Loews : Q3 2023 Company Overview

COMPANY OVERVIEW

October 2023

2023 Q3

Legal Disclaimers

Forward Looking Statements and Risk Factors. The information presented herein is generally available from public sources, including our and our

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

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

Non-GAAPFinancial Measures. This presentation contains financial measures that are not in accordance with accounting principles generally

accepted in the United States of America ("GAAP"). Management believes some investors may find these measures useful to evaluate our and our subsidiaries' financial performance. These non-GAAP measures are reconciled to the most comparable GAAP measures herein. For additional information regarding these non-GAAP measures, please refer to the earnings release we made available with this presentation.

Where You Can Find More Information. Annual, quarterly and other reports filed with the SEC by Loews Corporation and its consolidated subsidiaries: CNA Financial Corporation and Boardwalk Pipeline Partners, LP contain important additional information about those companies and we urge you to read this

presentation together with those filings, copies of which are available, as applicable, at the corporate websites of Loews Corporation at www.loews.comand such

subsidiaries at www.cna.comand www.bwpipelines.com, or at the SEC's website at www.sec.gov.

• To view the most recent SEC filings of Loews Corporation, http://ir.loews.com/phoenix.zhtml?c=102789&p=irol-sec
• To view the most recent SEC filings of CNA Financial Corporation, https://investor-relations.cna.com/financial/latest-financials
• To view the most recent SEC filings of Boardwalk Pipeline Partners, LP https://www.bwpipelines.com/news-and-media/sec-filings/

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Loews Corporation Overview

Loews is a diversified holding company operating in the insurance, energy, hospitality and

packaging industries.

Long-term

view,

diversified

portfolio, one class of stock

$2.3 billion Cash

& Investments

$1.8 billion Debt

$14.0 billion Market Cap

Publicly

Traded

Privately

Held

	Property &		$8.7 billion
	91.7%	Net Earned Premiums
	Casualty
	Ownership	$10.7 billion
	Insurance
			Market Cap
	Natural Gas &	100%	$892 million
	NGL Midstream	Ownership	EBITDA1
	Deluxe & Luxury	100%	16,115 System-wide
	Hotels	Ownership	Guest Rooms2
	Rigid Plastic	53%	$1.3 billion
	Packaging	Ownership	Net Sales

Balance sheet data, ownership data and Loews Hotels room count is as of September 30, 2023, unless noted. Market cap data is as of October 27, 2023. All other data is for the year ended December 31, 2022.

1. See Appendix - "Boardwalk EBITDA" for a reconciliation of net income attributable to Loews to
   EBITDA, a non-GAAP measure.
2. See page titled "Loews Hotels & Co - Portfolio" for additional disclosure.

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Loews Investment Highlights

• Long history of conservative financial management and shareholder value creation
• Strong and consistent dividends from subsidiaries
• Prudent capital allocation strategy
• Strong liquidity with a portfolio of cash and investments in excess of parent company debt
• Focus on maintaining single-A credit ratings at parent company

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Parent Company

Overview

Loews Capital Allocation Approach

• Maintain a strong balance sheet
• Evaluate capital deployment opportunities based on risk-adjusted returns
• Continually balance the uses of Loews capital

1

Repurchase Loews shares

2

Invest in existing

subsidiaries

3

Acquire a new

subsidiary

Loews Corporation │ CNA │Boardwalk │ Hotels │ Altium

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The Loews Discount

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

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

$14.0 billion

Market

Cap

$9.8 billion Market	Trades at earnings and
Value of Loews's Stake	BV discount to peers

+

Net Cash1 - $500 million

+

Private Subsidiaries --

Only $3.7 billion Implied Market Value

All data is as of September 30, 2023 except market cap and implied market value data, which is as of October 27, 2023.

1. Represents Loews parent company cash and investments net of debt.

Loews Corporation │ CNA │Boardwalk │ Hotels │ Altium

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Long History of Share Repurchases

Since year-end 2014, we have retired nearly 40% of our common shares outstanding

	400				Total Shares Outstanding
	350	373
			340	337	332
(millions)
300					312
						291
	250							269
									248
										236	224
	200
		2014	2015	2016	2017	2018	2019	2020	2021	2022	9/30/23
Shares		15	33	3	5	20	22	22	21	13	12
Repurchased
(millions)
Total Cost		$622	$1,265	$134	$216	$1,026	$1,051	$923	$1,132	$738	$704
($ millions)

Shares outstanding are as of the end of each period.

Loews Corporation │ CNA │Boardwalk │ Hotels │ Altium

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Working with Our Subsidiaries

While each subsidiary's experienced management team guides day-to-day operations,

Loews provides advice in several areas:

Major capital	Mid- to long-term	Hiring of senior
allocation decisions	strategic planning	management

Loews is a Long-Term Partner

Loews Corporation │ CNA │Boardwalk │ Hotels │ Altium

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Strong and Consistent Cash Flow

• Div idends
  from Subsidiaries1
• Corporate
  Net Investment Income (Loss)2

1. All dividends are subject to declaration by the respective Boards of Directors.
2. Parent company pretax net investment income (loss).

Loews Corporation │ CNA │Boardwalk │ Hotels │ Altium

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