Investor Presentaiton

50 50 Case Reserve Changes Indemnity 31 27 25 21 16 -25 -21 -24 5 3 ■Medical 20 TT -5 -4 -12 -14 -14 -18 -22 -33 -33 -30 Comments ■ Summarizing the change in case reserves, the net reserve change was a $72 million decrease. ■This is the largest decrease seen in the net reserve change in 29 years. This loss information is puzzling, given the loss ratio increase. The metrics showed: loss frequency decreased severities remained stable or decreased indemnity and medical case reserves decreased What is going on with the loss ratio? -42 -50 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 Calendar Year Case reserves based on MWCIA Financial data MWCIA years 22 22

View entire presentation