X0202 4 2005-02-24 0 0000800082 ARGONAUT GROUP INC AGII 0001211091 BUFKIN BARBARA C 10101 REUNION PLACE STE 500 SAN ANTONIO TX 78216 0 1 0 0 Senior Vice President Common Stock 2005-02-24 4 M 0 20000 17.58 A 20000 D Common Stock 2005-02-24 4 S 0 100 23.5 D 19900 D Common Stock 2005-02-24 4 F 0 970 23.62 D 0 D Stock Option (Right to Buy) 17.58 2005-02-24 4 M 0 20000 17.58 D 2013-09-03 Common Stock 20000 20000 D Stock Option (Right to Buy) 23.62 2005-02-25 4 A 0 970 23.62 A 2005-08-17 2013-09-03 Common Stock 970 970 D Sale of Common Stock issued upon exercise of Stock Options. Reflects sale of all 970 shares previously owned by Ms. Bufkin and used as a partial payment of the tax liability arising out of the exercise of the 20,000 options reflected on Table II. Granted under the Argonaut Group, Inc. Amended and Restated Stock Incentive Plan on September 3, 2002. Pursuant to the Plan, 25% of the options granted vest on each anniversary date of the grant such that the options fully vest in four years. Pursuant to the Argonaut Group, Inc. Amended and Restated Stock Incentive Plan, the Company granted Ms. Bufkin 970 new options exercisable in six months from the date of the grant in consideration of her using previously owned Common Stock of the Company in order to partially pay tax liability arising out of the 20,000 Options noted above. Byron L. LeFlore, Jr. 2005-02-28