Investor Presentaiton

30 50 28 28 $ Thousands Lost-time Medical Severity 26 24.3 24 24 21.6 22 20 20 -Minnesota -NCCI States 3.4% 28.3 21.7 Excl CV-19) 17.0 (Incl CV-19) 2019 2020p MWCIA years Comments NCCI States ■ The averages for NCCI states remained fairly stable from 2011 to 2015. ■ From 2015 to 2019, NCCI average lost-time medical severities increased an average of 3.4%. ■ The average for NCCI states remained flat in 2020. Minnesota Minnesota average lost-time medical severities have been nearly flat across the time period, fluctuating between 21 and 24 thousand dollars over the decade. ■ Once again, incorporating COVID-19 claims plummets the average. This is largely due to many COVID-19 lost- time claims not having corresponding medical payments. This will be discussed in the COVID-19 section. 18 16 2011 2012 2013 2014 2015 2016 2017 Accident Year 2018 Countrywide series from NCCI AIS State of the Market Minnesota series from MWCIA Financial data Excludes COVID-19 claims 17

View entire presentation