Continued Improvement in Commercial Insurance Property Casualty Accident Year Loss Ratio, As Adjusted

Commercial Insurance Property Casualty Accident Year Loss Ratio, As Adjusted,(Adjusted For 2012-2015 Prior Year Development)

76.9%

70.0%

67.2%67.9%

66.2%

1Q1664.5%

~ 60%

55%

60%

65%

70%

75%

80%

FY'11A FY'12A FY'13A FY'14A FY'15A 4Q'17Target

62.4%2Q16

AYLR, As Adjusted (Adjusted for 2012-2015 Prior Year Development)

1H16 AY LR as adjusted is

63.4%

13