Lloyd's Capital Structure Overview

LLOYD'S Lloyd's financial strength ratings are strong Ratings Insurer financial strength (IFS) Subordinated debt rating A- Key strengths quoted by the rating agency A.M. Best Affirmed July 2017 Stable outlook Standard & Poor's Fitch Ratings A+ Affirmed October 2017 Negative outlook (Strong) AA- (Very strong) Affirmed October 2017 Negative outlook A (Excellent) A- a- • • Very strong competitive position with wide geographic and product coverage Very strong capital and earnings and strong financial flexibility Strong risk controls, risk culture and risk management Very strong business profile and strong market performance . Strong and stable risk-adjusted capitalisation Strong and well structured risk management framework Strong member and central capital • Good financial flexibility Strong underwriting performance Excellent business profile IFS Ratings AA- A+ A A- 2011 2012 2013 2014 2015 2016 2017 --0------0------OOOO -0--- Fitch S&P AM Best BBB+ Source: S&P Research update October 2017, S&P Full Rating Report September 2017, Fitch Ratings Press Release October 2017, Fitch Ratings Full Rating Report July 2017, A.M. Best press release July 2017, Best's Rating of Lloyd's 2017, September 2017 18

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