Lack of Volatility in Results and Excess Capital Returned to Shareholders

LONG-TERM STRATEGY REMAINS CONSTANT Confidential Superior Risk Adjusted Underwriting Results Superior Long-Term Risk-Adjusted Return on Equity and Shareholder Value Creation Above Market Risk-Adjusted Investment Returns Prudent Capital Management Decentralized operating units • Specialized expertise • Close to the customer •Cycle management • Exposure and volatility management • Create new businesses with the right talent •High-quality fixed income portfolio ⚫ Duration management •Individual asset class expertise • Invest for total return while always being conscious of risk •Maintain optimal capital •Optimize capital structure • Allocate capital on a risk-adjusted basis 3

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