Loews : Q1 2020 Earnings Results Supplement

EARNINGS SUPPLEMENT

May 2020

2020 Q1

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 subsidiaries: CNA Financial Corporation, Boardwalk Pipelines and Diamond Offshore Drilling, Inc. 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 subsidiaries: CNA

Financial Corporation, Boardwalk Pipeline Partners, LP and Diamond Offshore Drilling, Inc. 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.com, www.bwpipelines.comand www.diamondoffshore.com, or at the SEC's website at www.sec.gov.

• To view the most recent SEC filings ofLoews Corporation,http://ir.loews.com/phoenix.zhtml?c=102789&p=irol-sec
• To view the most recent SEC filings ofCNA Financial Corporation,https://www.cna.com/web/guest/cna/about/investorrelations/financial
• To view the most recent SEC filings ofBoardwalk Pipeline Partners, LPhttps://www.bwpipelines.com/news-and-media/sec-filings/
• To view the most recent SEC filings ofDiamond Offshore Drilling, Inc.,http://investor.diamondoffshore.com/financial-information/sec-filings

2

2020 First Quarter - Key Highlights

• $3.1 billion in cash and investments at the parent company
• Net loss of $632 million, or $2.20 per share
• • Drilling rig impairment charges of $408 million
  • A $363 million decline in net investment income
  • Net investment losses of $152 million
  • A $38 million decrease in results from our hotel business
• On April 26, 2020, Diamond Offshore and certain of its subsidiaries filed voluntary petitions for relief under Chapter 11 of the United States Bankruptcy Code
• 9.7 million shares repurchased at an aggregate cost of $445 million
• Dividends from subsidiaries totaled $575 million
• $17.0 billion in shareholders' equity / book value per share of $60.28

Loews Cash & Investments		March 31,
($ millions)		2020
Portfolio Composition*
Cash & short term investments	$	2,420
Limited partnership investments		222
Equity securities		386
Other		37
Total Cash & Investments	$	3,065

* Net of receivable and payable positions.

Loews press release:http://ir.loews.com/phoenix.zhtml?c=102789&p=irol-financials

All balance sheet data included in this presentation is as of the end of each period presented.

3

Financial Summary

		March 31
		QTD
(in millions, except per share data)		2020		2019
Revenues	$	3,099	$	3,757
Net income (loss)		(632)		394
Net income (loss) per share		(2.20)		1.27
Dividends paid per share		0.0625		0.0625
Weighted average shares		287.0		310.4
Cash & investments
$	3,065	$	3,399
(Parent company)
Total debt		1,800		1,800
(Parent company)
Book value per share		60.28		62.31
Book value per share excluding AOCI		64.17		63.59

Balance sheet data included on this page is as of the end of each period presented.

4

Net Income (Loss) by Segment

($ millions)
CNA
Diamond	1
Boardwalk
Hotels
Corporate	2
Net income (loss) attributable to Loews

	March 31
	QTD
	2020		2019
$	(55)	$	305
	(452)		(37)
	65		79
	(25)		13
	(165)		34
$	(632)	$	394

1. As previously disclosed, on April 26, 2020, Diamond Offshore and certain of its subsidiaries filed voluntary petitions for relief under Chapter 11 of the United States Bankruptcy Code. As a result of the filing, Loews has concluded that it will no longer control Diamond Offshore for accounting purposes and is required to deconsolidate Diamond Offshore as of the Chapter 11 filing date. Through the date of Diamond Offshore's filing, Loews will continue to include its share of Diamond Offshore's losses in its consolidated financial statements.
2. Includes investment income from the parent company's cash and investments, interest expense, other unallocated corporate expenses and the financial results of Altium Packaging.

5

COVID-19

• CNA'sunderwriting business has remained strong; market volatility has impacted the investment portfolio
• Boardwalk Pipelinescontinues to perform as expected, benefiting from fixed fee take-or-pay contracts and strong customer credit quality
• Loews Hotels & Co'srevenues began declining dramatically in March; operations at most properties were temporarily suspended by month-end
• • Engaged in significant measures to adjust the operating cost structure of its hotels, defer capital costs and reduce management company costs
  • Established employee hardship relief fund for all impacted team members and provided benefits for furloughed team members for up to three months
  • When prudent, will reopen properties under refined operating standards with a focus on team member and guest safety
• Altium Packaginghas seen increased demand for household cleaners, water, beverage and pharmaceutical products, partially offset by declines in the food service and automotive end markets
• Diamond Offshoreand certain of its subsidiaries filed for bankruptcy on April 26, 2020
• • Loews is not responsible for and does not provide guarantees of the liabilities and obligations of its subsidiaries, including Diamond Offshore
• Theparent companyhas maintained a cash balance in excess of $3 billion
• • Donated $1 million to several different funds that will provide direct support to frontline workers
  • Members of the Office of the President have reduced, by 50%, their salary as of April 1 and their bonus for the entire year

6

Financial Trends

Parent company cash & investments

($ billions as of period-end)

$5.0 $4.9

$3.1 $3.3 $3.1

2016

2017

2018

2019

3/31/20

Dividends from subsidiaries1

($ millions)

$780 $804$878$927

$575

2016

2017

2018

2019 QTD 2020

1. Includes dividends received by Loews during each period indicated.

Shares outstanding

(shares in millions as of period-end)

337 332

312

291 281

2016

2017

2018

2019

3/31/20

Shareholders' equity

($ billions as of period-end)

$18.2$19.2 $18.5$19.1

$17.0

2016

2017

2018

2019

3/31/20

7

Loews Ownership

Note: As previously disclosed, on April 26, 2020, Diamond Offshore and certain of its subsidiaries filed voluntary petitions for relief under Chapter 11 of the United States Bankruptcy Code. As a result of the filing, Loews has concluded that it will no longer control Diamond Offshore for accounting purposes and is required to deconsolidate Diamond Offshore as of the Chapter 11 filing date. Through the date of Diamond Offshore's filing, Loews will continue to include its share of Diamond Offshore's losses in its consolidated financial statements.

All data as of March 31, 2020, except as noted. Dollars in billions unless otherwise noted.

1. Average daily throughput and EBITDA are for the year ended December 31, 2019. See Company Overview Appendix - "Boardwalk EBITDA" for EBITDA to GAAP reconciliation.
2. Adjusted EBITDA is for the year ended December 31, 2019. See Company Overview Appendix - "Loews Hotels & Co Adjusted EBITDA" for EBITDA to GAAP reconciliation.

8

CNA Financial - Financial Highlights

Financials1

		March 31
		QTD
($ millions, except per share data)		2020		2019
Core income2
$	108	$	318
Net investment gains (losses) (after-tax)		(169)		24
Net income (loss)		(61)		342
Loews accounting adjustments:
Amount s at t ribut able t o noncont rolling int erest s		7		(36)
Ot her 3		(1)		(1)
Net income (loss) attributable to Loews	$	(55)	$	305
Invested assets	$	44,086	$	45,639
Net written premiums		1,863		1,806
Combined ratio ex. catastrophes and development		93.9		94.9
Combined ratio		97.5		97.8
Loss ratio ex. catastrophes and development		60.4		60.7
Loss ratio		64.0		63.6
Book value per share ex. AOCI	$	42.12	$	43.38
Book value per share		38.18		42.19
Regular and special dividends per share4		2.37		2.35

Balance sheet data included on this page is as of the end of each period presented.

1. Unless noted as attributable to Loews, financial results are at the subsidiary level.
2. See CNA's Q1 2020 Earnings Release for a reconciliation of Core income to Net income available athttp://www.cna.com/web/guest/cna/about/investorrelations/financial
3. Other includes adjustments for income taxes and rounding.
4. Special dividend of $2.00 per share paid in March of 2020 and 2019.

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Diamond Offshore - Financial Highlights

Financials1

($ millions)

Revenue

Impairment of assets2

Operating loss3

Pretax loss

Net loss

Loews accounting adjustments:

Amount s at t ribut able t o noncont rolling int erest s Ot her 4

Net loss attributable to Loews

March 31

QTD

2020 2019

$	229		$	234
	774			-
	(846)			(49)
	(878)			(77)
	(862)			(73)
	405			34
	5			2
$	(452)		$	(37)

Note: As previously disclosed, on April 26, 2020, Diamond Offshore and certain of its subsidiaries filed voluntary petitions for relief under Chapter 11 of the United States Bankruptcy Code. As a result of the filing, Loews has concluded that it will no longer control Diamond Offshore for accounting purposes and is required to deconsolidate Diamond Offshore as of the Chapter 11 filing date. Through the date of Diamond Offshore's filing, Loews will continue to include its share of Diamond Offshore's losses in its consolidated financial statements.

1. Unless noted as attributable to Loews, financial results are at the subsidiary level.
2. Impairment charges related to the carrying value of four drilling rigs.
3. Operating loss represents loss before interest and taxes, excluding any gains/losses on sales of fixed assets.
4. Other includes adjustments for income taxes and rounding.

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Boardwalk Pipelines - Financial Highlights

Financials1

		March 31
		QTD
($ millions)		2020		2019
Revenue	$	340	$	346
EBITDA2		221		239
Net income		91		108
Loews accounting adjustments:
Ot her 3		(26)		(29)
Net income attributable to Loews	$	65	$	79

1. Unless noted as attributable to Loews, financial results are at the subsidiary level.
2. See Appendix - "Boardwalk EBITDA" for EBITDA to GAAP reconciliation.
3. Other includes adjustments for purchase accounting, income taxes and rounding.

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Loews Hotels & Co - Financial Highlights

Financials

		March 31
		QTD
($ millions)		2020		2019
Revenue	$	142	$	180
Adjusted EBITDA1		17		61
Pretax income (loss) excluding non-recurring items2		(25)		24
Pretax income (loss)		(33)		19
Net income (loss)		(25)		13
Adjusted mortgage debt, period-end3		1,507		1,292

Note: Due to the COVID-19 pandemic and efforts to mitigate the spread of the virus, twenty hotels owned and/or operated by Loews Hotels temporarily suspended operations in March of 2020, two hotels that completed construction have not opened and two additional hotels suspended operations in April of 2020. Only three owned hotels and one managed hotel remain operational, but with limited occupancy.

1. Adjusted EBITDA is the total amount of EBITDA attributable to Loews Hotels & Co based on its percent ownership of each property (e.g., if Loews Hotels & Co legally owns 50% of a property, 50% of that property's EBITDA is included, except as noted on the page titled "Loews Hotels & Co - Portfolio," which provides further detail on distributions at certain hotels), plus management company EBITDA and excludingnon-recurring items. See Appendix - "Loews Hotels & Co Adjusted EBITDA" for EBITDA to GAAP reconciliation.
2. Non-recurringitems include items such as acquisition transaction and transition costs, new development pre-opening costs, gains or losses on sale and impairments. See Appendix - "Loews Hotels & Co Adjusted EBITDA" for additional disclosure.
3. Adjusted mortgage debt is adjusted for Loews Hotels and Co's ownership interest in the asset underlying the borrowing. Balances are inclusive of adjusted mortgage debt related to assets under development of $91 million and $96 million at March 31, 2020 and 2019, respectively.

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Loews Hotels & Co - Portfolio

					Ownership - Ops
					Commenced /
		City, ST	Rooms	Ownership %	Managed Only
OWNED1(12)	Loews Chicago Hotel	Chicago, IL	400	100%	2015
	Loews Chicago O'Hare Hotel	Chicago, IL	556	100%	2014
	Loews Coronado Bay Resort	San Diego, CA	439	100%	2000
	Loews Kansas City Hotel	Kansas City, MO	800	65%	2020
	Loews Miami Beach Hotel	Miami Beach, FL	790	100%	1998
	Loews Minneapolis Hotel	Minneapolis, MN	251	100%	2014
	Loews Philadelphia Hotel	Philadelphia, PA	581	100%	2000
	Loews Regency New York Hotel	New York, NY	379	100%	1963	Note: Same store metrics were suspended in Q1 2020 as they were not
	Loews Vanderbilt Hotel	Nashville, TN	340	100%	1989	meaningful due to COVID-19 considerations.
	Loews Ventana Canyon Resort	Tucson, AZ	398	100%	2014 / 1984
	Loews Hotel Vogue	Montreal, QC	142	100%	1995	1.	Loews Kansas City Hotel obtained its certificate of occupancy in
	Loews Hotel 1000	Seattle, WA	120	100%	2016
		March of 2020. Initial distributions from the Loews Kansas City Hotel
			5,196
						investment are at 91.6% to Loews Hotels & Co and this percent is
JOINT VENTURE2(12)	Hard Rock Hotel, at Universal Orlando	Orlando, FL	650	50%	2001		used for adjusted mortgage debt and adjusted EBITDA.
	Loews Portofino Bay Hotel, at Universal Orlando	Orlando, FL	750	50%	1999	2.	Live! by Loews Arlington, TX opened in Q3 2019; initial distributions
	Loews Royal Pacific Resort, at Universal Orlando	Orlando, FL	1,000	50%	2002		are at 47.2% to Loews Hotels & Co, which is slightly lower than the
	Loews Sapphire Falls Resort, at Universal Orlando	Orlando, FL	1,000	50%	2016		ownership percentages presented herein and will be used for
	Universal's Aventura Hotel	Orlando, FL	600	50%	2018		calculating adjusted mortgage debt and adjusted EBITDA. Live! by
	Universal's Cabana Bay Beach Resort	Orlando, FL	2,200	50%	2014		Loews St. Louis, MO opened in Q1 2020. Initial distributions from Live!
	Universal's Endless Summer Resort - Dockside Inn and Suites	Orlando, FL	1,011	50%	2020		by Loews St. Louis, MO are at 45.5% to Loews Hotels & Co, which is
	Universal's Endless Summer Resort - Surfside Inn and Suites	Orlando, FL	750	50%	2019		slightly lower than the ownership percentages presented herein
	Live! by Loews Arlington, TX	Arlington, TX	300	50%	2019		and will be used for calculating adjusted mortgage debt and
	Live! by Loews St. Louis, MO	St. Louis, MO	216	50%	2020		adjusted EBITDA. Universal's Endless Summer Resort - Dockside Inn
	Loews Hollywood Hotel	Los Angeles, CA	628	50%	2012		and Suites obtained its certificate of occupancy for the first 1,011
	Loews Atlanta Hotel	Atlanta, GA	414	50%	2015 / 2010		rooms in March of 2020. The remaining phase of 1,039 rooms is
			9,519				scheduled to open later in 2020.
						3.	Loews will have a 20% ownership interest in the Loews Coral Gables
MANAGED (4)	Bisha Hotel and Residences	Toronto, ON	96		2017
	Loews Boston Hotel	Boston, MA	225		2013 / 2018		Hotel upon completion of development. Universal's Endless
	Loews New Orleans Hotel	New Orleans, LA	285		2003		Summer Resort - Dockside Inn and Suites is included in the joint
	Loews Santa Monica Beach Hotel	Santa Monica, CA	347		1989		venture hotel count and discussed above.
			953
TOTAL LOEWS HOTELS			15,668
					Scheduled Opening
UNDER DEVELOPMENT3(1)	Loews Coral Gables Hotel	Coral Gables, FL	242	20%	2022
	Universal's Endless Summer Resort - Dockside Inn and Suites	Orlando, FL	1,039	50%	2020
			1,281
TOTAL INCLUDING UNDER DEVELOPMENT		16,949

List of portfolio properties is as of March 31, 2020.

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Appendix - Loews Consolidating Condensed Balance Sheet

		CNA		Diamond	Boardwalk		Loews
March 31, 2020		Financial		Offshore1		Pipelines	Hotels & Co	Corporate2		Total
($ millions)
Assets:
Cash and investments	$	44,943	$	499	$	32	$	172	$	3,135	$	48,781
Receivables		7,528		268		129		30		181		8,136
Property, plant and equipment		271		4,330		8,545		1,128		477		14,751
Deferred non-insurance warranty acquistion expenses		2,905		-		-		-		-		2,905
Other assets		2,730		281		564		436		670		4,681
Total assets	$	58,377	$	5,378	$	9,270	$	1,766	$	4,463	$	79,254
Liabilities and Equity:
Insurance reserves	$	38,351	$	-	$	-	$	-	$	-	$	38,351
Short term debt		-		2,412		-		38		10		2,460
Long term debt		2,680		-		3,547		684		2,597		9,508
Deferred non-insurance warranty revenue		3,848		-		-		-		-		3,848
Other liabilities		3,164		595		1,457		371		322		5,909
Total liabilities		48,043		3,007		5,004		1,093		2,929		60,076
Total shareholders' equity		9,237		1,257		4,266		672		1,534		16,966
Noncontrolling interests		1,097		1,114		-		1		-		2,212
Total equity		10,334		2,371		4,266		673		1,534		19,178
Total liabilities and equity	$	58,377	$	5,378	$	9,270	$	1,766	$	4,463	$	79,254

Note: Amounts presented will not necessarily be the same as those in the individual financial statements of the Company's subsidiaries due to adjustments for purchase accounting, income taxes and noncontrolling interests.

1. As previously disclosed, on April 26, 2020, Diamond Offshore and certain of its subsidiaries filed voluntary petitions for relief under Chapter 11 of the United States Bankruptcy Code. As a result of the filing, Loews has concluded that it will no longer control Diamond Offshore for accounting purposes and is required to deconsolidate Diamond Offshore as of the Chapter 11 filing date. Through the date of Diamond Offshore's filing, Loews will continue to include its share of Diamond Offshore's losses in its consolidated financial statements.
2. Corporate primarily reflects the parent company's cash and investments, corporatelong-term debt and Altium Packaging.

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Appendix - Boardwalk EBITDA

		March 31
		QTD
($ millions)		2020		2019
Pretax income	$	91	$	108
Depreciation and amortization		88		86
Interest expense		42		45
EBITDA	$	221	$	239

Financial results are at the subsidiary level.

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Appendix - Loews Hotels & Co Adjusted EBITDA

		March 31
		QTD
($ millions)		2020		2019
Consolidated GAAP pretax income (loss)	$	(33)	$	19
Non-recurring items1		8		5
Pretax income (loss) excluding non-recurring items	$	(25)	$	24
Depreciation and amortization of owned properties		14		16
Interest expense on owned properties		8		5
Adjustments for unconsolidated joint ventures' proportionate share of EBITDA 2		20		16
Adjusted EBITDA3	$	17	$	61

Note: Due to the COVID-19 pandemic and efforts to mitigate the spread of the virus, twenty hotels owned and/or operated by Loews Hotels temporarily suspended operations in March of 2020, two hotels that completed construction have not opened and two additional hotels suspended operations in April of 2020. Only three owned hotels and one managed hotel remain operational, but with limited occupancy.

1. Non-recurringitems include items such as acquisition transaction and transition costs, new development pre-opening costs, gains or losses on sale and impairments.
2. Represents the difference between Loews Hotels & Co's GAAP pretax income for its joint venture properties and its pro rata share of those properties' EBITDA based on its percentage ownership (e.g. if Loews Hotels & Co legally owns 50% of a property, 50% of that property's EBITDA is included, except as noted on the page titled "Loews Hotels & Co - Portfolio," which provides further detail on distributions at certain hotels).
3. Adjusted EBITDA includes the results from properties sold of $0 million and $1.3 million for the three months ended March 31, 2020 and 2019.

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