Professional Documents
Culture Documents
ACE LTD
0000896159
FIRE, MARINE & CASUALTY INSURANCE [6331]
000000000
D0
1231
FILING VALUES:
FORM TYPE:
SEC ACT:
SEC FILE NUMBER:
FILM NUMBER:
8-K
1934 Act
001-11778
05774578
BUSINESS ADDRESS:
STREET 1:
STREET 2:
CITY:
STATE:
ZIP:
BUSINESS PHONE:
ACE BLDG
30 WOODBOURNE AVE
HAMILTON HM 08 BERMU
D0
00000
8092955200
MAIL ADDRESS:
STREET 1:
CITY:
STATE:
ZIP:
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>d8k.htm
<DESCRIPTION>FORM 8-K
<TEXT>
<HTML><HEAD>
<TITLE>Form 8-K</TITLE>
</HEAD>
<BODY BGCOLOR="WHITE">
P O BOX HM 1015
HAMITON BERMUDA
D0
00000
<HR SIZE="3" NOSHADE COLOR="#000000" ALIGN="left"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="5"><B>UNITED STATES </B></FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="5"><B>SECURITIES AND EXCHANGE COMMISSION </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Ti
SIZE="3"><B>Washington, D.C. 20549 </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1"> </FONT></P><HR WIDTH="17%" SIZE="1" NOSHADE COLOR="#000000"> <P STYLE="margin-top:0px;margin-bottom:0px">
SIZE="1"> </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="5"><B>FORM 8-K </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1"> </FO
SIZE="1" NOSHADE COLOR="#000000"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1"> </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="3"><B>Current Re
STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1"> </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="3"><B>Pursuant To Section 13 or 15 (d) of the </B></F
STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="3"><B>Securities Exchange Act of 1934 </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1"> </FONT></P>
STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>Date of Report (Date of earliest event reported) – April 26, 2005 </B></FONT></P> <P STYLE="margin-top:0px;margin-botto
SIZE="1"> </FONT></P><HR WIDTH="17%" SIZE="1" NOSHADE COLOR="#000000"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1"> </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FAC
SIZE="6"><B>ACE LIMITED </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>(Exact name of registrant as specified in its charter) </B></FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1"> </FONT></P><HR WIDTH="17%" SIZE="1" NOSHADE COLOR="#000000"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1"> </FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" ALIGN="center">
<TR>
<TD WIDTH="34%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="32%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="32%"></TD></TR>
<TR>
<TD VALIGN="top" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>Cayman Islands</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>1-11778</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>98-0091805</B></FONT></TD></TR>
<TR>
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>(State or other jurisdiction</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px"
FACE="Times New Roman" SIZE="1"><B>of Incorporation)</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>(Commission File Number)</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>(I.R.S. Employer</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="cente
FACE="Times New Roman" SIZE="1"><B>Identification No.)</B></FONT></P></TD></TR>
</TABLE> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1"> </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>ACE Global
Headquarters </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>17 Woodbourne Avenue </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="cent
FACE="Times New Roman" SIZE="2"><B>Hamilton HM 08 Bermuda </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>(Address of principal executive offices) </B></
STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1"> </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>Registrant’s telephone number, including a
</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1"> </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>Not applicable </B></FONT></
STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>(Former name or former address, if changed since last report) </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><F
SIZE="1"> </FONT></P><HR WIDTH="17%" SIZE="1" NOSHADE COLOR="#000000"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1"> </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Ro
appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (<I>see </I>General Instruction A.2. below): </FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1"> </FONT></P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="WINGDINGS" SIZE="2" COLOR="#000000">¨</FONT><FONT FACE="Times New Roman" SIZE="2"></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) </FONT></TD></TR></TABLE> <P STYLE="margin-top:0px;margin-bottom:0p
SIZE="1"> </FONT></P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="WINGDINGS" SIZE="2" COLOR="#000000">¨</FONT><FONT FACE="Times New Roman" SIZE="2"></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) </FONT></TD></TR></TABLE> <P STYLE="margin-top:0px;margin-bottom:0
SIZE="1"> </FONT></P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="WINGDINGS" SIZE="2" COLOR="#000000">¨</FONT><FONT FACE="Times New Roman" SIZE="2"></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) </FONT></TD></TR></TABLE> <P STYLE="margin-top:0px
SIZE="1"> </FONT></P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="WINGDINGS" SIZE="2" COLOR="#000000">¨</FONT><FONT FACE="Times New Roman" SIZE="2"></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) </FONT></TD></TR></TABLE> <P STYLE="margin-top:0px
SIZE="1"> </FONT></P><HR SIZE="3" NOSHADE COLOR="#000000" ALIGN="left">
<p Style='page-break-before:always'>
<HR SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B><I>Item 2.02. Results of Operations and Financial Condition </I></B></FONT></P> <P
STYLE="margin-top:0px;margin-bottom:-6px"><FONT SIZE="1"> </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">On April 26, 2005, ACE Limited issued a press release reporting
results and the availability of its first quarter financial supplement. The press release and the financial supplement are attached hereto as Exhibit 99.1 and Exhibit 99.2, respectively, and are hereby incorporated herein
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1"> </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B><I>Item 9.01. Financial Statements, Pro Forma Financial Inf
</I></B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:-6px"><FONT SIZE="1"> </FONT></P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2"><B><I>(c)</I></B></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2"><B><I>Exhibits</I></B> </FONT></TD></TR></TABLE> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1"> </FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="92%" BORDER="0" ALIGN="center">
<TR>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="95%"></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1"><B>Exhibit<BR>Number</B></FONT><BR><HR WIDTH="42" SIZE="1" NOSHADE ALIGN="left" COLOR="#000000"></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
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<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="1"><B>Description</B></FONT></P><HR WIDTH="61" SIZE="1" NOSHADE ALIGN="left" COLOR="#000000"></TD></TR>
<TR>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">99.1</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">Press release, dated April 26, 2005, reporting first quarter results</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">99.2</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">First Quarter 2005 Financial Supplement</FONT></TD></TR>
</TABLE>
<p Style='page-break-before:always'>
<HR SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>SIGNATURES </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1"> </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf
duly authorized. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1"> </FONT></P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0">
<TR>
<TD WIDTH="7%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="92%"></TD></TR>
<TR>
<TD VALIGN="top" COLSPAN="3"><FONT FACE="Times New Roman" SIZE="2">ACE LIMITED</FONT></TD></TR>
<TR>
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">By:</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">/s/ Philip V. Bancroft</FONT></P><HR WIDTH="96%" SIZE="1" NOSHADE COLOR="#000000" ALIGN="left"></TD></T
<TR>
<TD VALIGN="top"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">Philip V. Bancroft</FONT></TD></TR>
<TR>
<TD VALIGN="top"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><I>Chief Financial Officer</I></FONT></TD></TR>
</TABLE></DIV> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1"> </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">DATE: April 26, 2005 </FONT></P>
<p Style='page-break-before:always'>
<HR SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>EXHIBIT INDEX </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT
SIZE="1"> </FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" ALIGN="center">
<TR>
<TD></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD WIDTH="45%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD WIDTH="45%"></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1"><B>Number</B></FONT><BR><HR WIDTH="42" SIZE="1" NOSHADE ALIGN="left" COLOR="#000000"></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="1"><B>Description</B></FONT></P><HR WIDTH="61" SIZE="1" NOSHADE ALIGN="left" COLOR="#000000"></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="1"><B>Method of Filing</B></FONT></P><HR WIDTH="92" SIZE="1" NOSHADE ALIGN="left" COLOR="#000000"></TD></TR>
<TR>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">99.1</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP><FONT FACE="Times New Roman" SIZE="2">Press release, dated April 26, 2005, reporting first quarter results</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Furnished herewith</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">99.2</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">First Quarter 2005 Financial Supplement</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">Furnished herewith</FONT></TD></TR>
</TABLE>
</BODY></HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>dex991.htm
<DESCRIPTION>PRESS RELEASE
<TEXT>
<HTML><HEAD>
<TITLE>Press Release</TITLE>
</HEAD>
<BODY BGCOLOR="WHITE">
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>Exhibit 99.1 </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:-6px"><FONT
SIZE="1"> </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center">
<IMG SRC="g73753ex99_1news.jpg" ALT="LOGO"> </P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1"> </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>FOR IMMEDI
STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1"> </FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" ALIGN="center">
<TR>
<TD WIDTH="66%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="12%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="20%"></TD></TR>
<TR>
<TD VALIGN="top"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Investor Contact:</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">Helen M. Wilson</FONT></TD></TR>
<TR>
<TD VALIGN="top"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">(441) 299-9283</FONT></TD></TR>
<TR>
<TD VALIGN="top"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">helen.wilson@ace.bm</FONT></TD></TR>
<TR>
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Media Contact:</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">Robert T. Grieves</FONT></TD></TR>
<TR>
<TD VALIGN="top"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">(212) 621-8684</FONT></TD></TR>
<TR>
<TD VALIGN="top"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top"><FONT SIZE="1"> </FONT></TD>
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<TD VALIGN="bottom" COLSPAN="8" ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>(Per Share - Diluted)</B></FONT><BR><HR SIZE="1" NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>2005</B></FONT><BR><HR SIZE="1" NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>2004</B></FONT><BR><HR SIZE="1" NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>Change</B></FONT><BR><HR SIZE="1" NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>2005</B></FONT><BR><HR SIZE="1" NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>2004</B></FONT><BR><HR SIZE="1" NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>Change</B></FONT><BR><HR SIZE="1" NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Net income</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">433</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">447</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">(3</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)%</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">1.46</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">1.53</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">(5</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)%</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Net realized gains (losses), net of tax</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(8</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">36</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">— </FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(0.03</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">0.13</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">— </FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"> </FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Income excluding net realized gains (losses), net of tax </FONT><FONT FACE="Times New Roman" SIZE="1"
COLOR="#000000"><SUP>(1)</SUP></FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000"></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">441</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">411</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">7 </FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">%</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">1.49</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">1.40</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">6 </FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">%</FONT></TD></TR>
</TABLE> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1"> </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Evan Greenberg, President and Chief
Executive Officer of ACE Limited, commented: “This was a very good quarter for ACE. We had record operating income, led by substantial increases in earned premiums and net investment income, and excellent P&C und
reflected in a combined ratio of 89.2%. Our written premium growth rate is naturally slowing in line with a softening rate environment and our determination to maintain underwriting discipline.” </FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1"> </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Other first quarter operating highlights were as follows: </FONT>
STYLE="margin-top:0px;margin-bottom:-6px"><FONT SIZE="1"> </FONT></P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1"> </FONT></TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">•</FONT></TD>
<TD WIDTH="1%" VALIGN="top"> </TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">P&C net earned premiums increased 15% over the prior year quarter </FONT></TD></TR></TABLE> <P STYLE="margin-top:0px;margin-bottom:-6px"><FONT SIZE="
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1"> </FONT></TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">•</FONT></TD>
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<P STYLE="margin-top:0px;margin-bottom:0px; margin-left:4%"><FONT FACE="Times New Roman" SIZE="2">realized gains (losses). We believe the use of these measures enhances the understanding of our results
of operations by highlighting the underlying profitability of our insurance business. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:4%"><FONT FACE="Times New Roman" SIZE="2">These measures should not
for net income determined in accordance with generally accepted accounting principles (GAAP). </FONT></P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2"><B><FONT FACE="Times New Roman" SIZE="1" COLOR="#000000"><SUP>2</SUP></FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000"></FONT></B><
SIZE="2" COLOR="#000000"></FONT></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">Calculated using income excluding net realized gains (losses). </FONT></FONT></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2"><B><FONT FACE="Times New Roman" SIZE="1" COLOR="#000000"><SUP>3</SUP></FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000"></FONT></B><
SIZE="2" COLOR="#000000"></FONT></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">Diluted book value per ordinary share is ordinary shareholders’ equity and net proceeds from a
outstanding in-the-money options divided by the sum of shares outstanding and the number of options assumed issued. </FONT></FONT></TD></TR></TABLE> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1"> </FONT>
STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B><I>Cautionary Statement Regarding Forward-Looking Statements: </I></B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:-6px"><FONT SIZE="
STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><I>Any forward-looking statements made in this press release reflect the Company’s current views with respect to future events and financ
pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such statements involve risks and uncertainties, which may cause actual results to differ materially from those set forth in
example, the Company’s forward-looking statements could be affected by competition, pricing and policy term trends, the levels of new and renewal business achieved, market acceptance, changes in demand, the frequency
catastrophic events, actual loss experience, uncertainties in the reserving or settlement process, new theories of liability, judicial, legislative and other governmental developments, litigation tactics, the amount and t
recoverable, credit developments among reinsurers, actual market developments, rating agency action, possible terrorism or the outbreak and effects of war and economic, political, regulatory, insurance and reinsurance bus
management’s response to these factors, and other factors identified in the Company’s filings with the Securities and Exchange Commission. Readers are cautioned not to place undue reliance on these forward-looki
only as of the dates on which they are made. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. </I></FONT
STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1"> </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B><I>(tables to follow) </I></B></FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1"> </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">Page 3/6 </FONT></P>
<p Style='page-break-before:always'>
<HR SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>ACE Limited </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT
FACE="Times New Roman" SIZE="2"><B>Summary Consolidated Balance Sheets </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>(in millions of U.S. dollars, exce
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<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>ACE Limited </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT
FACE="Times New Roman" SIZE="2"><B>Summary Consolidated Financial Data </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>(in millions of U.S. dollars, exce
and ratios) </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>(Unaudited) </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">
<TR>
<TD WIDTH="78%"></TD>
<TD VALIGN="bottom" WIDTH="8%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="8%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>Three Months Ended March 31</B></FONT><BR><HR SIZE="1" NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>2005</B></FONT><BR><HR SIZE="1" NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>2004</B></FONT><BR><HR SIZE="1" NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Gross premiums written</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">4,543</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">4,416</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"> </FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Net premiums written</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">3,365</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">3,238</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"> </FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Net premiums earned</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">2,876</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">2,600</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"> </FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Losses and loss expenses</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">1,786</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">1,542</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"> </FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Life and annuity benefits</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">35</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">42</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"> </FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Policy acquisition costs</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">388</FONT></TD>
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Roman" SIZE="2">Underwriting income </FONT><FONT FACE="Times New Roman" SIZE="1" COLOR="#000000"><SUP>(1)</SUP></FONT><FONT FACE="
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<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>ACE Limited </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT
FACE="Times New Roman" SIZE="2"><B>Consolidated Supplemental Segment Information </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>(in millions of U.S. dol
STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>(Unaudited) </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1"> </FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">
<TR>
<TD WIDTH="88%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>Three Months Ended<BR>March 31</B></FONT><BR><HR SIZE="1" NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>2005</B></FONT><BR><HR SIZE="1" NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>2004</B></FONT><BR><HR SIZE="1" NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B><U>Gross Premiums Written</U></B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Insurance - North American</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">2,151</FONT></TD>
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Roman" SIZE="2"><I>Total</I></FONT></P></TD>
Roman" SIZE="2"><I>Total</I></FONT></P></TD>
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Roman" SIZE="2"><I>Total</I></FONT></P></TD>
Roman" SIZE="2"><B><U>Income (Loss) Excluding Net Realized Gains (Losses)</U><FONT FACE="Times New Roman" SIZE="1" COLOR="#000000"
Roman" SIZE="2">Corporate</FONT></P></TD>
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<TR>
<TD WIDTH="24%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="74%"></TD></TR>
<TR>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2"><B>Investor Contact</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">This report is for informational purposes only. It should be read in conjuction with documents filed by ACE Limited with the Securities and Exchange Commission, in
Annual Report on Form 10-K and Quarterly Reports on Form 10-Q.</FONT></TD></TR>
<TR>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Helen M. Wilson</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD></TR>
<TR>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Phone: (441) 299-9283</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD></TR>
<TR>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Fax: (441) 292-8675</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD></TR>
<TR>
<TD VALIGN="top" NOWRAP><FONT FACE="Times New Roman" SIZE="2">email: investorrelations@ace.bm</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>Cautionary Statement Regarding Forward-Looking Statements:</B></FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD ROWSPAN="2" VALIGN="top"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ROWSPAN="2"><FONT FACE="Times New Roman" SIZE="2">Any forward-looking statements made in this financial supplement reflect the Company’s current views with respect to future events and financial p
pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such statements involve risks and uncertainties which may cause actual results to differ materially from those set forth in t
example, the Company’s forward-looking statements, such as statements concerning exposures, reserves and recoverables, could be affected by the frequency of unpredictable catastrophic events, actual loss experience,
reserving or settlement process, new theories of liability, judicial, legislative and other governmental developments, litigation tactics, the amount and timing of reinsurance receivable and credit developments among rein
forward-looking statements could also be affected by competition, pricing and policy term trends, the levels of new and renewal business achieved, market acceptance, changes in demand, actual market developments, rating a
terrorism or the outbreak and effects of war and economic, political, regulatory, insurance and reinsurance business conditions, as well as management’s response to these factors. Other factors that could affect forw
identified in the Company’s filings with the Securities and Exchange Commission, including the Company’s Annual Report on Form 10-K for the year ended December 31, 2004, the Company’s quarterly reports on F
Company’s earnings press release, which are available on the Company’s website.</FONT></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the dates on which they are made. The Company underta
publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.</FONT></TD></TR>
</TABLE>
<p Style='page-break-before:always'>
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<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" ALIGN="center">
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<TD WIDTH="33%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
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<TD WIDTH="31%"></TD></TR>
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<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">- Diluted Book Value per Ordinary Share</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">22</FONT></TD></TR>
<TR>
<TD VALIGN="top"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">- Comprehensive Income</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">23</FONT></TD></TR>
<TR>
<TD VALIGN="top"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">- Glossary</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">24</FONT></TD></TR>
</TABLE>
<p Style='page-break-before:always'>
<HR SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" ALIGN="center">
<TR>
<TD WIDTH="33%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="32%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="31%"></TD></TR>
<TR>
<TD VALIGN="top">
<TR>
<TD WIDTH="78%"></TD>
<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD COLSPAN="2" VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD COLSPAN="2" VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ROWSPAN="3" ALIGN="center"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>% Change</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"
FACE="Times New Roman" SIZE="1"><B>1Q-05 vs.</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>1Q-04</B></FONT></P><HR SIZE="1" NOSHADE COLOR="#000000"></TD
<TD VALIGN="bottom" ROWSPAN="3"><FONT SIZE="1"> </FONT></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>Three months ended March 31</B></FONT><BR><HR SIZE="1" NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>2005</B></FONT><BR><HR SIZE="1" NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>2004</B></FONT><BR><HR SIZE="1" NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Gross premiums written</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">4,543</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">4,416</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">3</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">%</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Net premiums written</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">3,365</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">3,238</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">4</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">%</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Net premiums earned</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">2,876</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">2,600</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">11</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">%</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Net investment income</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">284</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">238</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">19</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">%</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Net income</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">433</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">447</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">-3</FONT></TD>
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<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>Diluted earnings per share</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Income excluding net realized gains (losses)</FONT><FONT FACE="Times New Roman" SIZE="1" COLOR="#000000"><SUP>(1)<
FACE="Times New Roman" SIZE="2" COLOR="#000000"></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">1.49</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">1.40</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">6</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">%</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Net income</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">1.46</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">1.53</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">-5</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">%</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="3"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Diluted book value per ordinary share</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">32.62</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">31.36</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">4</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">%</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Diluted tangible book value per ordinary share</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">23.83</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">22.41</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">6</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">%</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="3"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Weighted average diluted ordinary shares outstanding</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">287.6</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">284.3</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="3"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Debt/ total capitalization</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">16.1</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">%</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">16.1</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">%</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD></TR>
</TABLE><HR WIDTH="8%" SIZE="1" NOSHADE COLOR="#000000" ALIGN="left">
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">(1)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">See page 21 Non-GAAP Financial Measures. </FONT></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2"> *</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Calculated using income excluding net realized gains (losses). </FONT></TD></TR></TABLE> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1"> 
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" ALIGN="center">
<TR>
<TD WIDTH="50%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="48%"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Financial Highlights</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">Page 1</FONT></TD></TR>
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<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="32%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="31%"></TD></TR>
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<TD VALIGN="top">
<IMG SRC="g73753ex99_2ace.jpg" ALT="LOGO"></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
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<TD VALIGN="top" NOWRAP> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>ACE Limited</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:-6px" align="left"><FONT SIZE=
STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>Consolidated Results - Consecutive Quarters</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:-6px" align="left"><FONT S
STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>(in millions of U.S. dollars)</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:-6px" align="left"><FONT SIZE="1"> 
STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>(Unaudited)</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top"><FONT SIZE="1"> </FONT></TD></TR>
</TABLE> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1"> </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B><U>ACE Limited Consolidated
</U></B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1"> </FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">
<TR>
<TD WIDTH="64%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>1Q-05</B></FONT><BR><HR SIZE="1" NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>4Q-04</B></FONT><BR><HR SIZE="1" NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>3Q-04</B></FONT><BR><HR SIZE="1" NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>2Q-04</B></FONT><BR><HR SIZE="1" NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>1Q-04</B></FONT><BR><HR SIZE="1" NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>Full Year<BR>2004</B></FONT><BR><HR SIZE="1" NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Property and Casualty</FONT><FONT FACE="Times New Roman" SIZE="1" COLOR="#000000"><SUP>(1)</SUP></FONT><FONT FACE=
COLOR="#000000"></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Gross premiums written</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">4,322</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">3,575</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">3,854</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">3,969</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">4,155</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">15,553</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"> </FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Net premiums written</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">3,146</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">2,574</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">2,641</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">2,798</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">2,979</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">10,992</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"> </FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Net premiums earned</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">2,728</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">2,744</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"> </FONT></TD>
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Roman" SIZE="2">Income excluding net realized gains (losses)</FONT><FONT FACE="Times New Roman" SIZE="1" COLOR="#000000"><SUP>(2)<
Roman" SIZE="2"><B>% Change versus prior year period<FONT FACE="Times New Roman" SIZE="1" COLOR="#000000"><SUP>(1)</SUP></FONT><FO
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Roman" SIZE="2">Effective tax rate on income excluding net realized gains (losses)</FONT></P></TD>
Roman" SIZE="2"><B>ROE</B></FONT></P></TD>
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SIZE="2">Other assets</FONT></P></TD>
SIZE="2">Total assets</FONT></P></TD>
SIZE="2"><B>Liabilities</B></FONT></P></TD>
SIZE="2">Unearned premiums</FONT></P></TD>
SIZE="2">Deposit liabilities</FONT></P></TD>
SIZE="2">Short-term debt</FONT></P></TD>
SIZE="2">Long-term debt</FONT></P></TD>
SIZE="2">Total liabilities</FONT></P></TD>
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</TABLE>
<p Style='page-break-before:always'>
<HR SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" ALIGN="center">
<TR>
<TD WIDTH="33%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="32%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="31%"></TD></TR>
<TR>
<TD VALIGN="top">
<TR>
<TD WIDTH="42%"></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" NOWRAP ALIGN="center"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>Insurance -</B></FONT></P> <P STYLE="margin-top:0px;margin-bo
ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>North<BR>American</B></FONT></P><HR SIZE="1" NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" NOWRAP ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>Insurance -<BR>Overseas<BR>General</B></FONT><BR><HR SIZE="1" NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" NOWRAP ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>Global<BR>Reinsurance</B></FONT><BR><HR SIZE="1" NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" NOWRAP ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>Corporate<BR>& Other</B></FONT><BR><HR SIZE="1" NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" NOWRAP ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>Consolidated<BR>P&C</B></FONT><BR><HR SIZE="1" NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" NOWRAP ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>Financial<BR>Services</B></FONT><BR><HR SIZE="1" NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" NOWRAP ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>ACE<BR>Consolidated</B></FONT><BR><HR SIZE="1" NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B><U>March 31, 2005</U></B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Gross premiums written</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">2,151</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">1,635</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">536</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"> — </FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">4,322</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">163</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">4,485</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"> </FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Net premiums written</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">1,425</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
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Roman" SIZE="2">Income excluding net realized gains (losses) </FONT><FONT FACE="Times New Roman" SIZE="1" COLOR="#000000"><SUP>(1)
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<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Net realized gains (losses)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">18</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">18</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">2</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">3</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">24</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">47</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"> </FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Interest expense</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">— </FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">— </FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">— </FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">— </FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">— </FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">— </FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"> </FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Other (income) expense</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">6</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">15</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">3</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">4</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">3</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">25</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"> </FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Income tax expense</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">53</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">84</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">42</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">61</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">51</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">238</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"> </FONT></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><HR SIZE="1" NOSHADE ALIGN="right" COLOR="#000000"></TD>
<TD VALIGN="bottom"><HR SIZE="1" NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom"><HR WIDTH="0" SIZE="1" NOSHADE ALIGN="left" COLOR="#ffffff"></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><HR SIZE="1" NOSHADE ALIGN="right" COLOR="#000000"></TD>
<TD VALIGN="bottom"><HR SIZE="1" NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom"><HR WIDTH="0" SIZE="1" NOSHADE ALIGN="left" COLOR="#ffffff"></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><HR SIZE="1" NOSHADE ALIGN="right" COLOR="#000000"></TD>
<TD VALIGN="bottom"><HR SIZE="1" NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom"><HR WIDTH="0" SIZE="1" NOSHADE ALIGN="left" COLOR="#ffffff"></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><HR SIZE="1" NOSHADE ALIGN="right" COLOR="#000000"></TD>
<TD VALIGN="bottom"><HR SIZE="1" NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom"><HR WIDTH="0" SIZE="1" NOSHADE ALIGN="left" COLOR="#ffffff"></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><HR SIZE="1" NOSHADE ALIGN="right" COLOR="#000000"></TD>
<TD VALIGN="bottom"><HR SIZE="1" NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom"><HR WIDTH="0" SIZE="1" NOSHADE ALIGN="left" COLOR="#ffffff"></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><HR SIZE="1" NOSHADE ALIGN="right" COLOR="#000000"></TD>
<TD VALIGN="bottom"><HR SIZE="1" NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom"><HR WIDTH="0" SIZE="1" NOSHADE ALIGN="left" COLOR="#ffffff"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Net income</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">175</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">205</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">113</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">109</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"> </FONT></TD>
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<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">56.1</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">%</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">48.6</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">%</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">60.1</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">%</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">58.1</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">%</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">58.1</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">%</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">56.1</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">%</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">17.6</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">%</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">19.9</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">%</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">18.3</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">%</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">18.2</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">%</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">17.9</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">%</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">18.6</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">%</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">13.3</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">%</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">12.2</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">%</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">12.8</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">%</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">13.0</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">%</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">13.3</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">%</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">12.8</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">%</FONT></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><HR SIZE="1" NOSHADE ALIGN="right" COLOR="#000000"></TD>
<TD VALIGN="bottom"><HR SIZE="1" NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom"><HR WIDTH="0" SIZE="1" NOSHADE ALIGN="left" COLOR="#ffffff"></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><HR SIZE="1" NOSHADE ALIGN="right" COLOR="#000000"></TD>
<TD VALIGN="bottom"><HR SIZE="1" NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom"><HR WIDTH="0" SIZE="1" NOSHADE ALIGN="left" COLOR="#ffffff"></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><HR SIZE="1" NOSHADE ALIGN="right" COLOR="#000000"></TD>
<TD VALIGN="bottom"><HR SIZE="1" NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom"><HR WIDTH="0" SIZE="1" NOSHADE ALIGN="left" COLOR="#ffffff"></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><HR SIZE="1" NOSHADE ALIGN="right" COLOR="#000000"></TD>
<TD VALIGN="bottom"><HR SIZE="1" NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom"><HR WIDTH="0" SIZE="1" NOSHADE ALIGN="left" COLOR="#ffffff"></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><HR SIZE="1" NOSHADE ALIGN="right" COLOR="#000000"></TD>
<TD VALIGN="bottom"><HR SIZE="1" NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom"><HR WIDTH="0" SIZE="1" NOSHADE ALIGN="left" COLOR="#ffffff"></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><HR SIZE="1" NOSHADE ALIGN="right" COLOR="#000000"></TD>
<TD VALIGN="bottom"><HR SIZE="1" NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom"><HR WIDTH="0" SIZE="1" NOSHADE ALIGN="left" COLOR="#ffffff"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">87.0</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">%</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">80.7</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">%</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">91.2</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">%</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">89.3</FONT></TD>
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<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>% Change versus prior year period</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Net premiums written</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">0</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">%</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">11</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">%</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">12</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">%</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">21</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">%</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">22</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">%</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">17</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">%</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Net premiums earned</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">5</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">%</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">12</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">%</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">23</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">%</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">25</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">%</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">27</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">%</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">21</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">%</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>Other ratios</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Net premiums written/gross premiums written</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">73</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">%</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">78</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">%</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">76</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">%</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">74</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">%</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">72</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">%</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">75</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">%</FONT></TD></TR>
</TABLE> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1"> </FONT></P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">(1)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">See page 21 Non-GAAP Financial Measures. </FONT></TD></TR></TABLE> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1"> </FONT></P>
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<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Insurance-Overseas General</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">Page 8</FONT></TD></TR>
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SIZE="2">Income (loss) excluding net realized gains (losses) </FONT><FONT FACE="Times New Roman" SIZE="1" COLOR="#000000"><
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SIZE="2">Tempest Europe</FONT></P></TD>
SIZE="2">Tempest USA</FONT></P></TD>
SIZE="2">Tempest Bermuda</FONT></P></TD>
SIZE="2">Total</FONT></P></TD>
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<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Global Reinsurance 2</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">Page 10</FONT></TD></TR>
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Roman" SIZE="2">Income excluding net realized gains (losses) </FONT><FONT FACE="Times New Roman" SIZE="1" COLOR="#000000"><SUP>(1)
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<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Prior period
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">1</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(8</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(14</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(5</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(2</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(29</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2"><B>% Change versus prior year period</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Net premiums
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">-23</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">%</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">-91</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">%</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">-35</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">%</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">-89</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">%</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">-60</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">%</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">-70</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">%</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Net premiums
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">-50</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">%</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">-80</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">%</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">-46</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">%</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">-38</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">%</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">-14</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">%</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">-53</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">%</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2"><B>Other ratios</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Net premiums
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development</FONT></P></TD>
written</FONT></P></TD>
earned</FONT></P></TD>
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<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Losses and loss expenses paid</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(1,692</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(593</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(1,099</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(1,401</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(399</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(1,002</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(291</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(194</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(97</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Other (incl. foreign exch. revaluation)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(233</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">166</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(399</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(233</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">166</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(399</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">— </FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">— </FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">— </FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"> </FONT></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><HR SIZE="1" NOSHADE ALIGN="right" COLOR="#000000"></TD>
<TD VALIGN="bottom"><HR SIZE="1" NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom"><HR WIDTH="0" SIZE="1" NOSHADE ALIGN="left" COLOR="#ffffff"></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><HR SIZE="1" NOSHADE ALIGN="right" COLOR="#000000"></TD>
<TD VALIGN="bottom"><HR SIZE="1" NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom"><HR WIDTH="0" SIZE="1" NOSHADE ALIGN="left" COLOR="#ffffff"></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><HR SIZE="1" NOSHADE ALIGN="right" COLOR="#000000"></TD>
<TD VALIGN="bottom"><HR SIZE="1" NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom"><HR WIDTH="0" SIZE="1" NOSHADE ALIGN="left" COLOR="#ffffff"></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><HR SIZE="1" NOSHADE ALIGN="right" COLOR="#000000"></TD>
<TD VALIGN="bottom"><HR SIZE="1" NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom"><HR WIDTH="0" SIZE="1" NOSHADE ALIGN="left" COLOR="#ffffff"></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><HR SIZE="1" NOSHADE ALIGN="right" COLOR="#000000"></TD>
<TD VALIGN="bottom"><HR SIZE="1" NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom"><HR WIDTH="0" SIZE="1" NOSHADE ALIGN="left" COLOR="#ffffff"></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><HR SIZE="1" NOSHADE ALIGN="right" COLOR="#000000"></TD>
<TD VALIGN="bottom"><HR SIZE="1" NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom"><HR WIDTH="0" SIZE="1" NOSHADE ALIGN="left" COLOR="#ffffff"></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><HR SIZE="1" NOSHADE ALIGN="right" COLOR="#000000"></TD>
<TD VALIGN="bottom"><HR SIZE="1" NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom"><HR WIDTH="0" SIZE="1" NOSHADE ALIGN="left" COLOR="#ffffff"></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><HR SIZE="1" NOSHADE ALIGN="right" COLOR="#000000"></TD>
<TD VALIGN="bottom"><HR SIZE="1" NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom"><HR WIDTH="0" SIZE="1" NOSHADE ALIGN="left" COLOR="#ffffff"></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><HR SIZE="1" NOSHADE ALIGN="right" COLOR="#000000"></TD>
<TD VALIGN="bottom"><HR SIZE="1" NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom"><HR WIDTH="0" SIZE="1" NOSHADE ALIGN="left" COLOR="#ffffff"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>Balance at June 30, 2004</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B> </B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>28,224</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B> </B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B> </B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>13,577</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B> </B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B> </B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>14,647</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B> </B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B> </B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>21,404</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B> </B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B> </B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>8,516</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B> </B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B> </B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>12,888</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B> </B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B> </B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>6,820</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B> </B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B> </B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>5,061</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B> </B></FONT></TD>
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<TR>
<TD WIDTH="84%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>March 31<BR>2005</B></FONT><BR><HR SIZE="1" NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>December 31</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0p
FACE="Times New Roman" SIZE="1"><B>2004</B></FONT></P><HR SIZE="1" NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>Reinsurance recoverable on paid losses & loss expenses</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Active operations</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">796</FONT></TD>
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Roman" SIZE="2">Brandywine</FONT></P></TD>
Roman" SIZE="2">Westchester</FONT></P></TD>
Roman" SIZE="2">Total</FONT></P></TD>
Roman" SIZE="2">Brandywine</FONT></P></TD>
Roman" SIZE="2">Westchester</FONT></P></TD>
Roman" SIZE="2">Total</FONT></P></TD>
Roman" SIZE="2">Brandywine</FONT></P></TD>
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Roman" SIZE="2">Westchester</FONT></P></TD>
Roman" SIZE="2">Total</FONT></P></TD>
Roman" SIZE="2">Brandywine</FONT></P></TD>
Roman" SIZE="2">Westchester</FONT></P></TD>
Roman" SIZE="2">Total</FONT></P></TD>
Roman" SIZE="2">Brandywine</FONT></P></TD>
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<TR>
<TD WIDTH="35%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="32%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="31%"></TD></TR>
<TR>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="1"><B>Top 10 Reinsurers (net of collateral)<SUP> (2)</SUP></B></FONT></P><HR WIDTH="276" SIZE="1" NOSHADE ALIGN="left" CO
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" COLSPAN="3"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="1"><B>Other Reinsurers Balances Greater Than $20 million (net of collateral) (2)</B></FONT></P><HR WIDTH="511
ALIGN="left" COLOR="#000000"></TD></TR>
<TR>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">American International Group (including Transatlantic</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">AGRI General Ins Co</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Independence Blue Cross (Amerihealth)</FONT></TD></TR>
<TR>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2"> Reinsurance Company)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">AIOI Insurance</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">ING - Internationale Nederlanden GRP</FONT></TD></TR>
<TR>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Berkshire Hathaway Insurance Group</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Allianz</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">IRB - Brasil Reaseguros S.A.</FONT></TD></TR>
<TR>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">CIGNA </FONT><FONT FACE="Times New Roman" SIZE="1" COLOR="#000000"><SUP>(3)</SUP></FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000"></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Arch Capital</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Liberty Mutual Insurance Companies</FONT></TD></TR>
<TR>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Electric Insurance Company</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Aspen Insurance Holdings Ltd</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Overseas Partners Ltd</FONT></TD></TR>
<TR>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">GE Insurance Solutions</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">AVIVA</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Partner Re</FONT></TD></TR>
<TR>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">HDI Haftpflichtverband Der Deutschen Industrie VAG</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">AXA</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Platinum Underwriters</FONT></TD></TR>
<TR>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Lloyd’s of London</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Chubb Insurance Group</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">QBE Insurance</FONT></TD></TR>
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<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Munich Re</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">CNA Insurance Companies</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Renaissance Re Holdings Ltd</FONT></TD></TR>
<TR>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Swiss Re Group</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Converium Group</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Royal & Sun Alliance Insurance Group</FONT></TD></TR>
<TR>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">XL Capital Group</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">DaimlerChrysler Insurance Company</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">SCOR Group</FONT></TD></TR>
<TR>
<TD VALIGN="top"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Endurance Specialty</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Sompo Japan</FONT></TD></TR>
<TR>
<TD VALIGN="top"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Everest Re Group</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">St. Paul Travelers Companies</FONT></TD></TR>
<TR>
<TD VALIGN="top"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Fairfax Financial</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Toa Reinsurance Company</FONT></TD></TR>
<TR>
<TD VALIGN="top"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Federal Crop Insurance Corp</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">White Mountains Insurance Group</FONT></TD></TR>
<TR>
<TD VALIGN="top"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">FM Global Group</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">WR Berkley Corp</FONT></TD></TR>
<TR>
<TD VALIGN="top"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Gerling Group</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Zurich Financial Services Group</FONT></TD></TR>
</TABLE><HR WIDTH="8%" SIZE="1" NOSHADE COLOR="#000000" ALIGN="left">
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="1" COLOR="#000000"><SUP>(1)</SUP></FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000"></FONT
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">Other includes amounts recoverable that are in dispute, or are from companies who are in supervision, rehabilitation or liquidation. Our
associated with Other considers the credit quality of the reinsurer, and whether we have received collateral or other credit protections such as parental guarantees. </FONT></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="1" COLOR="#000000"><SUP>(2)</SUP></FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000"></FONT
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">Excludes recoverable amounts from companies who are in supervision, rehabilitation or liquidation, or are captive reinsurers, mandatory p
</FONT></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="1" COLOR="#000000"><SUP>(3)</SUP></FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000"></FONT
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">Contract was novated in the first quarter of 2005. </FONT></TD></TR></TABLE> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" ALIGN="center">
<TR>
<TD WIDTH="50%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="48%"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Reinsurance Rec-Active</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">Page 14</FONT></TD></TR>
</TABLE>
<p Style='page-break-before:always'>
<HR SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" ALIGN="center">
<TR>
<TD WIDTH="33%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="32%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="31%"></TD></TR>
<TR>
<TD VALIGN="top">
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<TR>
<TD WIDTH="35%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="32%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="31%"></TD></TR>
<TR>
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="1"><B>Top 10 Reinsurers (net of collateral) <SUP>(2)</SUP></B></FONT></P><HR WIDTH="276" SIZE="1" NOSHADE ALIGN="left" CO
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" COLSPAN="3"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="1"><B>Other Reinsurers Balances Greater Than $20 million (net of collateral) <SUP>(2)</SUP></B></FONT></P><HR
NOSHADE ALIGN="left" COLOR="#000000"></TD></TR>
<TR>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Berkshire Hathaway Insurance Group</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">AGRI General Ins Co</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Hartford Insurance Group</FONT></TD></TR>
<TR>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">CIGNA </FONT><FONT FACE="Times New Roman" SIZE="1" COLOR="#000000"><SUP>(3)</SUP></FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000"></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">AIOI Insurance</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Independence Blue Cross (Amerihealth)</FONT></TD></TR>
<TR>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Electric Insurance Company</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Allianz</FONT></TD>
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<TR>
<TD WIDTH="78%"></TD>
<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>General<BR>Collections <SUP>(1)</SUP></B></FONT><BR><HR SIZE="1" NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>Other <SUP>(2)</SUP></B></FONT><BR><HR SIZE="1" NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>Total</B></FONT><BR><HR SIZE="1" NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>Gross balance at December 31, 2004</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">717</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">494</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">1,211</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"> </FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Bad debt reserve at 12/31/04</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">37</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">272</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">309</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"> </FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">% of gross</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">5.2</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">%</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">55.1</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">%</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">25.5</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">%</FONT></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><HR SIZE="1" NOSHADE ALIGN="right" COLOR="#000000"></TD>
<TD VALIGN="bottom"><HR SIZE="1" NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom"><HR WIDTH="0" SIZE="1" NOSHADE ALIGN="left" COLOR="#ffffff"></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><HR SIZE="1" NOSHADE ALIGN="right" COLOR="#000000"></TD>
<TD VALIGN="bottom"><HR SIZE="1" NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom"><HR WIDTH="0" SIZE="1" NOSHADE ALIGN="left" COLOR="#ffffff"></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><HR SIZE="1" NOSHADE ALIGN="right" COLOR="#000000"></TD>
<TD VALIGN="bottom"><HR SIZE="1" NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom"><HR WIDTH="0" SIZE="1" NOSHADE ALIGN="left" COLOR="#ffffff"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>Net balance at December 31, 2004 <FONT FACE="Times New Roman" SIZE="1" COLOR="#000000"><SUP>(3)</SUP></FONT><FO
SIZE="2" COLOR="#000000"></FONT></B><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000"></FONT></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">680</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">222</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">902</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"> </FONT></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><HR SIZE="3" NOSHADE ALIGN="right" COLOR="#000000"></TD>
<TD VALIGN="bottom"><HR SIZE="3" NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom"><HR WIDTH="0" SIZE="3" NOSHADE ALIGN="left" COLOR="#ffffff"></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><HR SIZE="3" NOSHADE ALIGN="right" COLOR="#000000"></TD>
<TD VALIGN="bottom"><HR SIZE="3" NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom"><HR WIDTH="0" SIZE="3" NOSHADE ALIGN="left" COLOR="#ffffff"></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><HR SIZE="3" NOSHADE ALIGN="right" COLOR="#000000"></TD>
<TD VALIGN="bottom"><HR SIZE="3" NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom"><HR WIDTH="0" SIZE="3" NOSHADE ALIGN="left" COLOR="#ffffff"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>Gross balance at March 31, 2005</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">713</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"> </FONT></TD>
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Roman" SIZE="2">Non-US</FONT></P></TD>
Roman" SIZE="2">Total</FONT></P></TD>
Roman" SIZE="2">AAA</FONT></P></TD>
Roman" SIZE="2">AA</FONT></P></TD>
Roman" SIZE="2">A</FONT></P></TD>
Roman" SIZE="2">BBB</FONT></P></TD>
Roman" SIZE="2">BB</FONT></P></TD>
Roman" SIZE="2">B</FONT></P></TD>
Roman" SIZE="2">Other</FONT></P></TD>
Roman" SIZE="2">Total</FONT></P></TD>
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<TR>
<TD WIDTH="77%"></TD>
<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" COLSPAN="10" ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>Three months ended March 31, 2005</B></FONT><BR><HR SIZE="1" NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>Net Realized<BR>Gains<BR>(Losses) (1)</B></FONT><BR><HR SIZE="1" NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>Net Unrealized<BR>Gains</B></FONT></P> <P STYLE="margin-top:0px;marg
ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>(Losses)</B></FONT></P><HR SIZE="1" NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>Net<BR>Impact</B></FONT><BR><HR SIZE="1" NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>Investment Portfolio Gains (Losses)</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Fixed maturities</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(3</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(332</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(335</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Interest rate swaps</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">2</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">— </FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">2</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"> </FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Equity securities</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">14</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(23</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(9</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Equity and fixed income derivatives</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(2</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">— </FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"> </FONT></TD>
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<TR>
<TD WIDTH="76%"></TD>
<TD VALIGN="bottom" WIDTH="6%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="6%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="6%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" COLSPAN="10" ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>Three months ended March 31, 2004</B></FONT><BR><HR SIZE="1" NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>Net Realized<BR>Gains<BR>(Losses) (2)</B></FONT><BR><HR SIZE="1" NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>Net Unrealized<BR>Gains</B></FONT></P> <P STYLE="margin-top:0px;marg
ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>(Losses)</B></FONT></P><HR SIZE="1" NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>Net<BR>Impact</B></FONT><BR><HR SIZE="1" NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>Investment Portfolio Gains (Losses)</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Fixed maturities</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">55</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">175</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">230</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"> </FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Interest rate swaps</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(14</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">— </FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(14</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Equity securities</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">28</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(4</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">24</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"> </FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Equity and fixed income derivatives</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">13</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">— </FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">13</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"> </FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Foreign exchange gains (losses)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">5</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">— </FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">5</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"> </FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Other</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(7</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">4</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(3</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD></TR>
<TR>
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<TR>
<TD WIDTH="76%"></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>March 31<BR>2005</B></FONT><BR><HR SIZE="1" NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>December 31<BR>2004</B></FONT><BR><HR SIZE="1" NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>December 31</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0p
FACE="Times New Roman" SIZE="1"><B>2003</B></FONT></P><HR SIZE="1" NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Total short-term debt</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">147</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">146</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">546</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"> </FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Total long-term debt</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">1,849</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">1,849</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">1,349</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"> </FONT></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><HR SIZE="1" NOSHADE ALIGN="right" COLOR="#000000"></TD>
<TD VALIGN="bottom"><HR SIZE="1" NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom"><HR WIDTH="0" SIZE="1" NOSHADE ALIGN="left" COLOR="#ffffff"></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><HR SIZE="1" NOSHADE ALIGN="right" COLOR="#000000"></TD>
<TD VALIGN="bottom"><HR SIZE="1" NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom"><HR WIDTH="0" SIZE="1" NOSHADE ALIGN="left" COLOR="#ffffff"></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><HR SIZE="1" NOSHADE ALIGN="right" COLOR="#000000"></TD>
<TD VALIGN="bottom"><HR SIZE="1" NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom"><HR WIDTH="0" SIZE="1" NOSHADE ALIGN="left" COLOR="#ffffff"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Total debt</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">1,996</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">1,995</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">1,895</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"> </FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Total trust preferreds</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">412</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">412</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">475</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"> </FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Perpetual preferred</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">557</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">557</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">557</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"> </FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Ordinary shareholders’ equity</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
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Roman" SIZE="2">Tangible shareholders’ equity </FONT><FONT FACE="Times New Roman" SIZE="1" COLOR="#000000"><SUP>(1)</SUP></FO
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<TR>
<TD WIDTH="78%"></TD>
<TD VALIGN="bottom" WIDTH="8%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="8%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>Three months ended March 31</B></FONT><BR><HR SIZE="1" NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>2005</B></FONT><BR><HR SIZE="1" NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>2004</B></FONT><BR><HR SIZE="1" NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>Numerator</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Income excluding net realized gains (losses)</FONT><FONT FACE="Times New Roman" SIZE="1" COLOR="#000000"><SUP>(1)<
FACE="Times New Roman" SIZE="2" COLOR="#000000"></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">441</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">411</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"> </FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Perpetual preferred dividend</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(11</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(11</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><HR SIZE="1" NOSHADE ALIGN="right" COLOR="#000000"></TD>
<TD VALIGN="bottom"><HR SIZE="1" NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom"><HR WIDTH="0" SIZE="1" NOSHADE ALIGN="left" COLOR="#ffffff"></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><HR SIZE="1" NOSHADE ALIGN="right" COLOR="#000000"></TD>
<TD VALIGN="bottom"><HR SIZE="1" NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom"><HR WIDTH="0" SIZE="1" NOSHADE ALIGN="left" COLOR="#ffffff"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Income to ordinary shares, excl. net realized gains (losses)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">430</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">400</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"> </FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
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<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman"
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(8</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">36</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"> </FONT></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><HR SIZE="1" NOSHADE ALIGN="right" COLOR="#000000"></TD>
<TD VALIGN="bottom"><HR SIZE="1" NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom"><HR WIDTH="0" SIZE="1" NOSHADE ALIGN="left" COLOR="#ffffff"></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><HR SIZE="1" NOSHADE ALIGN="right" COLOR="#000000"></TD>
<TD VALIGN="bottom"><HR SIZE="1" NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom"><HR WIDTH="0" SIZE="1" NOSHADE ALIGN="left" COLOR="#ffffff"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman"
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">422</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">436</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"> </FONT></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><HR SIZE="3" NOSHADE ALIGN="right" COLOR="#000000"></TD>
<TD VALIGN="bottom"><HR SIZE="3" NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom"><HR WIDTH="0" SIZE="3" NOSHADE ALIGN="left" COLOR="#ffffff"></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><HR SIZE="3" NOSHADE ALIGN="right" COLOR="#000000"></TD>
<TD VALIGN="bottom"><HR SIZE="3" NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom"><HR WIDTH="0" SIZE="3" NOSHADE ALIGN="left" COLOR="#ffffff"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman"
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman"
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">284,478,525</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">279,897,193</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"> </FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman"
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">109,411</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">125,631</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"> </FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman"
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">1,344,217</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">1,259,605</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"> </FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman"
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">1,421,174</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">1,432,480</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"> </FONT></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><HR SIZE="1" NOSHADE ALIGN="right" COLOR="#000000"></TD>
<TD VALIGN="bottom"><HR SIZE="1" NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom"><HR WIDTH="0" SIZE="1" NOSHADE ALIGN="left" COLOR="#ffffff"></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><HR SIZE="1" NOSHADE ALIGN="right" COLOR="#000000"></TD>
<TD VALIGN="bottom"><HR SIZE="1" NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom"><HR WIDTH="0" SIZE="1" NOSHADE ALIGN="left" COLOR="#ffffff"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman"
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">287,353,327</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">282,714,909</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"> </FONT></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><HR SIZE="3" NOSHADE ALIGN="right" COLOR="#000000"></TD>
<TD VALIGN="bottom"><HR SIZE="3" NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom"><HR WIDTH="0" SIZE="3" NOSHADE ALIGN="left" COLOR="#ffffff"></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><HR SIZE="3" NOSHADE ALIGN="right" COLOR="#000000"></TD>
<TD VALIGN="bottom"><HR SIZE="3" NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom"><HR WIDTH="0" SIZE="3" NOSHADE ALIGN="left" COLOR="#ffffff"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman"
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman"
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">283,179,820</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">278,937,204</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"> </FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman"
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">4,385,550</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
107 of 126
SIZE="2"><B>Denominator</B></FONT></P></TD>
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108 of 126
SIZE="2">Income excluding net realized gains (losses)</FONT><FONT FACE="Times New Roman" SIZE="1" COLOR="#000000"><SUP>(1)<
SIZE="2">Net income</FONT></P></TD>
SIZE="2">Income excluding net realized gains (losses)</FONT><FONT FACE="Times New Roman" SIZE="1" COLOR="#000000"><SUP>(1)<
SIZE="2">Net income</FONT></P></TD>
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<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Tax expense on net realized gains (losses)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">4</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">12</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">1</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">10</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">21</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">44</FONT></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><HR SIZE="1" NOSHADE ALIGN="right" COLOR="#000000"></TD>
<TD VALIGN="bottom"><HR SIZE="1" NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom"><HR WIDTH="0" SIZE="1" NOSHADE ALIGN="left" COLOR="#ffffff"></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><HR SIZE="1" NOSHADE ALIGN="right" COLOR="#000000"></TD>
<TD VALIGN="bottom"><HR SIZE="1" NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><HR SIZE="1" NOSHADE ALIGN="right" COLOR="#000000"></TD>
<TD VALIGN="bottom"><HR SIZE="1" NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom"><HR WIDTH="0" SIZE="1" NOSHADE ALIGN="left" COLOR="#ffffff"></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><HR SIZE="1" NOSHADE ALIGN="right" COLOR="#000000"></TD>
<TD VALIGN="bottom"><HR SIZE="1" NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><HR SIZE="1" NOSHADE ALIGN="right" COLOR="#000000"></TD>
<TD VALIGN="bottom"><HR SIZE="1" NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><HR SIZE="1" NOSHADE ALIGN="right" COLOR="#000000"></TD>
<TD VALIGN="bottom"><HR SIZE="1" NOSHADE COLOR="#000000"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Income excluding net realized gains (losses)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">441</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">166</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">31</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">380</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">411</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">988</FONT></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><HR SIZE="3" NOSHADE ALIGN="right" COLOR="#000000"></TD>
<TD VALIGN="bottom"><HR SIZE="3" NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom"><HR WIDTH="0" SIZE="3" NOSHADE ALIGN="left" COLOR="#ffffff"></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><HR SIZE="3" NOSHADE ALIGN="right" COLOR="#000000"></TD>
<TD VALIGN="bottom"><HR SIZE="3" NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><HR SIZE="3" NOSHADE ALIGN="right" COLOR="#000000"></TD>
<TD VALIGN="bottom"><HR SIZE="3" NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom"><HR WIDTH="0" SIZE="3" NOSHADE ALIGN="left" COLOR="#ffffff"></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><HR SIZE="3" NOSHADE ALIGN="right" COLOR="#000000"></TD>
<TD VALIGN="bottom"><HR SIZE="3" NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><HR SIZE="3" NOSHADE ALIGN="right" COLOR="#000000"></TD>
<TD VALIGN="bottom"><HR SIZE="3" NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><HR SIZE="3" NOSHADE ALIGN="right" COLOR="#000000"></TD>
<TD VALIGN="bottom"><HR SIZE="3" NOSHADE COLOR="#000000"></TD></TR>
</TABLE> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1"> </FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" ALIGN="center">
<TR>
<TD WIDTH="50%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="48%"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Reconciliation Non-GAAP</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">Page 21</FONT></TD></TR>
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<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" ALIGN="center">
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<TD WIDTH="33%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="32%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="31%"></TD></TR>
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<TD VALIGN="top">
<TR>
<TD WIDTH="78%"></TD>
<TD VALIGN="bottom" WIDTH="7%"></TD>
<TD></TD>
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<TD></TD>
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<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
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<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>March 31</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN
FACE="Times New Roman" SIZE="1"><B>2005</B></FONT></P><HR SIZE="1" NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>December 31<BR>2004</B></FONT><BR><HR SIZE="1" NOSHADE COLOR="#000000"></TD>
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SIZE="2">Shareholders’ equity</FONT></P></TD>
SIZE="2">Less: goodwill</FONT></P></TD>
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<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Income tax (expense) benefit related to other comprehensive income items</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">73</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(35</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(83</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">180</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(41</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">21</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"> </FONT></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><HR SIZE="1" NOSHADE ALIGN="right" COLOR="#000000"></TD>
<TD VALIGN="bottom"><HR SIZE="1" NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom"><HR WIDTH="0" SIZE="1" NOSHADE ALIGN="left" COLOR="#ffffff"></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><HR SIZE="1" NOSHADE ALIGN="right" COLOR="#000000"></TD>
<TD VALIGN="bottom"><HR SIZE="1" NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom"><HR WIDTH="0" SIZE="1" NOSHADE ALIGN="left" COLOR="#ffffff"></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><HR SIZE="1" NOSHADE ALIGN="right" COLOR="#000000"></TD>
<TD VALIGN="bottom"><HR SIZE="1" NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom"><HR WIDTH="0" SIZE="1" NOSHADE ALIGN="left" COLOR="#ffffff"></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><HR SIZE="1" NOSHADE ALIGN="right" COLOR="#000000"></TD>
<TD VALIGN="bottom"><HR SIZE="1" NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom"><HR WIDTH="0" SIZE="1" NOSHADE ALIGN="left" COLOR="#ffffff"></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><HR SIZE="1" NOSHADE ALIGN="right" COLOR="#000000"></TD>
<TD VALIGN="bottom"><HR SIZE="1" NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom"><HR WIDTH="0" SIZE="1" NOSHADE ALIGN="left" COLOR="#ffffff"></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><HR SIZE="1" NOSHADE ALIGN="right" COLOR="#000000"></TD>
<TD VALIGN="bottom"><HR SIZE="1" NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom"><HR WIDTH="0" SIZE="1" NOSHADE ALIGN="left" COLOR="#ffffff"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Other comprehensive income (loss)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(277</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">128</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">302</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(548</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">134</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">16</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"> </FONT></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><HR SIZE="1" NOSHADE ALIGN="right" COLOR="#000000"></TD>
<TD VALIGN="bottom"><HR SIZE="1" NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom"><HR WIDTH="0" SIZE="1" NOSHADE ALIGN="left" COLOR="#ffffff"></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><HR SIZE="1" NOSHADE ALIGN="right" COLOR="#000000"></TD>
<TD VALIGN="bottom"><HR SIZE="1" NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom"><HR WIDTH="0" SIZE="1" NOSHADE ALIGN="left" COLOR="#ffffff"></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><HR SIZE="1" NOSHADE ALIGN="right" COLOR="#000000"></TD>
<TD VALIGN="bottom"><HR SIZE="1" NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom"><HR WIDTH="0" SIZE="1" NOSHADE ALIGN="left" COLOR="#ffffff"></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><HR SIZE="1" NOSHADE ALIGN="right" COLOR="#000000"></TD>
<TD VALIGN="bottom"><HR SIZE="1" NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom"><HR WIDTH="0" SIZE="1" NOSHADE ALIGN="left" COLOR="#ffffff"></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><HR SIZE="1" NOSHADE ALIGN="right" COLOR="#000000"></TD>
<TD VALIGN="bottom"><HR SIZE="1" NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom"><HR WIDTH="0" SIZE="1" NOSHADE ALIGN="left" COLOR="#ffffff"></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><HR SIZE="1" NOSHADE ALIGN="right" COLOR="#000000"></TD>
<TD VALIGN="bottom"><HR SIZE="1" NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom"><HR WIDTH="0" SIZE="1" NOSHADE ALIGN="left" COLOR="#ffffff"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Comprehensive income (loss)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">156</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">410</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">299</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(135</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">581</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">1,155</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"> </FONT></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><HR SIZE="3" NOSHADE ALIGN="right" COLOR="#000000"></TD>
<TD VALIGN="bottom"><HR SIZE="3" NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom"><HR WIDTH="0" SIZE="3" NOSHADE ALIGN="left" COLOR="#ffffff"></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><HR SIZE="3" NOSHADE ALIGN="right" COLOR="#000000"></TD>
<TD VALIGN="bottom"><HR SIZE="3" NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom"><HR WIDTH="0" SIZE="3" NOSHADE ALIGN="left" COLOR="#ffffff"></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><HR SIZE="3" NOSHADE ALIGN="right" COLOR="#000000"></TD>
<TD VALIGN="bottom"><HR SIZE="3" NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom"><HR WIDTH="0" SIZE="3" NOSHADE ALIGN="left" COLOR="#ffffff"></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><HR SIZE="3" NOSHADE ALIGN="right" COLOR="#000000"></TD>
<TD VALIGN="bottom"><HR SIZE="3" NOSHADE COLOR="#000000"></TD>
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5`````````````````````````?_9
`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
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