Q4 2021 Company Overview

U.S. Regulated Equity Markets (Alternative Disclosure) via PUBT

COMPANY OVERVIEW

February 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-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 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/

Roadmap

Loews Corporation

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

•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

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

Loews Corporation │CNA │Boardwalk │ Hotels │ Altium

Corporate Structure

Long-term

view,

diversified

portfolio, one class of stock

$3.4 billion Cash

& Investments

$2.3 billion Debt

$15.2 billion Market Cap

Publicly

Traded

Privately

Held

Property &			$8.2 billion

	89.6%	Net Earned Premiums
Casualty
Ownership	$12.7 billion
Insurance

			Market Cap

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

Deluxe & Luxury	100%	16,445 System-wide
Guest Rooms2
Hotels	Ownership

Rigid Plastic	53%	$1.2 billion
Packaging	Ownership3	Net Sales

All data is as of December 31, 2021 except market cap data, which is as of February 4, 2022.

See Appendix - "Boardwalk EBITDA" for EBITDA to GAAP reconciliation.
See page titled "Loews Hotels & Co - Portfolio" for additional disclosure. Loews Hotels & Co's results have been significantly impacted by the COVID-19 pandemic. See Q4 results in Earnings Supplement.
On April 1, 2021, Loews sold 47% of Altium Packaging for cash proceeds of $420 million. Loews deconsolidated Altium Packaging as of the date of the sale and now records Altium Packaging as an equity method investment.

Loews Corporation │CNA │Boardwalk │ Hotels │ Altium

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.

$15.2 billion

Market

Cap

$11.4 billion Market	Trades at earnings and
Value of Loews's Stake	BV discount to peers

+

Net Cash --+$1.1 billion

Private Subsidiaries --

Only $2.7 billion Implied Market Value

$843 million EBITDA1	16,445 System-wide	$1.2 billion Net Sales
Guest Rooms2

All data is as of December 31, 2021 except market cap data, which is as of February 4, 2022.

See Appendix - "Boardwalk EBITDA" for EBITDA to GAAP reconciliation.
See page titled "Loews Hotels & Co - Portfolio" for additional disclosure. Loews Hotels & Co's results have been significantly impacted by the COVID-19 pandemic. See Q4 results in Earnings Supplement.

Loews Corporation │CNA │Boardwalk │ Hotels │ Altium

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Disclaimer

Loews Corporation published this content on 07 February 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 07 February 2022 11:16:23 UTC.