Investor Presentation

Investor Presentation

October 2022

2022 Q3

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-GAAPFinancial Measures. Certain financial information presented herein includes non-GAAP financial measures. Management believes some investors may find these measures useful in evaluating our and our subsidiaries' performance. These non-GAAP measures are reconciled to GAAP numbers herein. We present non-GAAP measures only as a supplement to our financial statements based on GAAP. Please note that because all companies do not use identical calculations for non-GAAP measures, our presentation of these non-GAAP measures may not be comparable to similarly titled measures of other companies.

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 ofLoews Corporation,http://ir.loews.com/phoenix.zhtml?c=102789&p=irol-sec
• To view the most recent SEC filings ofCNA Financial Corporation,https://investor-relations.cna.com/financial/latest-financials
• To view the most recent SEC filings ofBoardwalk Pipeline Partners, LPhttps://www.bwpipelines.com/news-and-media/sec-filings/

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Loews Investment Highlights

• Long history of conservative financial management and shareholder value creation
• Strong and consistent dividends from subsidiaries
• Prudent capital allocation strategy
• Strong liquidity with a portfolio of cash and investments in excess of parent company debt
• Focus on maintaining single-A credit ratings at parent company

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Financial Performance

2022 Q3