Capital Restored by Mid 2003

($ in billions at end of period)

(1) Excludes SFAS 115

(1)

$

$

GAAP Equity

$10.9

$10.2

Debt & TRUPS

$2.7

$3.7

$

Debt / Capital 26.3% 26.6% 19.8%

$

Note:

• The information presented above is preliminary. Final results for 2002 will be released on January 23, 2003.

• Current projections based on various assumptions, including normal catastrophe losses, no net realized investment gains or losses and no asbestos incurral

• Assumes 2003 operating income is earned ratably over the year

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