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ITHACA Overview and Financial Performance Trading Analysis Since September 4, 2009 Volume Price Weighted Date High Low Close Volume Price ITHACA 09/08/09 $63.10 $61.82 $62.98 2,544,535 $62.37 09/09/09 62.63 62.15 62.40 1,062,235 62.43 09/10/09 62.49 62.01 62.49 1,034,226 62.20 09/11/09 62.36 62.09 62.23 399,556 62.19 09/14/09 62.71 61.93 62.18 304,821 62.13 Average / Total $62.46 5,426,424 $62.27 ( 1 ) FOSTERS 09/08/09 $347.64 $338.70 $341.47 102,125 $343.72 09/09/09 343.62 338.44 339.80 62,227 340.77 09/10/09 345.05 336.51 343.85 36,850 342.23 09/11/09 346.75 342.38 343.88 79,372 345.30 09/14/09 370.40 342.69 363.76 242,363 356.83 Average / Total $346.55 522,937 $345.77 Notes: (1) New York Stock Exchange composite trading volume only Source: Bloomberg 9

ITHACA Overview and Financial Performance Growth in Book Value per Share Book Value per Shar e (“BVPS”) % Change BVPS Since CAGR C om pany 2003 2004 2005 2006 2007 2008 06/30/09 12/03 12/08 1-Year 3-Year 5-Year ITHACA $20.87 $24.22 $22.31 $27.92 $36.78 $45.37 $51.90 148.7% 14.4% 27.8% 27.0% 21.3% Dir ect Peer s Everest Re Group Ltd. 56.84 66.09 64.04 78.53 90.43 80.77 91.13 60.3% 12.8% 0.9% 10.6% 10.6% TransAtlantic Holdings Inc. 36.24 39.30 38.60 44.80 50.56 48.19 53.47 47.5 11.0 3.9 10.1 9.6 Reins urance C om posite Arch Capital Group Ltd. 25.52 31.03 33.82 43.97 55.12 51.36 60.76 138.1 18.3 5.7 18.6 21.0 Axis Capital Holdings Ltd. 18.48 21.20 20.23 26.09 32.69 29.08 28.72 55.4 (1.2) (5.2) 11.6 NA PartnerRe Ltd. 42.48 50.99 44.57 56.07 67.96 63.95 73.85 73.8 15.5 5.2 16.6 13.6 Allied World Assurance Co. Holdings Ltd. 38.83 41.58 28.20 35.26 42.53 46.05 51.78 33.4 12.4 14.8 NA NA Aspen Insurance Holdings Ltd. 18.17 20.79 18.81 21.92 27.08 28.10 30.36 67.1 8.0 4.7 14.4 NA Endurance Specialty Holdings Ltd. 24.03 27.91 23.17 28.87 35.05 33.06 38.07 58.4 15.2 3.7 16.2 10.9 Platinum Underwriters Holdings Ltd. 24.79 26.30 23.22 28.33 34.04 34.58 37.89 52.8 9.6 8.5 15.0 10.2 Max Capital Group Ltd. 16.88 19.70 20.16 23.06 27.54 22.94 23.53 39.4 2.6 (8.3) 5.1 6.6 Mean 68.4% 11.1% 5.3% 15.4% 13.9% Source: FactSet, Company Filings 13

ITHACA Overview and Financial Performance Analyst Recommendations ( 1 ) Price Target Report Full Year Estimates Implied Growth ( 1 ) Firm Recommendation Pre-Offer Post-Offer Date 2009 2010 ‘09E — ‘10E RBC Capital Markets Buy $56.00 $60.00 09/08/09 $4.00 $3.60 (10.0%) Keefe Bruyette & Woods Inc. Hold $52.00 $60.00 09/08/09 $3.95 $3.10 (21.5%) Fox-Pitt Kelton Cochran LLC Hold NA NA 08/20/09 $3.95 $3.50 (11.4%) Mean Analyst Estimates $54.00 $60.00 $3.97 $3.40 (14.3%) Median Analyst Estimates $54.00 $60.00 $3.95 $3.50 (14.3%) First Call Mean Estimates $54.00 $60.00 $3.57 $3.05 Consensus Trends $4.00 Estimate 2009 E Op. EPS 2010 E Op. EPS $3.60 Share per $3.20 Earnings $2.80 Operating $2.40 Mean $2.00 03/07 05/07 07/07 09/07 11/07 01/08 03/08 05/08 07/08 09/08 11/08 01/09 03/09 05/09 07/09 09/09 Notes: Mean First Call estimates as of September 14, 2009 (1) Analyst recommendations and operating earnings estimates did not change after the offer announcement on September 4, 2009 Source: FactSet, Bloomberg 15

ITHACA Overview and Financial Performance Relative Operating Performance ( 1 ) GAAP Combined Ratio Operating Return on Average Equity YTD YTD Company 2006 2007 2008 06/30/09 2006 2007 2008 06/30/09 ITHACA 94.4% 95.5% 101.2% 96.5% 21.5% 10.4% 3.5% 10.4% Direct Peers Everest Re Group Ltd. 89.7% 91.6% 95.6% 88.8% 18.1% 14.4% 10.4% 14.1% TransAtlantic Holdings Inc. 96.0 95.3 98.5 94.3 15.6 15.3 11.8 14.2 Reinsurance Composite Arch Capital Group Ltd. 85.4 84.1 95.0 87.0 24.2 22.3 14.2 17.8 Axis Capital Hldgs Ltd. 77.3 75.3 89.8 83.4 24.4 22.0 8.7 14.8 PartnerRe Ltd. 84.4 80.4 94.1 85.3 19.6 20.4 10.9 15.3 Allied World Assurance Co. Holdings Ltd. 78.8 81.3 84.2 79.3 27.1 19.8 19.4 20.0 Aspen Insurance Holdings Ltd. 82.0 83.0 96.0 86.0 17.1 18.3 5.4 14.7 Endurance Specialty Holdings Ltd. 81.5 79.9 93.5 90.8 24.1 21.7 7.5 17.8 Platinum Underwriters Holdings Ltd. 83.6 81.0 91.9 78.5 19.4 18.6 11.0 18.1 Max Capital Group Ltd. 86.4 88.2 91.9 90.3 17.8 20.7 (10.3) 14.3 Other Reinsurance Companies RenaissanceRe Holdings Ltd. 54.7 59.3 79.0 49.4 30.3 21.5 5.9 22.0 Validus Holdings Ltd. 56.7 62.0 92.2 73.5 NA 26.2 8.5 20.7 Montpelier Re Holdings Ltd. 60.3 61.3 91.0 67.6 22.9 17.8 6.2 15.9 Argo Group International Holdings Ltd. 93.9 99.4 100.5 96.0 12.1 7.9 6.2 10.8 Flagstone Reinsurance Holdings Ltd. 47.6 72.8 89.4 74.3 20.6 15.1 (0.9) 21.0 Mean 77.2% 79.7% 92.2% 81.6% 21.0% 18.8% 7.7% 16.7% Median 82.0 81.0 92.2 85.3 20.1 19.8 8.5 15.9 Notes: (1) Operating income calculated as net income after taxes, less the net income attributable to noncontrolling interest, after-tax realized gains and extraordinary items net of related taxes Source: SNL Financial, Company Filings 16

ITHACA Overview and Financial Performance Book Value Adjusted for Portfolio Appreciation and Realized Gains (Dollars in thousands, except per share data) As of 9/11/09 A s of 6/30/09 Change In Mar ket URA Mar ket U RA Mar ket URA Value Value Value Value Value Value Fixed income securities, available for sale: United States government, government agencies and authorities $152.6 $15.7 $146.4 $11.4 $0.0 $4.3 States, municipalities and political subdivisions 2,592.5 350.7 2,450.3 208.4 0.1 142.3 Foreign governments 871.9 57.6 840.4 49.9 0.0 7.7 All other corporate 394.6 78.1 450.4 81.7 (0.1) (3.6) Total fixed income securities, available for sale 4,011.7 502.2 3,887.5 351.4 124.2 150.8 Redeemable preferred stock, at fair value 0.1 0.0 0.1 0.0 0.0 0.0 Total common stocks, at fair value 2,141.7 401.2 1,928.8 155.6 0.2 245.6 Total common stocks, at equity 139.7 25.8 139.7 25.8 0.0 0.0 Short-term investments 297.2 (0.0) 546.3 (0.0) (0.2) 0.0 Sub-Total $6,590.3 $929.2 $6,502.4 $532.8 $124.1 $396.4 Mark-to-Market on Trading Securities $544.8 $51.0 $575.4 $24.5 ($30.5) $26.5 Realized Gain/Loss on Disposal ⁽¹⁾Bonds 0.0 43.4 0.0 0.0 43.4 Common Stock 0.0 31.1 0.0 0.0 31.1 Short-term and Cash equivalents 0.0 0.0 0.0 0.0 0.0 Total MTM and Realized gains $544.8 $125.5 $575.4 $24.5 ($30.5) $101.0 Total $7,135.2 $1,054.7 $7,077.8 $557.3 $93.6 $497.4 Tax (@35%) $174.1 Change after tax $323.3 Per s har e Book Value C hange $5.53 6/30/09 Book Value Per Shar e $51.90 Notes: (1) For the quarter to date through September 11, 2009 Adj. 9/11/09 Book Value Per Shar e ⁽²⁾$57.43 (2) Excludes the operating earnings and share buyback activity for the quarter through September 11, 2009 Source: ITHACA management 17

ITHACA Overview and Financial Performance Common Shareholders’ Equity Roll Forward (Dollars and share counts in millions, except per share data) Common Shares Per ( 1 ) Outstand ing Share Com m on Shar eholder s ‘ Equity at 6/30/09 $3,061.1 59.0 $51.90 Increase in Unrealized Appreciation in Investments (through September 11th) 257.7 Estimated Net Income Available to Common for the Third Quarter ⁽²⁾ 129.7 Shares Repurchased During Third Quarter (25.1) Estimated Third Quarter Common Dividends (4.3) Es tim ated Com m on Shar eholder s ‘ Equity at 9/30/2009 $3,419.1 58.4 $58.52 Estimated Net Income Available to Common for the Fourth Quarter ⁽³⁾ 71.2 Estimated Fourth Quarter Common Dividends (4.3) Es tim ated Com m on Shar eholder s ‘ Equity at 12/31/2009 $3,485.9 58.4 $59.66 Notes: (1) Includes U.S. restricted shares (2) Includes $10 million of additional pre-tax realized gains for the third quarter in addition to $101 million already realized through September 11, 2009 (3) Includes $30 million of additional pre-tax realized gains for the fourth quarter Source: Company Filings, ITHACA management 18

ITHACA Overview and Financial Performance Implied Multiples (Dollars in millions, except per share data) Original Price on FOST E R S Price on 0 9 /0 4 /0 9 Letter 0 9 /1 4/0 9 ( 1) Price Per Share $5 0 .0 7 $ 6 0.0 0 $6 2 .1 8 $ 6 3.0 0 $6 5 .0 0 Premium to Current Price 0.0% 19.8% 24.2% 25.8% 29.8% Premium to 1-Week Prior of $50.11 (0.1%) 19.7% 24.1% 25.7% 29.7% Premium to 1-Month Prior of $46.55 7.6% 28.9% 33.6% 35.3% 39.6% Premium to 52-Week High of $54.31 (7.8%) 10.5% 14.5% 16.0% 19.7% Premium to 52-Week Low of $31.55 58.7% 90.2% 97.1% 99.7% 106.1% Value of Common Shares Outstanding ⁽²⁾ $2,925.4 $3,505.5 $3,632.9 $3,680.8 $3,797.6 Value of Foreign Restricted Shares ⁽³⁾ 10.2 12.3 12.7 12.9 13.3 Value of Outstanding Stock Options ⁽⁴⁾ 3.3 4.4 4.7 4.7 5.0 Aggregate Equity Value 2,938.9 3,522.2 3,650.3 3,698.4 3,815.9 Total Debt 489.3 489.3 489.3 489.3 489.3 Preferred Stock 77.2 77.2 77.2 77.2 77.2 Total Enterprise Value $3,505.5 $4,088.8 $4,216.8 $4,265.0 $4,382.4 Value of the Minority Shares $821.0 $984.2 $1,020.0 $1,033.5 $1,066.4 Stock Price as a Multiple of: LTM 6/30/09 Op. EPS $2.73 18.3x 22.0x 22.8x 23.1x 23.8x Est. EPS 2009 (Mean Street Est.) $3.97 12.6x 15.1x 15.7x 15.9x 16.4x Est. EPS 2009 (Management Op. EPS) $4.41 11.4x 13.6x 14.1x 14.3x 14.7x Est. EPS 2009 (Management with Capital Gains) $5.27 9.5x 11.4x 11.8x 12.0x 12.3x Est. EPS 2010 (Mean Street Est.) $3.40 14.7x 17.6x 18.3x 18.5x 19.1x Est. EPS 2010 (Management Op. EPS) $4.48 11.2x 13.4x 13.9x 14.1x 14.5x Est. EPS 2010 (Management with Capital Gains) $6.36 7.9x 9.4x 9.8x 9.9x 10.2x 6/30/09 Book Value Per Share $51.90 0.96x 1.16x 1.20x 1.21x 1.25x (5) Adjusted Book Value Per Share $57.43 0.87x 1.04x 1.08x 1.10x 1.13x Management Estimate for 09/30/09 Book Value $58.52 0.86x 1.03x 1.06x 1.08x 1.11x Eq uity Value as a Multiple of: Aggregate 6/30/09 Book Value $3,061.1 0.96x 1.15x 1.19x 1.21x 1.25x Notes: (1) Price per share range shown is for illustrative purposes only (2) Based on 58.425 million common shares and U.S. restricted shares outstanding (3) Includes 0.204 million foreign restricted shares (4) Includes options of 0.082 million with an exercise price of $18.00, 0.006 million with and exercise price of $19.65, 0.003 million with an exercise price of $20.90, 0.008 million with an exercise price of $24.74 and 0.010 million with an exercise price of $24.04 million (5) Reflects pre-tax realized gains of $101 million and unrealized gains of $369 million through September 11, 2009 Source: Company filings, ITHACA management 19

ITHACA Overview and Financial Performance Summary of Historical Performance and Management Projections (Dollars in millions, except per share data) Histor ic al Managem ent Pr ojections 2009 2006 2007 2008 1H 2H 2009 2010 2011 2012 Net Premiums Written $2,160.9 $2,089.4 $2,030.8 $938.8 $937.9 $1,876.7 $1,996.7 $2,125.4 $2,263.4 % Growth (6.1%) (3.3%) (2.8%) (7.6%) 6.4% 6.4% 6.5% Combined Ratio 94.4% 95.5% 101.2% 96.5% 96.6% 96.5% 96.3% 95.9% 95.7% Diluted EPS $6.93 $8.23 $8.50 $2.04 $3.22 $5.27 $6.36 $6.69 $7.00 Diluted Operating EPS 3.73 3.32 1.46 2.38 1.86 4.41 4.48 4.75 5.01 Return on Average Equity 28.5% 25.8% 20.5% 8.5% 11.7% 10.2% 10.4% 9.9% 9.4% Operating Return on Average Equity 21.5% 10.4% 3.5% 10.4% 6.7% 8.5% 7.3% 7.0% 6.7% Book Value Per Share $27.92 $36.78 $45.37 $51.90 $58.39 $58.39 $64.49 $71.21 $78.25 Pre-tax Realized Gains $189.1 $539.1 $692.3 ($44.2) $123.1 $78.9 $170.0 $175.0 $180.0 Notes: Data presented does not reflect the increase in book value of $1.27 per share from September 4, 2009 to September 11, 2009 Source: Company Filings, ITHACA management 20

Preliminary Valuation Analysis Selected Market Statistics for Comparable Publicly-Traded Companies (Dollar values in millions, except per share data) % Change Price / 09/14/09 Since 52 wk Price Price / EPS 2009 E Tangible Dividend (1 ) (1 ) (2 ) Company Price 09/4/09 High Low Mkt. Cap. LTM 2009 E 2010 E ROE BVPS BVPS Yield (3 ) ITHACA $62.18 24.19% $63.10 $31.55 $3,636.1 22.8x 15.7x 18.3x 8.7% 1.22x 1.20x 0.48% Based on 09/04/09 Closing Price $50.07 $54.31 $31.55 $2,927.9 18.3x 12.6x 14.7x 8.7% 0.98x 0.96x 0.60% Direct Peers Everest Re Group Ltd. $85.15 0.40% $95.00 $54.77 $5,181.7 10.0 7.8x 7.4x 11.9% 0.93x 0.93x 2.27% TransAtlantic Holdings Inc. 50.21 1.43 70.62 26.16 3,332.7 8.8 7.6 7.5 11.8 1.01 0.94 1.60 Mean 9.4x 7.7x 7.4x 11.9% 0.97x 0.94x 1.93% Median 9.4 7.7 7.4 11.9 0.97 0.94 1.93 Reinsurance Composite Arch Capital Group Ltd. 63.96 (1.83) 80.47 44.68 4,285.3 10.8 6.8 6.9 15.8 1.06 1.05 0.00 Axis Capital Hldgs Ltd. 30.08 0.60 36.00 17.27 4,282.5 11.4 7.1 6.8 11.8 0.86 0.84 2.70 PartnerRe Ltd. 74.30 1.73 76.96 47.70 4,321.8 7.1 7.1 7.7 14.2 1.13 1.01 2.55 Allied World Assurance Co. Holdings Ltd 46.00 (1.08) 46.99 21.00 2,279.9 5.8 5.5 6.1 15.9 0.95 0.83 1.56 Aspen Insurance Holdings Ltd. 26.65 2.46 32.42 13.53 2,213.0 15.7 6.7 7.1 13.9 0.85 0.84 2.26 Endurance Specialty Holdings Ltd. 34.46 (0.12) 36.00 19.32 1,967.7 9.5 5.8 6.5 14.8 0.94 0.86 2.87 Platinum Underwriters Holdings Ltd. 34.60 (0.26) 38.76 21.38 1,722.3 11.3 6.4 6.7 13.4 0.88 0.88 0.92 Max Capital Group Ltd. 21.46 5.51 31.00 9.56 1,214.3 NM 7.4 6.7 11.9 0.89 0.89 1.87 Mean 10.2x 6.6x 6.8x 14.0% 0.95x 0.90x 1.84% Median 10.8 6.8 6.8 14.0 0.92 0.87 2.07 Overall Mean 10.1x 6.8x 6.9x 13.5% 0.95x 0.91x 1.86% Overall Median 10.0 6.9 6.9 13.7 0.94 0.89 2.07 Notes: (1) Mean First Call estimates as of September 14, 2009 (2) Based on estimated 2009 operating earnings per share divided by June 30, 2009 book value excluding AOCI (3) ITHACA 2009 and 2010 estimates calculated as the arithmetic mean of the three Street estimates Source: FactSet, Bloomberg 22

Preliminary Valuation Analysis Imputed Valuation Based Selected Publicly-Traded Companies Tr ading Im pu ted With 25% Multiples Valuation Pr em ium ITHAC A Mean Median Mean Median Mean Median Direct Peers 6/30/09 Book Value per Share $51.90 0.94x 0.94x $48.61 $48.61 $60.77 $60.77 Est. EPS 2009 (Mean Street Est.) $3.97 7.7x 7.7x $30.72 $30.72 $38.41 $38.41 Est. EPS 2009 (Management Op. EPS) $4.41 7.7x 7.7x $34.16 $34.16 $42.70 $42.70 Est. EPS 2009 (Management with Capital Gains) $5.27 7.7x 7.7x $40.82 $40.82 $51.03 $51.03 Est. EPS 2010 (Mean Street Est.) $3.40 7.4x 7.4x $25.29 $25.29 $31.61 $31.61 Est. EPS 2010 (Management Op. EPS) $4.48 7.4x 7.4x $33.32 $33.32 $41.65 $41.65 Est. EPS 2010 (Management with Capital Gains) $6.36 7.4x 7.4x $47.30 $47.30 $59.13 $59.13 Reinsurance Comp osite 6/30/09 Book Value per Share $51.90 0.90x 0.87x $46.86 $45.30 $58.57 $56.63 Est. EPS 2009 (Mean Street Est.) $3.97 6.6x 6.8x $26.17 $26.80 $32.71 $33.50 Est. EPS 2009 (Management Op. EPS) $4.41 6.6x 6.8x $29.09 $29.80 $36.37 $37.25 Est. EPS 2009 (Management with Capital Gains) $5.27 6.6x 6.8x $34.77 $35.61 $43.46 $44.51 Est. EPS 2010 (Mean Street Est.) $3.40 6.8x 6.8x $23.18 $23.04 $28.98 $28.80 Est. EPS 2010 (Management Op. EPS) $4.48 6.8x 6.8x $30.54 $30.36 $38.18 $37.95 Est. EPS 2010 (Management with Capital Gains) $6.36 6.8x 6.8x $43.36 $43.10 $54.20 $53.88 23

Preliminary Valuation Analysis Earnings Estimates for Comparable Publicly-Traded Companies YTD Implied Percentage Change 2008 — (1 ) 09/14/09 Analyst Operating 2H 2009 Consensus Est. Operating EPS 2008 — 2009 — 2010 — 2011 Company Price Coverage EPS Op. EPS 2009 2010 2011 2009 2010 2011 CAGR ( 2 ) ITHACA $62.18 3 $2.38 $1.59 $3.97 $3.40 NA 172.1% (14.3%) NA NA Based on Mean First Call Estimates $2.38 $1.19 $3.57 $3.05 NA 144.9% (14.6%) NA NA Direct Peers Everest Re Group Ltd. $85.15 10 $5.91 $4.94 $10.85 $11.52 $12.16 18.9% 6.2% 5.6% 10.0% TransAtlantic Holdings Inc. 50.21 4 3.55 3.02 6.57 6.71 6.85 13.8 2.1 2.1 5.9 Reinsurance Composite Arch Capital Group Ltd. 63.96 13 5.31 4.10 9.40 9.29 9.36 13.4 (1.2) 0.7 4.1 Axis Capital Hldgs Ltd. 30.08 11 2.26 2.00 4.27 4.40 4.81 51.9 3.2 9.4 19.7 PartnerRe Ltd. 74.30 13 5.84 4.56 10.40 9.65 9.30 23.3 (7.2) (3.7) 3.3 Allied World Assurance Co. Holdings Ltd. 46.00 6 4.89 3.48 8.37 7.54 7.27 (6.0) (9.9) (3.6) (6.5) Aspen Insurance Holdings Ltd. 26.65 5 2.48 1.49 3.97 3.77 4.53 124.1 (5.1) 20.1 36.7 Endurance Specialty Holdings Ltd. 34.46 8 3.51 2.38 5.89 5.29 5.67 84.7 (10.3) 7.3 21.1 Platinum Underwriters Holdings Ltd. 34.60 7 3.10 2.34 5.44 5.15 5.09 48.1 (5.4) (1.2) 11.4 Max Capital Group Ltd. 21.46 5 1.65 1.26 2.91 3.20 4.18 NM 9.7 30.6 NM Other Reinsurance Companies RenaissanceRe Holdings Ltd. 55.72 9 5.70 2.74 8.44 7.91 8.21 173.3 (6.2) 3.8 38.5 Validus Holdings Ltd. 25.03 7 2.67 2.14 4.81 4.97 5.15 116.9 3.4 3.6 32.4 Montpelier Re Holdings Ltd. 15.94 5 1.35 0.94 2.29 2.32 2.50 108.9 1.5 7.8 31.7 Argo Group International Holdings Ltd. 35.92 6 2.44 1.97 4.41 4.71 4.78 58.2 6.7 1.5 19.7 Flagstone Reinsurance Holdings Ltd. 10.50 4 1.21 0.68 1.90 2.23 3.05 NM 17.8 36.6 NM Mean 8 63.8% 0.4% 8.0% 17.5% Median 7 51.9 1.5 3.8 19.7 Notes: (1) Mean First Call estimates as of September 14, 2009 (2) ITHACA 2009 and 2010 estimates calculated as the arithmetic mean of the three Street estimates Source: FactSet 24

Preliminary Valuation Analysis After-Market Performance of Selected Reinsurance Initial Public Offerings Since 1996 (Dollar values in millions, except per share data) IPO Price/ 0 9 /0 4/0 9 Price / IPO IPO 0 9 /0 4/0 9 CAGR Pro Forma T angib le Date Issuer Ticker Price Price Since IPO Tangible Book BVPS BVPS 07/24/07 Validus Holdings Ltd. VR $22.00 $24.10 4.40% 1.04x 0.91x 0.85x 05/24/07 Greenlight Capital Re, Ltd. GLRE 19.00 18.50 (1.16) 1.30 1.11 1.11 03/30/07 Flagstone Reinsurance Holdings Ltd. FSR 13.50 10.56 (9.59) 1.12 0.86 0.82 07/11/06 Allied World Assurance Co. Holdings Ltd. AWH 34.00 46.50 10.44 1.15 0.96 0.84 12/03/03 Aspen Insurance Holdings Ltd. AHL 22.50 26.01 2.55 1.27 0.83 0.82 07/01/03 Axis Capital Hldgs Ltd. AXS 22.00 29.90 5.09 1.44 0.86 0.84 02/27/03 Endurance Specialty Holdings Ltd. ENH 23.00 34.50 6.41 1.05 0.95 0.86 10/28/02 Platinum Underwriters Holdings Ltd. PTP 22.50 34.69 6.52 1.06 0.88 0.88 10/09/02 Montpelier Re Holdings Ltd. MRH 20.00 16.04 (3.14) 1.13 0.87 0.87 08/13/01 Max Capital Group Ltd. MXGL 16.00 20.34 3.02 1.10 0.84 0.84 03/07/96 IPC Holdings Ltd. IPCR 22.00 30.74 2.51 1.51 0.86 0.86 Mean 2 .4 5% 1 .16 x 0 .9 1x 0.8 7 x Median 3 .7 1 1 .12 0 .8 8 0.8 5 06 /1 3/01 IT HACA OR H $ 18 .0 0 $5 0.0 7 13 .2 3% 1 .32 x 0 .9 8x 0.9 7 x Source: FactSet, Company Filings 25

Preliminary Valuation Analysis Selected Publicly-Traded Comparable P&C Acquisitions (Dollar values in millions, except per share data) GAA P Annoc. Deal Equity Enter pr ise Pr ic e/ LTM Pr ic e/ Book Date A cquir or Tar get C ons ider ation Pr ic e Value Value Net O p Inc Est. EPS ⁽¹⁾ Value 07/09/09 Validus Holdings, Ltd. IPC Holdings, Ltd. 25% Cash/ 75% Stock $29.48 $1,665.1 $1,665.1 11.0x 7.1 0.90x 07/04/09 PartnerRe Ltd. Paris Re Holdings Limited Stock 19.38 2,010.0 2,010.0 9.3 8.3 0.98 06/22/09 Tower Group Specialty Underwriters’ Alliance Stock 6.72 108.0 108.0 19.5 26.9 0.78 07/23/08 Tokio Marine Holdings Philadelphia Consolidated Holdings Cash 61.50 4,722.3 4,722.3 15.9 16.5 2.96 06/30/08 Allied World Assurance Darwin Professional Underwriters Cash 32.00 552.1 557.1 13.2 12.7 2.05 04/23/08 Liberty Mutual Safeco Corp. Cash 68.25 6,182.0 6,886.0 10.1 11.6 1.82 03/13/08 Pallisades Safety and Insurance National Atlantic Cash 6.25 72.7 72.7 NM 6.9 0.50 02/20/08 Meadowbrook ProCentury 50% Cash/ 50% Stock 20.00 273.4 303.1 11.4 11.4 1.70 01/11/08 Employers Holdings AmCOMP Cash 12.50 195.6 232.5 10.9 11.5 1.26 01/03/08 QBE Insurance Group North Pointe Insurance Cash 16.00 146.0 202.5 23.0 17.8 1.55 10/31/07 MAPFRE Commerce Group Cash 36.70 2,250.3 2,549.1 10.9 13.0 1.68 10/17/07 Munich Re Midland Co. Cash 65.00 1,324.7 1,422.9 16.7 16.0 2.16 10/16/07 The Doctors Company SCPIE Cash 28.00 293.1 293.1 19.8 NA 1.37 09/21/07 Rockhill RTW Cash 12.45 67.6 67.6 29.8 NA 1.29 06/25/07 The Hanover Insurance Group Professionals Direct, Inc. Cash 69.61 23.2 29.5 16.8 NA 1.81 06/11/07 DE Shaw James River Cash 34.50 573.2 631.5 15.0 13.6 2.57 05/07/07 Liberty Mutual Ohio Casualty Cash 44.00 2,745.8 2,945.3 13.4 15.0 1.72 03/01/07 Zurich Financial Services Bristol West Cash 22.50 701.6 801.6 16.7 15.2 1.97 12/04/06 Elara Holdings Direct General Cash 21.25 433.7 630.0 14.3 14.3 1.67 11/01/06 American European Group Merchants Group Cash 33.00 70.8 70.8 12.5 NA 0.89 08/04/06 Delek Group Republic Companies Cash 20.40 294.5 346.0 14.7 11.2 1.79 02/28/05 ProAssurance Corporation NCRIC Group, Inc. Stock 10.10 70.1 85.1 NM 11.9 0.97 10/14/04 United National Group Penn-America Group ⁽²⁾ 36% Cash/ 64% Stock 15.38 218.8 248.8 11.7 14.4 1.63 Mean 15.1x 13.4x 1.57x Median 14.3 13.0 1.67 Notes: (1) Mean consensus estimates for the full year period for the year of announcement, as reported on the day prior to announcement (2) Two-tier consideration paid by United National: $15.375 per each public share outstanding plus $13.39 per share for 4.8 million shares held by Penn Independent Corporation, a privately owned insurance broker. Source: SNL Financial, A.M. Best, Highline Data, Company Filings 26

Preliminary Valuation Analysis Market Premiums Paid on P&C Transactions (Dollar values in millions, except per share data) Annoc . Deal Equity Mar ket Pr em ium Date Ac quir or Tar get Pr ic e Value 1-Day 30-Day 07/09/09 Validus Holdings, Ltd. ⁽¹⁾ IPC Holdings, Ltd. $29.48 $1,649.5 16.0% 7.6% 07/04/09 PartnerRe Ltd. Paris Re Holdings Limited 19.38 1,562.4 57.6 56.7 06/22/09 Tower Group Specialty Underwriters’ Alliance 6.72 108.0 69.7 91.5 07/23/08 Tokio Marine Holdings Philadelphia Consolidated Holdings 61.50 4,722.3 73.0 77.1 06/30/08 Allied World Assurance Darwin Professional Underwriters 32.00 552.1 6.0 12.5 04/23/08 Liberty Mutual Safeco Corp. 68.25 6,139.1 50.9 54.9 03/13/08 Pallisades Safety and Insurance National Atlantic 6.25 69.7 14.5 13.0 02/20/08 Meadowbrook ProCentury 20.00 273.4 30.0 37.4 01/11/08 Employers Holdings AmCOMP 12.50 195.6 42.9 27.6 01/03/08 QBE Insurance Group North Pointe Insurance 16.00 146.0 51.2 51.2 10/31/07 MAPFRE Commerce Group 36.70 2,250.3 17.9 24.5 10/17/07 Munich Re Midland Co. 65.00 1,324.7 13.5 20.0 10/16/07 The Doctors Company SCPIE 28.00 293.1 26.8 37.9 09/21/07 Rockhill RTW 12.45 67.6 50.9 69.2 06/25/07 The Hanover Insurance Group Professionals Direct, Inc. 69.61 23.2 55.0 82.0 06/11/07 DE Shaw James River 34.50 573.2 (1.9) 0.4 05/07/07 Liberty Mutual Ohio Casualty 44.00 2,745.8 32.1 43.9 03/01/07 Zurich Financial Services Bristol West 22.50 701.6 38.5 34.1 12/04/06 Elara Holdings Direct General 21.25 433.7 30.8 42.0 11/01/06 American European Group Merchants Group 33.00 70.8 8.6 10.0 08/04/06 Delek Group Republic Companies 20.40 294.5 34.0 16.5 02/28/05 ProAssurance Corporation NCRIC Group, Inc. 10.10 69.6 (7.9) (8.0) 10/14/04 United National Group Penn-America Group 15.38 218.8 24.3 13.9 Mean 31.2% 35.1% Median 30.8 34.1 Notes: (1) Market premiums based on initial announcement of Max Capital Group and IPC Holdings merger on March 2, 2009 Source: SNL Financial, FactSet, Company Filings 27

Preliminary Valuation Analysis Selected Financial Services Acquisitions Since 2006 ⁽¹⁾ (Dollar values in millions, except per share data) Annoc. Deal Market Premium Da te Acquiror Seller Industry Consid eration Va lue 1 -Day 30 -Day 01/08/09 TD Ameritrade Holding Corp. thinkorswim Group Inc. Broker/Dealer Cash 32%/ 68% Stock $581.2 41.8% 45.6% 10/13/08 Banco Santander S.A. Sovereign Bancorp Inc. Bank Common Stock 1,909.9 (61.2) 16.9 08/18/08 Mitsubishi UFJ Finl Grp Inc UnionBanCal Corp. Bank Cash 3,808.1 61.5 12.3 03/17/08 CME Group Inc NYMEX Holdings Inc. Broker/Dealer Cash 44%/ 56% Stock 9,467.1 0.0 3.4 01/11/08 Bank of America Corp. Countrywide Financial Corp. Bank Common Stock 4,145.3 (36.8) 39.9 10/02/07 Toronto-Dominion Bank Commerce Bancorp Inc. Bank Cash 27%/ 73% Stock 9,157.3 15.4 9.3 09/05/07 Royal Bank of Canada Alabama National BanCorp. Bank Cash 51%/ 49% Stock 1,670.3 58.0 51.6 08/15/07 Fifth Third Bancorp First Charter Corp. Bank Cash 30%/ 70% Stock 1,088.6 57.4 55.9 07/26/07 KeyCorp U.S.B. Holding Co. Bank Cash 46%/ 54% Stock 586.3 32.0 55.0 07/19/07 PNC Financial Services Group Sterling Financial Corp. Bank Cash 42%/ 58% Stock 559.9 84.4 76.6 07/18/07 M&T Bank Corp. Partners Trust Financial Bank Cash 51%/ 49% Stock 555.8 15.1 24.4 07/08/07 Marshall & Ilsley Corp. First Indiana Corp. Bank Cash 540.1 53.5 44.3 06/26/07 People’s United Financial Inc. Chittenden Corp. Thrift Cash 58%/ 42% Stock 1,753.2 26.9 31.5 06/19/07 Madison Dearborn Partners LLC Nuveen Investments Asset Manager Cash 5,759.7 20.3 19.1 05/30/07 Wachovia Corp. A.G. Edwards Inc. Bank Cash 42%/ 58% Stock 6,936.3 23.4 18.2 05/04/07 Wells Fargo & Co. Greater Bay Bancorp Bank Common Stock 1,476.9 7.1 7.7 04/30/07 Deutsche Boerse AG ISE Holdings, Inc. Broker/Dealer Cash 2,777.6 38.3 45.9 04/30/07 National City Corp. MAF Bancorp Inc. Bank Common Stock 1,918.4 35.5 35.7 04/30/07 Susquehanna Bancshares Inc. Community Banks Inc. Bank Cash 14%/ 86% Stock 851.8 41.5 35.5 04/20/07 Fortress Invt Grp Interpool Inc. Asset Manager Cash 807.2 10.5 6.9 02/04/07 State Street Corp. Investors Financial Services Bank Cash 4%/ 96% Stock 4,493.6 52.3 38.9 01/29/07 Merrill Lynch & Co. First Republic Bank Broker/Dealer Cash 50%/ 50% Stock 1,784.3 40.7 42.8 01/09/07 Wells Fargo & Co. Placer Sierra Bancshares Bank Common Stock 644.7 18.0 19.4 12/20/06 Huntington Bancshares Inc. Sky Financial Group Inc. Bank Cash 11%/ 89% Stock 3,592.1 20.0 24.5 11/19/06 Toronto-Dominion Bank TD Banknorth Inc. Bank Cash 3,200.6 7.8 6.5 11/01/06 Rabobank Nederland Mid-State Bancshares Bank Cash 850.4 35.2 21.2 10/08/06 PNC Financial Services Group Mercantile Bankshares Corp. Bank Cash 36%/ 64% Stock 6,027.1 28.5 27.8 08/08/06 Morgan Stanley Saxon Capital Inc. Broker/Dealer Cash 706.1 25.2 23.9 07/26/06 National City Corp. Fidelity Bankshares Inc. Bank Cash 51%/ 49% Stock 1,038.4 25.9 13.5 07/10/06 National City Corp. Harbor Florida Bancshares Inc. Bank Common Stock 1,104.1 23.5 20.8 06/26/06 Citizens Banking Corp. Republic Bancorp Inc. Bank Cash 15%/ 85% Stock 1,033.5 24.4 29.0 06/12/06 Banco Bilbao Vizcaya Argent SA Texas Regional Bancshares Inc. Bank Cash 2,164.6 38.9 14.1 04/23/06 Washington Mutual Inc. Commercial Capital Bancorp Thrift Cash 993.2 10.0 13.6 Mean 2 6.5 % 28 .2 % Med ia n 2 5.9 24 .4 Notes: (1) Includes bank, thrift, asset manager, broker / dealer and specialty finance transactions with announced deal value between $500 million and $10 billion since January 1, 2006; excludes the distressed PNC Financial / National City and JPMorgan / Bear Stearns transactions Source: SNL Financial, FactSet, Company Filings 29

Preliminary Valuation Analysis Selected Insurance Minority Buy-In Acquisitions ⁽¹⁾ (Dollar values in millions, except per share data) % Change % Ownership Initial Initial Merger from % Premium Annoc. Pre- Post- Deal Offer Offer Deal Agreement Initial to Initial Offer Date Acquiror Target Deal Deal Value Price Date Price Date Offer 1-Day 30-Day 12/01/2008 Fairfax Financial Holdings Northbridge Financial Corp. 63.1% 100.0% 668.0 $36.00 11/13/08 $39.00 12/01/08 8.3% 28.9% 37.0% 03/10/2008 Nationwide Mutual Insurance Co Nationwide Financial Services 66.5 100.0 2,478.9 47.20 03/07/08 52.25 08/06/08 10.7 38.0 18.9 07/17/2007 Alfa Mutual Alfa Corp 54.1 100.0 856.4 17.60 07/17/07 22.00 11/04/07 25.0 44.7 29.8 02/22/2007 American Financial Group Inc Great American Financial 81.0 100.0 235.6 23.50 02/22/07 24.50 05/17/07 4.3 13.2 11.8 01/24/2007 AIG 21st Century Insurance Co 60.7 100.0 811.1 19.75 01/24/07 22.00 05/15/07 11.4 32.6 24.9 03/21/2006 Erie Indemnity Co ⁽²⁾ Erie Family Life Insurance 75.1 100.0 75.2 32.00 03/21/06 32.00 03/21/06 0.0 17.2 13.3 03/18/2002 ProAssurance Corp Meemic Holdings Inc 84.0 100.0 35.4 28.00 03/15/02 29.00 07/09/02 3.6 11.5 36.1 08/30/2000 AXA-UAP SA ⁽³⁾ AXA Financial Inc 60.1 100.0 11,189.0 53.50 08/30/00 54.63 10/17/00 1.1 4.2 29.9 03/27/2000 Hartford Fin Svcs Group Inc Hartford Life 81.5 100.0 1,304.1 44.00 03/27/00 50.50 05/18/00 14.8 18.6 42.7 03/21/2000 Citigroup Inc Travelers Property Casualty 85.0 100.0 2,396.6 41.50 03/21/00 41.95 03/22/00 1.1 24.5 35.1 01/19/2000 Metropolitan Life Insurance Co Conning Corp 60.4 100.0 95.4 10.50 01/14/00 12.50 03/09/00 19.0 30.7 48.1 Mean 73.5% 100.0% 11.4% 21.4% 26.4% Median 75.1 100.0 9.5 18.6 29.8 Notes: (1) Includes U.S. cash minority buy-in transactions (2) Includes ownership held by Erie Insurance Exchange (3) Consideration comprised of 35% stock and 65% cash Source: Company Filings 31

Preliminary Valuation Analysis Other Selected Minority Buy-In Acquisitions ⁽¹⁾ (Dollar values in millions, except per share data) % Change % Ownership Deal Initial Initial Merger from % Premium Annoc. Pre- Post- V alue Offer Offer Deal Agreement Initial to Initial Offer Date Acquiror Target Deal Deal ($mm) Price Date Price Date Offer 1-Day 30-Day 08/12/2008 Bank of Tokyo-Mitsubishi UFJ UnionBanCal Corp. 65.4% 100.0% $3,662.2 $63.00 08/12/08 $73.50 08/18/08 16.7% 26.3% 85.6% 10/23/2007 Investor Group (Poole/Perry) Waste Industries USA Inc. 51.0 100.0 376.2 36.75 10/22/07 38.00 12/17/07 3.4 33.5 32.8 07/12/2007 LVB Acquisition LLC ⁽²⁾ Biomet Inc. 84.7 100.0 1,988.8 38.00 07/06/06 46.00 12/18/06 21.1 47.6 32.0 11/20/2006 Toronto-Dominion Bank TD Banknorth Inc 59.8 100.0 3,188.5 32.00 08/02/06 32.33 10/20/06 1.0 6.1 7.2 10/09/2006 VNU NV NetRatings Inc. 60.5 100.0 328.5 16.00 10/06/06 21.00 02/05/07 31.3 44.1 41.6 09/01/2005 IYG Holding Co. 7-Eleven Inc. 75.5 100.0 1,283.7 32.50 09/01/05 37.50 10/19/05 15.4 32.3 10.8 02/21/2005 Novartis AG Eon labs Inc. 67.5 100.0 831.2 25.00 02/04/05 31.00 02/20/05 24.0 25.0 19.1 03/19/2003 E. I. du Pont de Nemours (EID) DuPont Canada Inc. 76.0 100.0 315.8 20.50 02/26/03 21.00 03/19/03 2.4 12.4 (1.9) 02/19/2002 Sabre Holdings Corp. Travelocity.com Inc. 70.0 100.0 490.9 23.00 02/19/02 28.00 03/05/02 21.7 8.1 2.0 10/10/2001 Toronto-Dominion Bank TD Waterhouse Group Inc. 80.0 100.0 386.0 9.00 10/10/01 9.50 10/30/01 5.6 45.2 32.9 05/23/2001 Electronic Data Systems Corp. Unigraphics Solutions Inc. 86.0 100.0 173.1 27.00 05/23/01 32.50 08/02/01 20.4 52.9 81.7 05/07/2001 BNP Paribas SA BancWest Corp. 58.4 100.0 2,491.0 32.00 05/04/01 35.00 05/08/01 9.4 40.1 0.0 02/15/2001 Westfield America Trust Westfield America Inc. 77.5 100.0 221.3 15.75 02/12/01 16.25 04/14/01 3.2 14.7 12.6 10/27/2000 Enron Corp. Azurix Corp. 66.0 100.0 329.8 7.00 10/27/00 8.38 12/15/00 19.6 131.5 88.7 09/21/2000 Ford Motor Co. Hertz Corp. 81.5 100.0 707.6 35.50 02/02/01 35.50 01/16/01 0.0 0.6 4.0 07/24/2000 Phoenix Home Life Mutual Phoenix Investment Partners 58.0 100.0 433.9 12.50 07/24/00 15.75 09/11/00 26.0 45.7 59.5 03/17/2000 BP Amoco PLC Vastar Resources Inc. 81.8 100.0 1,602.7 71.00 03/16/00 83.00 05/24/00 16.9 31.5 59.0 03/14/2000 Alcoa Inc. ⁽³⁾ Howmet International Inc. 84.7 100.0 367.5 20.00 04/13/00 21.00 06/19/00 5.0 1.2 13.1 Mean 74.0% 100.0% 12.6% 31.8% 27.6% Median 72.8 100.0 12.4 31.9 16.1 Notes: (1) Includes U.S. cash minority buy-out transactions with a transaction value between $250 million and $4 billion and where initial ownership was between 51% and 85% (2) Merger agreement was further amended on 06/07/07 (3) Merger date labeled as date of expiration of tender offer; offer fully completed Source: Company Filings 32

Preliminary Valuation Analysis Discounted Cash Flow Implied Valuation Summary 12/31/12 E DC F Book Value Valuation ⁽¹⁾ Des cr iption Per Shar e 1.0x BVPS 1.1x BVPS Cas e I - Managem ent Cas e w Net pre-tax investment yield of 3.75% on existing investments $78.25 $54.90 $60.29 w Net pre-tax investment yield of 3.0% on new money w Combined ratio of 96.5% in 2009 declining to 95.7% in 2012 w Pre-tax capital gains of $170 MM in 2010, $175 MM in 2011 and $180 MM in 2012 Cas e II — Higher Inves tm ent Yield w Gross pre-tax investment yield of 4.1% $80.11 $56.18 $61.70 w New money assumed to be invested in taxable bonds yielding 6.2% w Operating assumptions same as in management case w Capital gains same as in management case Cas e III - Capital Gains Equal to 15% of the Equity Por tfolio $86.46 $60.56 $66.52 w Operating assumptions same as in management case w Pre-tax capital gains equal to 15% on the equity portfolio ($329 million annually) Note: Data presented does not reflect the increase in book value of $1.27 per share from September 4, 2009 to September 11, 2009 (1) Assumes 11% discount rate and terminal book value multiples of 1.0x and 1.1x 34

Preliminary Valuation Analysis Case I: Management Case (Dollar values in millions, except per share data) For 2009 — 6 Months 2012 Ending For Year s Ending Decem ber 31, C A GR / 12/31/09 2009 2010 2011 2012 A ver age GAAP Net Income Available to Common $189.3 $312.0 $373.5 $392.8 $411.4 9.7% Growth % NM 19.7% 5.2% 4.7% Operating Net Income Available to Common $109.2 $260.7 $263.0 $279.1 $294.4 4.1% Growth % NM 0.9% 6.1% 5.5% Pre-tax Realized Gains $123.1 $78.9 $170.0 $175.0 $180.0 Pre-tax Investment Income 140.6 301.0 315.9 325.7 338.0 Return on Average Equity 11.7% 10.2% 10.4% 9.9% 9.4% 10.0% Operating Return on Average Equity 6.7% 8.5% 7.3% 7.0% 6.7% 7.4% Diluted EPS $3.22 $5.27 $6.36 $6.69 $7.00 9.9% Diluted Operating EPS $1.86 $4.41 $4.48 $4.75 $5.01 4.4% Total Common Equity $3,411.6 $3,411.6 $3,767.6 $4,160.4 $4,572.0 10.3% ⁽¹⁾ Growth % 24.8% 10.4% 10.4% 9.9% Common Equity per Share $58.39 $58.39 $64.49 $71.21 $78.25 10.3% ⁽¹⁾ Dividend Per Common Share $0.15 $0.30 $0.31 $0.32 $0.32 2.5% Average Basic Shares ⁽²⁾ 58.5 58.8 58.4 58.4 58.4 Average Diluted Shares ⁽³⁾ 58.7 59.2 58.7 58.7 58.7 Notes: Data presented does not reflect the increase in book value of $1.27 per share from September 4, 2009 to September 11, 2009 (1) Compounded annual growth rates for total common equity and total common equity per share calculated from December 31, 2009 through December 31, 2012 (2) Excludes Foreign RSUs and Options (3) Includes Foreign RSUs and Options based on treasury stock method Source: Management projections 35

Preliminary Valuation Analysis Case II: Management Case With Higher Re-Investment Yield (Dollar values in millions, except per share data) For 2009 — 6 Months 2012 Ending For Year s Ending Dec em ber 31, C A GR / 12/31/09 2009 2010 2011 2012 A ver age GAAP Net Income Available to Common $194.9 $317.6 $402.2 $431.7 $461.0 13.2% Growth % NM 26.7% 7.3% 6.8% Operating Net Income Available to Common $117.6 $263.6 $297.1 $323.3 $349.4 9.8% Growth % NM 12.7% 8.8% 8.1% Pre-tax Realized Gains $123.1 $78.9 $170.0 $175.0 $180.0 Pre-tax Net Investment Income 144.6 305.1 353.9 379.2 408.7 Return on Average Equity 12.0% 10.3% 11.1% 10.7% 10.3% 10.6% Operating Return on Average Equity 7.3% 8.6% 8.2% 8.0% 7.8% 8.2% Weighted Average Diluted - EPS $3.32 $5.37 $6.85 $7.35 $7.85 13.5% Weighted Average Diluted — Operating EPS $2.00 $4.46 $5.06 $5.50 $5.95 10.1% Total Common Equity $3,417.3 $3,417.4 $3,809.1 $4,230.3 $4,680.7 11.1% ⁽¹⁾ Growth % 25.0% 11.5% 11.1% 10.6% Common Equity per Share $58.49 $58.49 $65.20 $72.41 $80.11 11.1% ⁽¹⁾ Dividend Per Common Share $0.15 $0.30 $0.31 $0.32 $0.32 2.5% Average Basic Shares ⁽²⁾ 58.5 58.8 58.4 58.4 58.4 Average Diluted Shares ⁽³⁾ 58.7 59.2 58.7 58.7 58.7 Notes: Data presented does not reflect the increase in book value of $1.27 per share from September 4, 2009 to September 11, 2009 (1) Compounded annual growth rates for total common equity and total common equity per share calculated from 12/31/09 through 12/31/12 (2) Excludes Foreign RSUs and Options (3) Includes Foreign RSUs and Options based on treasury stock method 37

Preliminary Valuation Analysis Case III: Capital Gains Equal to 15% of Equity Portfolio (Dollar values in millions, except per share data) For 2009 — 6 Months 2012 Ending For Year s Ending Decem ber 31, C A GR / 12/31/09 2009 2010 2011 2012 A ver age GAAP Net Income Available to Common $241.0 $363.7 $509.5 $540.0 $570.3 16.2% Growth % NM 40.1% 6.0% 5.6% Operating Net Income Available to Common $118.4 $264.5 $301.1 $331.5 $361.9 11.0% Growth % NM 13.8% 10.1% 9.2% Pre-tax Realized Gains $192.7 $148.6 $328.9 $328.9 $328.9 Pre-tax Net Investment Income 146.0 306.4 360.0 391.9 428.0 Return on Average Equity 14.8% 11.7% 13.7% 12.8% 12.0% 12.5% Operating Return on Average Equity 7.3% 8.5% 8.1% 7.8% 7.6% 8.0% Weighted Average Diluted — EPS $4.10 $6.15 $8.67 $9.19 $9.71 16.4% Weighted Average Diluted — Operating EPS $2.02 $4.47 $5.13 $5.64 $6.16 11.3% (1) Total Common Equity $3,463.5 $3,463.5 $3,962.5 $4,492.0 $5,051.7 13.4% Growth % 26.7% 14.4% 13.4% 12.5% (1) Common Equity per Share $59.28 $59.28 $67.82 $76.88 $86.46 13.4% Dividend Per Common Share $0.15 $0.30 $0.31 $0.32 $0.32 2.5% Average Basic Shares ⁽²⁾ 58.5 58.8 58.4 58.4 58.4 Average Diluted Shares ⁽³⁾ 58.7 59.2 58.7 58.7 58.7 Notes: Data presented does not reflect the increase in book value of $1.27 per share from September 4, 2009 to September 11, 2009 (1) Compounded annual growth rates for total common equity and total common equity per share calculated from 12/31/09 through 12/31/12 (2) Excludes Foreign RSUs and Options (3) Includes Foreign RSUs and Options based on treasury stock method 39

Preliminary Valuation Analysis Implied Present Value Based on Future Book Value Growth (3.5-Year Time Horizon) Assumptions 6/30/09 Book Value $51.90 2012E Book Value Multiple 1.00x Discount Rate 11% Implied Present 12/31/12E Implied Assumed Future Stock Value of Total Discount Book CAGR from Market Price at 1.00x Present Future Net ( 1 ) Rate Value 06/30/09 Multiple BV in 12/31/12E Value Dividends Value 11% $66.85 7.5% 1.00 x $66.85 $46.40 $0.87 $47.27 11% $72.45 10.0% 1.00 $72.45 $50.28 $0.87 $51.15 11% $78.25 12.4% 1.00 $78.25 $54.31 $0.87 $55.18 11% $84.65 15.0% 1.00 $84.65 $58.75 $0.87 $59.62 11% $98.24 20.0% 1.00 $98.24 $68.18 $0.87 $69.06 Notes: Data presented does not reflect the increase in book value of $1.27 per share from September 4, 2009 to September 11, 2009 Shaded row indicates Management Projections (1) Per share Total Net Value does not reflect dilutive impact of options and foreign restricted shares. 41

Supplemental Data and Merger Consequences Analysis Investment Portfolio at Fair Value (Dollar values in millions) (1) (1) (1) (1) (1) ITHACA Mean Median RE TRH ACGL AXS PRE RNR AWH AHL ENH VR PTP IPCR MRH MXGL AGII FSR Investment Portfolio Total Invested Assets $6,952 $5,992 $5,284 $6,039 $10,965 $10,650 $8,970 $11,348 $6,176 $6,653 $5,284 $4,180 $3,140 $4,049 $2,036 $2,260 $4,052 $4,077 $1,359 Fixed Income 64.0% 90.7% 92.3% 100.0% 90.1% 89.2% 98.9% 94.8% 68.5% 98.0% 93.6% 97.1% 89.7% 99.9% 83.8% 92.3% 89.2% 75.8% 79.3% (2) Government and Agency 15.5% 17.3% 18.2% 11.7% 2.6% 12.1% 19.9% 3.4% 15.9% 22.8% 27.4% 21.8% 31.7% 19.6% 14.0% 29.7% 9.4% 18.2% 32.1% Mortgage and Asset Backed 1.3% 26.6% 27.4% 7.6% 4.5% 35.0% 39.4% 25.5% 23.6% 32.3% 26.5% 48.8% 27.6% 35.8% 5.2% 33.8% 26.4% 27.4% 8.5% Corporate 12.0% 25.9% 27.1% 17.3% 19.8% 27.1% 29.9% 34.0% 27.5% 32.0% 39.5% 24.2% 25.1% 17.5% 17.1% 27.8% 36.4% 12.7% 31.3% States and Municipalities 35.2% 13.1% 5.2% 63.3% 63.2% 8.1% 6.3% 0.0% 0.0% 5.2% 0.2% 2.4% 0.3% 16.0% 11.5% 1.1% 1.0% 17.5% 0.0% Non-Government and Other 0.0% 5.7% 1.6% 0.0% 0.0% 6.9% 3.4% 0.0% 1.6% 5.8% 0.0% 0.0% 5.0% 10.9% 36.0% 0.0% 16.0% 0.0% 7.3% Equities 27.7% 2.7% 0.1% 0.0% 4.5% 0.0% 1.1% 4.6% 0.0% 0.0% 0.0% 0.4% 0.0% 0.1% 16.2% 7.7% 0.0% 6.0% 0.3% Short-Term and Other 8.2% 6.6% 2.5% 0.0% 5.4% 10.8% 0.0% 0.6% 31.5% 2.0% 6.4% 2.5% 10.3% 0.0% 0.0% 0.0% 10.8% 18.2% 20.5% Total 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% Fixed Income by Rating Total Fixed Income $3,933 $5,671 $4,059 $10,760 $9,875 $9,503 $8,873 $10,660 $2,997 $6,032 $4,944 $4,059 $2,817 $4,046 $1,706 $2,087 $3,616 $3,092 $784 AAA / AA / A 91.6% 93.9% 95.8% 87.4% 98.4% 93.8% 90.5% 85.0% 95.8% 97.3% 97.0% 98.6% 95.2% 98.4% 98.7% 83.1% 93.4% 96.5% 96.1% BBB NA 4.1% 2.6% 11.2% 1.0% 2.8% NA 12.0% 2.2% 2.6% NA 0.8% 0.7% 0.9% 0.9% 10.9% 4.1% 3.5% 3.9% Below Investment Grade and Other 8.4% 2.1% 2.0% 1.4% 0.5% 3.4% NA 3.0% 2.0% 0.2% NA 3.6% 4.1% 0.8% 0.4% 6.0% 2.5% 0.0% 0.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 103.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% Notes: Financial data as of June 30, 2009 Above table excludes all cash (1) Fixed income ratings data as of December 31, 2008, most recent available data (2) Includes U.S. and foreign government securities Source: SNL Financial, Company Filings 43

Supplemental Data and Merger Consequences Analysis Shareholder Ownership (Dollar values and share amount in millions) Market % Market % Institutional Shareholders Position Value Ownership Institutional Shareholders (cont’d) Position Value Ownership Hamblin Watsa Investment Counsel Ltd. 42.40 $2,129.7 71.89% Hennessy Cornerstone Growth Fund 0.10 $5.1 0.17% Marshfield Associates 2.72 136.8 4.62 The California Public Employees Retirement System 0.09 4.7 0.16 Dimensional Fund Advisors, Inc. 1.32 66.2 2.23 Vanguard Strategic Equity Fund 0.09 4.7 0.16 Aronson & Johnson & Ortiz LP 1.28 64.2 2.17 Centaur Capital Partners LP 0.09 4.7 0.16 Renaissance Technologies LLC 1.17 58.7 1.98 DFA US Targeted Value Portfolio 0.09 4.4 0.15 Vanguard Group, Inc. 0.84 42.4 1.43 Credit Suisse (United States) 0.09 4.3 0.15 Barclays Global Investors NA 0.44 21.9 0.74 Fidelity Invt. Funds 0.08 4.2 0.14 Madison Investment Advisors, Inc. 0.41 20.8 0.70 Concert Wealth Management, Inc. 0.08 4.1 0.14 DFA US Large Cap Value Portfolio 0.35 17.3 0.59 Mosaic Mid Cap Fund 0.08 3.9 0.13 DFA Tax-Managed US Small Cap Value Portfolio 0.29 14.4 0.49 Royce Total Return Fund 0.08 3.9 0.13 Northern Trust Investments 0.29 14.3 0.48 Mercier Vanderlinden Asset Management 0.08 3.8 0.13 Hennessy Advisors 0.27 13.5 0.46 Merclin SICAV — Global Equity 0.08 3.8 0.13 Harris Investment Management, Inc. 0.23 11.6 0.39 Royce & Associates LLC 0.07 3.5 0.12 Highland Capital Management LP 0.22 11.2 0.38 DFA US Core Equity 2 Portfolio 0.06 3.1 0.11 Vanguard Mid Cap Index Fund 0.21 10.5 0.35 Ohio Public Employees Retirement System 0.06 3.0 0.10 Susquehanna Investment Group LLC 0.20 10.1 0.34 Vanguard Growth Index Fund 0.06 2.8 0.10 Vanguard Total Stock Market Index Fund 0.19 9.6 0.32 Other Institutional Owners (397) 3.64 182.7 6.06 Hennessy Focus 30 Fund 0.19 9.6 0.32 Total Institutional and Mutual Fund Owners 60.38 $3,032.8 102.28% Transamerica Partners Large Value Portfolio 0.18 9.0 0.30 State Street Global Advisors 0.17 8.6 0.29 Market % Thompson, Siegel & Walmsley LLC 0.17 8.3 0.28 Management and Insider Shareholders Position Value Ownership DWS Large Cap Value Fund 0.16 8.2 0.28 Barclays Global Investors Ltd. (UK) 0.16 8.0 0.27 Barnard Andrew Acheson 0.52 $26.1 0.88% Goldman Sachs & Co. 0.15 7.5 0.25 Young Brian D 0.19 9.7 0.33 Vanguard Extended Market Index Fund 0.13 6.7 0.23 Wacek Michael G 0.12 6.2 0.21 Norges Bank Investment Management 0.13 6.6 0.22 Donovan R Scott 0.07 3.4 0.12 AQR Capital Management LLC 0.13 6.6 0.22 Smith Donald Lee 0.03 1.4 0.05 CREF Stock Account 0.13 6.5 0.22 Jpmorgan Partners Llc 0.02 1.0 0.04 DFA Tax-Managed US Marketwide Value Portfolio 0.13 6.3 0.21 Narciso Anthony J Jr 0.02 1.0 0.03 RBC Capital Markets Equity Research 0.12 6.2 0.21 Dowd James F 0.01 0.7 0.02 The Government Pension Fund - Global 0.12 6.2 0.21 Griffiths Anthony F 0.01 0.3 0.01 RiverSource Investments LLC 0.12 5.9 0.20 Sweitzer Brandon W 0.00 0.1 0.01 OppenheimerFunds, Inc. 0.12 5.8 0.20 Kenny Patrick W 0.00 0.1 0.00 Loomis, Sayles & Co. LP 0.11 5.7 0.19 Wolff Paul Martin 0.00 0.1 0.00 Diamondback Capital Management LLC 0.11 5.6 0.19 Bennett Peter M 0.00 0.0 0.00 TIAA-CREF Asset Management LLC 0.11 5.6 0.19 Management and Insider Shareholders 1.00 $50.2 1.69% Notes: As of September 4, 2009 Due to options and potential double counting in the SEC filings the total ownership may be greater than 100% Source: SNL Financial, FactSet 44

Supplemental Data and Merger Consequences Analysis Ratings for Comparable Publicly-Traded Companies Current S&P Ratings Current Moody’s Ratings A.M. Best’s Senior Financial Senior Financial Financial (Debt + Pref.)/ Total Equity/ Premiums Written/ (1 ) Company Unsecured Strength Unsecured Strength Strength Total Capital Total Assets Capital & Surplus ITHACA BBB- A- Baa3 A3 A- 15.6% 30.2% 0.69x Direct Peers Everest Re Group Ltd. BBB+ A+ A3 Aa3 A+ 15.6% 32.0% 0.77x TransAtlantic Holdings Inc. BBB+ A+ A3 Aa3 A 16.4 25.2 1.16 Reinsurance Composite Arch Capital Group Ltd. BBB+ A (Pos.) Baa1 A2 A 16.4 22.3 0.84 Axis Capital Hldgs Ltd. A- A+ Baa1 A2 A 9.2 31.9 0.52 PartnerRe Ltd. A AA- (Neg.) A2 Aa2 A+ 19.7 25.0 Allied World Assurance Co. Holdings Ltd. BBB A- Baa1 A2 A 15.4 28.5 0.41 Aspen Insurance Holdings Ltd. BBB+ A Baa2 A2 A 18.7 32.6 0.64 Endurance Specialty Holdings Ltd. BBB+ A Baa1 A2 A 21.9 28.2 0.66 Platinum Underwriters Holdings Ltd. BBB Not rated Not rated None A 11.3 39.3 0.54 Max Capital Group Ltd. BBB A- Baa2 A3 A- 12.6 18.7 0.70 Other Reinsurance Companies RenaissanceRe Holdings Ltd. A A+ Baa1 A2 A 28.5 31.3 0.42 Validus Holdings Ltd. BBB- Not rated Baa2 A3 A- 12.4 43.0 0.62 (2) Montpelier Re Holdings Ltd. BBB A- Not rated Not rated A- 17.2 50.8 0.03 (3) Argo Group International Holdings Ltd. BBB- A- Not rated Not rated A 20.6 21.1 0.00 Flagstone Reinsurance Holdings Ltd. Not rated Not rated Baa3 A3 Not rated 18.7 41.2 0.53 Mean 17.0% 31.4% 0.56x Median 16.4 31.3 0.58 Notes: (1) For the full year ended December 31, 2008 (2) Premiums written to capital and surplus data shown is for Montpelier US Insurance Co. only (3) Reflects the issuer credit rating Source: SNL Financial, Company Filings 45

Supplemental Data and Merger Consequences Analysis Pro Forma Financial Consequences — No intangibles assumed created as a result of this transaction; all excess price paid over the book value assumed to create goodwill — ITHACA 2009E and 2010E earnings based on management projections - FOSTERS 2009E and 2010E earnings based on pre-equity raise First Call Consensus Mean estimates Indicative Price per Share $60 .00 $ 62.50 $63.00 $65.00 Aggregate Value $97 9.6 $1,020.6 $1,028.8 $1,061.5 Multiple of Adjusted 06 /30/09 Book Value (1) 1 .06x 1.10x 1.11x 1.15x Goodwill Created $72.8 $113.8 $122.0 $154.7 FOSTE RS 2009 Est. EPS $27.88 $27.36 $27.34 $27.33 $27.32 $ Accretion (Dilution) ($0.5 2) ($0.54) ($0.55) ($0.56) % Accretion (Dilution) (1.9%) (1.9%) (2.0%) (2.0%) 2010 Est. EPS $35.59 $34.15 $34.11 $34.10 $34.07 $ Accretion (Dilution) ($1.4 4) ($1.48) ($1.49) ($1.52) % Accretion (Dilution) (4.0%) (4.2%) (4.2%) (4.3%) 6/30/09 Book Value Per Share $315.91 $319.48 $319.48 $319.48 $319.48 $ Accretion (Dilution) $3.5 7 $3.57 $3.57 $3.57 % Accretion (Dilution) 1 .1% 1.1% 1.1% 1.1% 6/30/09 Tangible Book Value Per Share $297.83 $300.38 $298.36 $297.96 $296.35 6/30/09 (Debt + Preferred) / Total Capitalization 23.8% 23.8% 23.8% 23.8% 23.8% Notes: (1) June 30, 2009 book value adjusted to reflect unrealized gains through September 11, 2009 46