Investor Presentaiton

Reserves ($ Millions) 400 IBNR Plus Bulk Reserve Changes 365 347 337 314 317 315 318 300 200 100 112 70 48 40 0 -4 1 12 301 303 296 -43 102 -100 2011 2012 2013 2014 2015 2016 2017 2018 Calendar Year 2019 2020 ■ Prior AY Latest AYS ■Net Reserve Impact MWCIA Case reserves based on MWCIA Financial data years Comments ...IBNR and Bulk Reserves ■ IBNR and Bulk Reserves contributes to the loss ratio increase seen in Minnesota. ■ The net increase in IBNR and Bulk reserves in 2020 exceeds the net indemnity and medical reserves released. ■ The net increase is suspected to reflect uncertainty around the pandemic. 23 23

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