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Talanx AG

Investor Presentation • Sep 11, 2013

427_ip_2013-09-11_fd42cffa-4ff4-46f5-bf9c-2bfa7d77a436.pdf

Investor Presentation

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Barclays Global Financial Service Conference

Herbert K. Haas, CEONew York, 11 September 2013

Talanx – "Strong roots, dynamic growth"

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Where are we coming from?

Overview V.a.G.

  • HDI V.a.G. is a mutual insurance company and majority-owner of the holding company Talanx AG
  • Around 1900, a fast-growing German industry saw the need for a more efficient way to receive third-party liability insurance cover
  • On 8 December 1903, 176 companies and 6 employers liability insurance associations founded the "Haftpflichtverband der deutschenEisen- und Stahlindustrie" ("liability association of the German steel industry")
  • The organisational setup reflects the historic roots of HDI, an association of important companies of the German industry that offers mutual insurance cover
  • Approx. 0.8m members of HDI V.a.G.

History

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Where are we coming from? – in topline growth

GWP by segment 2002 and 2012 (€bn)1,2

Share of segments in total GWP calculated before consolidation

2Calculated based total GWP adjusted for the respective stake in HannoverRe

Talanx's business portfolio on a strive for better diversification

Barclays Global Financial Service Conference, New York, 11 September 2013

$$
{\sf talanx.}
$$

4

Where are we coming from? – in global presence

Location overview in primary insurance business

Countries with local presenceBranch / office location

Where do we stand today? – our corporate identity

Talanx is the leading global B2B insurance group.

Our Mission

Optimised cooperation between our divisions enables us to take advantage of promising opportunities wherever they arise on the global insurance markets – to the benefit of all our stakeholders.

Our Story

A leading German insurer with a unique global growth story and an excellent risk / return profile.

Where do we stand today? – our size versus peers

Top 10 German insurers

German insurers by global GWP (2012, €bn)

Top 10 European insurers

European insurers by global GWP (2012, €bn)

Listed insurers Cumulated individual financial statements 2 Gross premiums earnedSource: SNL Financial, annual reports

Third-largest German insurance group with leading position in Europe and strong roots in Germany

Talanx is an integrated international insurance group, anchored in Germany, running a multi-brand approach

8

Where do we stand today? – our divisions

Combined ranking based on 2012 data of Polish regulator as per local GAAP

2According to Siscorp based on local GAAP

Based on A.M. Best ranking (September 2012)

4Based on S&P ranking by average RoE 2002-2010 and also number 1 by average RoE as per KPMG 2012

Integrated insurance group with leading market positions in all segments

Where do we stand today? – our corporate functions

Talanx's operating segments are supported by five specialised service functions

Barclays Global Financial Service Conference, New York, 11 September 2013

11

Where do we stand today? – in regulatory capital

Talanx has extensive experience in innovative capital management As of 30 June 2013, available funds include €1.7bn of subordinated debt2 Goodwill of €1.1 bn as of 30 June 2013 (relative to shareholders' equity excl. minorities of €6.8bn)

Talanx Group based on the solvency of HDI V.a.G. (HDI V.a.G. is the relevant legal entity for the calculation of group solvency from a regulatory perspective)2€1.7bn of the Group's total subordinated debt (€3.1bn) are eligible for Solvency I capital (after accounting for minority interest and capped by regulatory thresholds)

Solid solvency and high-quality capital with relatively low goodwill supporting optimal balance sheet strength

Where do we stand today? – in ratings capital

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Current financial strength ratings

rating of Talanx Primary Group

The designation used by A. M. Best for the Group is "Talanx AG and its leading non-life direct insurance operation and its leading life insurance operation"

2This rating applies to the core members of Talanx Primary Group (the subgroup of primary insurers in Talanx Group)

This rating applies to Hannover Re and its major core companies. The Hannover Re subgroup corresponds to the Talanx Reinsurance segment

4Insurance Industry and Country Risk Assessment

12

What is special about us? – focus on B2B distribution as a key differentiator

Samples of clients/partners

Superior service of corporate relationships lies at heart of our value proposition

Barclays Global Financial Service Conference, New York, 11 September 2013

What is special about us? – B2B competence allows business integration across all divisions3

14

Enhanced business activity and efficiency through close cooperation and best-practice approach across all segments

What is special about us? – Sophisticated underwriter with low gearing to market risk

Market risk 3 Non-life risk 2 Further life riskOperational riskOther risk Total market risk of 39%, of solvency capital requirements, which is comfortably below the 50% limit Risk capacity priority for insurance risk Non-life is the dominating insurance risk category, comprising premium and reserve risk, NatCat and counterparty default risk At a 99.5% security level, applying the Economic View in Talanx's internal model, the Solvency capital requirement stands at €1.9bn for 2012; the Capital Adequacy Ratio at 351%. In the stricter 99.97% view, the ratio stands at 196% Equities ~1% of investments under own management GIIPS sovereign exposure 0.7% of total assets39%39%16%5%1%Talanx GroupRisk components of Talanx GroupComments 1

Figures show approximate risk categorisation, in terms of solvency capital requirements, of the Talanx Group after minorities, after tax, post diversification effects asof 2012

2 Includes premium and reserve risk (non-life), net NatCat and counterparty default risk3Refers to the combined effects from market developments on assets and liabilities

Market risk sensitivity (limited to less than 50% of solvency capital requirement) is deliberately low

Barclays Global Financial Service Conference, New York, 11 September 2013

What is special about us? – Proven earnings resilience over cycle

Top20 European peers, each year measured by GWP

Source: FactSet / Annual reports of Talanx Group and Hannover Re Group

Robust cycle resilience due to diversification of segments

Barclays Global Financial Service Conference, New York, 11 September 2013

What is special about us? – Attractive risk-return profile3

RoE standard deviation of selected European insurance companies

Note: Calculation based on respective accounting standards used in respective years. Accounting standards may have changed over periods analysed

Median RoE and standard deviation of RoE 2001 – 2011 of selected European insurance groups; R+V 2001 – 2010, Groupama 2001 – 2010, Covea 2005 – 2010

Minority interests only given in 2010 and 2011, no adjustment for variable interest entities

Source: Based on data of "Benchmarking of selected insurance companies" analysis by KPMG AG as of 27 April 2012

Sustainable earnings development due to prudent risk management approach

Barclays Global Financial Service Conference, New York, 11 September 2013

17

How to move forward? – Overall Group strategy

Focus of the Group is on long-term increase in value by sustainable and profitable growth and vigorous implementation of our B2B-expertise

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2Risk-free rate is defined as the 5-year rolling average of the 10-year German government bond yield

How to move forward? – Sources for growth

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Which return to expect from us – 6M 2013 results at a glance

Summary of 6M 2013

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Comments

  • 10% y/y growth in gross written premium (currency-adjusted +11%, organically +6%) and even somewhat higher momentum in net premium earned
  • Combined ratio improved by 2.0%pts, reflecting the benefits of Group diversification
  • Return on investment virtually flat y/y
  • Decline in shareholders' equity of 5% reflects the dividend payout of €265m in Q2 as well as OCI effects from rates and currencies of ~€500m
  • Solvency I ratio at comfortable 206%

Annualised

2012 numbers in this presentation adjusted on the basis of IAS8

Higher EBIT and bottom-line result despite major losses

Which return to expect from us? – Outlook 2013

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2
0
%
7-
+
~
N
L
i
f
R
i
o
n-
e
e
n
s
u
r
a
n
c
e
•		 5
3-
%
+
~
L
i
f
d
H
l
h
R
i
t
e
a
n
e
a
e
n
s
r
a
n
c
e
•
u		 5-
7
%
+
~
R
i
t
t
t
e
r
n
o
n
n
e
s
m
e
n
u
v		 3.
5
%
>
G
i
t
r
o
p
n
e
n
c
o
m
e
u		 €
0
0
7
m
~
i
R
t
t
e
u
r
n
o
n
e
q
u
y		 1
0
%
~
D
i
i
d
d
i
t
t
e
n
p
a
o
r
a
o
v
y
u		 3
5-
4
5
%
t
t
a
r
g
e
r
a
n
g
e
[
f
/
/
]
U
d
d
l
k
1
4
0
8
2
0
1
3
t
t
p
a
e
o
u
o
o
a
s
o

21

Targets are subject to no major losses exceeding budget (cat), no turbulences on capital markets (capital), and no material currency fluctuations (currency).

Which return to expect from us? – Mid-term target matrix

Se
ts
g
me
n		 f
ig
Ke
y
ur
es		 S
ic
tra
teg
tar
ts
g
e
G Re
i
tur
ty
n o
n e
q
u		 bp
bo
is
k
fre
1
7
5
0
≥
s a
ve
r
e
r
o
p
u		 Gr
inc
h
t
t
ou
p
ne
om
e g
row		 1
0
%
~
D
iv
i
de
d p
io
t ra
t
n
ay
ou		 3
5 -
4
5
%
2
Re
inv
tur
tm
t
n o
n
es
en		 3.
5
%
≥
I
d
i
l
L
i
t		 Gr
3
ium
h
t
os
s p
rem
g
row		 3 -
5
%
n
s
r
a
n
e
s
u		 Co
b
ine
d r
io
t
m
a		 9
6
%
≤
4
E
B
I
T m
in
arg		 1
0
%
≥
Re
ion
ten
t
te
ra		 6
0 -
6
5
%
i
R
l
G
t		 Gr
ium
t
h
os
s p
rem
g
row		 0
%
≥
e
a
e
r
m
a
n
y		 Co
b
ine
d r
io
(
l
i
fe
)
t
m
a
no
n-		 9
7
%
≤
(
fe
)
Ne
bu
ine
in
l
i
w
s
ss
m
arg		 2
%
≥
4
E
B
I
T m
in
arg		 4.
5
%
≥
R
i
l
I
i
l
t
t
t		 Gr
3
ium
h
t
os
s p
rem
g
row		 1
0
%
≥
e
a
n
e
r
n
a
o
n
a		 Co
(
fe
)
b
ine
d r
io
l
i
t
m
a
no
n-		 9
6
%
≤
Va
lue
f
Ne
Bu
ine
(
V
N
B
)
h
t
o
s
ss
g
row
w		 5 -
1
0
%
4
E
B
I
T m
in
arg		 5
%
≥
N
l
i
f
i		 Gr
ium
h
t
os
s p
rem
g
row		 3 -
%
5
o
n-
e
r
e
n
s
r
a
n
c
e
u		 Co
b
ine
d r
io
t
m
a		 9
6
%
≤
E
B
I
T m
in
4
arg		 1
0
%
≥
i
f
i
L
&
h
l
h
t		 Gr
3
ium
h
t
os
s p
rem
g
row		 5 -
7
%
e
e
a
r
e
n
s
u
r
a
n
c
e		 f
(
)
Va
lue
Ne
Bu
ine
V
N
B
t
h
o
w
s
ss
g
row		 1
0
%
≥
4
E
B
I
T m
in
f
ina
ing
d
lon
i
bu
ine
ty
arg
nc
an
g
ev
s
ss		 2
%
≥
4 m
E
B
I
T m
in
l
i
d
he
l
h
bu
ine
ta
ty
t
arg
or
an
a
s
ss		 6
%
≥

Risk-free rate is defined as the 5-year rolling average of the 10-year German government bond yield

2 Derived from actual asset duration. Currently ~ 6.5 years, therefore the minimum return is the 13-year average of 13-year German government bond yield. Annually rolling

Organic growth only; currency neutral

4EBIT/net premium earned

Note: growth targets are on p.a. basis

APPENDIX: HDI V.a.G. placement strengthens position in MDAX

MDAX ranking free-float market cap

R
k
a
n
J
2
0
1
3
n
e
u		 G
r
o
u
p		 R
k
a
n
A
2
0
1
3
t
u
g
u
s		 G
r
o
p
u
… …
3
8		 P
1
e
e
r		 3
8		 P
1
e
e
r
3
9		 P
2
e
e
r		 3
9		 P
2
e
e
r
4
0		 P
3
e
e
r		 4
0		 P
3
e
e
r
4
1		 P
4
e
e
r		 4
1		 P
4
e
e
r
4
2		 P
5
e
e
r		 4
2		 P
5
e
e
r
4
3		 P
6
e
e
r		 4
3		 P
6
e
e
r
4
4		 P
7
e
e
r		 4
4		 P
7
e
e
r
4
5		 P
8
e
e
r		 4
5		 P
8
e
e
r
4
6		 P
9
e
e
r		 4
6
4
7		 P
1
0
e
e
r		 4
7		 P
9
e
e
r
4
8		 P
1
1
e
e
r		 4
8		 P
1
0
e
e
r
4
9		 P
1
2
e
e
r		 4
9		 P
1
1
e
e
r
0
5		 0
5		 P
1
2
e
e
r
… …

Comments

  • In July, HDI V.a.G. placed 8.2m shares (3.2% of Talanx's share capital) at €23.25 per share
  • The transaction reducedHDI V.a.G's share in Talanx to 79.1% while raising the free-float from 11.2 to 14.4%
  • Based on the Deutsche Börse MDAX ranking, Talanx stands end of August at #46 according to the freefloat market cap criteria
  • With respect to turnover, Talanx reached #35 in the August ranking

Source: Talanx analysis based on July 2013 MDAX statistics.

APPENDIX: HDI V.a.G. structure

Members of HDI V.a.G.

Relationship HDI V.a.G. – Talanx AG

  • HDI V.a.G. is a mutual insurance company and majority-owner of the holding company Talanx AG; commitment to remain long-term majority shareholder post IPO
  • Alignment of interests of HDI V.a.G. and Talanx Group through
  • Providing efficient and reliable insurance to mutual members at market rates, often syndicate-based
  • Same decision makers: Mr Haas, Dr Hinsch, Dr Querner
  • HDI V.a.G. has no other investments besides Talanx and is interested to further strengthen and enable Talanx to provide stable insurance capacity to industrial clients
  • Talanx and HDI V.a.G. committed to capital market oriented dividend policy
  • No financial liabilities on mutual level
  • Very limited business relations / intercompany contracts between HDI V.a.G. and Talanx

Strong and reliable anchor shareholder with aligned interests

APPENDIX: How to move forward? – Profitable organic growth accelerated by focused acquisitions

  • M&A focus set on "Industrial Lines" and "Retail International"
  • Key focus on Eastern European and Latin American markets withexisting footprint
  • Main rationals: portfoliooptimization, increasingglobal efficiencies, expandinggroup competencies
  • H1 2013 delivered positivecontribution in all target markets proving M&Astrategy successful

Excellent track record in acquiring and integrating insurers in attractive growth markets

APPENDIX: Key financials by segments – 6M 2013

I
d
i
l
L
i
t
n
u
s
r
a
n
e
s		 R
i
l
G
t
e
a
e
r
m
a
n
y		 R
i
l
I
i
l
t
t
t
e
a
n
e
r
n
a
o
n
a
€m
I
F
R
S
,		 M
6
2
0
1
3		 M
6
2
0
1
2		 C
ha
ng
e		 6
M
2
0
1
3		 6
M
2
0
1
2		 C
ha
ng
e		 M
6
2
0
1
3		 M
6
2
0
1
2		 C
ha
ng
e
P
&
L
Gr
i
ium
t
te
os
s w
r
n p
re
m		 2,
3
9
9		 2,
2
4
6		 %
7
+		 3,
6
2
3		 3,
5
1
6		 3
%
+		 2,
1
1
5		 1,
3
3
4		 6
1
%
+
Ne
ium
d
t p
re
m
e
ar
ne		 8
9
5		 8
2
7		 1
4
%
+		 2,
6
6
3		 2,
6
1
0		 2
%
+		 1,
4
8
7		 1,
0
8
7		 6
2
%
+
Ne
de
i
ing
l
t u
t
t
n
rw
r
re
su		 (
1
1
)		 8
5		 n.a (
)
7
3
2		 (
)
7
1
1		 n.a 1
7		 (
2
1
)		 n.a
Ne
inv
inc
t
tm
t
es
en
om
e		 1
0
8		 1
1
3		 (
%
)
5		 8
7
2		 8
1
3		 7
%
+		 1
4
6		 1
1
8		 2
4
%
+
Op
ing
l
(
E
B
I
T
)
t
t
er
a
re
su		 8
7		 1
5
7		 (
0
%
)
5		 9
0		 7
3		 2
3
%
+		 1
1
3		 5
2		 1
1
7
%
+
Ne
inc
f
ino
i
ies
t
te
t
om
e a
r m
r		 4
7		 9
9		 (
3
%
)
5		 5
1		 4
9		 4
%
+		 6
6		 3
1		 1
1
4
%
+
Ke
io
t
y
ra
s
Co
fe
b
ine
d
io
l
i
t
m
ra
no
n-
ins
d
ins
ur
an
ce
a
n
re
ur
an
ce		 1
0
1.
2
%		 9
2.
6
%		 8.
5
%
ts
p		 9
9.
9
%		 1
0
8.
6
%		 (
)
8.
8
%
ts
p		 9
4.
9
%		 9
9.
0
%		 (
)
4.
1
%
ts
p
1
Re
inv
tu
tm
t
rn
on
es
en		 3.
1
%		 3.
4
%		 (
)
0.
3
%
ts
p		 4.
3
%		 4.
3
%		 0.
0
%
ts
p		 5.
1
%		 6.
1
%		 (
)
1.
0
%
ts
p

Annualised

Note: Differences due to rounding may occur.

APPENDIX: Key financials by segments – 6M 2013 (continued)

N
L
i
f
R
i
o
n-
e
e
n
s
u
r
a
n
c
e		 L
i
f
d
H
l
h
t
e
a
n
e
a
R
i
e
n
s
r
a
n
c
e
u		 G
r
o
u
p
€m
I
F
R
S
,		 6
M
2
0
1
3		 6
M
2
0
1
2		 C
ha
ng
e		 M
6
2
0
1
3		 M
6
2
0
1
2		 C
ha
ng
e		 6
M
2
0
1
3		 6
M
2
0
1
2		 C
ha
ng
e
P
&
L
Gr
i
ium
t
te
os
s w
r
n p
re
m		 4,
0
9
7		 4,
0
8
0		 0
%
+		 3,
1
3
0		 2,
8
0
9		 1
1
%
+		 1
4,
9
6
6		 1
3,
5
8
2		 1
0
%
+
Ne
ium
d
t p
re
m
e
ar
ne		 3,
4
0
4		 3,
3
0
3		 3
%
+		 2,
8
7
7		 2,
2
1
5		 1
1
%
+		 1
1,
4
9
8		 1
0,
2
9
4		 1
2
%
+
Ne
de
i
ing
l
t u
t
t
n
rw
r
re
su		 1
9
1		 1
0
0		 9
1
%
+		 (
1
9
4
)		 (
1
2
1
)		 (
6
0
)
%		 (
3
0
)
7		 (
6
9
)
5		 (
)
%
5
Ne
inv
inc
t
tm
t
es
en
om
e		 3
7
8		 4
2
9		 (
)
1
2
%		 3
1
5		 2
8
6		 1
0
%
+		 1,
8
7
7		 1,
7
4
8		 7
%
+
Op
(
)
ing
l
E
B
I
T
t
t
er
a
re
su		 5
6
7		 4
4
8		 2
6
%
+		 1
0
8		 1
3
5		 (
2
9
%
)		 1,
0
1
8		 8
5
3		 1
9
%
+
Ne
inc
f
ino
i
ies
t
te
t
om
e a
r m
r		 1
6
6		 1
4
3		 1
7
%
+		 4
0		 6
2		 (
3
6
%
)		 4
0
7		 3
5
3		 1
5
%
+
Ke
io
t
ra
s
y
Co
b
ine
d
io
l
i
fe
t
m
ra
no
n-
ins
d
ins
ur
an
ce
a
n
re
ur
an
ce		 9
4.
2
%		 9
6.
8
%		 (
2.
6
)
%
ts
p		 --- --- --- 9
6.
0
%		 9
8.
0
%		 (
)
2.
0
%
ts
p
1
Re
inv
tu
tm
t
rn
on
es
en		 3.
2
%		 3.
8
%		 (
)
0.
6
%
ts
p		 3.
2
%		 3.
8
%		 (
)
0.
6
%
ts
p		 4.
0
%		 4.
1
%		 (
)
0.
1
%
ts
p

Annualised

Note: Differences due to rounding may occur.

APPENDIX: 6M 2013 results – GWP of main risk carriers

R
i
l
G
t
e
a
e
r
m
a
n
y
G
S
W
P,
€m
I
F
R
,		 6
M
2
0
1
3		 6
M
2
0
1
2		 C
ha
ng
e
No
l
i
fe
Ins
n-
ur
an
ce		 1,
0
3
8		 1,
0
4
5		 (
)
1
%
1
G
H
D
I
Ve
ic
he
A
rs
run
g
s		 9
6
5		 9
7
7		 (
1
%
)
L
i
fe
Ins
ur
an
ce		 2,
5
8
5		 2,
4
7
1		 5
%
+
G
H
D
I
Le
be
ic
he
A
ns
ve
rs
run
g		 1,
1
0
1		 1,
1
1
6		 (
)
1
%
2
le
be
Le
be
ic
he
A
G
ne
ue
n
ns
ve
rs
run
g		 5
2
5		 4
9
9		 +5
%
T
A
R
G
O
Le
be
ic
he
A
G
ns
ve
rs
run
g		 4
6
7		 4
2
9		 1
1
%
+
P
B
Le
be
ic
he
A
G
ns
ve
rs
run
g		 3
8
4		 3
4
5		 9
%
+
To
l
ta		 3,
6
2
3		 3,
5
1
6		 3
%
+
R
i
l
I
i
l
t
t
t
e
a
n
e
r
n
a
o
n
a
G
S
W
P,
€m
I
F
R
,		 6
M
2
0
1
3		 6
M
2
0
1
2
No
l
i
fe
Ins
n-
ur
an
ce		 1,
4
3
9		 9
6
6
9
7
7		 (
)
1
%		 H
D
I
Se
S.
A.
Br
i
l
g
uro
s
az
,		 4
2
1		 3
9
0
3,
T
U
i
R
W
S.
A.
Po
lan
d
ta
ar		 4
4
4		 1
2
7
4,
T
U
Eu
S.
A.
Po
lan
d
rop
a		 7
6		 1
0
4
9
9		 +5
%		 H
D
I
As
icu
ion
i
S.
A.
I
ly
(
P
&
C
)
ta
s
raz
p.
,		 1
7
2		 1
6
2
5
Se
S.
C.
H
D
I
A.
De
V.
Me
ico
g
uro
s
x
,		 8
7		 6
7
H
D
I
S
ig
A.
Ş.
Tu
ke
ta
or
r
y
,		 9
7		 7
9
3,
5
1
6		 3
%
+		 L
i
fe
Ins
ur
an
ce		 7
1
2		 3
6
8
T
U
W
Zy
ie
S.
A.
Po
lan
d
ta
ar
c
,		 6
7		 -
4,
T
U
Eu
Po
lan
d
rop
a		 1
9
4		 7
4
Op
L
i
fe
en		 9 1
H
D
I-
Ge
l
ing
Zy
ie,
Po
lan
d
r
c		 8
4		 4
4
H
D
I
As
icu
ion
i
S.
A.
I
ly
(
L
i
fe
)
ta
s
raz
p.
,		 1
5
3		 1
1
1
To
l
ta		 2,
1
5
1		 1,
3
3
4

Entity results from Sept 2012 merger of HDI Direkt Versicherung AG and HDI-Gerling Firmen und Privat Versicherung AG

2Talanx ownership 67.5%

includes HDI Asekuracja TU S.A., Poland; Talanx ownership of 75.74%

4Talanx ownership 50% + 1 share; closed on 1 June 2012

5includes Metropolitana

Numbers for main carriers represent data entry values

Talanx Investor Relations

Financial Calendar

14 November 2013Interim Report Q3 2013

24 March 2014Annual Report 2013

08 May 2014Annual General Meeting

15 May 2014Interim Report Q1 2014

Contact

Talanx AGRiethorst 230659 [email protected]

Dr. Wolfram SchmittPhone: +49 511 3747 [email protected]

Carsten Werle, CFAPhone: +49 511 3747 [email protected]

Marcus Sander, CFAPhone: +49 511 3747 [email protected]

Disclaimer

This presentation contains forward-looking statements which are based on certain assumptions, expectations and opinions of the management of Talanx AG (the "Company") or cited from third-party sources. These statements are, therefore, subject to certain known or unknown risks and uncertainties. A variety of factors, many of which are beyond the Company's control, affect the Company's business activities, business strategy, results, performance and achievements. Should one or more of these factors or risks or uncertainties materialize, actual results, performance or achievements of the Company may vary materially from those expressed or implied as being expected, anticipated, intended, planned, believed, sought, estimated or projected.in the relevant forward-looking statement.

The Company does not guarantee that the assumptions underlying such forward-looking statements are free from errors nor does the Company accept any responsibility for the the actual occurrence of the forecasted developments. The Company neither intends, nor assumes any obligation, to update or revise these forward-looking statements in light of developments which differ from those anticipated.

Where any information and statistics are quoted from any external source, such information or statistics should not be interpreted as having been adopted or endorsed by the Company as being accurate.Presentations of the company usually contain supplemental financial measures (e.g., return on investment, return on equity, gross/net combined ratios, solvency ratios) which the Company believes to be useful performance measures but which are not recognised as measures under International Financial Reporting Standards, as adopted by the European Union ("IFRS"). Therefore, such measures should be viewed as supplemental to, but not as substitute for, balance sheet, statement of income or cash flow statement data determined in accordance with IFRS. Since not allcompanies define such measures in the same way, the respective measures may not be comparable to similarly-titled measures used by other companies. This presentation is dated as of 6 September 2013. Neither the delivery of this presentation nor any furtherdiscussions of the Company with any of the recipients shall, under any circumstances, create any implication that there has been no change in the affairs of the Company since such date. This material is being delivered in conjunction with an oral presentation by the Company and should not be taken out of context.

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