Pricing Supplement No. 4 Filing under Rule 424(b)(3) Dated December 5, 1996 Registration File No. 333-06456 (to Prospectus dated August 6, 1996 and Prospectus Supplement dated August 7, 1996) $275,000,000 The St. Paul Companies, Inc. Medium-Term Notes, Series C Principal Amount: $1,000,000 Fixed Interest Rate: 6.57% Stated Maturity: December 11, 2006 Issue Price (as a percentage of principal amount): 100% Selling Agent's Commission (%): .625% Net Proceeds to the Company (%): 99.375% CUSIP No. 79286LDD1 Settlement Date (original issue date): December 9, 1996 Selling Agent: Goldman, Sachs & Co. As of the date of this Pricing Supplement, the aggregate initial public offering price of the Debt Securities (as defined in the Prospectus) which has been sold (including the Notes to which this Pricing Supplement relates) is $23,000,000. GOLDMAN, SACHS & CO. J.P. MORGAN SECURITIES, INC.