X0201 4 2004-01-20 0 0000775368 ALLEGHANY CORP /DE Y 0001014160 CARMICHAEL DAN R 9450 SEWARD RD FAIRFIELD OH 45014 1 0 0 0 Common Stock 2004-01-20 4 M 0 1922 73.7427 A 3636 D Option (right to buy) 73.7427 2004-01-20 4 M 0 1 D 2004-04-25 Common Stock 1922 9 D The option, originally granted for 1,000 shares of common stock at an exercise price of $141.75, was adjusted for 2% stock dividends paid in April 1996, 1997, 1999, 2000, 2001, 2002 and 2003 and for the spin off of Chicago Title Corporation in June 1998. One third of such option became exercisable on each of the first, second and third anniversaries of the date of grant. Christopher K. Dalrymple, Attorney-in-Fact 2004-01-21