Smith Barney Citigroup Small & Mid-Cap Conference May 6, 2004

1. Smith Barney Citigroup Small & Mid-Cap ConferenceMay 6, 2004 Allmerica Financial Corporation Ed ParryExecutive Vice PresidentChief Financial Officer

2. Allmerica Financial CorporationForward Looking Statement Certain statements in this presentation may contain, “forward looking statements” as defined in the Private Securities Litigation Reform Act of 1995. Use of the words “believes”, “anticipates”, “expects” and similar expressions is intended to identify forward looking statements. In particular, this presentation may include forward looking statements with respect to earnings growth, return on equity, anticipated price increases in our P&C business, growth, expense management and improved underwriting. The Company cautions investors that any such forward-looking statements are not guarantees of future performance and actual results could differ materially. Investors are directed to consider the risks and uncertainties in our business that may affect future performance and that are discussed in readily available documents, including the Company’s annual report and other documents filed by Allmerica with the Securities and Exchange Commission. These uncertainties include the possibility of adverse catastrophe experience and severe weather, adverse loss development and adverse trends in mortality and morbidity, changes in the stock and financial markets, changes from assumed surrender activities and assumed stock market returns, adverse selection in underwriting activities and surrender patterns, investment impairments, heightened competition, adverse state and federal legislation or regulation, financial ratings actions, and various other factors, which include the effect of the Company’s decision to close its retail broker-dealer operations as well as the anticipated impact and cost of the GMDB hedging program. The performance of the hedging program is dependent on, among other things, the future performance and volatility of the equity market, the extent to which the performance of the various hedging instruments correlate with the investment performance of the underlying annuity sub-accounts, the continued availability of equity index futures and redemption and mortality patterns in the Company’s annuity contracts. The discussion in this presentation includes financial measures that are not derived from generally accepted accounting principles, or GAAP. Information regarding these non-GAAP financial measures is available in the Investor Relations section of the Allmerica website at www.allmerica.com

3. Who We Are Fortune 500: Market Capitalization of $1.9B Regional Property and Casualty Company • 30th Largest Property and Casualty Insurer • Over $2 billion in Written Premium • Partnerships with 1,850 Local Agenciesin 25 States – Northeast and Michigan Focus • Hanover & Citizens Brand Names • Over 150 Years in the Business • A.M. Best Rating of A- [Excellent] Life Companies • Closed Block of Business Consisting Primarily ofVariable Annuities • $14B in Assets • $120 Million in Annual Operating Cash Flow • A.M. Best “Secure” Rating of B+ [Very Good]

4. Who We Are in Numbers 2003 Revenue 2003 Pre-tax Segment Income* 24% 7% 76% 93% * Excludes Corporate Debt 2003 Net Income: $87m EPS: $1.63

5. Who We Are in Numbers Statutory Surplus GAAP Equity $1,619 $1,555 $1,312 43% $1,218 57% Life and P&C Equity $2.8B Debt (0.5B) Total GAAP Equity $2.3B 3/31/04 Life Company RBC = 420%

6. Allmerica Financial Corporation2003 Property and Casualty Business Mix Commercial Lines by Size $2.2B Total Net Written Premium 13% 22% $25k-$50k 9% $10k < $25k $50k-$100k > $100k 10% < $10k 46% 81% in Policies < $50K 2/3 of Accounts < $75K • 68% Personal Lines - Short-tail Liabilities • 32% Commercial Lines - Predominately “Main Street” Small Commercial

7. Personal Lines2004 Priorities Margin Improvement Drive Earnings Growth Agency Partnerships • Identify and Grow with Key Agents • Aggressively Manage Underperforming Agents • Achieve Adequate Pricing Levels • Continue Implementation of Rate Tiering • Shift Geographic Mix of Business • Improve MA Auto Results Product & Underwriting Responsive Service Delivery • Accelerate Deployment of POS • Introduce Pre-Fill

8. Commercial Lines2004 Priorities Build the Foundation for Earnings Growth in 2005 Agency Partnerships • Lock in Strategic Partnerships with Winning Commercial Lines Agencies • Improve Renewal Retention • Enhance New Business Mix • Tiered Pricing Strategies Product & Underwriting Responsive Service Delivery • Refine small commercial operating model

9. Life Companies2004 Priorities • Maintain Expense Margins • Retain Profitable Customers Maximize Long Term Cash Flow • Manage GMDB Risk Through Hedging Manage Volatility • Create Strategies to Utilize Excess Capital Maximize Long Term Value

10. Allmerica Financial Corporation Financial Performance ($ in millions) After Tax Segment Earnings • Segment Income up 40% • Solid P&C Earnings • Life Earnings Better than Expected First Quarter Highlights

11. Property & CasualtyFinancial Performance ($ in millions) Pre-tax Segment Earnings Personal Lines: • Rate Increases • Lower Frequencyof Losses Commercial Lines: • Lower Favorable Development • Premium Growth • Increased Retention First Quarter Highlights

12. Life CompaniesFinancial Performance ($ in millions) Pre-tax Segment Earnings • Lower Operating Expenses • Favorable Equity Market $5 Q1 2003 Q1 2004 $2 ($ in millions) Net Operating Cash Flow $42 $40 $39 $32 $32 • Strong Positive Cash Flow Q1 2004 Q4 2003

13. GAAP Earnings GAAP Book Value Return onEquity AFC Performance Metrics P&C Life • Cash Flow • Statutory Surplus

14. 2004 Financial Summary Focus on the Basics Personal Lines Great Start Towards Becoming a World Class P&C Company Margin Improvement Drives Earnings Growth Improve ROE Commercial Lines Building the Foundation for Growth Life Companies Maximize Cash Flow & Maintain Strong Surplus