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THE ST. PAUL MAKES INITIAL PUBLIC OFFERING OF NUVEEN COMMON STOCK

 THE ST. PAUL MAKES INITIAL PUBLIC OFFERING OF NUVEEN COMMON STOCK
 ST. PAUL, Minn., May 19 /PRNewswire/ -- The St. Paul Companies (NYSE: SPC) and The John Nuveen Company jointly announced today that The St. Paul Companies has agreed to sell, in an initial public offering, 8 million shares of Nuveen Class A Common Stock (before exercise of the underwriters' over-allotment option) at a price of $18 per share.
 The St. Paul intends to use the net proceeds of the offering for general corporate purposes, which may include contributions of capital to its insurance subsidiaries and repurchases of its common shares.
 The St. Paul Companies will retain a controlling interest in Nuveen with over 70 percent of it's shares.
 Nuveen stock is expected to begin trading on the New York Stock Exchange under the symbol JNC.
 Headquartered in Saint Paul, The St. Paul Companies is a worldwide property-liability insurance organization.
 Nuveen, headquartered in Chicago, specializes in the sponsorship, marketing and management of tax-free investments and in municipal finance.
 This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state.
 -0- 5/19/92
 /CONTACT: Contact: Patrick Hirigoyen of The Saint Paul Companies, 612-221-7598/
 (SPC) CO: The St. Paul Companies; The John Nuveen Company ST: Minnesota; Illinois IN: INS FIN SU: OFR JVN


KH -- MN013 -- 2030 05/19/92 16:42 EDT
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Publication:PR Newswire
Date:May 19, 1992
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