LOEWS CORPORATION

L
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Loews : Q2 2021 Company Overview

08/02/2021 | 06:12am

COMPANY OVERVIEW

August 2021

Legal Disclaimers

Forward Looking Statements and Risk Factors. The information presented herein is generally available from public sources, including our and our subsidiaries' earnings releases and SEC filings. We urge you to read those documents, and we specifically direct you to the forward-looking statements, disclaimers and risk factors they contain. The primary purpose of this presentation is to help you understand how we view our Company, not to update our filings or correct any forecasts - we categorically do not give guidance. Conditions faced by our various businesses may have changed - for better or worse - since the time periods reflected in this presentation and we disclaim any obligation to update the information presented herein. Any statements made in addressing our results are not meant as an indication of the Company's performance since the time of our latest public filings and disclosures.

There are a number of important risk factors that could cause the actual results for each of the companies discussed in this presentation to differ from those expressed in forward-looking statements contained herein, including those risk factors discussed in detail in annual and quarterly reports and other filings made with the SEC by Loews Corporation and its consolidated subsidiaries: CNA Financial Corporation and Boardwalk Pipelines. Given these risk factors, investors and analysts should not place undue reliance on forward-looking statements.

Non-GAAPFinancial Measures. Certain financial information presented herein includes non-GAAP financial measures. Management believes these measures are useful to understanding the key drivers of the Company's operating performance. These non-GAAP measures are reconciled to GAAP numbers herein (or in documents referred to herein).

Where You Can Find More Information. Annual, quarterly and other reports filed with the SEC by Loews Corporation and its consolidated subsidiaries: CNA Financial Corporation and Boardwalk Pipeline Partners, LP contain important additional information about those companies and we urge you to read this presentation together with those filings, copies of which are available, as applicable, at the corporate websites of Loews Corporation at www.loews.comand such subsidiaries at www.cna.comand www.bwpipelines.com, or at the SEC's website at www.sec.gov.

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Roadmap

Loews Corporation

  • Diversified holding company operating in the insurance, energy, hospitality and packaging industries. Subsidiaries include:

CNA Financial: property & casualty insurance

Boardwalk Pipelines: transportation and storage of natural gas and liquids

Loews Hotels & Co: hotels that provide unique, local experiences

Altium Packaging1: rigid plastic packaging

1. Loews deconsolidated Altium Packaging on April 1, 2021, and now records Altium Packaging as an equity method investment.

Loews Corporation │CNA │Boardwalk │ Hotels │ Altium

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Corporate Structure

Long-term

view,

diversified

portfolio, one class of stock

$3.9 billion Cash

& Investments

$2.3 billion Debt

$13.8 billion Market Cap

Publicly

Traded

Privately

Held

Property &

$7.6 billion

89.6%

Net Earned Premiums

Casualty

Ownership

$12.0 billion

Insurance

Market Cap

Natural Gas &

100%

$819 million

NGL Midstream

Ownership

EBITDA1

Deluxe & Luxury

100%

16,565 System-wide

Guest Rooms2

Hotels

Ownership

Rigid Plastic

53%

$1.0 billion

Packaging

Ownership3

Net Sales

Balance sheet and ownership data is as of June 30, 2021. unless noted. Market cap data is as of July 30, 2021. All other data is for the year ended December 31, 2020.

  1. See Appendix - "Boardwalk EBITDA" for EBITDA to GAAP reconciliation.
  2. See page titled "Loews Hotels & Co - Portfolio" for additional disclosure. Loews Hotels & Co's results have been significantly impacted by the COVID-19 pandemic. See Q2 results in Earnings Supplement.
  3. On April 1, 2021, Loews sold 47% of Altium Packaging for gross cash proceeds of $420 million and net cash proceeds of $411 million. Loews deconsolidated Altium Packaging as of the date of the sale and now records Altium Packaging as an equity method investment.

Loews Corporation │CNA │Boardwalk │ Hotels │ Altium

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The Loews Discount

Loews's market cap is less than its sum-of-the-parts. CNA trades at a discount to its

peers and the market seems to assign little value to the private subsidiaries.

$13.8 billion

Market

Cap

$10.7 billion Market

Trades at earnings and

Value of Loews's Stake

BV discount to peers

+

Net Cash --+$1.6 billion

Private Subsidiaries --

Only $1.5 billion Implied Market Value

$819 million EBITDA1

16,565 System-wide

$1.0 billion Net Sales

Guest Rooms2

Balance sheet data is as of July 31, 2021. Market data is as of July 30, 2021. All other data is for the year ended December 31, 2020.

  1. See Appendix - "Boardwalk EBITDA" for EBITDA to GAAP reconciliation.
  2. See page titled "Loews Hotels & Co - Portfolio" for additional disclosure. Loews Hotels & Co's results have been significantly impacted by the COVID-19 pandemic. See Q2 results in Earnings Supplement.

Loews Corporation │CNA │Boardwalk │ Hotels │ Altium

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Disclaimer

Loews Corporation published this content on 02 August 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 02 August 2021 10:11:07 UTC.

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