance Group Holdings, Inc. 11 1/2 percent Debentures due 2001, at a price of 103.62 percent of the principal amount plus interest from November 15, 1993 to the redemption date. The redemption agent is Continental Bank, N.A. 231 S. Lasalle Street, Chicago, IL.
 -- Reliance Group Holdings, Inc. Senior Variable Rate Notes due 1998, at a price of 105.344 percent of the principal amount plus interest from December 15, 1993 to the redemption date. The redemption agent is Chemical Bank, 450 West 53rd Street, J.A.F. Building, P.O. Box 2862, New York, NY 10116-2862.
 -- Reliance Group, Incorporated 9 7/8 percent Debentures due 1998, at a price of 101.635 percent of the principal amount plus interest from September 1, 1993 to the redemption date. The redemption agent is Yasuda Bank & Trust Company (USA), c/o BankAmerica National Trust Co., 2 Rector Street, New York, NY 10006.
 -- Reliance Group, Incorporated 9 7/8 percent Debentures due 1999, at a price of 102.047 percent of the principal amount plus interest from December 1, 1993 to the redemption date. The redemption agent is Yasuda Bank and Trust Company (USA), c/o BankAmerica National Trust Co., 2 Rector Street, New York, NY 10006.
 -- Reliance Financial Services Corporation 11 3/8 percent Debentures due 2008, at a price of 100.0 percent of the principal amount plus interest from December 1, 1993 to the redemption date. The redemption agent is First Trust National Association P.O. Box 64111, St. Paul, MN 55164-0111.
 -- Reliance Financial Services Corporation 9 5/8 percent Debentures due 1997, at a price of 101.41 percent of the principal amount plus interest from November 15, 1993 to the redemption date.
 The redemption agent is United States Trust Company of New York, P.O. Box 844, Cooper Station, New York, NY 10276.
 -0- 11/17/93
 /CONTACT: Brian T. Martin, Vice President-Communications of Reliance Group Holdings, Inc., 212-909-1247/
 (REL)


CO: Reliance Group Holdings, Inc. ST: New York IN: INS SU:

LG -- NY025 -- 5345 11/17/93 09:55 EST
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Publication:PR Newswire
Date:Nov 17, 1993
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