Loews : Q1 2022 Company Overview

COMPANY OVERVIEW

May 2022

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.

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-GAAP Financial 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 atwww.loews.com and such subsidiaries atwww.cna.com andwww.bwpipelines.com, or at the SEC's website atwww.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/

Roadmap

Loews Corporation

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

1.

• • CNA Financial: property & casualty insurance

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

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

• • Altium Packaging1: rigid plastic packaging

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

Corporate Structure

Long-term view, diversified portfolio, one class of stock

Deluxe & Luxury Hotels 100% Ownership 16,445 System-wide Guest Rooms2 Rigid Plastic Packaging 53% Ownership $1.2 billion Net Sales

Natural Gas & NGL Midstream 100% Ownership $843 million EBITDA1

Balance sheet and ownership data is as of March 31, 2022, unless noted. Market cap data is as of April 29, 2022. All other data is for the year ended December 31, 2021.

• 1. See Appendix - "Boardwalk EBITDA" for EBITDA to GAAP reconciliation.

• 2. See page titled "Loews Hotels & Co - Portfolio" for additional disclosure.

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.

$11.5 billion Market Value of Loews's Stake

Trades at earnings and BV discount to peers

Balance sheet data is as of March 31, 2022. Market data is as of April 29, 2022. All other data is for the year ended December 31, 2021. 1. Represents Loews parent company cash and investments net of debt.

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