| FREE WRITING PROSPECTUS DATED AUGUST 3, 2006 | Filed Pursuant to Rule 433 Registration No. 333-127544 |
CNA FINANCIAL CORPORATION
$400,000,000
5-YEAR SENIOR NOTES
FINAL TERMS AND CONDITIONS:
| Issuer: | CNA Financial Corporation | |
| Ranking: | Senior | |
| Ratings: | Baa3/BBB-/BBB- (Stable/Negative/Stable) (Moody’s / S&P / Fitch) | |
| Trade Date: | August 3, 2006 | |
| Settlement Date: | August 8, 2006 (T+3 days) | |
| Maturity: | August 15, 2011 | |
| Par Amount: | $400,000,000 | |
| Treasury Benchmark: | UST 4.875% due 7/11 | |
| Treasury Yield: | 4.911% | |
| Re-offer Spread vs. Treasury | +120 bp | |
| Yield to Maturity: | 6.111% | |
| Semi-Annual Coupon: | 6.00% | |
| Public Offering Price: | 99.525% | |
| Make-Whole Call | +20 bp | |
| All-in-Yield: | 6.252% | |
| Interest Payment Dates: | Semi-annually on the 15th of each February and August | |
| First Coupon: | February 15th, 2007 | |
| Day Count: | 30/360 | |
| Minimum Denomination / Multiples: | $2,000 / $1,000 | |
| Joint Bookrunners: (50% each) | Citigroup Lehman Brothers | |
$350,000,000
10 Year Senior Notes
Final Terms and Conditions
| Issuer: | CNA Financial Corporation | |
| Ranking: | Senior | |
| Ratings: | Baa3 / BBB- / BBB- (Stable / Negative / Stable) (Moody’s / S&P / Fitch) | |
| Trade Date: | August 3, 2006 | |
| Settlement Date: | August 8, 2006 (T + 3 days) | |
| Maturity: | August 15, 2016 | |
| Par Amount: | $350,000,000 | |
| Treasury Benchmark: | UST 5.125% due 5/16 | |
| Treasury Yield: | 4.973% | |
| Re-offer Spread vs. Treasury: | +160 bp | |
| Yield-to-Maturity: | 6.573% | |
| Semi-Annual Coupon: | 6.500% | |
| Public Offering Price: | 99.468% | |
| Make-Whole Call | +25 bp | |
| All-in Yield: | 6.663% | |
| Interest Payment Dates: | Semi-Annually on the 15th of each February and August | |
| First Coupon: | February 15th, 2007 | |
| Day Count: | 30/360 | |
| Minimum Denominations/Multiples: | $2,000 / $1,000 | |
| Joint Bookrunners (50% each): | Citigroup Lehman Brothers | |
The issuer has filed a registration statement (including a prospectus) with the U.S. Securities and Exchange Commission (SEC) for this offering. Before you invest, you should read the prospectus for this offering in that registration statement, and other documents the issuer has filed with the SEC, for more complete information about the issuer and this offering. You may get these documents for free by searching the SEC online database (EDGAR®) at www.sec.gov. Alternatively, you may obtain a copy of the prospectus from Citigroup Corporate & Investment Banking, Brooklyn Army Terminal, 140 58th Street, 8th floor, Brooklyn, New York, 11220, Attention: Prospectus Department; telephone: 1-877-858-5407 or Lehman Brothers Inc. at 745 Seventh Avenue, New York, New York 10019; telephone: 1-888-603-5847.