Loews : Q1 2021 Company Overview

COMPANY OVERVIEW

May 2021

Legal Disclaimers

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

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

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

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

• 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, LPhttps://www.bwpipelines.com/news-and-media/sec-filings/

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Roadmap

Loews Corporation

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

• CNA Financial: property & casualty insurance

• Boardwalk Pipelines: transportation and storage of natural gas and liquids

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

• Altium Packaging: rigid plastic packaging

Loews Corporation │CNA │Boardwalk │ Hotels │ Altium

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Corporate Structure

Long-term

view,

diversified

portfolio, one class of stock

$3.6 billion Cash

& Investments

$2.3 billion Debt

$14.7 billion Market Cap

Publicly

Traded

Privately

Held

	Property &				$7.6 billion
		89.5%		Net Earned Premiums
	Casualty
	Ownership	$12.7 billion
	Insurance
					Market Cap

Natural Gas &	100%	$819 million
NGL Midstream	Ownership	EBITDA1

Deluxe & Luxury	100%	16,565 System-wide
Hotels	Ownership	Guest Rooms2

Rigid Plastic	53%	$1.0 billion
Packaging	Ownership3	Net Sales

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

1. See Appendix - "Boardwalk EBITDA" for EBITDA to GAAP reconciliation.
2. See page titled "Loews Hotels & Co - Portfolio" for additional disclosure. Loews Hotels & Co continues to be severely impacted by the COVID-19 pandemic. See Q1 results in Earnings Supplement.
3. In February of 2021, Altium paid a $199 million dividend to Loews after refinancing its term loans and replacing $832 million of debt with a $1.05 billion 7-year term loan. On April 1, 2021, Loews sold 47% of its interest in Altium Packaging Corporation for approximately $420 million in cash, subject to transaction expenses and customary post-closing adjustments, implying a valuation of about $475 million for Loews's remaining 53% stake. Loews deconsolidated Altium as of the date of the sale.

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.

$14.7 billion

Market

Cap

$11.4 billion Market	Trades at earnings and
Value of Loews's Stake	BV discount to peers
+

Net Cash -- $1.3 billion3

+

Private Subsidiaries --

Only $2.0 billion Implied Market Value

$819 million EBITDA1	16,565 System-wide	$1.0 billion Net Sales
Guest Rooms2

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

1. See Appendix - "Boardwalk EBITDA" for EBITDA to GAAP reconciliation.
2. See pages titled "Loews Hotels & Co" and "Loews Hotels & Co - Portfolio" for additional disclosure. Loews Hotels & Co continues to be severely impacted by the COVID-19 pandemic. See Q1 results in Earnings Supplement.
3. Net cash does not include cash received in April 2021 from the sale of 47% of Loews's interest in Altium Packaging Corporation.

Loews Corporation │CNA │Boardwalk │ Hotels │ Altium

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