PFGI Provident Financial Grp. (MM)

Great American Financial Resources Announces Sale of Provident Financial Group Investment CINCINNATI, Feb. 17 /PRNewswire-FirstCall/ -- Great American Financial Resources, Inc. ("GAFRI") today announced that the proposed merger of Provident Financial Group, Inc. with National City Corporation is expected to result in a significant after-tax realized gain. The proposed merger was announced earlier today by Provident and National City. GAFRI owns approximately 1.5 million Provident common and common equivalent shares. Upon completion of the merger, GAFRI expects to receive approximately 1.7 million National City common and common equivalent shares and to recognize an after-tax realized gain of between $25 million and $30 million, depending upon market prices at closing. At December 31, 2003, GAFRI's stockholders' equity included a net unrealized gain of approximately $20 million attributable to its Provident investment. This transaction would give rise to an incremental increase in stockholders' equity of between $5 million and $10 million ($0.12 to $0.22 per share), again depending on market prices at closing. The transaction is not expected to have a material impact on GAFRI's operating earnings. GAFRI's subsidiaries include Great American Life Insurance Company, Annuity Investors Life Insurance Company, United Teacher Associates Insurance Company, Loyal American Life Insurance Company, Great American Life Assurance Company of Puerto Rico and Manhattan National Life Insurance Company. Through these companies, GAFRI markets traditional fixed and variable annuities and a variety of life, supplemental health and long-term care insurance. Forward Looking Statements This press release contains certain statements that may be deemed to be "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements in this press release not dealing with historical results are forward-looking andare based on estimates, assumptions and projections. Actual results could differ materially from those expected by GAFRI depending on certain factors including but not limited to: changes to the terms of the proposed transaction, changes in economic conditions including interest rates, performance of securities, regulatory actions, judicial decisions and rulings, tax law changes, and other changes in market conditions that could affect any party to the proposed transaction. DATASOURCE: Great American Financial Resources, Inc. CONTACT: Mark F. Muething, Executive Vice President of Great American Financial Resources, Inc., +1-513-333-5515 Web site: http://www.gafri.com/

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