INSURANCE-LINKED PROGRAM: BB SPREAD, AA UNCORRELATED RISK Powerful Portfolio Dynamics Participants pledge collateral that earns additional net Powerful Portfolio spread of 1% to 1.5%, long-term, sustainable alpha Dynamics Participants hedge short & medium term P&C and Life risks by using existing bond inventory The Vesttoo Insurance-Linked Program (ILP) holds selective uncorrelated deals, therefore has limited risk Since risks are uncorrelated to equities and credit there is Risk Capital minimal impact on participants’ risk budgets No cash required Practically no tail risk (prob. Of 10% loss < 0.5%) # of Deals Proprietary & Confidential