Lack of Volatility in Results and Excess Capital Returned to Shareholders

90,000% 80,000% 70,000% W. R. BERKLEY CORPORATION'S PERFORMACE VS. THE S&P 500' OVERALL GAIN IN BOOK VALUE PER SHARE WITH DIVIDENDS COMPOUNDED 1973 - 2021 60,000% 50,000% 40,000% 30,000% 20,000% 10,000% % 1974 1975 1976 1977 1978 1979 1980 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 WRB S&P 500 Note: W. R. Berkley Corporation's book value per share has been adjusted for stock dividends paid from 1975 to 1983. Stock dividends were 6% in each year from 1975 to 1978, 14% in 1979, and 7% in each year from 1980 to 1983. The Company has paid cash dividends each year since 1976. 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 15,925% 87,869%

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