Alleghany 2021 Full Year Performance Highlights

Illustrative BVPS Growth Sensitivity (excluding AOCI) ■ Assumes values for non-sensitized variables, except realized and unrealized gains on fixed income securities, are similar to 2021 ■ Assumes stable interest rates and no realized or unrealized gains (losses) on fixed income securities Normalized Combined Ratio Normalized Returns on Common Equity 100% 98% 96% 94% 92% 90% 88% 5% 5.7% 6.9% 8.1% 9.3% 10.5% 11.8% 13.0% 6% 5.9% 7.2% 8.4% 9.6% 10.8% 12.0% 13.3% 7% 6.2% 7.4% 8.6% 9.9% 11.1% 12.3% 13.5% 8% 6.5% 7.7% 8.9% 10.1% 11.4% 12.6% 13.8% 9% 6.8% 8.0% 9.2% 10.4% 11.6% 12.9% 14.1% 10% 7.0% 8.3% 9.5% 10.7% 11.9% 13.1% 14.4% 10

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