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Enterprise Structured Bonds Portfolio • • . Structured Assets represent 18% of invested assets Very high-quality, with 99% rated investment grade and just 0.1% in the NAIC 4 – 6 categories AA/AA- average rating across all structured positions • • • ~ 2/3rds of structured positions in senior tranches CLO portfolio heavily skewed to NAIC 1 ratings categories • AAA (38%), AA (40%), A (19%), BBB (2%), BB (1%) NAIC 2 positions limited and well-diversified across sectors • Underwriting focus on underlying asset quality, structural protections, and key document terms • Not focused on unsustainable capital arbitrage via CFOs, rated funds, combo notes, etc. Enterprise Structured Assets by Industry* CLO/CDO 23% Student Loan 3% Agency MBS 22% BV1: $6.8b NA CMBS 5% NA RMBS 10% Aircraft 6% Consumer 4% Autos 13% SF Rental 6% Railcar 1%- Other 5% Equipment 2% Enterprise Structured Assets by NAIC Rating* NAIC 2 11.8% Equipment 0.3% Railcar 0.4% CDO/CLO 0.5% NA CMBS 0.6% Other 0.9% Aerospace 2.9% Autos 2.9% SF Rental 3.3% NAIC 3 0.9% BV1: $6.8b NAIC 4-6 0.1% Avg Quality: Aa3 25 25 *Based on BICS classification 1Statutory book value as of June 30, 2023. Excludes $174m of external funds withheld reinsurance. Structured bonds refers to mortgage backed (agencies, non-agencies), CLOS/ CDOS and asset backed securities. MutuaОтана CONFIDENTIAL

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