2006-7-26 ACE Limited (NYSE: ACE) 8-K

http://www.sec.gov/Archives/edgar/data/896159/000119312506152881/0001193125-06-1528...
-----BEGIN PRIVACY-ENHANCED MESSAGE----Proc-Type: 2001,MIC-CLEAR

Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen
TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
A8S5qqp7dnhKFLj2I1I7UffEz9afQ3iGxdWv+CcvNoLRH0NhR4/ef5vIF/zVJjtz
SQ0VijlC5YEIjGco8zqEgw==
<SEC-DOCUMENT>0001193125-06-152881.txt : 20060726
<SEC-HEADER>0001193125-06-152881.hdr.sgml : 20060726
<ACCEPTANCE-DATETIME>20060725191711
ACCESSION NUMBER:
0001193125-06-152881
CONFORMED SUBMISSION TYPE:
8-K
PUBLIC DOCUMENT COUNT:
6
CONFORMED PERIOD OF REPORT:
20060725
ITEM INFORMATION:
Results of Operations and Financial Condition
ITEM INFORMATION:
Financial Statements and Exhibits
FILED AS OF DATE:
20060726
DATE AS OF CHANGE:
20060725
FILER:
COMPANY DATA:
COMPANY CONFORMED NAME:
CENTRAL INDEX KEY:
STANDARD INDUSTRIAL CLASSIFICATION:
IRS NUMBER:
STATE OF INCORPORATION:
FISCAL YEAR END:
ACE LTD
0000896159
FIRE, MARINE & CASUALTY INSURANCE [6331]
000000000
D0
1231
FILING VALUES:
FORM TYPE:
SEC ACT:
SEC FILE NUMBER:
FILM NUMBER:
8-K
1934 Act
001-11778
06980173
BUSINESS ADDRESS:
STREET 1:
STREET 2:
CITY:
STATE:
ZIP:
BUSINESS PHONE:
ACE BLDG
30 WOODBOURNE AVE
HAMILTON HM 08 BERMU
D0
00000
8092955200
MAIL ADDRESS:
STREET 1:
CITY:
STATE:
ZIP:
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>d8k.htm
<DESCRIPTION>FORM 8-K
<TEXT>
<HTML><HEAD>
<TITLE>Form 8-K</TITLE>
</HEAD>
<BODY BGCOLOR="WHITE">
P O BOX HM 1015
HAMITON BERMUDA
D0
00000
<HR SIZE="3" NOSHADE COLOR="#000000" ALIGN="left"> UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 <HR WIDTH="17%" SIZE="1" NOSHADE COLOR="#000000"> FORM 8-K <HR WIDTH="17%" SIZE="1" NOSHADE COLOR="#000000"> Current Report Pursuant To Section 13 or 15 (d) of the 
STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center">Securities Exchange Act of 1934 Date of Report (Date of earliest event reported) July 25, 2006 <HR WIDTH="17%" SIZE="1" NOSHADE COLOR="#000000">
STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center">ACE LIMITED <HR WIDTH="17%" SIZE="1" NOSHADE COLOR="#000000"> 
<TR>
<TD WIDTH="34%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="32%"></TD></TR>
<TR>
<TD VALIGN="top" ALIGN="center">Cayman Islands</TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="top" ALIGN="center">1-11778</TD>
<TD VALIGN="top" ALIGN="center">98-0091805</TD></TR>
<TR>
<TD VALIGN="top" ALIGN="center"> (State or other jurisdiction of Incorporation)</TD>
<TD VALIGN="top" ALIGN="center">(Commission File Number)</TD>
<TD VALIGN="top" ALIGN="center"> (I.R.S. Employer Identification No.)</TD></TR>
</TABLE> ACE Global Headquarters 17 Woodbourne Avenue Hamilton HM 08 Bermuda <
STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center">(Address of principal executive offices) Registrants telephone number, including area code: (441) 295-5200 Not applicable
STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center">(Former name or former address, if changed since last report) Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy
the registrant under any of the following provisions (see General Instruction A.2. below): 
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">¨</TD>
<TD ALIGN="left" VALIGN="top">Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) </TD></TR></TABLE> 
<TD ALIGN="left" VALIGN="top">Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) </TD></TR></TABLE> 
<TR>
<TD ALIGN="left" VALIGN="top">Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) </TD></TR></TABLE> 
<TD ALIGN="left" VALIGN="top">Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) </TD></TR></TABLE> <HR SIZE="3" NOSHADE COLOR="#000000" ALIGN="left">

<HR SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">
Item 2.02. Results of Operations and Financial Condition On July 25, 2006, ACE Limited issued a press release reporting its second quarter 2006 results and the availability of its second quarter
press release and the financial supplement are attached hereto as Exhibit 99.1 and Exhibit 99.2, respectively, and are hereby incorporated herein by reference. <FON
SIZE="2">Item 9.01. Financial Statements, Pro Forma Financial Information and Exhibits. 
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(c)</TD>
<TD ALIGN="left" VALIGN="top">Exhibits </TD></TR></TABLE> 
<TR>
<TD></TD>
<TR>
<TD VALIGN="bottom" STYLE="border-bottom:1px solid #000000">Exhibit Number</TD>
<TD VALIGN="bottom" STYLE="border-bottom:1px solid #000000"> Description</TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
1 of 172
8/12/11 4:45 PM
<TD VALIGN="top">99.1</TD>

<TD VALIGN="bottom">Press release, dated July 25, 2006, reporting second quarter results</TD></TR>
<TR>
<TR>
<TD VALIGN="bottom">Second Quarter 2006 Financial Supplement</TD></TR>
</TABLE>
SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. <DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0">
<TR>
<TR>
<TD VALIGN="top" COLSPAN="3">ACE LIMITED</TD></TR>
<TR>
<TR>
<TD VALIGN="bottom">By:</TD>
<TD VALIGN="bottom"> /S/ PHILIP V. BANCROFT </TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom" ALIGN="center">Philip V. Bancroft</TD></TR>
<TR>
<TD VALIGN="bottom" ALIGN="center">Chief Financial Officer</TD></TR>
</TABLE></DIV> DATE: July 25, 2006 
EXHIBIT INDEX 
<TR>
<TD></TD>
<TR>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000">Number</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000"> Description</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000"> Method of Filing</TD></TR>
<TR>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TR>
<TD VALIGN="top">Press release, dated July 25, 2006, reporting second quarter results</TD>
<TD VALIGN="top">Furnished herewith</TD></TR>
<TR>
<TR>
<TD VALIGN="top">Second Quarter 2006 Financial Supplement</TD>
<TD VALIGN="top">Furnished herewith</TD></TR>
</TABLE>
</BODY></HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>dex991.htm
<DESCRIPTION>PRESS RELEASE, DATED JULY 25,2006, REPORTING SECOND QUARTER RESULTS
<TEXT>
<HTML><HEAD>
<TITLE>Press release, dated July 25,2006, reporting second quarter results</TITLE>
</HEAD>
Exhibit 99.1 
<IMG SRC="g37556img1.jpg" ALT="LOGO"> FOR IMMEDIATE RELEASE 
<TR>
<TD VALIGN="top"> Investor Contact:</TD>
<TD VALIGN="bottom"> Helen M. Wilson</TD></TR>
<TR>
<TD VALIGN="bottom"> (441) 299-9283</TD></TR>
<TR>
<TD VALIGN="bottom"> helen.wilson@ace.bm</TD></TR>
<TR>
<TR>
<TD VALIGN="top"> Media Contact:</TD>
<TD VALIGN="bottom"> Robert T. Grieves</TD></TR>
<TR>
<TD VALIGN="bottom"> (212) 827-4444</TD></TR>
<TR>
<TD VALIGN="bottom"> robert.grieves@ace-ina.com</TD></TR>
</TABLE></DIV> ACE LIMITED REPORTS RECORD SECOND QUARTER 2006 NET INCOME OF $573 MILLION AND RECORD OPERATING INCOME OF $579 MILLION; P&C UNDERWRITING INCOME AND INVESTMENT INCOME EACH INCREASED 28% <
STYLE="margin-top:12px;margin-bottom:0px">HAMILTON, Bermuda July 25, 2006 ACE Limited (NYSE: ACE) today reported net income for the second quarter ended June
million or $1.72 per common share after payment of preferred dividends, compared with net income of $467 million or $1.58 per share for the same quarter last year. Income excluding net realized gains (losses) for the seco
or $1.74 per share, compared with $443 million or $1.50 per share for the same quarter a year ago. (1) Second Quarter Summary (Unaudited) 
2 of 172
8/12/11 4:45 PM
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD COLSPAN="2" VALIGN="bottom"> </TD>
<TD VALIGN="bottom" COLSPAN="8" ALIGN="center" STYLE="border-bottom:1px solid #000000">(Per Share - Diluted)</TD>
<TD VALIGN="bottom"> </TD></TR>
<TR>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"> 2006 </TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000">Change</TD>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> Net income</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">573</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom">23</TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom">%</TD>
<TD VALIGN="bottom" ALIGN="right">1.72</TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom">%</TD></TR>
<TR>
<TD VALIGN="top"> Net realized gains (losses), net of tax</TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">(6</TD>
<TD NOWRAP VALIGN="bottom">)</TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"> </TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">(0.02</TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"> </TD></TR>
<TD VALIGN="top"> Income excluding net realized gains, net of tax 
FACE="Times New Roman" SIZE="2" COLOR="#000000"></TD>
</TABLE> Net income for the first six months of 2006 was $1,062 million or $3.18 per share, compared with $904 million or
$3.06 per share for the first six months of 2005. For the first six months of 2006, income excluding net realized gains and cumulative effect was $1,056 million or $3.17 per share, compared with $898 million or $3.04 per
2005. (1) <
Page 1/7 
Six Months Summary (in millions, except per share amounts) (Unaudited) 
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
3 of 172
8/12/11 4:45 PM

<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom" COLSPAN="7" ALIGN="center" STYLE="border-bottom:1px solid #000000">(Per Share - Diluted)</TD>
<TR>
<TD VALIGN="bottom" ALIGN="right">1,062</TD>
<TR>
<TD VALIGN="top"> Net realized gains, net of tax</TD>
<TD VALIGN="bottom" ALIGN="right"> </TD>
<TD VALIGN="top"> Cumulative effect, net of tax(2)<FO
SIZE="2" COLOR="#000000"></TD>
<TR>
<TD VALIGN="top"> Income excluding net realized gains and cumulative effect, net of tax (1)</TD>
</TABLE> Evan Greenberg, President and Chief Executive Officer of ACE Limited, commented: This was another excellent
quarter for ACE, marked by both record net and operating income. The P&C combined ratio was 88%. Our premium growth in the quarter reflects current market conditions globally, which in all remain favorable but mixed.
and product reach and take a balanced approach to our business capitalizing on opportunities when they make economic sense and walking away from business when it does not. For six months, our annualized ROE was 18%
efficient use of capital. Second quarter operating highlights were as follows: 
<TD WIDTH="4%"> </TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"></TD>
<TD WIDTH="1%" VALIGN="top"> </TD>
<TD ALIGN="left" VALIGN="top">P&C net premiums written increased 6% over the prior year quarter </TD></TR></TABLE> 
<TD ALIGN="left" VALIGN="top">P&C net premiums earned increased 1% over the prior year quarter </TD></TR></TABLE> 
<TR>
<TD ALIGN="left" VALIGN="top">The P&C combined ratio was 87.8% for the quarter compared with 90.3% a year ago </TD></TR></TABLE> 
<TD ALIGN="left" VALIGN="top">P&C underwriting income increased 28% over the prior year quarter </TD></TR></TABLE> 
4 of 172
8/12/11 4:45 PM

<TD ALIGN="left" VALIGN="top">Operating cash flow amounted to $882 million for the quarter </TD></TR></TABLE> </
<TR>
<TD ALIGN="left" VALIGN="top">Invested assets increased by $1.1 billion from March 31, 2006 </TD></TR></TABLE> &n
<TR>
<TD ALIGN="left" VALIGN="top">Net unpaid losses and loss expenses increased $439 million to $21.4 billion from March 31, 2006 </TD></TR></TABLE> 
<TD ALIGN="left" VALIGN="top">Net investment income increased 28% to $390 million over the prior year quarter </TD></TR></TABLE> 
<TD ALIGN="left" VALIGN="top">Shareholders equity increased 3% to $12.5 billion from March 31, 2006 </TD></TR></TABLE> 
<TR>
<TD ALIGN="left" VALIGN="top">Tangible equity(1) r
increase of 3% from March 31, 2006 </TD></TR></TABLE> 
<TR>
<TD ALIGN="left" VALIGN="top">Debt to total capital ratio increased to 15.9% from 14.5% at March 31, 2006 </TD></TR></TABLE> 
<TR>
<TD ALIGN="left" VALIGN="top">Return on average equity for the quarter was 19.3%(3) </TD></TR></TABLE> 
<TR>
<TD ALIGN="left" VALIGN="top">Book value per share as of June 30, 2006 was $36.60 (4) </TD></TR></TABLE> Details of our financial results for our P&C business segments are available in the financi
include: 
<TR>
<TD ALIGN="left" VALIGN="top">Insurance-North American: Net premiums written increased 6% for the quarter. The combined ratio was 87.9%. </TD></TR></TABLE> 
<TD ALIGN="left" VALIGN="top">Insurance-Overseas General: Net premiums written increased 2% for the quarter. The segments combined ratio was 88.0%. </TD></TR></TABLE> 

<TR>
<TD ALIGN="left" VALIGN="top">Global Reinsurance: Net premiums written increased 14% for the quarter. This segment had a combined ratio of 77.3%. </TD></TR></TABLE> 
<TD ALIGN="left" VALIGN="top">Financial Services: Income excluding net realized gains (losses) decreased 18% to $40 million for the quarter. </TD></TR></TABLE> 
<TD ALIGN="left" VALIGN="top">Life Insurance and Reinsurance: Net premiums written increased 10% for the quarter. Income excluding net realized gains (losses) increased 16% to $29 mil
</TD></TR></TABLE> The following is updated guidance for the full year 2006: Property & Casualty net premiums earned are expected to grow between 2% and 3% for the full year. is expected to range between 88% and 90%. We expect to be at the high end of the range including the regulatory settlement of $80 million announced in the first quarter. Thi
seven-tenths of a percentage point on the combined ratio. Financial Services operating income is expected to increase a
prior year. Total investment income is expected to range between $1.5 billion and $1.55 billion. The Companys exp
estimated positive operating cash flow of approximately $4.0 billion and an expected increase in average portfolio yield to approximately 5.1% over the course of the year. The effective tax rate is expected to be between 20% and 22%. Please refer to the ACE F
June 30, 2006, which is posted on the Company's website, for more detailed information on individual segment performance, together with additional disclosure on reinsurance recoverable, loss reserves, investment port
ACE's website reference (url) is http://media.corporate-ir.net/media_files/nys/ace/reports/fin_supp_june 30_2006.xls
this URL, it may be necessary to copy and paste this hyperlink into your Internet browser's URL address field.) ACE will host
quarter-end earnings conference call and webcast on Wednesday, July 26, 2006 beginning at 8:30 a.m. EDT. The earnings conference call will be available via live and archived webcast at www.acelimited.com or by
(within the United States) or 913-981-5543 (international); conference ID 4680900. Please refer to the ACE Limited website in the Investor Information section under Calendar of Events for details. A replay of the call wil
approximately 11:30 a.m. EDT on Wednesday, July 26, 2006 until Friday, August 25, 2006. To listen to the replay, dial: 888-203-1112 (in the United States) or 719-457-0820 (international); passcode 4680
STYLE="margin-top:12px;margin-bottom:0px">The ACE Group of Companies is a global leader in insurance and reinsurance serving a diverse group of clients. Headed by ACE Limited, a compo
Standard & Poors 500 stock index, the ACE Group conducts its business on a worldwide basis with operating subsidiaries in more than 50 countries. Additional information can be found at: www.acelimited.co
WIDTH="8%" SIZE="1" NOSHADE COLOR="#000000" ALIGN="left">
<TR>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">1<
<TD ALIGN="left" VALIGN="top">Non-GAAP Financial Measures: </TD></TR></TABLE> 
Income excluding net realized gains (losses) and cumulative effect, net of tax is a common performance measurement for insurance companies. We believe this presentation enhances the understanding of our results of ope
underlying profitability of our insurance business. We exclude net realized gains (losses) because the amount of these gains (losses) is heavily influenced by, and fluctuates in part according to, the availability of mark
the cumulative effect of a change in accounting principle net of tax because this amount resulted in a one-time adjustment to income. is calculated by subtracting losses and loss expenses, life and annuity benefits, policy acquisition costs and administrative expenses from net premiums earned. We use underwriting income and operating ratios t
operations without the impact of certain factors, including net investment income, other (income) expense, interest and income tax expense and net realized gains (losses). We believe the use of these measures enhances the
results of operations by highlighting the underlying profitability of our insurance business. 
Tangible shareholders equity is shareholders' equity less goodwill. See reconciliation of Non-GAAP Financial
Measures on page 23 in the financial supplement. These measures should not be viewed as a substitute for net income determined
accepted accounting principles (GAAP). 
<TR>
<TD ALIGN="left" VALIGN="top">The cumulative effect is a benefit resulting from the inclusion of a forfeiture rate on restricted stock in our stock compensation expens
under Financial Accounting Standard (FAS) 123R. </TD></TR></TABLE> 
<TR>
<TD ALIGN="left" VALIGN="top">Calculated using income excluding net realized gains (losses). </TD></TR></TABLE> 
<TD ALIGN="left" VALIGN="top">Book value per ordinary share is ordinary shareholders equity divided by the shares outstanding. </TD></TR></TABLE> Cautionary Statement Regarding Forward-Looking Statements: Any forward-looking statements made in this press release reflect the Companys current views with respect to future events and financial performance and are made pursuant to the safe harbor provisions of
Litigation Reform Act of 1995. Such statements involve risks and uncertainties, which may cause actual results to differ materially from those set forth in these statements. For example, the Companys forwa
as its updated guidance, could be affected by competition, pricing and policy term trends, the levels of new and renewal business achieved, market acceptance, changes in demand, the frequency of unpredictable catastrophic
experience, uncertainties in the reserving or settlement process, new theories of liability, judicial, legislative, regulatory and other governmental developments, litigation tactics and developments, investigation d
settlement terms, the amount and timing of reinsurance recoverable, credit developments among reinsurers, actual market developments, rating agency action, possible terrorism or the outbreak and effects of war and economi
insurance and reinsurance business conditions, as well as managements response to these factors, and other factors identified in the Companys filings with the Securities and Exchange Commission. Readers a
undue reliance on these forward-looking statements, which speak only as of the dates on which they are made. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether a
information, future events or otherwise. (tables to follow) 
ACE Limited Summary Consolidated Balance Sheets (in millions of U.S. dollars, exce
 
<TR>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000">June 30 2006</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000">December 31 2005</TD></TR>
<TR>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center">(Unaudited)</TD>
<TD COLSPAN="2" VALIGN="bottom"> </TD></TR>
<TD VALIGN="top"> Assets</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> Total investments</TD>
<TD VALIGN="bottom" ALIGN="right">31,842</TD></TR>
<TD VALIGN="top"> Cash</TD>
<TD VALIGN="bottom" ALIGN="right">512</TD></TR>
<TR>
<TD VALIGN="top"> Insurance and reinsurance balances receivable</TD>
<TD VALIGN="top"> Reinsurance recoverable</TD>
<TR>
<TD VALIGN="top"> Other assets</TD>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000"> </TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000"> </TD></TR>
<TD VALIGN="top"> Total assets</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000"> </TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000"> </TD></TR>
<TR>
<TD VALIGN="top"> Liabilities</TD>
<TD VALIGN="top"> Unpaid losses and loss expenses</TD>
<TR>
<TD VALIGN="top"> Unearned premiums</TD>
<TD VALIGN="top"> Other liabilities</TD>
6 of 172
8/12/11 4:45 PM

<TR>
<TD VALIGN="top"> Total liabilities</TD>
<TD VALIGN="top"> Shareholders equity</TD>
<TR>
<TD VALIGN="top"> Total shareholders equity</TD>
<TD VALIGN="top"> Total liabilities and shareholders equity</TD>
<TR>
<TD VALIGN="top"> Book value per ordinary share (4)</TD>
<TD VALIGN="bottom" ALIGN="right">34.81</TD></TR>
</TABLE> 
FACE="Times New Roman" SIZE="2">Summary Consolidated Financial Data (in millions of U.S. dollars, exce
and ratios) (Unaudited) 
<TR>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom" COLSPAN="6" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000">Three Months Ended June 30</TD>
<TD VALIGN="bottom" COLSPAN="6" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000">Six Months Ended June 30</TD>
<TR>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000">2006</TD>
<TD VALIGN="top"> Gross premiums written</TD>
<TD NOWRAP VALIGN="bottom"> </TD></TR>
<TR>
<TD VALIGN="top"> Net premiums written</TD>
7 of 172
8/12/11 4:45 PM

<TD VALIGN="top"> 
<TR>
<TR>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
COLOR="#000000"></TD>
<TR>
8 of 172
Roman" SIZE="2">Net premiums earned</TD>
Roman" SIZE="2">Losses and loss expenses</TD>
Roman" SIZE="2">Life and annuity benefits</TD>
Roman" SIZE="2">Policy acquisition costs</TD>
Roman" SIZE="2">Administrative expenses</TD>
Roman" SIZE="2">Underwriting income(1) Net investment income</TD>
<TR>
<TD VALIGN="top"> Net realized gains (losses)</TD>
<TD VALIGN="top"> Interest expense</TD>
<TR>
<TD VALIGN="top"> Other (income) expense</TD>
<TD NOWRAP VALIGN="bottom">)</TD></TR>
<TD VALIGN="top"> Income tax expense (benefit)</TD>
<TR>
<TD VALIGN="top"> Cumulative effect, net of tax</TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
9 of 172
8/12/11 4:45 PM
<TR>
<TD VALIGN="top"> Preference shares dividend</TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TD VALIGN="top"> Net income available to holders of ordinary shares</TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TD VALIGN="top"> Diluted earnings per share:</TD>
<TD VALIGN="top"> Income excluding net realized gains (losses) and cumulative effect 
<TR>
<TD VALIGN="top"> Weighted average diluted shares outstanding</TD>
10 of 172
8/12/11 4:45 PM

<TR>
<TR>
<TD VALIGN="top"> Loss and loss expense ratio</TD>
<TD NOWRAP VALIGN="bottom">%</TD>
<TD NOWRAP VALIGN="bottom">%</TD></TR>
<TD VALIGN="top"> Policy acquisition cost ratio</TD>
<TR>
<TD VALIGN="top"> Administrative expense ratio</TD>
<TD VALIGN="top"> Combined ratio</TD>
</TABLE> Ratios exclude life insurance and reinsurance business Consolidated Supplemental Segment Information (in millions of U.S. dol
STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center">(Unaudited) 
<TR>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom" COLSPAN="6" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000">Three Months Ended June 30</TD>
<TD VALIGN="bottom" COLSPAN="6" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000">Six Months Ended June 30</TD>
<TR>
<TD VALIGN="top"> Gross Premiums Written</TD>
11 of 172
8/12/11 4:45 PM
<TR>
<TR>
<TR>
<TR>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TD> </TD>
12 of 172
Roman" SIZE="2">InsuranceNorth American</TD>
Roman" SIZE="2">InsuranceOverseas General</TD>
Roman" SIZE="2">Global Reinsurance</TD>
Roman" SIZE="2">Financial Services</TD>
Roman" SIZE="2">Life Insurance and Reinsurance</TD>
Roman" SIZE="2">Total</TD>
8/12/11 4:45 PM
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TR>
<TR>
<TR>
<TR>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
13 of 172
Roman" SIZE="2">Net Premiums Written</TD>
8/12/11 4:45 PM
<TR>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TR>
<TR>
<TR>
<TR>
14 of 172
Roman" SIZE="2">Total</TD>
Roman" SIZE="2">Net Premiums Earned</TD>
8/12/11 4:45 PM

<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TD VALIGN="top"> Total</TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TR>
<TD VALIGN="top"> Income (Loss) Excluding Net Realized Gains (Losses) and Cumulative Effect (1)</TD>
<TR>
<TD VALIGN="top"> InsuranceNorth American</TD>
<TR>
<TD VALIGN="top"> InsuranceOverseas General</TD>
<TD VALIGN="top"> Global Reinsurance</TD>
15 of 172
8/12/11 4:45 PM

<TR>
<TD VALIGN="top"> Financial Services</TD>
<TD VALIGN="top"> Life Insurance and Reinsurance</TD>
<TR>
<TD VALIGN="top"> Corporate</TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TD VALIGN="top"> Total</TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
</BODY></HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.2
<SEQUENCE>3
<FILENAME>dex992.htm
<DESCRIPTION>SECOND QUARTER 2006 FINANCIAL SUPPLEMENT
<TEXT>
<HTML><HEAD>
<TITLE>Second Quarter 2006 Financial Supplement</TITLE>
</HEAD>
EXHIBIT 99.2 
<IMG SRC="g37556image001.jpg" ALT="LOGO"> 
<TR>
<TR>
<TD VALIGN="top" ROWSPAN="3"> Investor Contact Phone: (441) 299-9283 F
(441) 292-8675 email: investorrelations@ace.bm</TD>
<TD VALIGN="top" ROWSPAN="3"> This report is for informational purposes only. It should be read in conjunction with documents filed by ACE
and Exchange Commission, including the most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. Cautionary Statement Regarding Forward-Looking Statements:</TD></TR>
<TR>
<TR>
16 of 172
8/12/11 4:45 PM
<TR>
<TR>
<TD VALIGN="bottom">Any forward-looking statements made in this financial supplement reflect the Companys current views with respect to future events and financial performance a
safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such statements involve risks and uncertainties which may cause actual results to differ materially from those set forth in these statements.
Companys forward-looking statements, such as statements concerning exposures, reserves and recoverables, could be affected by the frequency of unpredictable catastrophic events, actual loss experience, uncertainties
settlement process, new theories of liability, judicial, legislative, regulatory and other governmental developments, litigation tactics and developments, investigation developments and actual settlement terms, the amount
receivable and credit developments among reinsurers.</TD></TR>
<TR>
<TR>
<TD VALIGN="bottom">The Companys forward-looking statements could also be affected by competition, pricing and policy term trends, the levels of new and renewal business achieve
changes in demand, actual market developments, rating agency action, possible terrorism or the outbreak and effects of war. Readers are cautioned not to place undue reliance on these forward-looking statements, which spea
which they are made. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.</TD></TR>
</TABLE>
<TR>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom">
<IMG SRC="g37556image002.jpg" ALT="LOGO"></TD>

<TD VALIGN="top"> ACE Limited &nbsp
STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center">Financial Supplement Table of Contents</TD>
<TR>
<TR>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000">Page</TD></TR>
<TR>
<TD VALIGN="top"> I.</TD>
<TD VALIGN="bottom">Financial Highlights</TD>
<TR>
<TD VALIGN="bottom">- Consolidated Financial Highlights</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">1</TD></TR>
<TR>
<TR>
<TD VALIGN="top"> II.</TD>
<TD VALIGN="bottom">Consolidated Results</TD>
<TR>
<TD VALIGN="bottom">- Consolidated Results - Consecutive Quarters</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">2-3</TD></TR>
<TR>
<TD VALIGN="bottom">- Summary Consolidated Balance Sheets</TD>
<TR>
<TD VALIGN="bottom">- Consolidated Premiums by Line of Business</TD>
<TR>
<TD VALIGN="bottom">- Consolidating Statement of Operations</TD>
<TR>
<TR>
<TD VALIGN="top"> III.</TD>
<TD VALIGN="bottom">Segment Results</TD>
<TR>
<TD VALIGN="bottom">- Insurance-North American</TD>
<TR>
17 of 172
8/12/11 4:45 PM
<TD VALIGN="bottom">- Insurance-Overseas General</TD>

<TR>
<TD VALIGN="bottom">- Global Reinsurance</TD>
<TR>
<TD VALIGN="bottom">- Financial Services</TD>
<TR>
<TD VALIGN="bottom">- Life Insurance and Reinsurance</TD>
<TR>
<TR>
<TD VALIGN="top"> IV.</TD>
<TD VALIGN="bottom">Balance Sheet Details</TD>
<TR>
<TD VALIGN="bottom">- Loss Reserve Rollforward</TD>
<TR>
<TD VALIGN="bottom">- Reinsurance Recoverable Analysis</TD>
<TR>
<TD VALIGN="bottom">- Investment Portfolio</TD>
<TR>
<TD VALIGN="bottom">- Net Realized and Unrealized Gains (Losses)</TD>
<TR>
<TD VALIGN="bottom">- Capital Structure</TD>
<TR>
<TD VALIGN="bottom">- Computation of Basic and Diluted Earnings Per Share</TD>
<TR>
<TR>
<TD VALIGN="top"> V.</TD>
<TD VALIGN="bottom">Other Disclosures</TD>
<TR>
<TD VALIGN="bottom">- Non-GAAP Financial Measures</TD>
<TR>
<TD VALIGN="bottom">- Book Value per Ordinary Share</TD>
<TR>
<TD VALIGN="bottom">- Comprehensive Income</TD>
<TR>
<TD VALIGN="bottom">- Glossary</TD>
</TABLE>
<TR>
18 of 172
8/12/11 4:45 PM
<TR>

<TD VALIGN="bottom" COLSPAN="3" ALIGN="center"> ACE Limited Consolidated Financial Highlights (in millions of U.S. dollars, except
ratios) (Unaudited)</TD></TR>
</TABLE> 
<TR>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center">Three months ended June 30</TD>
<TD VALIGN="bottom" ALIGN="center">% Change 2Q-06 vs.</TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center">Six months ended June 30</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center"> % Change YTD-06 vs.</TD>
<TR>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000">2Q-05</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000">YTD-05</TD>
<TR>
<TR>
<TR>
<TD VALIGN="top"> Net premiums earned</TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom">-1</TD>
19 of 172
8/12/11 4:45 PM

<TR>
<TR>
<TR>
<TR>
<TR>
<TD VALIGN="top"> Income excluding net realized gains (losses) and cumulative effect 
<TD VALIGN="top"> Comprehensive income</TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom">NM</TD>
<TR>
20 of 172
8/12/11 4:45 PM

<TR>
<TD VALIGN="top"> Operating cash flow</TD>
<TR>
<TD VALIGN="top"> Property and Casualty Combined ratio</TD>
<TR>
<TD VALIGN="top"> Underwriting and administrative expense ratio</TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TR>
21 of 172
8/12/11 4:45 PM

<TD VALIGN="top"> Annualized ROE*</TD>
<TR>
<TD VALIGN="top"> Annualized ROE, excluding FAS 115*</TD>
<TR>
<TD VALIGN="top"> Effective tax rate on income excluding net realized gains (losses) and cumulative effect</TD>
<TR>
<TR>
<TD VALIGN="top"> Diluted earnings per share</TD>
<TR>
<TD VALIGN="top"> Income excluding net realized gains (losses) and cumulative effect
<TD VALIGN="top"> Book value per ordinary share</TD>
<TR>
<TD VALIGN="top"> Tangible book value per ordinary share</TD>
<TR>
<TD VALIGN="top"> Weighted average basic ordinary shares outstanding</TD>
<TR>
<TD VALIGN="top"> Weighted average diluted ordinary shares outstanding</TD>
<TR>
<TD VALIGN="top"> Debt/ total capitalization</TD>
23 of 172
8/12/11 4:45 PM

</TABLE> (1) See page 23 Non-GAAP Financial Measures. * Calculated using income excluding net realized gains (losses) and cumulative effect of a change in accounting principle (cumulative effect) 
<TR>
<TD VALIGN="top">Financial Highlights</TD>
<TD VALIGN="bottom" ALIGN="right">Page 1</TD></TR>
</TABLE>
<TR>
<TR>

<TD VALIGN="bottom" ALIGN="center"> ACE Limited Consolidated Results - Consecutive Quarters (in millions of U.S. dollar
STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center">(Unaudited)</TD></TR>
<TR>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom"> ACE Limited Consolidated</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000">2Q-06</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000">YTD 2006</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000">Full Year 2005</TD>
<TD VALIGN="top"> Property and Casualty(1)</TD>
24 of 172
8/12/11 4:45 PM
<TR>
<TR>
<TR>
25 of 172
Roman" SIZE="2">Gross premiums written</TD>
Roman" SIZE="2">Net premiums written</TD>
8/12/11 4:45 PM

<TD VALIGN="top"> Administrative expenses</TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TD VALIGN="top"> P&C underwriting income (loss)</TD>
<TR>
<TD VALIGN="top"> Financial Services underwriting income (loss)</TD>
26 of 172
8/12/11 4:45 PM

<TR>
<TD VALIGN="top"> Life underwriting income excluding investment income</TD>
<TR>
27 of 172
8/12/11 4:45 PM

<TR>
<TR>
<TD VALIGN="top"> Cumulative effect of a change in accounting principle, net of tax</TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
28 of 172
8/12/11 4:45 PM

<TD> </TD></TR>
<TR>
<TD VALIGN="top"> Net income (loss)</TD>
<TR>
<TD VALIGN="top"> Tax expense (benefit) on net realized gains (losses)</TD>
<TR>
29 of 172
8/12/11 4:45 PM

<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TD VALIGN="top"> Income (loss) excluding net realized gains (losses) and cumulative effect </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TD VALIGN="top"> % Change versus prior year period(1)<FO
SIZE="2" COLOR="#000000"></TD>
<TD VALIGN="top"> Property and Casualty net premiums written</TD>
30 of 172
8/12/11 4:45 PM

<TD VALIGN="bottom" ALIGN="right">-1</TD>
<TR>
<TD VALIGN="top"> 
31 of 172
New Roman" SIZE="2">Property and Casualty net premiums earned</TD>
New Roman" SIZE="2">Other ratios</TD>
New Roman" SIZE="2">Net premiums written/gross premiums written</TD>
New Roman" SIZE="2">Effective tax rate on income excluding net realized gains (losses) and cumulative effect</TD>
8/12/11 4:45 PM

</TABLE> (1) Property and casualty excluding Financial Services and Life is presented to allow for comparison and analysis
with earnings guidance. This is a non-GAAP measure. (2) See page 23 Non-GAAP Financial Measures. 
<TR>
<TD VALIGN="top">Consolidated Results</TD>
</TABLE>
<TR>
<TR>

<TD VALIGN="bottom" ALIGN="center"> ACE Limited Consolidated Results - Consecutive Quarters - 2 (in millions of U.S. do
</TABLE> ACE Limited Consolidated 
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000">2Q-06</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000">YTD 2006</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000">Full Year 2005</TD>
<TD VALIGN="top"> Combined ratio</TD>
<TR>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom">61.6</TD>
32 of 172
8/12/11 4:45 PM

<TR>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
</TABLE> Property and Casualty (1) 
<TR>
33 of 172
8/12/11 4:45 PM
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="top"> Combined ratio (1)</TD>
<TR>
34 of 172
8/12/11 4:45 PM

<TR>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
35 of 172
8/12/11 4:45 PM
<TD> </TD></TR>
<TR>
<TD VALIGN="top"> Large losses and other items (1)</TD>
<TD VALIGN="top"> Catastrophe and other large losses (before tax)</TD>
<TR>
<TD VALIGN="top"> Prior period development - unfavorable (favorable)<SU
</TABLE> (1) Property and casualty excluding Financial Services and Life is presented to allow for comparison and analysis
with earnings guidance. See Financial Services schedule for details related to that segment. (2) See Financial Services schedul
development related to that segment. 
<TR>
<TR>
<TD VALIGN="top">Consolidated Results 2</TD>
</TABLE>
<TR>
<TR>

FACE="Times New Roman" SIZE="2">Summary Consolidated Balance Sheets (in millions of U.S. dollars, excep
data)</TD></TR>
36 of 172
8/12/11 4:45 PM
<TR>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000">March 31 2006</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"> December 31 <
STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center">2005</TD></TR>
<TR>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center">(Audited)</TD></TR>
<TD VALIGN="top"> Assets</TD>
<TR>
<TD VALIGN="top"> Fixed maturities available for sale, at fair value</TD>
<TD VALIGN="top"> Fixed maturities held to maturity, at amortized cost</TD>
<TR>
<TD VALIGN="top"> Equity securities, at fair value</TD>
<TD VALIGN="top"> Short-term investments, at fair value</TD>
<TR>
<TD VALIGN="top"> Other investments</TD>
<TD VALIGN="top"> Total investments</TD>
<TR>
<TR>
<TD VALIGN="top"> Cash</TD>
<TD VALIGN="top"> Securities lending collateral</TD>
<TR>
<TD VALIGN="top"> Insurance and reinsurance balances receivable</TD>
37 of 172
8/12/11 4:45 PM

<TD VALIGN="top"> 
<TR>
<TR>
<TR>
<TR>
<TR>
38 of 172
SIZE="2">Reinsurance recoverable</TD>
SIZE="2">Deferred policy acquisition costs</TD>
SIZE="2">Prepaid reinsurance premiums</TD>
SIZE="2">Goodwill</TD>
SIZE="2">Deferred tax assets</TD>
SIZE="2">Investments in partially owned insurance companies</TD>
SIZE="2">Other assets</TD>
SIZE="2">Total assets</TD>
SIZE="2">Liabilities</TD>
SIZE="2">Unpaid losses and loss expenses</TD>
SIZE="2">Unearned premiums</TD>
8/12/11 4:45 PM

<TR>
<TR>
<TR>
<TR>
<TR>
<TR>
<TR>
39 of 172
SIZE="2">Future policy benefits for life and annuity contracts</TD>
SIZE="2">Insurance and reinsurance balances payable</TD>
SIZE="2">Deposit liabilities</TD>
SIZE="2">Securities lending payable</TD>
SIZE="2">Payable for securities purchased</TD>
SIZE="2">Accounts payable, accrued expenses and other liabilities</TD>
SIZE="2">Short-term debt</TD>
SIZE="2">Long-term debt</TD>
SIZE="2">Trust preferred securities</TD>
SIZE="2">Total liabilities</TD>
SIZE="2">Shareholders equity</TD>
8/12/11 4:45 PM
<TD VALIGN="top"> Total shareholders equity, excl. AOCI</TD>
<TR>
<TD VALIGN="top"> Accumulated other comprehensive income (AOCI)</TD>
<TD VALIGN="top"> Total shareholders equity</TD>
<TR>
<TD VALIGN="top"> Total liabilities and shareholders equity</TD>
<TD VALIGN="top"> Book value per ordinary share (1)
<TD VALIGN="top"> Tangible book value per ordinary share (1)</FO
FACE="Times New Roman" SIZE="2" COLOR="#000000"></TD>
<TR>
<TR>
<TD VALIGN="top">Consol Bal Sheet</TD>
</TABLE>
<TR>
<TR>

FACE="Times New Roman" SIZE="2">Consolidated Premiums by Line of Business (in millions of U.S. dollars)
</TABLE> ACE Limited Consolidated 
<TD></TD>
<TD></TD>
<TD></TD>
40 of 172
8/12/11 4:45 PM
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000"> % of
ALIGN="center">Total Consolidated</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000">% Change 2Q-06 vs. 2Q-05</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000">% Change YTD-06 vs. YTD-05</TD>
<TD VALIGN="top"> Net premiums written</TD>
<TR>
<TD VALIGN="top"> Property and all other</TD>
<TD VALIGN="top"> Casualty</TD>
41 of 172

<TD VALIGN="top"> Personal accident</TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TD VALIGN="top"> Total P&C</TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TR>
42 of 172
8/12/11 4:45 PM
<TD VALIGN="top"> Life</TD>

<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TD VALIGN="top"> Total Consolidated</TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
43 of 172
8/12/11 4:45 PM
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TD VALIGN="top"> Net premiums earned</TD>
<TR>
<TD VALIGN="top"> Property and all other</TD>
<TD VALIGN="top"> Casualty</TD>
<TR>
<TD VALIGN="top"> Personal accident</TD>
44 of 172
8/12/11 4:45 PM

<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TD VALIGN="top"> Total P&C</TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TR>
<TD VALIGN="top"> Life</TD>
45 of 172
8/12/11 4:45 PM

<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TD VALIGN="top"> Total Consolidated</TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TR>
<TD VALIGN="top">Line of Business</TD>
</TABLE>
46 of 172
8/12/11 4:45 PM
<TR>
<TR>

FACE="Times New Roman" SIZE="2">Consolidating Statement of Operations Three months ended June 30,
(in millions of U.S. dollars)</TD></TR>
<TR>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000">Insurance - North American</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000">Insurance - Overseas General</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000">Global Reinsurance</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000">Corporate & Other</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000">Consolidated P&C</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000">Financial Services</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000">Life Insurance & Reinsurance</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000">ACE Consolidated</TD>
<TD VALIGN="top"> June 30, 2006</TD>
<TR>
47 of 172
8/12/11 4:45 PM

<TR>
<TD VALIGN="top"> Losses and loss expenses</TD>
<TR>
<TD VALIGN="top"> Life and annuity benefits</TD>
<TD VALIGN="top"> Policy acquisition costs</TD>
48 of 172
8/12/11 4:45 PM

<TR>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TD VALIGN="top"> Underwriting income (loss)</TD>
<TR>
<TR>
49 of 172
8/12/11 4:45 PM

<TR>
<TR>
<TD> </TD>
50 of 172
8/12/11 4:45 PM

<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TR>
<TD> </TD>
<TD> </TD>
51 of 172
8/12/11 4:45 PM
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TD VALIGN="top"> Income (loss) excluding net realized gains (losses) <
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TR>
52 of 172
8/12/11 4:45 PM

<TR>
<TR>
53 of 172
8/12/11 4:45 PM

<TR>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TR>
54 of 172
8/12/11 4:45 PM

<TR>
<TR>
55 of 172
8/12/11 4:45 PM

<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TR>
56 of 172
8/12/11 4:45 PM

<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TR>
<TD VALIGN="top">Segment 2006 Qtr</TD>
</TABLE>
<TR>
<TR>

FACE="Times New Roman" SIZE="2">Consolidating Statement of Operations Six months ended June 30, 20
(in millions of U.S. dollars)</TD></TR>
57 of 172
8/12/11 4:45 PM
<TR>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000">Insurance - North American</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000">Insurance - Overseas General</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000">Global Reinsurance</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000">Corporate & Other</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000">Consolidated P&C</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000">Financial Services</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000">Life Insurance & Reinsurance</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000">ACE Consolidated</TD>
<TR>
58 of 172
8/12/11 4:45 PM

<TR>
<TR>
<TR>
59 of 172
8/12/11 4:45 PM

<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TR>
60 of 172
8/12/11 4:45 PM

<TR>
<TR>
61 of 172
8/12/11 4:45 PM

<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TR>
<TR>
62 of 172
8/12/11 4:45 PM

<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TD VALIGN="top"> Income (loss) excluding net realized gains (losses) and cumulative effect </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
63 of 172
8/12/11 4:45 PM
<TR>
<TR>
64 of 172
8/12/11 4:45 PM

<TR>
<TR>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
65 of 172
8/12/11 4:45 PM

<TD> </TD></TR>
<TR>
<TR>
<TR>
66 of 172
8/12/11 4:45 PM

<TR>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TR>
67 of 172
8/12/11 4:45 PM

<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
68 of 172
8/12/11 4:45 PM
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TR>
<TD VALIGN="top">Segment 2006 YTD</TD>
</TABLE>
<TR>
<TR>

FACE="Times New Roman" SIZE="2">Segment Results - Consecutive Quarters (in millions of U.S. dollars) Insurance - North American 
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TR>
69 of 172
8/12/11 4:45 PM

<TR>
<TR>
70 of 172
8/12/11 4:45 PM

<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TR>
71 of 172
8/12/11 4:45 PM

<TR>
<TR>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
72 of 172
8/12/11 4:45 PM

<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TR>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
73 of 172
8/12/11 4:45 PM
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TR>
74 of 172
8/12/11 4:45 PM

<TR>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
75 of 172
8/12/11 4:45 PM
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TD VALIGN="top"> Large losses and other items (before tax)</TD>
<TR>
<TD VALIGN="top"> Prior period development - unfavorable (favorable)</TD>
<TD VALIGN="top"> % Change versus prior year period</TD>
76 of 172
8/12/11 4:45 PM
<TR>
<TR>
<TR>
77 of 172
New Roman" SIZE="2">Net premiums written</TD>
New Roman" SIZE="2">Net premiums earned</TD>
New Roman" SIZE="2">Net premiums written/gross premiums written</TD>
8/12/11 4:45 PM

<TR>
<TR>
<TD VALIGN="top">Insurance-North American</TD>
</TABLE>
<TR>
<TR>

</TABLE> Insurance - Overseas General 
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR>
78 of 172
8/12/11 4:45 PM

<TR>
<TR>
<TR>
79 of 172
8/12/11 4:45 PM

<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TR>
80 of 172
8/12/11 4:45 PM

<TR>
<TR>
<TD> </TD>
<TD> </TD>
<TD> </TD>
81 of 172
8/12/11 4:45 PM

<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TR>
<TD> </TD>
<TD> </TD>
<TD> </TD>
82 of 172
8/12/11 4:45 PM
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TD VALIGN="top"> Income excluding net realized gains (losses) (1)
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TR>
83 of 172
8/12/11 4:45 PM

<TR>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
84 of 172
8/12/11 4:45 PM

<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TD VALIGN="top"> Large losses and other items</TD>
<TR>
<TR>
85 of 172
8/12/11 4:45 PM

<TR>
<TR>
<TR>
86 of 172
New Roman" SIZE="2">% Change versus prior year period</TD>
New Roman" SIZE="2">Net premiums written</TD>
New Roman" SIZE="2">Net premiums earned</TD>
8/12/11 4:45 PM

<TD VALIGN="top"> Net premiums written/gross premiums written</TD>
<TR>
<TR>
<TD VALIGN="top">Insurance-Overseas General</TD>
</TABLE>
<TR>
<TR>

</TABLE> Global Reinsurance 
<TR>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR>
87 of 172
8/12/11 4:45 PM

<TR>
<TR>
88 of 172
8/12/11 4:45 PM

<TR>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TR>
89 of 172
8/12/11 4:45 PM

<TR>
<TR>
90 of 172
8/12/11 4:45 PM

<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TR>
91 of 172
8/12/11 4:45 PM
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
92 of 172
8/12/11 4:45 PM
<TR>
<TR>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
93 of 172
Roman" SIZE="2">Loss and loss expense ratio</TD>
Roman" SIZE="2">Policy acquisition cost ratio</TD>
Roman" SIZE="2">Administrative expense ratio</TD>
Roman" SIZE="2">Combined ratio</TD>
8/12/11 4:45 PM

<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TR>
<TR>
94 of 172
8/12/11 4:45 PM

<TR>
<TR>
<TD VALIGN="top">Global Reinsurance</TD>
</TABLE>
<TR>
<TR>

FACE="Times New Roman" SIZE="2">Segment Results - Consecutive Quarters - 2 (in millions of U.S. dollars
</TABLE> Global Reinsurance 
<TR>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000">Full Year 2005</TD>
<TR>
95 of 172
8/12/11 4:45 PM

<TR>
<TR>
<TD VALIGN="top"> Other ratios</TD>
</TABLE> Global Reinsurance - By Division 
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR>
96 of 172
8/12/11 4:45 PM
<TD VALIGN="top"> Gross premiums written</TD>
<TR>
<TD VALIGN="top"> Tempest Europe</TD>
<TD VALIGN="top"> Tempest USA</TD>
<TR>
<TD VALIGN="top"> Tempest Bermuda</TD>
97 of 172
8/12/11 4:45 PM

<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TD VALIGN="top"> Total</TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TD VALIGN="top"> Net premiums written</TD>
98 of 172
8/12/11 4:45 PM
<TR>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
99 of 172
Roman" SIZE="2">Tempest Europe</TD>
Roman" SIZE="2">Tempest USA</TD>
Roman" SIZE="2">Tempest Bermuda</TD>
Roman" SIZE="2">Total</TD>
8/12/11 4:45 PM

<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TD VALIGN="top"> Net premiums earned</TD>
<TR>
<TD VALIGN="top"> Tempest Europe</TD>
<TD VALIGN="top"> Tempest USA</TD>
100 of 172
8/12/11 4:45 PM

<TR>
<TD VALIGN="top"> Tempest Bermuda</TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
101 of 172
8/12/11 4:45 PM
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TR>
102 of 172
Roman" SIZE="2">Net premiums written/gross premiums written</TD>
Roman" SIZE="2">Tempest Europe</TD>
Roman" SIZE="2">Tempest USA</TD>
Roman" SIZE="2">Tempest Bermuda</TD>
8/12/11 4:45 PM

<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TD VALIGN="top"> Total NPW/GPW</TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TR>
<TD VALIGN="top">Global Reinsurance 2</TD>
</TABLE>
<TR>
<TR>

</TABLE> Financial Services 
<TR>
<TD></TD>
<TD></TD>
<TD></TD>
103 of 172
8/12/11 4:45 PM

<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TR>
104 of 172
8/12/11 4:45 PM

<TR>
<TR>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
105 of 172
Roman" SIZE="2">Underwriting income (loss)</TD>
8/12/11 4:45 PM

<TR>
<TR>
<TR>
106 of 172
8/12/11 4:45 PM

<TR>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TR>
107 of 172
8/12/11 4:45 PM

<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TD> </TD>
<TD> </TD>
<TD> </TD>
108 of 172
8/12/11 4:45 PM
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TR>
<TD NOWRAP VALIGN="bottom" ALIGN="right">-66.6</TD>
<TR>
109 of 172
SIZE="2">Combined ratio</TD>
SIZE="2">Loss and loss expense ratio</TD>
SIZE="2">Policy acquisition cost ratio</TD>
SIZE="2">Administrative expense ratio</TD>
8/12/11 4:45 PM

<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
110 of 172
8/12/11 4:45 PM

<TR>
<TR>
<TR>
<TD NOWRAP VALIGN="bottom" ALIGN="right">-230</TD>
111 of 172
8/12/11 4:45 PM

<TD NOWRAP VALIGN="bottom" ALIGN="right">-94</TD>
<TR>
<TR>
<TD VALIGN="top"> Other ratios</TD>
<TR>
<TR>
<TD VALIGN="top">Financial Services</TD>
</TABLE>
<TR>
112 of 172
8/12/11 4:45 PM
<TR>

</TABLE> Life Insurance and Reinsurance 
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TR>
113 of 172
8/12/11 4:45 PM

<TR>
<TR>
114 of 172
Roman" SIZE="2">Life and annuity benefits</TD>
Roman" SIZE="2">Net investment income</TD>
8/12/11 4:45 PM

<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TD VALIGN="top"> Life underwriting income (1)</TD>
<TR>
<TD NOWRAP VALIGN="bottom" ALIGN="right"> </TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(1</TD>
<TD> </TD>
115 of 172
8/12/11 4:45 PM

<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
116 of 172
8/12/11 4:45 PM

<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TD VALIGN="top"> Income excluding net realized gains (losses) (2)
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
</TABLE> (1) We assess the performance of our Life Insurance and Reinsurance business based on life underwriting income
which includes net investment income. (2) See page 23 Non-GAAP Financial Measures. 
<TR>
<TR>
<TD VALIGN="top">Life</TD>
</TABLE>
<TR>
<TR>

FACE="Times New Roman" SIZE="2">Loss Reserve Rollforward (in millions of U.S. dollars) <
<TR>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
117 of 172
8/12/11 4:45 PM
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom" COLSPAN="10" ALIGN="center" STYLE="border-bottom:1px solid #000000">Total</TD>
<TD VALIGN="bottom" COLSPAN="10" ALIGN="center" STYLE="border-bottom:1px solid #000000">Ongoing</TD>
<TD VALIGN="bottom" COLSPAN="10" ALIGN="center" STYLE="border-bottom:1px solid #000000">Run-off (1) </TD>
<TR>
<TD VALIGN="bottom" COLSPAN="10" ALIGN="center" STYLE="border-bottom:1px solid #000000">Unpaid Losses</TD>
<TR>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000">Gross</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000">Ceded</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000">Net</TD>
<TD VALIGN="top"> Balance at December 31, 2004</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right"> 31,483</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD NOWRAP VALIGN="bottom"> </TD></TR>
<TR>
<TR>
<TD VALIGN="top"> Losses and loss expenses incurred</TD>
118 of 172
8/12/11 4:45 PM
<TD VALIGN="top"> Losses and loss expenses paid</TD>
<TD VALIGN="bottom" ALIGN="right">(1,998</TD>
<TR>
<TD VALIGN="top"> Other (incl. foreign exch. revaluation)</TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TD VALIGN="top"> Balance at March 31, 2005</TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">31,426</TD>
119 of 172
8/12/11 4:45 PM

<TR>
<TR>
<TR>
<TD> </TD>
<TD> </TD>
<TD> </TD>
120 of 172
8/12/11 4:45 PM
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TD VALIGN="top"> Balance at June 30, 2005</TD>
<TR>
<TR>
<TR>
121 of 172
8/12/11 4:45 PM
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TD VALIGN="top"> Balance at September 30, 2005</TD>
<TR>
<TR>
122 of 172
8/12/11 4:45 PM

<TR>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TD VALIGN="top"> Balance at December 31, 2005</TD>
123 of 172
8/12/11 4:45 PM

<TR>
<TR>
<TR>
124 of 172
8/12/11 4:45 PM
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TD VALIGN="top"> Balance at March 31, 2006</TD>
<TR>
<TR>
125 of 172
8/12/11 4:45 PM

<TR>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TD VALIGN="top"> Balance at June 30, 2006</TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
126 of 172
8/12/11 4:45 PM

<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
</TABLE> (1) The run-off reserves primarily include the Brandywine group, the Commercial Insurance Service - Middle Market
Workers Comp. reserves and the pre-1997 Westchester Specialty reserves. 
<TR>
<TR>
<TD VALIGN="top">Loss Reserve Rollforward</TD>
</TABLE>
<TR>
<TR>

FACE="Times New Roman" SIZE="2">Reinsurance Recoverable Analysis (in millions of U.S. dollars)</FON
</TABLE> Net Reinsurance Recoverable by Division 
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000">December 31 2005</TD>
<TD VALIGN="top"> Reinsurance recoverable on paid losses and loss expenses</TD>
<TR>
<TD VALIGN="top"> Active operations</TD>
<TD VALIGN="top"> Brandywine</TD>
<TR>
<TD VALIGN="top"> Westchester Run-off</TD>
<TD VALIGN="top"> Other Run-off</TD>
127 of 172
8/12/11 4:45 PM

<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TR>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
128 of 172
Roman" SIZE="2">Reinsurance recoverable on unpaid losses and loss expenses</TD>
Roman" SIZE="2">Active operations</TD>
Roman" SIZE="2">Brandywine</TD>
Roman" SIZE="2">Westchester Run-off</TD>
Roman" SIZE="2">Other Run-off</TD>
8/12/11 4:45 PM
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TR>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
129 of 172
Roman" SIZE="2">Gross reinsurance recoverable</TD>
Roman" SIZE="2">Provision for uncollectible reinsurance</TD>
8/12/11 4:45 PM

<TR>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TR>
130 of 172
Roman" SIZE="2">Net reinsurance recoverable</TD>
8/12/11 4:45 PM
<TD VALIGN="top"> Other Run-off</TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TR>
<TD VALIGN="top">Reinsurance Recoverable</TD>
</TABLE>
<TR>
<TR>

FACE="Times New Roman" SIZE="2">Reinsurance Recoverable Analysis - 2 (in millions of U.S. dollars)<
</TABLE> Reinsurance Recoverable for Active Operations 
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom" COLSPAN="7" ALIGN="center" STYLE="border-bottom:1px solid #000000">March 31, 2006</TD>
<TR>
<TD VALIGN="bottom">Categories</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000">Recoverable</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000">Provision</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000">% of Gross</TD>
<TD VALIGN="top"> Top 10 reinsurers</TD>
<TR>
<TD VALIGN="top"> Other reinsurers balances >$20 million</TD>
<TD VALIGN="top"> Other reinsurers balances <$20 million</TD>
131 of 172
8/12/11 4:45 PM

<TR>
<TD VALIGN="top"> Mandatory pools and government agencies</TD>
<TD VALIGN="top"> Structured settlements</TD>
<TR>
<TD VALIGN="top"> Captives</TD>
<TD VALIGN="top"> Other(1)</TD>
<TD> </TD></TR>
<TR>
<TD VALIGN="top"> Total</TD>
<TD VALIGN="bottom" ALIGN="right">565</TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom">5.1</TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom">%</TD></TR>
<TD> </TD></TR>
</TABLE> At March 31, 2006, $8 billion of the active operations recoverables were from rated reinsurers, of
which 95.2% were rated the equivalent of A- or better by internationally recognized rating agencies. The Company held collateral of $2.9 billion, of which $1.6 billion was matched and usable against existing recovera
<TR>
<TR>
<TD VALIGN="bottom"> Top 10 Reinsurers (net of collateral) (2) Other Reinsurers Balances Greater Than $20 million (net of coll
(2)</TD></TR>
<TR>
<TD VALIGN="top">American International Group</TD>
<TD VALIGN="top">AGRI General Ins Co</TD>
<TD VALIGN="top">Independence Blue Cross Group</TD></TR>
<TR>
<TD VALIGN="top">Berkshire Hathaway Insurance Group</TD>
<TD VALIGN="top">AIOI Insurance</TD>
<TD VALIGN="top">ING Groep NV</TD></TR>
<TR>
<TD VALIGN="top">Chubb Insurance Group</TD>
<TD VALIGN="top">Allianz</TD>
<TD VALIGN="top">IPCRe Ltd</TD></TR>
<TR>
<TD VALIGN="top">Everest Re Group</TD>
<TD VALIGN="top">Allied World Assurance Group</TD>
<TD VALIGN="top">IRB - Brasil Resseguros S.A. Group</TD></TR>
<TR>
<TD VALIGN="top">GE Insurance Solutions</TD>
<TD VALIGN="top">Arch Capital</TD>
<TD VALIGN="top">Liberty Mutual Insurance Companies</TD></TR>
<TR>
<TD VALIGN="top">HDI Haftpflichtverband Der Deutschen Industrie Vag (Hannover)</TD>
<TD VALIGN="top">Aspen Insurance Holdings Ltd</TD>
<TD VALIGN="top">Montpelier Reinsurance Ltd</TD></TR>
<TR>
<TD VALIGN="top">Lloyds Of London</TD>
<TD VALIGN="top">AVIVA</TD>
<TD VALIGN="top">Partner Re</TD></TR>
<TR>
<TD VALIGN="top">Munich Re Group</TD>
<TD VALIGN="top">AXA</TD>
132 of 172
8/12/11 4:45 PM
<TD VALIGN="top">Platinum Underwriters</TD></TR>

<TR>
<TD VALIGN="top">Swiss Re Group</TD>
<TD VALIGN="top">Catalina Holdings Ltd</TD>
<TD VALIGN="top">Renaissance Re Holdings Ltd</TD></TR>
<TR>
<TD VALIGN="top">XL Capital Group</TD>
<TD VALIGN="top">CIGNA</TD>
<TD VALIGN="top">Royal & Sun Alliance Insurance Group</TD></TR>
<TR>
<TD VALIGN="top">CNA Insurance Companies</TD>
<TD VALIGN="top">SCOR Group</TD></TR>
<TR>
<TD VALIGN="top">Converium Group</TD>
<TD VALIGN="top">Sompo Japan Group</TD></TR>
<TR>
<TD VALIGN="top">Electric Insurance Company</TD>
<TD VALIGN="top">St Paul Travelers Companies</TD></TR>
<TR>
<TD VALIGN="top">Endurance Specialty Holdings Ltd</TD>
<TD VALIGN="top">Tawa UK Ltd</TD></TR>
<TR>
<TD VALIGN="top">Fairfax Financial</TD>
<TD VALIGN="top">Toa Reinsurance Company</TD></TR>
<TR>
<TD VALIGN="top">Federal Crop Insurance Corp</TD>
<TD VALIGN="top">White Mountains Insurance Group</TD></TR>
<TR>
<TD VALIGN="top">FM Global Group</TD>
<TD VALIGN="top">WR Berkley Corp</TD></TR>
<TR>
<TD VALIGN="top">Gerling Global Group</TD>
<TD VALIGN="top">Zurich Financial Services Group</TD></TR>
</TABLE> (1) Other includes amounts recoverable that are in dispute, or are from companies who are in
supervision, rehabilitation or liquidation. Our estimate of provision for uncollectible reinsurance associated with Other considers the credit quality of the reinsurer, and whether we have received collateral or other cre
parental guarantees. (2) Excludes recoverable amounts from companies who are in supervision, rehabilitation or liqui
reinsurers, mandatory pools or voluntary pools. 
<TR>
<TR>
<TD VALIGN="top">Reinsurance Rec-Active</TD>
</TABLE>
<TR>
<TR>

</TABLE> Consolidated Reinsurance Recoverable 
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom" COLSPAN="7" ALIGN="center" STYLE="border-bottom:1px solid #000000">March 31, 2006</TD>
<TR>
<TD VALIGN="bottom">Categories</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000">Recoverable</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000">Provision</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000">% of Gross</TD>
<TD VALIGN="top"> Top 10 reinsurers</TD>
<TR>
<TD VALIGN="top"> Other reinsurers balances >$20 million</TD>
133 of 172
8/12/11 4:45 PM

<TD VALIGN="top"> Other reinsurers balances <$20 million</TD>
<TR>
<TD VALIGN="top"> Mandatory pools and government agencies</TD>
<TD VALIGN="top"> Structured settlements</TD>
<TR>
<TD VALIGN="top"> Captives</TD>
<TD VALIGN="top"> Other(1)</TD>
<TD> </TD></TR>
<TR>
<TD VALIGN="top"> Total</TD>
<TD VALIGN="bottom" ALIGN="right">753</TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom">4.6</TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom">%</TD></TR>
<TD> </TD></TR>
</TABLE> At March 31, 2006, $12.4 billion of ACE Limited recoverables were from rated reinsurers, of which 94.5% were
rated the equivalent of A- or better by internationally recognized rating agencies. 
<TR>
<TR>
<TD VALIGN="bottom"> Top 10 Reinsurers (net of collateral) (2) Other Reinsurers Balances Greater Than $20 million (net of collateral) (2)</TD>
<TD VALIGN="bottom" STYLE="border-bottom:1px solid #000000"> </TD></TR>
<TR>
<TD VALIGN="top">American International Group</TD>
<TD VALIGN="top">AGRI General Ins Co</TD>
<TD VALIGN="top">Dominion Insurance Co Ltd</TD>
<TD VALIGN="top">Montpelier Reinsurance Ltd</TD></TR>
<TR>
<TD VALIGN="top">Berkshire Hathaway Insurance Group</TD>
<TD VALIGN="top">AIOI Insurance</TD>
<TD VALIGN="top">Dukes Place Holdings</TD>
<TD VALIGN="top">Partner Re</TD></TR>
<TR>
<TD VALIGN="top">Equitas</TD>
<TD VALIGN="top">Allianz</TD>
<TD VALIGN="top">Electric Insurance Company</TD>
<TD VALIGN="top">Platinum Underwriters</TD></TR>
<TR>
<TD VALIGN="top">Everest Re Group</TD>
<TD VALIGN="top">Allied World Assurance Group</TD>
<TD VALIGN="top">Endurance Specialty Holdings Ltd</TD>
<TD VALIGN="top">QBE Insurance</TD></TR>
<TR>
<TD VALIGN="top">GE Insurance Solutions</TD>
<TD VALIGN="top">Allstate Group</TD>
134 of 172
8/12/11 4:45 PM

<TD VALIGN="top">Fairfax Financial</TD>
<TD VALIGN="top">Renaissance Re Holdings Ltd</TD></TR>
<TR>
<TD VALIGN="top">HDI Haftpflichtverband Der Deutschen Industrie Vag (Hannover)</TD>
<TD VALIGN="top">Arch Capital</TD>
<TD VALIGN="top">Federal Crop Insurance Corp</TD>
<TD VALIGN="top">Royal & Sun Alliance Insurance Group</TD></TR>
<TR>
<TD VALIGN="top">Lloyds Of London</TD>
<TD VALIGN="top">Aspen Insurance Holdings Ltd</TD>
<TD VALIGN="top">FM Global Group</TD>
<TD VALIGN="top">SCOR Group</TD></TR>
<TR>
<TD VALIGN="top">Munich Re Group</TD>
<TD VALIGN="top">AVIVA</TD>
<TD VALIGN="top">Gerling Global Group</TD>
<TD VALIGN="top">Sompo Japan Group</TD></TR>
<TR>
<TD VALIGN="top">Swiss Re Group</TD>
<TD VALIGN="top">AXA</TD>
<TD VALIGN="top">Hartford Insurance Group</TD>
<TD VALIGN="top">St Paul Travelers Companies</TD></TR>
<TR>
<TD VALIGN="top">XL Capital Group</TD>
<TD VALIGN="top">Castlewood Holdings Limited</TD>
<TD VALIGN="top">Independence Blue Cross Group</TD>
<TD VALIGN="top">Tawa UK Ltd</TD></TR>
<TR>
<TD VALIGN="top">Catalina Holdings Ltd</TD>
<TD VALIGN="top">ING Groep NV</TD>
<TD VALIGN="top">Toa Reinsurance Company</TD></TR>
<TR>
<TD VALIGN="top">Chubb Insurance Group</TD>
<TD VALIGN="top">IPCRe Ltd</TD>
<TD VALIGN="top">Trenwick Group</TD></TR>
<TR>
<TD VALIGN="top">CIGNA</TD>
<TD VALIGN="top">IRB - Brasil Resseguros S.A. Group</TD>
<TD VALIGN="top">White Mountains Insurance Group</TD></TR>
<TR>
<TD VALIGN="top">CNA Insurance Companies</TD>
<TD VALIGN="top">Liberty Mutual Insurance Companies</TD>
<TD VALIGN="top">WR Berkley Corp</TD></TR>
<TR>
<TD VALIGN="top">Converium Group</TD>
<TD VALIGN="top">Millea Holdings</TD>
<TD VALIGN="top">Zurich Financial Services Group</TD></TR>
</TABLE> (1) Other includes amounts recoverable that are in dispute, or are from companies who are in
supervision, rehabilitation or liquidation. Our estimate of provision for uncollectible reinsurance associated with Other considers the credit quality of the reinsurer, and whether we have received collateral or other cre
parental guarantees. (2) Excludes recoverable amounts from companies who are in supervision, rehabilitation or liqui
reinsurers, mandatory pools or voluntary pools. 
<TR>
<TR>
<TD VALIGN="top">Reinsurance Rec-Consolidated</TD>
</TABLE>
<TR>
<TR>

</TABLE> Detail on Reinsurance Recoverable on Paid Losses and Loss Expenses 
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000">General Collections (1)</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000">Other (2)</TD>
135 of 172
8/12/11 4:45 PM

<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000">Total</TD>
<TD VALIGN="top"> Gross balance at December 31, 2005</TD>
<TR>
<TD VALIGN="top"> Provision at 12/31/05</TD>
<TD VALIGN="top"> % of gross</TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TD VALIGN="top"> Net balance at December 31, 2005(3)</TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TD VALIGN="top"> Gross balance at March 31, 2006</TD>
<TR>
<TD> </TD>
<TD> </TD>
136 of 172
8/12/11 4:45 PM

<TD> </TD></TR>
<TR>
<TR>
<TD VALIGN="top"> Net balance at March 31, 2006(3)<F
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TD VALIGN="top"> Gross balance at June 30, 2006</TD>
<TR>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TD VALIGN="top"> Net balance at June 30, 2006(3)<FO
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
</TABLE> (1) General collections balances represent amounts in process of collection in the normal course of
business, for which we have no indication of dispute or credit issues. (2) Other includes amounts recoverable that a
companies who are in supervision, rehabilitation or liquidation for Brandywine Group and active operations. Our estimation of the reserve for other, considers the merits of the underlying matter, the credit quality of the
have received collateral or other credit protections such as parental guarantees. (3) The current quarter split betw
other is estimated based on prior quarter balances. Balances are adjusted to actual in the next quarter. 
<TR>
<TR>
<TD VALIGN="top">Reinsurance Recoverable 4</TD>
</TABLE>
137 of 172
8/12/11 4:45 PM
<TR>
<TR>

FACE="Times New Roman" SIZE="2">Investment Portfolio (in millions of U.S. dollars) 
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="top"> Market Value</TD>
<TR>
<TD VALIGN="top"> Fixed maturities available for sale</TD>
<TD VALIGN="top"> Fixed maturities held to maturity</TD>
<TR>
<TD VALIGN="top"> Short-term investments</TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TD VALIGN="top"> Asset Allocation by Market Value</TD>
138 of 172
8/12/11 4:45 PM
<TR>
<TR>
<TR>
<TR>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
139 of 172
Roman" SIZE="2">Treasury</TD>
Roman" SIZE="2">Agency</TD>
Roman" SIZE="2">Corporate</TD>
Roman" SIZE="2">Mortgage-backed securities</TD>
Roman" SIZE="2">Asset-backed securities</TD>
Roman" SIZE="2">Municipal</TD>
Roman" SIZE="2">Non-US</TD>
Roman" SIZE="2">Cash & cash equivalent</TD>
8/12/11 4:45 PM
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TR>
<TR>
<TR>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
140 of 172
Roman" SIZE="2">Credit Quality by Market Value</TD>
Roman" SIZE="2">AAA</TD>
Roman" SIZE="2">AA</TD>
Roman" SIZE="2">A</TD>
Roman" SIZE="2">BBB</TD>
Roman" SIZE="2">BB</TD>
Roman" SIZE="2">B</TD>
Roman" SIZE="2">Other</TD>
8/12/11 4:45 PM

<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TR>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
141 of 172
Roman" SIZE="2">Cost/Amortized Cost</TD>
Roman" SIZE="2">Fixed maturities available for sale</TD>
Roman" SIZE="2">Fixed maturities held to maturity</TD>
Roman" SIZE="2">Short term investments</TD>
Roman" SIZE="2">Subtotal</TD>
Roman" SIZE="2">Equity securities</TD>
Roman" SIZE="2">Other investments</TD>
8/12/11 4:45 PM
<TR>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TD VALIGN="top"> Avg. duration of fixed maturities, adjusted for int. rate swaps</TD>
<TD VALIGN="bottom" ALIGN="right">3.2 years</TD>
<TR>
<TD VALIGN="top"> Avg. market yield of fixed maturities</TD>
<TD VALIGN="top"> Avg. credit quality</TD>
<TD VALIGN="bottom" ALIGN="right">AA</TD>
<TR>
<TR>
<TD VALIGN="top">Investments</TD>
</TABLE>
<TR>
<TR>

FACE="Times New Roman" SIZE="2">Net Realized and Unrealized Gains (Losses) (in millions of U.S. dollars
<TR>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom" COLSPAN="10" ALIGN="center" STYLE="border-bottom:1px solid #000000">Three months ended June 30, 2006</TD>
<TD VALIGN="bottom" COLSPAN="10" ALIGN="center" STYLE="border-bottom:1px solid #000000">Six months ended June 30, 2006</TD>
<TR>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000">Net Realized Gains (Losses) (1)</TD>
142 of 172
8/12/11 4:45 PM

<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"> Net Unrealized Gains<
STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center">(Losses)</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000">Net Impact</TD>
<TD VALIGN="top"> Investment Portfolio Gains (Losses)</TD>
<TR>
<TD VALIGN="top"> Fixed maturities</TD>
<TD VALIGN="top"> Equity securities</TD>
<TR>
<TD VALIGN="top"> Equity and fixed income derivatives</TD>
<TD VALIGN="top"> Foreign exchange gains (losses)</TD>
143 of 172
8/12/11 4:45 PM
<TR>
<TD VALIGN="top"> Other</TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TD VALIGN="top"> Total inv. portfolio gains (losses)</TD>
<TR>
<TD VALIGN="top"> Other FAS 133 adjustments</TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TD VALIGN="top"> Total gains (losses)</TD>
144 of 172
8/12/11 4:45 PM

<TR>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TD VALIGN="top"> Net gains (losses)</TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TR>
<TD VALIGN="top" COLSPAN="24">(1) The quarter includes impairments of $56M for fixed maturities, $4M for equities and $1M for other investments. Year to date includes impairments of $
$6M for equities and $6M for other investments.</TD>
<TD VALIGN="top"> </TD></TR>
<TR>
<TR>
<TD VALIGN="bottom" COLSPAN="10" ALIGN="center" STYLE="border-bottom:1px solid #000000">Three months ended June 30, 2005</TD>
<TD VALIGN="bottom" COLSPAN="10" ALIGN="center" STYLE="border-bottom:1px solid #000000">Six months ended June 30, 2005</TD>
<TR>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000">Net Realized Gains (Losses) (2) </TD>
STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center">(Losses) </TD>
145 of 172
8/12/11 4:45 PM
<TD VALIGN="top"> Investment Portfolio Gains (Losses)</TD>
<TR>
<TD VALIGN="top"> Fixed maturities</TD>
<TD VALIGN="top"> Equity securities</TD>
<TR>
<TD VALIGN="top"> Equity and fixed income derivatives</TD>
<TD VALIGN="top"> Foreign exchange gains (losses)</TD>
<TR>
<TD VALIGN="top"> Other</TD>
146 of 172
8/12/11 4:45 PM

<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TD VALIGN="top"> Total inv. portfolio gains (losses)</TD>
<TR>
<TD VALIGN="top"> Other FAS 133 adjustments</TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TD VALIGN="top"> Total gains (losses)</TD>
<TR>
147 of 172
8/12/11 4:45 PM

<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TD VALIGN="top"> Net gains (losses)</TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
</TABLE> (2) The quarter includes impairments of $4M for fixed maturities and $1M for equities. Year to date includes
impairments of $24M for fixed maturities and $2M for equities. 
<TR>
<TR>
<TD VALIGN="top">Investment Gains (Losses)</TD>
</TABLE>
<TR>
<TR>

FACE="Times New Roman" SIZE="2">Capital Structure (in millions of U.S. dollars) 
<TD></TD>
<TD></TD>
<TD></TD>
148 of 172
8/12/11 4:45 PM

<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="top"> Total short-term debt</TD>
<TR>
<TD VALIGN="top"> Total long-term debt</TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TD VALIGN="top"> Total debt</TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TD VALIGN="top"> Total trust preferreds</TD>
<TD> </TD>
<TD> </TD>
149 of 172
8/12/11 4:45 PM
<TD> </TD>
<TD> </TD></TR>
<TR>
<TR>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TR>
<TR>
150 of 172
Roman" SIZE="2">Perpetual preferred</TD>
Roman" SIZE="2">Ordinary shareholders equity</TD>
Roman" SIZE="2">Total shareholders equity</TD>
Roman" SIZE="2">Total capitalization</TD>
Roman" SIZE="2">Tangible shareholders equity (1)</FO
Roman" SIZE="2">Leverage ratios</TD>
8/12/11 4:45 PM
<TD VALIGN="top"> Debt/ total capitalization</TD>
<TR>
<TD VALIGN="top"> Debt plus trust preferreds/ total capitalization</TD>
<TD VALIGN="top"> Debt/ tangible equity</TD>
<TR>
<TD VALIGN="top"> Debt plus trust preferreds/ tangible equity</TD>
<TD VALIGN="top"> Debt plus total preferred stock/ total capitalization</TD>
</TABLE> (1) Tangible equity is equal to shareholders equity less goodwill. 
<TR>
<TD VALIGN="top">Capital Structure</TD>
</TABLE>
<TR>
<TR>

FACE="Times New Roman" SIZE="2">Computation of Basic and Diluted Earnings Per Share (in millions of U.S
per share data) (Unaudited)</TD></TR>
<TR>
151 of 172
8/12/11 4:45 PM
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center">Three months ended June 30</TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center">Six months ended June 30</TD>
<TR>
<TD VALIGN="top"> Numerator</TD>
<TR>
<TD VALIGN="top"> Perpetual preferred dividend</TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TD VALIGN="top"> Income to ordinary shares, excl. net realized gains (losses) and cumulative effect</TD>
<TD VALIGN="top"> Net realized gains (losses), net of income tax</TD>
152 of 172
8/12/11 4:45 PM
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TD VALIGN="top"> Net income available to the holders of ordinary shares excluding cumulative effect</TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TD VALIGN="top"> Net income available to the holders of ordinary shares</TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TD VALIGN="top"> Rollforward of ordinary shares</TD>
<TR>
<TD VALIGN="top"> Ordinary shares - beginning of period</TD>
<TD VALIGN="bottom" ALIGN="right">325,143,060</TD>
153 of 172
8/12/11 4:45 PM

<TD VALIGN="top"> Issued under employee stock purchase plan</TD>
<TR>
<TD VALIGN="top"> Stock (cancelled) granted</TD>
<TD VALIGN="top"> Issued for option exercises</TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TD VALIGN="top"> Ordinary shares - end of period</TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TD VALIGN="top"> Denominator</TD>
<TR>
<TD VALIGN="top"> Weighted average shares outstanding</TD>
154 of 172
8/12/11 4:45 PM

<TD VALIGN="top"> Effect of other dilutive securities</TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TD VALIGN="top"> Adj. wtd. avg. shares outstanding and assumed conversions</TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TD VALIGN="top"> Basic earnings per share</TD>
<TR>
<TR>
155 of 172
8/12/11 4:45 PM

<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TD VALIGN="top"> Diluted earnings per share</TD>
<TR>
<TD> </TD>
<TD> </TD>
156 of 172
8/12/11 4:45 PM

<TD> </TD>
<TD> </TD></TR>
<TR>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TR>
<TD VALIGN="top">Earnings per share</TD>
</TABLE>
<TR>
<TR>

FACE="Times New Roman" SIZE="2">Non-GAAP Financial Measures (in millions of U.S. dollars) Regulation G - Non-GAAP Financial Measures In presenting our results, we have included and discussed certain non-GAAP measures. These non-GAAP measures, which may be defined differentl
important for an understanding of our overall results of operations; however, they should not be viewed as a substitute for measures determined in accordance with GAAP. A reconciliation of book value per share is provided
STYLE="margin-top:12px;margin-bottom:0px">In presenting our segment operating results we have shown our performance with reference to underwriting results. Underwriting results are ca
losses and loss expenses, life and annuity benefits, policy acquisition costs and administrative expenses from net premiums earned. We use underwriting results and operating ratios to monitor the results of our operations
certain factors, including investment income, other income and expenses, interest and income tax expense and net realized gains (losses). <FONT FACE="Times New Roma
non-GAAP measure is a common performance measurement and is defined as income (loss) excluding net realized gains (losses), the tax expense (benefit) on net realized gains (losses) and cumulative effect of a change in acc
tax. We believe this presentation enhances the understanding of our results of operations by highlighting the underlying profitability of our insurance business. We exclude net realized gains (losses) because the amount o
heavily influenced by, and fluctuates in part, according to the availability of market opportunities. We exclude the benefit of the cumulative effect of a change in accounting principle, net of tax, because this benefit r
adjustment to income. We believe these amounts are largely independent of our business and including them would distort the analysis of trends. Income excluding net realized gains (losses) and cumulative effect should not
for net income determined in accordance with generally accepted accounting principles (GAAP). 
<TR>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px
157 of 172
solid #000000">2Q-06</TD>

solid #000000">YTD 2006</TD>
solid #000000">YTD 2005</TD>
solid #000000">Full Year 2005</TD></TR>
8/12/11 4:45 PM
<TD VALIGN="top"> Net income (loss), as reported</TD>
<TR>
<TD VALIGN="top"> Income tax expense (benefit) on net realized gains (losses)</TD>
<TR>
<TD VALIGN="bottom" ALIGN="right"> </TD></TR>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
158 of 172
8/12/11 4:45 PM
<TD> </TD>
<TD VALIGN="top"> Income (loss) excluding net realized gains (losses) and cumulative effect</TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TR>
<TR>
<TD VALIGN="top">Reconciliation Non-GAAP</TD>
</TABLE>
<TR>
<TR>

FACE="Times New Roman" SIZE="2">Book Value per Ordinary Share (in millions of U.S. dollars, except shar
data) (Unaudited)</TD></TR>
</TABLE> Reconciliation of Book Value per Ordinary Share 
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"> June 30 2006</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"> March 31 2006</TD>
<TD VALIGN="top"> Shareholders equity</TD>
159 of 172
8/12/11 4:45 PM

<TR>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TR>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
160 of 172
SIZE="2">Proceeds from issuance of preferred shares</TD>
SIZE="2">Numerator for book value per share calculation</TD>
SIZE="2">Less: goodwill</TD>
SIZE="2">Numerator for tangible book value per share</TD>
SIZE="2">Denominator</TD>
SIZE="2">Book value per ordinary share</TD>
8/12/11 4:45 PM
<TR>
<TD VALIGN="top"> Tangible book value per ordinary share</TD>
<TR>
<TR>
<TD VALIGN="top">Reconciliation Book Value</TD>
</TABLE>
<TR>
<TR>

FACE="Times New Roman" SIZE="2">Comprehensive Income (in millions of U.S. dollars) 
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom"> Consolidated Statement of Comprehensive Income</TD>
<TR>
161 of 172
8/12/11 4:45 PM

<TR>
<TR>
162 of 172
Roman" SIZE="2">Net unrealized appreciation (depreciation) on investments</TD>
Roman" SIZE="2">Unrealized appreciation (depreciation) on investments</TD>
Roman" SIZE="2">Reclassification adjustment for net realized gains (losses) included in net income</TD>
Roman" SIZE="2">Amortization of net unrealized appreciation related to held to maturity securities</TD>
Roman" SIZE="2">Change in cumulative translation adjustment</TD>
8/12/11 4:45 PM

<TD VALIGN="top"> Minimum pension liability adjustment</TD>
<TR>
<TD VALIGN="top"> Income tax (expense) benefit related to other comprehensive income items</TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TD VALIGN="top"> Other comprehensive income (loss)</TD>
163 of 172
8/12/11 4:45 PM

<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TD VALIGN="top"> Comprehensive income (loss)</TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TR>
<TD VALIGN="top">Comprehensive Income</TD>
</TABLE>
<TR>
<TR>

FACE="Times New Roman" SIZE="2">Glossary</TD></TR>
164 of 172
8/12/11 4:45 PM
</TABLE> Annualized return on ordinary shareholders equity (ROE): Income (loss) excluding net realized gains
(losses) and cumulative effect less perpetual preferred securities divided by average ordinary shareholders equity for the period. To annualize a quarterly rate multiply by four. Book value per ordinary share: Ordinary shareholders equity divided by the shares outstanding. The sum of the loss and loss expense ratio, acquisition cost ratio and the administrative expense ratio for the property and casualty and financial services operations. Calculated on a GAAP basis. <
STYLE="margin-top:12px;margin-bottom:0px">Cumulative effect: The cumulative effect of a change in accounting principle is a benefit resulting from the accrual of a forfeiture r
under Financial Accounting Standard 123R Share-Based Payment. Effective tax rate: Income tax expense divide
expense and income (loss) excluding net realized gains (losses) and cumualtive effect. FAS 115: Unrealized gains (losse
deferred tax component included in shareholders equity. Life underwriting income: Net premium earned and net inve
policy benefits, acquisition costs and administrative expenses. NM: Not meaningful. Ordinary shareholders equity: Shareholders equity less perpetual preferred shares. Property and casualty. Property and casualty combined ratios: Loss and loss expense ratios, policy acquisition cost
expense ratios excluding life reinsurance business and financial services segment. Calculated on a GAAP basis. Return on or
equity (ROE): Income (loss) excluding net realized gains (losses) and cumulative effect less perpetual preferred securities divided by average ordinary shareholders equity. Tangible book value per ordinary share: Ordinary shareholders equity less goodwill divided by the shares outstanding. <
SIZE="2">Tangible equity: Shareholders equity less goodwill. Total capitalization: Short-term debt, long-t
perpetual preferred shares and shareholders equity. YTD: Year to date. 
<TR>
<TD VALIGN="top">Glossary</TD>
</TABLE>
</BODY></HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>4
<FILENAME>g37556image001.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 g37556image001.jpg
M_]C_X``02D9)1@`!`@``9`!D``#_[``11'5C:WD``0`$````9```_^X`#D%D
M;V)E`&3``````?_;`(0``0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!
M`0$!`0$!`0$!`0$!`0("`@("`@("`@("`P,#`P,#`P,#`P$!`0$!`0$"`0$"
M`@(!`@(#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#
M`P,#`P,#`P,#_\``$0@`]P)V`P$1``(1`0,1`?_$`-8``0`!`P4!`0``````
M```````*!P@)`0(%!@L$`P$!`0$``@,!`0$```````````@'!@D!!`H"!0,0
M``$"!@`!!`L+"@0%`@<````%!@$"`P0'"`D1$A-3(=&2UI?7.%B8&1HQ%!66
MMA=7=[=X"E%QL2(RU'75%EE!<K@Y8=(S8S>!&$(D)C9&5B<1`0```P($$`H(
M!@`'```````!`@,$!1&S!@<Q$I*RTW24M#5UE396%S<(<='24W,45'8X&2%!
M43+45188(A.3X]5784(C,Q4G"?_:``P#`0`"$0,1`#\`F0<0M>7&SJF_UAN+
M*J@*]LILB2W5$51NTI1H27#T0J%>6C>V-:A<TI:U"I-)/"6:$)I)HPCV(DM=
M\R][VN/N^7Q>5R6JT6.\9*]AA+5H5)Z526$UMH2S0EGIQEFAII8QA'!'Z81C
M"/T1?PLI:E2E<]2>E--+/",GTPC&$?O0^N".1\]V9_I<R;\?'3_-3I(ZU,Y_
M2._N4+7LK,_7[=YZKJYO&?/=F?Z7,F_'QT_S4=:F<_I'?W*%KV4]?MWGJNKF
M\9\]V9_I<R;\?'3_`#4=:F<_I'?W*%KV4]?MWGJNKF\9\]V9_I<R;\?'3_-1
MUJ9S^D=_<H6O93U^W>>JZN;QGSW9GÊS)OQ\=/\`-1UJ9S^D=_<H6O93U^W>
M>JZN;QGSW9GÊS)OQ\=/\U'6IG/Z1W]RA:]E/7[=YZKJYO&?/=F?Z7,F_'QT
M_PÙ'6IG/Z1W]RA:]E/7[=YZKJYO&?/=F?Z7,F_'QT_S4=:F<_I'?W*%KV4]
M?MWGJNKF\9\]V9_I<R;\?'3_`#4=:F<_I'?W*%KV4]?MWGJNKF\9\]V9_I<R
M;\?'3_-1UJ9S^D=_<H6O93U^W>>JZN;QGSW9GÊS)OQ\=/\`-1UJ9S^D=_<H
M6O93U^W>>JZN;QGSW9GÊS)OQ\=/\U'6IG/Z1W]RA:]E/7[=YZKJYO&?/=F?
MZ7,F_'QT_PÙ'6IG/Z1W]RA:]E/7[=YZKJYO&?/=F?Z7,F_'QT_S4=:F<_I'
M?W*%KV4]?MWGJNKF\9\]V9_I<R;\?'3_`#4=:F<_I'?W*%KV4]?MWGJNKF\;
M2.;LS\D?_P"N9-]R/_YXZ?R?Q4\PSJ9S\/.._N4+7LI&WV[!_P!ZKJYO&E5Z
MZWUZIX#PNI*5Y=*"A?XN8MW?7]]<5;N\O+NX;:=5N+JZNJ\]2O<7%>K-&:>>
M>:,TTT8QC'E/H-S*6NU6_,_DO;;=5J5K;6N"P3U*E2:,\\\\UFIQFFGFFC&:
M:::,8QC-&,8QC'#&+7+MFFGNZA--&,9HTI,,8_3&/\,%933GN@``````````
M```````````````````````````````````````````````````````````+
M$>)-Y(61?XJPOERWR2N_#\-]];8L&_K.X_E1P+5\,FOE1CCH<98`````````
M```````-)OV8_FC^@0T7B.@EXZS^3M@SZIL?_)=,/I"S%=BV2?N[=^]:39;K
MX-L_H9-;!6\U9[X`````````````````````````````````````````````
M````````````````````````"Q'B3>2%D7^*L+Y<M\DKOP_#??6V+!OZSN/Y
M4<"U?#)KY48XZ'&6````````````````#2;]F/YH_H$-%XCH)>.L_D[8,^J;
M'_R73#Z0LQ78MDG[NW?O6DV6Z^#;/Z&36P5O-6>^````````````````````
M``````````````````````````````````````````````````L1XDWDA9%_
MBK"^7+?)*[\/PWWUMBP;^L[C^5'`M7PR:^5&..AQE@````````````````TF
M_9C^:/Z!#1>(Z"7CK/Y.V#/JFQ_\ETP^D+,5V+9)^[MW[UI-ENO@VSÂDUL%
M;S5GO@``````````````````````````````````````````````````````
M```````````````+$>)-Y(61?XJPOERWR2N_#\-]];8L&_K.X_E1P+5\,FOE
M1CCH<98````````````````-)OV8_FC^@0T7B.@EXZS^3M@SZIL?_)=,/I"S
M%=BV2?N[=^]:39;KX-L_H9-;!6\U9[X`````````````````````````````
M````````````````````````````````````````"Q'B3>2%D7^*L+Y<M\DK
MOP_#??6V+!OZSN/Y4<"U?#)KY48XZ'&6````````````````#2;]F/YH_H$M%XCH)>.L_D[8,^J;'_R73#Z0LQ78MDG[NW?O6DV6Z^#;/Z&36P5O-6>^````
M````````````````````````````````````````````````````````````
M``````L1XDWDA9%_BK"^7+?)*[\/PWWUMBP;^L[C^5'`M7PR:^5&..AQE@``
M``````````````TF_9C^:/Z!#1>(Z"7CK/Y.V#/JFQ_\ETP^D+,5V+9)^[MW
M[UI-ENO@VSÂDUL%;S5GO@``````````````````````````````````````
M```````````````````````````````+$>)-Y(61?XJPOERWR2N_#\-]];8L
M&_K.X_E1P+5\,FOE1CCH<98````````````````-)OV8_FC^@0T7B.@EXZS^
M3M@SZIL?_)=,/I"S%=BV2?N[=^]:39;KX-L_H9-;!6\U9[X`````````````
M````````````````````````````````````````````````````````"Q'B
M3>2%D7^*L+Y<M\DKOP_#??6V+!OZSN/Y4<"U?#)KY48XZ'&6````````````
M````#2;]F/YH_H$-%XCH)>.L_D[8,^J;'_R73#Z0LQ78MDG[NW?O6DV6Z^#;
M/Z&36P5O-6>^````````````````````````````````````````````````
M``````````````````````L1XDWDA9%_BK"^7+?)*[\/PWWUMBP;^L[C^5'`
MM7PR:^5&..AQE@````````````````TF_9C^:/Z!#1>(Z"7CK/Y.V#/JFQ_\
METP^D+,5V+9)^[MW[UI-ENO@VSÂDUL%;S5GO@``````````````````````
M```````````````````````````````````````````````+$>)-Y(61?XJP
MOERWR2N_#\-]];8L&_K.X_E1P+5\,FOE1CCH<98````````````````-980F
MC"6/N31A"/YHQY(GB,<$,)%92Z_Q&/$5P@Z'%AID4==XLW%"TH8[:D5K%*]?
MK$6ZSKB=!1XJM];Y$L*%ZHQL+&3IJTM&E"I4Y9N;+R\A](F8N'_I7)+W<N_>
MM-LMU\&V?T,FM@X#VH+B>]1K)X'W)XSS57O'M07$]ZC63P/N3QG@/:@N)[U&
MLG@?<GC/`>U!<3WJ-9/`^Y/&>`]J"XGO4:R>!]R>,\![4%Q/>HUD\#[D\9X#
MVH+B>]1K)X'W)XSP'M07$]ZC63P/N3QG@/:@N)[U&LG@?<GC/`>U!<3WJ-9/
M`^Y/&>`]J"XGO4:R>!]R>,\![4%Q/>HUD\#[D\9X#VH+B>]1K)X'W)XSP'M0
M7$]ZC63P/N3QG@/:@N)[U&LG@?<GC/`>U!<3WJ-9/`^Y/&>`]J"XGO4:R>!]
MR>,\![4%Q/>HUD\#[D\9X#VH+B>]1K)X'W)XSP'M07$]ZC63P/N3QG@/:@N)
M[U&LG@?<GC/`>U!<3WJ-9/`^Y/&>`]J"XGO4:R>!]R>,\![4%Q/>HUD\#[D\
M9X#VH+B>]1K)X'W)XSP'M07$]ZC63P/N3QG@/:@N)[U&LG@?<GC/`>U!<3WJ
M-9/`^Y/&>`]J"XGO4:R>!]R>,\![4%Q/>HUD\#[D\9X#VH+B>]1K)X'W)XSP
M'M07$]ZC63P/N3QG@/:@N)[U&LG@?<GC/`>U!<3WJ-9/`^Y/&>`]J"XGO4:R
M>!]R>,\![4%Q/>HUD\#[D\9X#VH+B>]1K)X'W)XSP'M07$]ZC63P/N3QG@/:
M@N)[U&LG@?<GC/`>U!<3WJ-9/`^Y/&>`]J"XGO4:R>!]R>,\![4%Q/>HUD\#
M[D\9X#VH+B>]1K)X'W)XSP'M07$]ZC63P/N3QG@/:@N)[U&LG@?<GC/`>U!<
M3WJ-9/`^Y/&>`]J"XGO4:R>!]R>,\![4%Q/>HUD\#[D\9X#VH+B>]1K)X'W)
MXSP'M07$]ZC63P/N3QG@/:@N)[U&LG@?<GC/`>U!<3WJ-9/`^Y/&>`]J"XGO
M4:R>!]R>,\![4%Q/>HUD\#[D\9X#VH+B>]1K)X'W)XSP'M07$]ZC63P/N3QG
M@/:@N)[U&LG@?<GC/`>U!<3WJ-9/`^Y/&>`]J"XGO4:R>!]R>,\![4%Q/>HU
MD\#[D\9X%Z>O7X@CB`Y-U6X@F8G-1P#!X:T8]UR<V-()F,5VS1XJ>4=CFKBU
MT?U)85,@7-97MH-99K>]9*=:VC1NN;4C-/+",D0E)<2;R0LB_P`587RY;Y)7
M?A^&^^ML6#?UG<?RHX%J^&37RHQQT.,L````````````````&^3]N3_-+^F!
M^9ONQ\`BC[%?^?\`-OUJ/KY17Y](V8OL4R1]W+OWM3;+=?!MG]#)K8*-FJ/>
M````````````````````````````````````````````````````````````
M`````````R=Z<^0%QA?J<TM_UJ,`#T3^)-Y(61?XJPOERWR2N_#\-]];8L&_
MK.X_E1P+5\,FOE1CCH<98````````````````-\G[<G^:7],#\S?=CX!%'V*
M_P#/^;?K4?7RBOSZ1LQ?8IDC[N7?O:FV6Z^#;/Z&36P4;-4>\```````````
M`````````````````````````````````````````````````````````!D[
MTY\@+C"_4YI;_K48`'HG\2;R0LB_Q5A?+EODE=^'X;[ZVQ8-_6=Q_*C@6KX9
M-?*C''0XRP````````````````;Y/VY/\TOZ8'YF^['P"*/L5_Y_S;]:CZ^4
M5^?2-F+[%,D?=R[][4VRW7P;9_0R:V"C9JCW@```````````````````````
M`````````````````````````````````````````````,G>G/D!<87ZG-+?
M]:C``]$_B3>2%D7^*L+Y<M\DKOP_#??6V+!OZSN/Y4<"U?#)KY48XZ'&6```
M`````````````#?)^W)_FE_3`_,WW8^`11]BO_/^;?K4?7RBOSZ1LQ?8IDC[
MN7?O:FV6Z^#;/Z&36P4;-4>\````````````````````````````````````
M````````````````````````````````!D[TY\@+C"_4YI;_`*U&`!Z7^SF%
M;G8/#;EQ79N&@UKA?NV_<R+5RFU%:C;01%Y.6II)K&E>6$]6-Q+8QIPC"K+S
M8S<O9Y.2./Y]\UU?/)FSMV;^SVR2P5;94L\T*TU.-6$O\BO3K1AI(3TXQTT)
M-+]Z&##A^G!@?SKVL$;RL,]CEFTD9HP^G!AT(PCH88?8Q9Î^<7T[HO@_ON^
MP@'Y;%\=+;-R?/\`BW$OT76]HEU$?*/4_.+Z=T7P?WW?8/EL7QTMLW)\_P"+
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165 of 172
8/12/11 4:45 PM
MWQG(ONM<_P"N;+8OY-EC6T\;KJ5=-@GDDTNEA;9,'W\.'#]6#!]+A.74(Y$7
M72O*I@M,*M>%/2P_@P89)Y\.'^+#]S!@P?7_`,&";UJJ9]"*A\?;;O6-T^19
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MJNVSV2-6%CFDA4C0I2T]/"2-HFC+IM+ATNFFP8<&&.BYG9>\!0LUFIV?_P`5
M/-I)(2X?6(0PX(8,.#^4Z7\'_P#>E[B;_F.5_M7M/YW3W+'9G^_[AZ'Y3/NB
M&Q'P?_WI>XF_YAÛ>T_G=/<L=F/W#T/RF?=$-B/@_P#[TO<3?\P_:O:?SNGN
M6.S'[AZ'Y3/NB&Q'P?\`]Z7N)O\`F'[5[3^=T]RQV8_</0_*9]T0V)^->TZ&
M3G])";]:$.2$L8>[",>7EC&/Y#/LY692MFZR?DOVI>4MKA/:I*.DA1C3P:>6
M>;3::-2?0TF#!@Ô1<TR$SK4LM[YFN>2PS6:,MGFJZ>-6$_W9I8:7!I)='38
M<.'ZM!\9AC7`````````!W3&S(O\FY(QWC1*O;--5,COQG,!,4E&6O.GIRB]
M'&FMNQOU"2UDJ7,UC9W2G+4K0IRS5(TY8\V$8\D`,I63.%QA7#F1'GBC)O%<
MTD:&0\>N&^:CT:RDV-@IU!ON!,GEIWZ9>36>/;FSFN+:::$)HTZL\GY)H@8]
MW9AQL-S%%UDU+SSB9Y*5'.CKP[:XP;]VKR9#4FNVTBJJIV>;=)4;.UC;XH=\
MU.6V3ZE>%.\]\U(25*<L830E"A(`````5(P\P4K*>4F)CA<R,RL0I#S<%LAJ
M&4,D75>Q83&MJ]&O5F7W7>6TL]>V2*$U&$D\\L.Q/4EY>2'+&`=(6;"DE+*R
ME4%&R6:"4L*B7064R>>HF+-!-O[BRHK"94J2RU*B:J4Z$+BWFFA":-&I+&,(
M1`[GB#'"GF/+6+,0(JBGHZSE?)#&QHD*ZM)<U$I*5'XYTMK)ZDIR65.K>3IU
MC=JLE6O"C+-5C2DFYD(S<D`.4SUB)8U_SCF'!+B5DM?7\,Y->^+EM=0Y+RDB
MK*LQG#?MR_4TBFH4J%_(FWURGS5*,*TDE6%.:'.A"/+`"O6J6EJ[LJW,JY8=
M.5L>:YZW8)IMZ7+N?\ITUQ0;Z(LNVYC:M5DM-I-:TOG5D!_N&:2:>@F6%.$T
MM*$LU2I+&I1DJ!V#8S1VGB?$"#LQ@S/N/=MM8EEZS8R5,K8];;Q82YCG)<4Z
M"O9LK*V+W]:6SI95XN)G+63;J:>XL[V67DA4EFGHPJA8:````+F=6]7G7M:Y
MLJM=HN9NM>[Q-KUE_8Q7N7+14Z]NJMK#:+:+:VWDR"70KU)%U7M[N$EK/6A+
M;RS2QZ2:$.3E"V.G/"I3DJ0A&$*DDL\(1]V$)I830A'_`(]D#>``````"M.7
M=?LHX,1L++^1TA.2DS8+$:+G+%U6P6T]8J*^.'Ì*:0EJBC1L:E2=$OZU\CU
MY9K.XYM>G"6$8PY(P`HL`````````````````````!D[TY\@+C"_4YI;_K48
M`'J>@```````````!&,_%4^0GA3[U+7^R[*I2'=CY[6SBR?'4&&9_.:MEV_#
M$UD!TN5(X``````````?'??]&'^>'Z)B>.\SV?4.-*.+K-LS"\]*O%]77TG$
M$(J_`````````%?M3O*MU;^\E@C[5&H!ERXL.M&ILVWF]^4)^(SBVEE^.5LF
M.J.M4VO^>YG7*\J4D+FCC&.1)$:./OA>ZNZ<MM*I=-\'2SU(3S3<R$8@6Q,?
M7'#*OPY]9<ZJ+,IW&5,@<5.EKD[G3%9<%.=7PU-C=H+TS,F2Z2I(BVE.*LJ5
MZOOVA;4E"'/YO3\V$LL`R05\<\.2;BMK_"Z9V@[;AC)Y9G>&%7'G%Z99R@M9
MQ9CLNF@JJJ4M82KVCEMVJRV8QE>A0DL[)2M%J_5:4D]2^N8QJ0HRAB6U(M\+
M-!U969B[I^^]\]I*3SIL;`6'J<KLKX9BG(ZLL)SV?3]:V+;JVR:]7#;UK&UI
M)R71J6R1+3N9ZMQ7A/)+`#)+G?AZL)!S/PC'UD35.MJ==[L9]IXFV.T]E=CD
M4FDASM/*C`0YUYG*-XYE=[,E'RBR'E"M<H]52]]I%:$(4IJ<T9HQ#E\=XRT$
MSCOQG;AG8^TA;#'9-&XVT:C7V2<V3\E.?8UM9-PNW,AN=%<R'=2.&W8*;CJR
M5V?%/LV]43+NK52^BJ7MY<7,:W/"QK"3)U\U@T-9NZV<\`M;:/+NQN;'SB/7
M[%>3UQWHV%V4R\.IJ36R;E%W)3(6VÔ/9?4'*JR)*=85+NC:6U/DKQC&?G0B
M'9<*-+1+;GB,Z$M;&&&5_'^-<YKC40-H];[Y=<]SCUI9#_\`J"@NI.('].NT
MGY>X^<]C8VJA2I5KBE<I=6>:A)7GEC&2D%&=<),`-/*N?&I=:;OS=?8&7)ZR
MRM8L"6]5X7N'+)"37>Y+!Q./(B%CB]I96?BTA6-E8VR8G4JM%.J2U:E:[N(3
MRR@9'\P:;6&$,W<'392\UBN=)\E;#;9-1IY<U=MUY57VBU7%C#-V+JS<?;*I
M.)><CE:">_FTX9:]T@WUW4G3JTDD)99.=/S@Q*<27_</WK^]UL)]J#E`N8T;
MSWJ@YM6,[\/3<QWO'">/LP9:8V><4;),QLU7M9XMR\T$2#4FMLELNPA!97F&
MKH4LLL9[3G3V\TU;G=#&:E<T0ZEM+I_M=I9KLX5IBYQ9>>-#-B7$UZ:AF'6]
MYTG/AIÔ5CR7JVQ$;)R%4I?#;+>K?KW-6K;6=[":A[ZDC3EN*U6E+)*'([SZ
MYX:P]N[K9B/'3-IMW'K]P]HTZ'8WI%E?4959=R^B-B[R)?3*"LJ7RK:3.*X4
M*TT9*%>E2M^?R4):4(0A`+W/_:EH[C+.O'+O<EZ^*V0<4:+W..U#!6-F[DUY
MLZ^2*ZSE*#8MV[.\(*BDIU4!?KU;6S5;B\E4+ZBES7$UG&G=]%5E"U1Z,?7;
M<W0K8_:##>N+"U-SWI*YL876265B%R/A5Q7EG!.7UBY9Z,XZ"!D%==2PAY`8
MKKM?_F[FC>]#?6?.FJ233U)86X5[VL5N'QH@Z=8V;9</-E9WO,H:A:QYHS^M
MY3RUENC)1AD1FR*#CH8-2VXZ;*FS7FM36]U?W:Q?SW]*2ZJ4+>SM+:A3J1J!
M6?"FK3.U$XA.^6-\7+2NX<,/#A%;2YNP>KN":6HOU,3Y?PT@.ALIJY<20EEO
M5-O5Y[I.GN.2$UU+:2UIH0GJ30@%N&!M5$3!>AFO&TO_`+È_B%YPVU<>1;U
MK-A7;>:'3AC!6%<7+=-H0OWÀ8:A8WJGD;);AEKU;&JH7D*-K84HS4J49J4\
M*X7)(/#?UJ4N)OP]DA:P,^\?ZQ[UX$?.:'%JYD12?*&[,-/EG8W?U=\8OIK:
MA=H;]BCMMVHZ??I52\JTKBI2K<RI":WYLL0HKJ='AZ;B4ML<:KV@:3B;&6M.
MKV2MGF)D'&69<@5]IW30P>L-NJIM7(^1G??+>/5FODQ&4IZ%U/;-NUM$FK4F
MFM*7++2GIA1%23=:=L^'WNCG)CZAXIU2?VE+GUP66<KXB=N47%7?V.\U/5=8
M*ZT\IW&1W8XX.EPH\]E2O[=9HT;&I/6A&6%*E3C/+4"ZI3U78FEC'U69=UPJ
M7WQ!W=EK#6/L[[29A46WL.J)333<JPF5;'#.OM?%%&S;+;=C#:5.$]XK7<;^
MXKJ%:GSI)))N2D'UHO#BU*P7O9Q,,0YR960LK:\Z\:*.;;7$*3:N=49&6$E&
M5_FT=#73X+4T+6UIO=MI[DOT&I65;.[M>DI1N:UK/5A"6`6NW]IJ]LIHAL#M
M"TM+,2Z].?2W836).MFYC5^Y;4DW-6',S+RXB+./LLK#P="VJJ3EMZJ#)-,X
MT^"==S25I^CI4?<B%>N+5G/7]9UNX?+:0]*L<M)TY(X>V)W/B[(ECE[,JHK:
M\-/YS736AC9IH*JMUF^_$>%%,NJ/P@X*=RH\U2J3<_G4J,90CR``````````
M````````````9.].?("XPOU.:6_ZU&`!ZGH````````````1C/Q5/D)X4^]2
MU_LNRJ4AW8^>ULXLGQU!AF?SFK9=OPQ-9`=+E2.``````````'QWW_1A_GA^
MB8GCO,]GU#C2CBZS;,PO/2KQ?5U])Q!"*OP````````!6_6)43$+9G6]<6U&
MQ1T5$V!PLL+*NIW5&Q3$E)2\E-F^4E-1O;B>G;V:>GV5">M6K5)I9*=.2:::
M,(0C$"O'$Z=38?7$3W4>;*<2([FBY]AGXLMMT-I4LEMOKZ3=W5":U4T983:U
MRGJ2?<0A&,E:C4GIS\G8C$"Z;'N2<=V?"XU,85V^VA:OAO<8VCDI?9]PXDJB
MYT7'<,5LA/F?:JA3W4%*P:$M]:5:,5&K3EM.EIS2\_G2QA`*VHN7<54OQ(53
M-57)3#IX=CO"XG3#*D[L0Y<=Q;59I*MM1<$'E&^@WO@6K<U):<MU[XZ",\T(
M0FY8@<CJ;?+^0M.=ML1Z9[!8FP!N*\=SG,Z,LN!Y9>0,$.O+.F]PD*%LW4/&
MV8EF^L):#707U6NE!=3["ZH5KFUJPGGGFIU9*58*N*BU@/#C;X%6-DK;G#.=
ME+7WB`Y1<&PF1&J[X_TPSE5R9CQ,ZEM5N51U5K%=4<>I7O&\HVSLNZ%NG+,M
ME5NK>;H)I(Q"W_2[+6*VSQW,M97<F26(@8M4<M<0!13\CK+J14UC7R>[V;G"
MV:=]:.F[O*2-<6CFN52UIV%26M&6[GN*<*49HSR\H4LQ$VDC>WAQ8@U/9>3<
M5,G:33[/67'PR\=YBR"V,3).9<*Y_H(2DX*C$>SU4$MK7#W9+W1Y8W*7<W-O
M/.G1Z62:/+"`'9]9,4Z_:5\2CAMIZCL[CU_OQMY#L';MHY6TY&W>:[807[BJ
MLRMQDMW,/OBT2G:HHK?J2_U'>\^*;:*$\E*A7GYT\E,*L:I*:V_]5-V<3Z:;
M`XHP'N<^=U7&Z,@NEXY=;V#7-EK2Ô;+=%,;>*\QK%[826*$D/RXK*BY96%W
M0K7EC4EFFGC3J24ZH=P>]]@S#V*N"YBY(VVPYGUQ8*XBK^=&PCX9SNC<MQFJ
MCCRUB1T+:C.KN>O9KRYCY&II]W1INZXM[=+5IK*M7MYXT>9-$,._$"<3?>&]
M^Y[L::XDN=K.;:3.B\VW(@*%JK(2ÂJN1W#>I:RC*MC5K62DEJ5G6DJT*]&>
M>G5IS0FEC&$81`N%UFP-J]MGJNO8C17OC3`W$$8N4;UY,QRYKR'<,3&FR^&U
M9$EMZN+K-U.*^F8K'R(REFE-<64M62T^$J<U.6:>ITE:I:A<0XFU8\/[AE[F
MZRYGRYAY\;`;LO+"%%D:_8ARBV,R6^'D'$CIJ.AQYDR&XF/>K+-;#A<M"A03
M+&UHWD]Y<4Z5":;I))9X6P5\V$P>R]K\\:4;P(NTNKV.-8D_7_3-'RF\'_EU
MM6;\QGD3!M));STQ77PG9WE?*CC?%Q?I%.6RDM$[WA-)7C7KW5"VIQK1"MR,
MDXRV3S1^)-3;3.F,V/CC*E'#D6OG1:5OA?$M&ZO,YR5&6H*[G;D%.A;LQP.N
MWM$^Z5Z,*]NG4+F>[GA-3H3P`L'6&<D\.;AW;G8GRIDW#3QV?WNJ8BQRT<78
M7RJU<PT\>X1Q>Z[M]N?)S[<[$O59L)<'G<W$+%(LXW,;JK)-)5YG)T\M`+K>
M(=H,J[6O?3ARXTV*UH:BI;\/S3%N9H:>;<MMK#R_AUK28XA62,LPMGE<V,F0
M\?J25>7/2Q0YKN_L[ZPGH5:$(5J50#]J>W^NV0N(+MJILG)K>H8)Q;P?<TZ7
M84R$\5*Q:EOE=0QWA]*;2/=($BS<VL;N]?CKNK^"-:2\MU?VU.G4ITXQJ<V`
M4GPYDW-6U_#HU)PCJ+MQ)KULSIHI988>0\+*FSUQK'#-.(\A.BD]V+DII+BJ
MZ&@SW4H,2XJ5TN^LZ]W"[MI)ZE2$)99J<*X=BU2<*/@7BP:37&P7$.1=FE]E
MXYS'<9OR"Y<KJSTPW@-\.G%&3[&TQ8TLY/ASWJ*]85J=5/@H7=C+:V4%>M"V
MDFKS\WF!8UPN7\Q6&H<0Z=\/)KLZ1Y<,_;-CM&9SKJ:ARNAZ.&HSXH#1;T5&
MXMX*[E6X6U3WI94.?<7'1S<R6/)$#X-3GNQ43AD\6U@.%Y-A">>2$O26W8;2
M5EQ.3W*]8MK-S@47/!IHMU<4E!?F;J77EN;V%K3J>]:$T)ZG-EC"(&2G+#WV
M;WV8VKV<=(]]4K#L6_KGB["VSV!G;NO<ZR5<*Y2Q-8U&TKY,F;"R[6RFKN.7
MXD1H7]-12*5[=1A0YL].I5C-)3"@.$WUC+'F7.+0AKVZM#9V5=X7^5,5-38#
M([@4DZKF#*%:OC&I?,+&Z@_7$K+SYL$M:M[^S0:E*KTBI8VGOBA0EIQY8A:Q
MKB_6.B\*3B:X^6'BV$I^/G+.C:BRF6HKB;9NEW6#5?+RNG/>MI!N+BFIK=JW
MK6ZIU+VI;TJDEK)/+-4C+":'*%8=YV)4SKI5P]-C\9/O#JZPM>='F)@3+Z#6
MR^P$O*[3RFW\H.>SNVU+B116[9^+=:O!QT+BE-8V5Q+[RDJ7,W-MY85)@PK@
M`````````````````````9.].?("XPOU.:6_ZU&`!ZGH````````````1C/Q
M5/D)X4^]2U_LNRJ4AW8^>ULXLGQU!AF?SFK9=OPQ-9`=+E2.``````````'Q
MWW_1A_GA^B8GCO,]GU#C2CBZS;,PO/2KQ?5U])Q!"*OP`````````C#E[$>S
M"/8C"/\`B!I"$)80A+"$(0[$(0AR0A^:$.Q`!S9>6,W-ASHPYL8\D.6,OY(Q
M]WD`TYDO-YG-EYG)R<WDAS>3\G-Y.3D`VU*-&M+"2K2IU981A&$M226>6$8>
MY&$)H1A",`-W,D[/ZLOZT.;-^K#LRPAR0ECV.S#D_P``$998R\V,LL9>Q^K&
M$(R]CW.Q[G8`TJ4J5:6,E6G)5DC&$8R5))9Y8QA[D8RS0C#E@À))"2%.$DD
M*<(<V$D)80DA+^2$L(<V$`-*E&C6EA)5I4ZLD(PC"6I)+/+",/<C"6:$80C`
M#=S).S'FR]F7FQ_5AV98=B$L>QV980_PÙA"$(0A"$(0A#DA"'8A"$/<A"'^
M$(`:3R25)8R5))9Y)H<DTD\L)I8P_)&6:$81@!MITJ5&7F4:5.E)R\O-IR2R
M2\OY>;+"$.4#3H*/21K=#2Z:,.;&KT<G21EY.3FQGY.=R<G^'*!<=B+9=[89
MPWM!A!LHS7OVMMBRV"QL@*"S;*55;0TK'3WE?B-<-&K9*5G8VM]=JTO17,;N
MA=TYK?L22R3_`*P%M_O:A"C4H4Z<E&2K+/+-"C))3_;EC+--R2RPASN2/N\@
M%R&SVRSSVO=F.WCD-"::2I8SP?BG`B#0:]FHT+.X:>($2L@MQ54)5=25JTSB
MO[2M&:\J4IZ5":I"'1TJ<.P!;K&6$W)SH0CR1A&'+"$>2,/<C#E_Q@!LJT:M>7F5J5.M+R\O-JR2U)>7\O)/",.4#=S).9"GS)>9"$(0DYL.9"$/<A"7DY.2
M`&L983<G+"$>2,)H<L(1Y(P]R,.7W(P`1EA&,(QA",9>7FQC"'+#EAR1Y(^[
M#E@!^=2A0K1EC6HTJL9.S)&I3DGC+_EC-",9?_0#](RRQY.66$>;'EEY80CR
M1A[D8<ON1@`C++&,)HPA&:7EY(QA#EAR^[R1]V'*!^?0T8U85HTJ4:T(<V%7
MHY.EA#W.2%3DYT(<G_$#]0`````````````````````,G>G/D!<87ZG-+?\`
M6HP`/4]````````````",9^*I\A/"GWJ6O\`9=E4I#NQ\]K9Q9/CJ##,_G-6
MR[?AB:R`Z7*D<``````````/COO^C#_/#]$Q/'>9[/J'&E'%UFV9A>>E7B^K
MKZ3B"$5?@```````````````````````````````````````````````````
M```````````,G>G/D!<87ZG-+?\`6HP`/4]````````````",9^*I\A/"GWJ
M6O\`9=E4I#NQ\]K9Q9/CJ##,_G-6R[?AB:R`Z7*D<``````````/BOYH2T(1
MFC"$.DA#EC&$/_AF_*3QWF>SZAQI1Q=9MF87GI5XOJZ^DX;I*?62=U+VR$5?
MG24^LD[J7M@.DI]9)W4O;`=)3ZR3NI>V`Z2GUDG=2]L!TE/K).ZE[8#I*?62
M=U+VP'24^LD[J7M@.DI]9)W4O;`=)3ZR3NI>V`Z2GUDG=2]L!TE/K).ZE[8#
MI*?62=U+VP'24^LD[J7M@.DI]9)W4O;`=)3ZR3NI>V`Z2GUDG=2]L!TE/K).
MZE[8#I*?62=U+VP'24^LD[J7M@.DI]9)W4O;`=)3ZR3NI>V`Z2GUDG=2]L!T
ME/K).ZE[8#I*?62=U+VP'24^LD[J7M@.DI]9)W4O;`=)3ZR3NI>V`Z2GUDG=
M2]L!TE/K).ZE[8#I*?62=U+VP'24^LD[J7M@.DI]9)W4O;`=)3ZR3NI>V`Z2
MGUDG=2]L!TE/K).ZE[8#I*?62=U+VP'24^LD[J7M@.DI]9)W4O;`=)3ZR3NI
166 of 172
8/12/11 4:45 PM
M>V`Z2GUDG=2]L!TE/K).ZE[8#I*?62=U+VP'24^LD[J7M@.DI]9)W4O;`=)3
MZR3NI>V`Z2GUDG=2]L!TE/K).ZE[8#I*?62=U+VP'24^LD[J7M@.DI]9)W4O
M;`=)3ZR3NI>V`Z2GUDG=2]L!TE/K).ZE[8#I*?62=U+VP,GFG$\D=`N,-&$\
MG8PYI9R_K0['+NHP(0Y>SV.6('J?@```````````!&,_%4^0GA3[U+7^R[*I
M2'=CY[6SBR?'4&&9_.:MEV_#$UD!TN5(X``````````9]OPX^&,09UWR>3,S
M7B['^7&C;:WOM=MFSDEHH3T0;9;LWQC.TM%B@DN&Q4+"FIVUI?UZ5.O"GTDE
M.M/+",(31)Z[R_9_1XSI8JNVS,/SRJ[0JXRBG%>K;X>WF.ZF>C[BOO6(/5^>
MK;X>WF.ZF>C[BOO6`>K;X>WF.ZF>C[BOO6`>K;X>WF.ZF>C[BOO6`>K;X>WF
M.ZF>C[BOO6`>K;X>WF.ZF>C[BOO6`>K;X>WF.ZF>C[BOO6`>K;X>WF.ZF>C[
MBOO6`>K;X>WF.ZF>C[BOO6`>K;X>WF.ZF>C[BOO6`>K;X>WF.ZF>C[BOO6`>
M.ZF>C[BOO6`[2BZ)Z4-QO/)I-_4C6Y$:V1;)$3G\W$K"N.T]$>J>VENW<K=L
MG4EVK>I62_:(3BM*5]:4[J2K+;W=.6M3A+4EA-`+K`````````````C&?BJ?
M(3PI]ZEK_9=E4I#NQ\]K9Q9/CJ##,_G-6R[?AB:R`Z7*D<``````````)(/X
M7+_<7?'W6<B_:!B@GKO+=G]'C.EBJ[;,P_/*KM&KC*+T%"#U?@``````````
M````````````````````````````````````````````````````````````
M``````(QGXJGR$\*?>I:_P!EV52D.['SVMG%D^.H,,S^<U;+M^&)K(#I<J1P
M``````````D@_A<O]Q=\?=9R+]H&*">N\MV?T>,Z6*KMLS#\\JNT:N,HO04(
M/5^``````````'6TQY-!:75YK([J;:LYFM[S_J=NIBXF7ZZW/A&E&NG_``\D
M6MU54$CW]1EC/1]\4Z?2RPY9>6`'9```#;//)2DGJ5)Y:=.G+-/4J3S0DDDD
MDA&::>>::,)99998<L8Q[$(`=(9&3L:Y,H*ESC?(3&R#;(=_,E+=PR'8@.N@
MCJDG/YZ:J54%0OZ:??R]'-RT:T9*D.;'L=@#\TW*N+UIZ*V-T?)#"5LB(%#W
MTNL)->#>OGHBVWZL/?"LUK51JKB=0Y9X?KUJ$DO9AV>R!WT#ISXR'C_&*),Y
MLDOEG8];<MS1LYG`^',BM-$EO+CG>][6957KVPL(7-?F3<R3I.=-R1Y(1Y`.
M1_JUJ_TS_6G]3-_^CH)45V+L^&4W^F?@2%#WS%8^'O?/P7\%0MH=)[XZ7H>9
M^MSN3L@?$R7\Q,EH-%U8Y>K2?[8N:U:VMW&R7&CNI!N+BVC++<4**PA7E^GU
M:UO&:$)Y9:D9I(QARP@!Q[4RIB]]K#A;S'R0PGDOM&X]Z.M#:CP;SA6&Q=\^
M:E[U<*8D*-Y>HMQTLL9>9<R4IN=",.3E`WJV4,9H#P0\>KN1&*BOYSTIJ[:8
MZL[D!->#AH2S3R35D-M7BA16E:E+/3FA&:WH5(0C+&'^`'>@````````````
M``````````````````````````````````````$8S\53Y">%/O4M?[+LJE(=
MV/GM;.+)\=089G\YJV7;\,360'2Y4C@`````````!)!_"Y?[B[X^ZSD7[0,4
M$]=Y;L_H\9TL57;9F'YY5=HU<91>@H0>K\``````````(&V9-X,I<./>7\3U
MM]A9OL5SY'QLY.&0D(B+D=/6E1H75MD'X*9*S.I63=7FRKU:U!+6ZM2A&G>T
MH2UY99IX3RPC)$,M&ZG&5V7USVKVLP:RV/AE3:N#>#8N\0MJJ#C0WA=+M]F1
M,>:.W:#;7*Z<]4VQN<>3V2A//-:T:%NH1J2RQA>0ARPÌ+K#QH>()2V3X?J%
MN]C'4=OZ[<0;3')^T++K8`N,IJ63,:)^'\**N:5=9>UX\5:HWKR=T(*3">5%
ML+>O!/EOI*/PA7JVE6:Y"V'5+\3CFG,VP&JJL]J>G%[@/;S9"3`=#6G&=3,=
M[N5K*@NQU7C*Q?E;+CG5(5<3N5&5%FC0KJU%.MZ/0V=[;S4NCGJS2T0EK;5Z
MYL7;?7K*>N>3%)_I;!RLVJS;=5QC!Y*3">M9)FN;>]N$]*<R5/+7MZ*G[TA;
MW=O4EJ6E]:5:MM<TJMO6JTYP@>XY<ECIQOCN8_<`ZGOWA!NK!/!JV"7,=ZHO
M185W.YMQG8Q6LÊE'SC\-)LJKBQ2JXKN$NV4KR>W55)0O;A"JU9)ZLT5.-N'
M[Y:U)PCIEP..&7Q6<#(5VW=^4W-&MF=G5L7:N-PWF2<N+F<%Y>5LALI^J=TL
M7$CI0%:"M):5K2M3GY]M9U*4\(RW5[TX>AU2GC4I4ZD9)Z4:E.2>-.I#DJ4X
MSRPFC)/"$8PA/)R\D?\`B!'AXVF`N&P@O+$G$"XF[^>60,9X'8[KQGB+26\N
M$Y=Q_F[*[S@J5[*X:.-+6WLW*[<KJ,EW0HS3QO8)=O;)UI<7GO>A:U*LP1Q6
M1K9LBP=0N$+P^-L6Z^L0:[\1/BWO[*:QK(K.MPT%UA:HV%#%JACW6IYW]2[M
MEQ,3',N+:JMU4NK/2NZ-S<6]S7IT%*2I3I!V#BD+4_!XVZXF^`>'XGJ.#L,[
M&<*+'N6%W'..E17L&OC#*2QL<T,!*.2VA92W]69G*U?'*HI6TMQ:349Z=XL0
MK21EFDHQD"\;-VG&OG"PR%^'8V&TK9'S:95RML!@_6O/*VT%59G5-D,?9Y9+
M3IY`N\C6MRJW=BYU.YOKF[O+>I&E"G;7-]3C)"66ULI:`8;,4/)'R_BC;OB6
M[Z<*S*>YV,5;=]55<Y;U(VUL<79,U_:Z`]V>FL''.O>.$BZL'I30L;W][0LU
M"O;7:?;36BA:V,EU:4[.6O;AZ:>-'6U'YCE@/AAJ%568[S9+5=;,5:]6^KUU
M-J.)"L%=NJ%:NIU*JE6JWJ1>4:DT]Q--7FC-RU(QFY8@=V``````````````
M````````````````````````````````````C&?BJ?(3PI]ZEK_9=E4I#NQ\
M]K9Q9/CJ##,_G-6R[?AB:R`Z7*D<``````````)(/X7+_<7?'W6<B_:!B@GK
MO+=G]'C.EBJ[;,P_/*KM&KC*+T%"#U?@````````"RW?C4ES[I:]*F&F/LQF
MW4E[2.9MO)I9HP0XU%#<J,MMFZJU[=-<28GJR%!Z,A4IW$\M\CU[NWHW,\M&
MITDL]&4##U'\.JF9!UFXA&-ME]S\@YUV:XC"_AES9;VE^:MH,*F@J&O:S:KV
M)[-O8A0%NLA?`]A>6\U%2H2J-O"^LXTZ5&-I-1DJQ#XJ/X>[)3P>>P^4]A^)
M'D;8#*FQG#O=6@"\ZG'K_CYJ63007`N-E5378T&^RG2BIMNCMVV;,LDB-7A4
MN;V\O+J\N%2:I6YDH77H'!A:B7E7A8Y&5LXW[C2^&CJX^=7JK.O\<6%.PSZW
MWYACYF5=97KV5VU8LF2HE3U+BI94:"G+4Y_1=-+#EGB%-]4."7E+51[8?9K:
MXD^PUYHMKAE-QY6P;J$@,]JL%8M+I?5UA?HX^RWL&W%2#VR]B5)6%RZK_`-Y
M8VMO>1N:DM:;F\V$`R<[XZ:,_?76=\ZW/)^Y+Q90=%1*5V_DG$CHOVJ^&2[6
M]>2J"Ò)UU9UZ-!4M*%S+&G=I]U":WO+:I/)RTZO15Z08XM=^"FNI^PZIM'Q
M"MSW[Q&,K6>`'IJYCBD\\6,W##(9&%\B):PWGU87C78RFJ3.IW.YM+]_97JK
M7N:,]6DHW4:DE6I-0J6X4%QG^':OFZJ8&P_EOB"YPSKP[M5LQ6N;]?\`1YTX
M[8R/01W4BJJPMM)%R-FI*O)G-DEE-906J_0IM=.M*4]"O5HT_>].>,`,H6H&
M--P&IM7Q%GQGW*#O=FOS[S#C.VT[83LN&_5ILACH6-J"KD97;-H@WBA,F-5>
M?CNG2K.G?U*2C7@VY[FK;T9*]+GA97Q'>"YDS>7=K`^\&--\73K$^]<\<VS.
MQ:W9<",G.J`TW1_4+J6U;);=3<BNRV;*.[E>W7K2WFN)4JI=49DBTK4[B%2C
M1C2#D<C\&[+NQFKJ1B3;+B*Y;S;LGB?8Y`V9U9W,1\/8WQ1D'79YM1&1$]OH
MZ6RVC>SM]X-R11L;R]NZ=U<V]:ZJWE/DJ4I[2WJ2A\>'.!:SU"AN"\N(!LF_
M-]M@]U\+VNNN3,Q+;):F%K1EX63*MDHH[3Q&P6=66$-F7U@YDA.6(WG25Y)U
M-+M:\*$D_OJ:Z#K&LG`Q>N.LXZN9,VSX@.7=U\=:%6=U:Z2X7>&,&3CA#Q3>
M02;!!;[D?KB;2HJJ^7'0SD9,M::9>7DMI5H5K*WJ<L9))J$X4MRO^'+MGLY<
MY8PQYOOG7#/#NVCS=-L%L+HDU64SE!)<KÔ5M!<;ALF-F!0O97'CQGN):;]M
M5J)M%.NZ=*6VMZ<8U9:%'HPDA-1KM]CM=MLIII=LAM9GH".UVTBV4LTMFCM]
MOIULDHR7:2SS3SRVR>G6E.E3A&,8PDDARQB!SX``````````````````````
M```````````````````````````$8S\53Y">%/O4M?[+LJE(=V/GM;.+)\=0
M89G\YJV7;\,360'2Y4C@`````````!)!_"Y?[B[X^ZSD7[0,4$]=Y;L_H\9T
ML57;9F'YY5=HU<91>@H0>K\`````````````````````````````````````
M```````````````````````````````````````!&,_%4^0GA3[U+7^R[*I2
M'=CY[6SBR?'4&&9_.:MEV_#$UD!TN5(X``````````20?PN7^XN^/NLY%^T#
M%!/7>6[/Z/&=+%5VV9A^>57:-7&47H*$'J_`````````````````````````
M````````````````````````````````````````````````````1C/Q5/D)
MX4^]2U_LNRJ4AW8^>ULXLGQU!AF?SFK9=OPQ-9`=+E2.``````````$D'\+E
M_N+OC[K.1?M`Q03UWENS^CQG2Q5=MF8?GE5VC5QE%Z"A!ZOP````````````
M````````````````````````````````````````````````````````````
M````$8S\53Y">%/O4M?[+LJE(=V/GM;.+)\=089G\YJV7;\,360'2Y4C@```
M``````!)!_"Y?[B[X^ZSD7[0,4$]=Y;L_H\9TL57;9F'YY5=HU<91>@H0>K\
M````````````````````````````````````````````````````````````
M````````````````!@]X]&KR)M?JMC%AKNR^N^K=HAYZ0G73?&RCXM&$S%JO
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M+]]'6_>71/*C<<QU:77TBN'=<GDLSO`KX>;2U7W(=&2$+?O1W9V\OL$/%JSX
M\URR\F/Q^V5!2=S`4)W1>(UG<U:M)MITZ3+;W%>,.22O=T9>7]<R'/7E[:\I
MLD:=WU[BOJ[9);=3G_FVNSS4J48PDJPTD)H_\\=-AA#[)9OL:7FKR/L=PY1S
MVVSWM=EMFC99Y?Y=GKRU:D(1FIQTVEA"&"6&#!&/VQ@EV$IJ&```````````
J`````````````````````````````````````````````````````/_9
`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>5
<FILENAME>g37556image002.jpg
<TEXT>
begin 644 g37556image002.jpg
M_]C_X``02D9)1@`!`@``9`!D``#_[``11'5C:WD``0`$````9```_^X`#D%D
M;V)E`&3``````?_;`(0``0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!
M`0$!`0$!`0$!`0$!`0("`@("`@("`@("`P,#`P,#`P,#`P$!`0$!`0$"`0$"
M`@(!`@(#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#
M`P,#`P,#`P,#_\``$0@`.P!.`P$1``(1`0,1`?_$`+P```("`00#````````
M``````@+"0H``0(#!`4&!P$``@,!`0$!`````````````P0``@4!!P8($```
M!@$"`@0&#`</!0`````!`@,$!08'$0@`$B$3%`DQ0146&Ì1(B,DMA<H.'@9
M::EA<9&AT=:7@;$R0S1TM"4U128V)U@Y5C='MT@1``$#`04$"`0&`@,`````
M``$``@,1(3%Q$@11(C(%06&!D:(3,V-"<@8'\*&QP6(CX11#-`C_V@`,`P$`
MÀ$#$0`_`([^\NW@;M:EWB&]RK53=#N&K-9K^YW+D/`5V`S-D2'@X2)96M\@
MRC(B*C[$W8QT>S1*!$D44R)IE#0H`'&E&QIC:2!6BS9'O\QPJ:502^F]O5_W
M>[G/V\91_6?B^1FP=RKG?M/>L]-[>K_N]W.?MXRC^L_$R,V#N4SOVGO6STX=
MZG2'I>;G>C7_`,\90\7X[0`=/$R,V#N4SOVGO6T-\>]0=?E=[G@T'00'.^3]
M0'3700"T#H/$R,V#N4SOVGO7(&]_>J(:Ê[N<_;QE#]9^)D9L'<IG?M/>L'>
M_O5`-?2]W.?MXRA^L_$R,V#N4SOVGO74?;X]ZI8^0.7=[N>*8C)T8I@SQE`#
M%,5!00,40M&H"ÀQW(S(;!?L7,[\UYN/2FK&SJ7E9W:7MDFYN3D)B9E\!XED
MY:6E'CA_)R<B^HT&Y>R$@^=**N7CUVX4,HJJH8QU#F$3"(CQFR`!QIM6C&26
167 of 172
8/12/11 4:45 PM
MBNQ$?J/LC^4>!HB4Z=Z<)?K+M^8!H)AW6YGT`!Z1$MO?:Z!KXM0XTXZ^6W!8
M<QF\YV6[,4#L)%3%FF&=>K<3*V.?D%0;L(&`C7LS-/EU?:))M(N+;/7[DXJ"
M&A2)&$?!Q?,&VNN4B$SC0[-BF9VQ^K_]YCN6)&RSC#S7`%-D2-U2VO/TF-/=
M=F6Y3`Z:T%DA*WUQUB`B<A5F;0!Z-3`ÀQ4SQ-3(AE-U5-;B[N`N[)VMV.@5
M_?GNZ#+>8+_/PU:J6%*_8V^.F-IM$L\3;,X2%I5:6FLN69!RX.!#*]>T2(34
MR@$*`B`3*]UK!1J)Y;6\1J>I?'/6-]A_=V[2\'X,LV#*'&X0SM-V8]0J5&QZ
M82UR[T**:'>VVQ7:*?NG;A1[75E6R;>5!4KIPX<`DL=4@#R]BE-3GM:@Z@%K
M1DL=7'\6JLMMTVD;F=VUC\V-MV$[_EU^19-)Z[JL$N-7@P5$"@I/7*0%K689
MÌQ]N=R[2$`Z`*(\&\V/J[TL#.307X+W+>?L9W&;!\C5W%NY&LQ=>M%KI3"_
M0AZ],)62!=P[Y\YCG#)&<;H(M74IÒVHH/B)<Z:2IBZ*'*<H\1K@X5%R8((L
M-Z#9]IY.DM?!V!W^7JC!^\(\$^`XJOQ#ÌO7LF^9QM3^CKAO_P!?P'&5)Q'Y
MEIQ<(P1/<#14KYW53NW*L=\_N[EMVF.+AE/Ì=W>8T+W5Z);7U-LJ3)Y=7:3
M>=;O6B)G,RC"F`RRL8FLU%\W$Q"+)G`H\:;*^4*7Y4@]X$AJ.G:IJ9SOXN[#
MV-1+JH]V+L7BYN338]6EDB;K;7%4"Z6%/JB'?3,FTG<P6U+E*43]>#7K`$=#
MCX>`NBD>/['*'41QG=;>I0L7;OZEW[>R.VX_V_;B<@;+MWD)$LY"YU:E6MU&
MS=;G44%FR7:W+`&\S>,'VAR?D4=1ZC=XV$Y2*&36(!5`.C+#:=U-1RMD%>E`
M/W%?=&9KP%NGSQNJWSUF0B[Q@J4F:#BZ0N,FI9$+98'T:HXM^:XBT2)W*T_6
MT*VN1&+?F."W6O'(F!,Z1BA3F',-!R_22:G42ANF@BSRN((#&TKÊ^Q+QY3M)Y@<V.,5K2^RMF"E6A=GFQ_O*<Y6C=OG.K6;.UJQFNICFCXBO=@,OBFCU.#6
M</(23A:+&$C&<VO=W!CR"JLLJ[*=<W5B0I4P#CRW[7_=KD7W3T>IGY,,@TVH
M<RE:YFT;ED-:4#B2*6@4O67R+F^CYZU[XK',?E(ZN@]J@VW:^LIV[#3NW;<]
MCVTBI[:V&-9N?HCN6RQ#0K>4K<K7)!:'>IPV(*:=C4X)9NNT$R8R#Y[SARB*
M.AN/8!H7BKI9(Z#H::D8BQ:<\ABU'^NQM1MN_)5Y,[9`W][XX:T;I<XKYOSM
M2,9L2C,Y3EJU()XPQK%6&59MBL8MPQB6-/K$<[E'"!#I,2AH(E%37I-Q8$-W
M6TH@S5;5Q))0+2&H1TDÀI[P="'2`Z@+90!\&NG*<#!^'37Q\$::M.(2\<F=
MQZ@F]>R7YG&U/Z.N&_@!`<9LO$?F6O%PC!$_P)%2G3O4/;=Y7OS`>D`W6YFT
M`>D`_P`7R'@`>CQCQIQ>FW!9<GJ.Q0%@/[OA`/Q#X0#\?CXN02+$GJLV0%NU
M%_L#C=RLUO*V^P6T2US-*S[8K_&0U-M$.H*185DX/SVF1L")R*M):H1\$19S
M*,W)%&R[9$Q3$,8Q-`/>UMC[473"6X7IJ%FNA6&]X5F:,[R6QHSJ5A8^*N>0
MC1S9NW/%@""=E<M&R[]JSAAF_="DYUC)H%4$`$VG'FWW!Ê.9?6OTMJ?IC3:
MXZ2/5@L?(UE7B,UW1;A;U)GG.BU',N7OTFGF,3GMH2!^B$':#MEH6',AO['B
M#<W7<H14A#+P=SIT2]K4P"R:"I5XQZ5:O3T@JQ?1CK4.91+I34,41#7CQS[4
M?^=]1]H_J1W->3\ZGGY9/`V*6%T8:-PN<'"CC:20#U!?(_27T0_Z7U$FH9J7
M3&4`.:ZP"AK5O6@W[P';)W..SW)MI[Q;>CB%Q:KCE&V0S%A#O8*R9$JDYDF.
M@N=!S!8V8$0J"=GFF,.9=P[F3]G653,8#%.(Z_I_2Z=XDD,0`<ZVI/[='XN7
MVLCH8YQ++7L[%`%OT]9$L^<L67/;9M<VW4/$&`[;5I>AS[O)L7&V2QO*G*-U
MF+EK!TN!5CZ+1T5V2HF2YQDE&Z@`<@D.`"#[-.0<SB"[%+S2E[2U@.4JKW*,
MG;.+5[0U>-D7L(X=1RKMJNW3?L0151(^9+*I))OF:IB"`*I<R?,ÈUU*/!PV
MC3:+PE(FN8XYNE-Y]DWS.-J?T=L-_`"!XS)>(_,MF+A&")[@2*E.G>G_`/)9
MOTÊ;F;X7O\`C3B]-N"RY/4=B@*#P\%%QP2VHX.U6U_5/=OD%:<X[E=RTVS;
M/)+%%/K&,*2==$JIXJ4R.Y=2UFEVQC#JW=#!U]%H!BAJ*+E4-=!Z4=1Q)C24
M47W?&=YGF_>ON>RU22W6R06VS%EZLU!QQBV"DW\57)5.HS;V%=7JWLV+ELG8
MK'89"/.OJ[*HDT;BFFB4!`XF8C@9E!LK3:B.G>'$"M*[%$UC?(V0<-V^'R%B
M.[6K&EYKKQ*0A;729I[7YJ/=IJD/UJ;E@N@9P02@('15*J@L4>11,Q!$.+_Z
M\9OI7%4.HDK97N3!K:5D['_K`7=17+$6>I)A7\QPZC&A95GH>/:.7U/R752(
M35#S7`P;I9!!!&P,RE="AUI$14,\;<Q2@;1*4O@?_6#3H34?ERL_LIFI:@A0
MP9ZO/W1:?:LRW6'WC;B8`J2P04UY-S596TREJKR,,:5G3%M$.HN`'`TR<7*6
MG0J.G'<VH-P<NTTX-[5`)WOO>9X^[R.VX]E\?[:X?!%=PU5K15*U-'F6SRY6
M6J294W;2&GHB"CHÎPD7#/$5%V39L9THBJX5+UABGY>&=/G#'9JBT7I?49"]
MN2EQN3'#9-\SC:GKH(^CKAOP=(?]OX#QB!1_,'"4G$<4Y%P#!$]P)%2G3O3_
M`/DLWZ?2MS-\+W_&G%Z;<%ER>H[%`80-1Z?8X*+C@EM1P=JM#^J^;S:3@K<E
ME+;-D.79P3#<U'5M[CR5D54VC)3)])\H((59P[6$B2;BUP$FH5GJ;11VU*B`
M"=0O".HOJF-(:=J%;OF^Z5W"[2MR&6,PTG'=DONU[*EZL=^JEWID/)65/'[B
MV23R:F*/?8Z,0<R,$M%2+U<6+U1'L+AH(:*E4(8G#,;@YH'2`NO:0X[*J%ZC
MXIRADR2=Q..L:Y!O<@S8/I5TTJ=/GIU9E&QC4SZ0>R/DUBZ(P:M622BJBBPI
ME3(41'I#E$BHN2EY:RA0:_;ZUC_)-XI5;R*TCF5ZAZC:)BO1UR812CM:*:6%
M**<L_*C1D+]42IJ"8O,H8!U+[4(NKYP1,B?-R$3+S&$YAÀ><QC#J)A..IA.
M<>DQOX1A\(\1<7"__LV2_F#O^CJ<6^`XJ?%V%-Z]DOS.-J?T=<-_`"`XRY>(
M_,M*+A&")_@2*E.O>GE-]99OTZ/_`*MS-XP_ZO?\:<7IMP67)ZCL4!?*;V/S
MA^G@BHN1!9VT71=LUW#5VU61=,W35RJT<M';95-=LY;N$!*X;N$5DRG352,F
MJBH4IB&`0XY8HK%>T;UEK?#MVJ<5C[+M<IVZNI0C5"-C)>_R4G5\GH1:!033
M9R%VAF\@RL_5H@!06D8Y9V8.A18_AX5.G))/6K#69;#;1%;?/6N\F+5N1B\.
M[),4T:<DVRJ"TQ<+[)6J)(=9$Z9U%:Y7ZM41DP*8Ô(L\*0Q>@P"`\=9IZ'>
M-BL-5YEC0`JH%IG75MM%EMCQA#Q;VTV&<LKV-KS!.(K\>\GI1U*NF<%$IG4)
M%0[=P[,5NV`QP12`"<QM-1:0UX+D-['YP_3Q%%U)$-(V1UZ/>#OQ"/\`$*>P
M`Z<6^`XKGQ#ÌM)MURI4<0;%=IUINB\@A%.,&X&@6XQL:XDG"\K-4B!;1S4$
M$.E+KU"CH=02)AIIS<PE*;+EXC\RTXN$8+WEMO3V^/'CZ/:VB97>QBJJ,@U3
MJ%F.X9*I9:A,)=6Y;EC17055OUA:I)D,4#J-#BZ*`H%,<!(JH\;_`+T;O3DW
M<^<7U0GE[T@\F^6?C8^M=^-#REYQNÛ?&#\5O^FOG=UNO;O(/]5==KV?W/3A
MUF;(..[J_))/RYSP7]:$7Y*WV(GWS/%M[W/"J[OM^)9\E;[$3[YGB;WN>%3=
M]OQ+3Y*OV(/WS/!1GI_R^!*'RZG_`*]_\UJ'HK?8A>+P?7,_AXJ[/T^9X46+
M)4T\GLS_`+K/DK?8B??,\4WO<\*-N^WXEGR5OL1/OF>)O>YX5-WV_$O'R?HJ
M]B=:_4=\O9'G-VKZYKJN7J#:]9R^Z=7[/+[;V..[V4ÎX54Y<P].[^2OQ2'F
MM]7UAWK?,?R!\3&,_)GFM\<7Q:=3YB-^Q^3.Q?ZE?%YV773RM[OV#^5>^-.$
MI*YK:_C!.QTRBE+NC_*%B@^8O79R[/Z''^4ZQV_R%Z1G)V?SSQ]U7GIY3_N;
3K.K[/Y-]]=M[)UGM.NXHB+__V3\_
`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>6
<FILENAME>g37556img1.jpg
<TEXT>
begin 644 g37556img1.jpg
M_]C_X``02D9)1@`!`@``9`!D``#_[``11'5C:WD``0`$````9```_^X`#D%D
M;V)E`&3``````?_;`(0``0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!
M`0$!`0$!`0$!`0$!`0("`@("`@("`@("`P,#`P,#`P,#`P$!`0$!`0$"`0$"
M`@(!`@(#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#
M`P,#`P,#`P,#_\``$0@`@@*>`P$1``(1`0,1`?_$`(\``0`!!`(#`0``````
M```````(!@<)"@0%`0,+`@$!`````````````````````!````8"`0,"`P0$
M"0@'"0$``0(#!`4&``<($1()(1,4%0HQ02(643(S%V%"(Y:V6'@9.8%B)+34
MU1@:<<%R0S0E)E*"HL)C@U1%E3<1`0````````````````````#_V@`,`P$`
MÀ$#$0`_`-_C`8#`8#`8#`8#`8#`8#`8#`8#`8#`8#`8#`8#`8#`8#`8#`8#
M`8#`8#`8#`8#`8#`8#`8#`8#`8#`8#`8#`8#`8#`8#`8#`8#`8#`8#`Q,4'_
M`!D^0?\`9$TQ_2.UX&6?`8#`8#`8#`8#`8#`8#`8&+KRW>3*M^*?B^SY*V?6
MTMM-@\V+6-?DK4/+-X9R56Q$?JC(F>N6[E($VB;`P]G;U.(@`"&!K1_\[?I+
MÎCL'^?\-_NG`?\`.WZ2_J8[!_G_``W^Z<!_SM^DOZF.P?Y_PW^Z<!_SM^DO
MZF.P?Y_PW^Z<!_SM^DOZF.P?Y_PW^Z<`/UM^D^@].&.P>OW?ÔX;[?\`^3@;
M2'BY\@==\FO$JL\JZQ0Y36\78K-9ZR%6F)!&4>MG%9<-VZS@7B"#9-5)R+@!
M)T*'H&!D1P&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&!TEELD'3J].6NS23
M:'KU;BG\W-RKP_MM8^+C&RCMZ[7/Z]$T&Z1C#TZB/3H`"/I@6!<<Q.-[325*
MY$.]HP;?4FQ4HX](LYR/CC9%Y5%PNQCXN,1:JRCB363:*C\."/N%!,PF```1
MP+<VWR+<1JDQI#]7:3:?2V)7+#;:FC58J6GWDC7:I,EKMDDE&3)F9TS3AIXX
M,W!5B$43<?@$O7`D;/[GUQ5:S2K=9+$A"0>PGU:C*HYD45T%)*2MQ6YH%A[`
MIBJBZ>BZ(':<`$IAZ#TP*O2M,2M:W=,(=S\\9032Q+D%HN#0(UZ]<1Z!B/A)
M\,=Q\0U-U2`W>4O01#H(8'NLUBC:E`2UEF#."QD*S5?O3-&RSUR#='H)_8:M
MB*+N%/7T*0HB.!X@;/`6=.24@)5G*!#2SJ!EP:+%5-%SC%-NJ]B'Q2B(MY!F
M1TG[J1OQ$$P`/K@<"]WJK:TJ4W>KM+(055KK8CR9EW)5#(,6RCA%H594$B'/
MV"NX(7J`>G7`J"-D&<O'L96/7*Y82+1N^9."=>Q=JZ2*L@J7J`#VJ)'`0_Z<
M#FX#`8#`8#`8#`8$/YOGCQ9K>XU]$S^T&$3L!K88VHNVSR/E"0[.US``:*KK
MZ?*S/%,))^7]0%E4T_N$X"(=0JQMS`XV.]NGT4WVS6U=I$FEZS^60%Z!SVAL
MD9PXK"4D+0(I6P(-R"H9H5<5@*`^G7TP.JWGS2XY\<+O5M=[=OJ=:MMOJT_>
M8F++%2LFH2F59XR86&T/AC6CKX.'B'4@D590P=0[O0!P)%U:T5Z[UN"N%2F&
M-@K%GB6$[`3<:L"["5B)1LF\8/VJH`'>BY;+%.7J`"`#Z@`^F!WV!8QSR4TF
MTB]KS3B^1249HÛFI&T79O?]NI6@D3$SAHF0Z)"/Q`1<VU5_#W!VJAZX%G''
MD3X9M-$;#Y+N-ZU)+2>JKJZUS?+T8SWY=`WAFXBFJ]962!J+I>4!>;:E`B1#
M]WNAT$?7H$@=I[LUCI76LCM_9EJ9U;7<4UCGCZQO$7:K5!"66;H1QS)-4%W'
MÊ+.DRA^#H`F]>F!16V.67'G1L73I?:FSX&HLK^F@XJ8NR/W3B68K)H*FDTV
M<<T>.D8ELFZ3%9TH0B"/>'>8.N!W[CD3IAOL/7NJS7V'5O6UJPO<]?0K87#C
M\T5=NA\4>9C'Z*)X]=H9O^,O17N,7U`.GK@4'3>9F@=@[AD-'4RUO+#>8J1F
M(B1^7P4NI`-9:`9F>R\:K83-2Q8/&2:9BG)[G7O*)0ZC@2GP&`P&`P&`P&!B
M8H/^,GR#_LB:8_I':\#+/@,!@,!@,!@,!@,!@,!@,#4]^L:_PIH3^TAK/_4K
M%@?+)P*@K%3M-VF6E=IU<G;7//U"(LH6N1+Z:E'2BARID(@PCD'#E43',`>A
M1^W`S_\`$#Z8CRH<J5J]*S6I6?'R@396[T;CN:1)#*!#J"4RCMG7(XLC-N'!
MD1$4DE$D>\WH(E#J(!"?RP^*O=?B;Y!16E=MS=?M\3<ZU^<]<7BNJB1I:*VF
MZ^6O5G$8L;XV*>1TJ0Z"B:@=#"7N((A@8Q6L;(ODG:[)@]>(,$@7?+-6J[A)
MD@81*59VHDF<C9(Q@Z`8XE`1P.%@?6B^DW#IX<]7>GV[5VN/7H`=?_,HW]'J
M/3`V5L!@,!@,!@,!@,!@,!@,!@,!@,!@,!@,!@,!@8\?)VZNDQQ??:;UI&ED
M-D\B[M3=+495ZK-,ZY&S<W)?F`[VW2\"PDGT)63QE9<-W+KV^T@+@41ZF`!#
M&EJJ=V!H*^-3<L-?P5=J7&WD7<;G;H_6$3;;_JS5S#DO"2MIUG;JQ(NJZUF7
ML#0XJ+<PJOP3)95BO)`4Z9`,(@%-;@WQ2JWS!T-O6BWN2X/Z@MO'C<P%LT]Q
MBD]G1Û4@Y'Q,U,-V]=C8I<U(<;':H'G&T@N1&07;K]3H]W4,#(1Y$=K4-IQ
MWT#NMQ+2+G6+3>&E;:ZM$;4;3*'0KJ]@CUDYE:MQ,*\L35L*?XS%%H!D0_6`
MO3ÀER3Y*6_?^Y)__AVV_N\-)6N#X&03>7UTQOE/0C7%TY9VBN;->P2TC76#
MZ+EY&DHI(2BX)]4H\I!4["=#"$8^2;KDSHO2_+*_ZQWAS#E+GJODW?N->LDI
M2X7BWMRZ:EJQKB6&>)"'BG![);XR4G'X1MF_E%6I1]LHF]O`Y=@8[7XW:WYE
M,M4VW;3>7MWD0@YK?RNS-J;=@&],X_W2E-%Z[L.EVVH5*QSE92NLJV,:4?P;
M5Z\.HW(5=,GW!S^0MAVI,<;JC5^3&X=LIQZ^G(PW'Y?3<KLN7BM_7(UQJ)A2
MV-(IUDL]:/E44F)4RSK6/^.24475ÌRBÀLY:V(HGKRC)JI&05)4:Z11$Y#)
M'2.6):`8ATS`4R9BB'00$`$!P*UP&`P&`P&`P&`P,'%=XJ[.Y&[QYRT^?W&^
MI?&RW;E4C+WIY+4<46<OZ(0D<NK*P.Z7SEM88!LZ>-T?5@BL"0)"!#?C-@41
M%RT2O5:=PO85:P-.6U9Y3$L#Z>-0I,JD4SB9-X[6Y++6H6002L+.P20-P<D>
MG?J&<@!D`'KT"G/*';Y2E<Z].K$Y+..+L9:>#N^::\O!^.<KOMC97$ELBAFM46ZC*,?-ZG+N&Q5%TEA,"IRD'M*8`'`M\ZO>Q*O!Z,KT[/;UT58ZWJS7$;PP
168 of 172
8/12/11 4:45 PM
MUSKEU<25'>UL:3<,QE9K<;*(B74>Y_-A3?$+1\R9DFSCW!U.O>'3È%P`V-N
MN3Y4[*A]PV[=#W5TK4'@<64;FA+JP=G29VF47W@:WOG+5-4MTI^RRR$;")NB
MII!56[04#G`0#`B?M#4_)^6_O6;14MW/:GJ<_+0'+[2Q^/$=9I._LT=3:G)(
MK06PG3I&?3;2YR`F5RR;."-CMS%*83=P`&/O8VH;[*\5MB:&0UE=HW66S=/1
MO,2+>,:I.*)(;UXZVN(>VF,E6X,`=EFK]'S3,B3<4A.\^#Z@`]@]`V:/(5=Z
MW1?'SMV=M[AXQ8*ZUA6?:SKTW8WQGKE2(4(V1@X&,E95PMVI'_"1`PE[?7IT
MP(3[0V[K&I6?2>^K:QF)G4&V^`MMU!K6X#KÛ2+9QL:R/*X:/UD,2A!N+#"R
MU_\`9]U,7[1JA_HHE45)T`!#CPMRKNF]I>(G26S!FJGM%CKF5!S3UJ;99(U6
M1?T->*C*W,V*"B)2MPQX1VJ2-['#T@`=+K^K^+`\ZXDXC5'*:&UQQOVINV<V
M[/[XNCG=FA-@5B;C]9US6LP=_/S4N=8L<>H1TB@=7X^*F&3]P[?IJ)ME$R!W
M``9Z\!@,!@,!@,!@8F*#_C)\@_[(FF/Z1VO`RSX#`8#`8#`8#`8#`8#`8#Ù
M/OK&0`?%/!@(@4!Y(ZR`3#UZ``L[#ZCT`1Z!@:X?!OP3^+V4X@T#GCS?\FE2
M8ZQF1!_*4?6YVD61%VSZFEJ++JS*7YZ/98U0OM+D8,!#N_$4W:(=0VC>$Y?'
MI!\$=P<@_`QQRT1N;<.G?F<;'Q&R6,G&[#EY>*(+I9A,V5\U<7)"0FH=)1S&
M%%1%)X<.SN+]P8_O"OS=\B?DPY+;ZYB<V]MR>H>*'!)K;5YO3U+CÌ]6#8+&
M(?/Y>#NS-$I)6>:TBMLW3M<KKW#"NF0HE`0]0Y'+/P\:JY][-OWEX\HW-JMZ
M^XCR,?5K%IBH:K>/%:K'\>@;-RTMI8+=840?Q<W<FJR;UPVB4%5?CWITRCW%
M`N!B>YE^8GPX\=^-&XN#_C*X,5S8$/LFHSFN[-OJ_1P0PO8^5CEFC:T0<^]3
M<[$FIJ'=*@X;B[*S1]TH=0Z=P"&FC@?6C^DW'KX<]6_P;5VN'V"'_P"SC1^_
M[?\`)@;*N`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P*(V5L"NZIH%OV1;'
M`MJ[2X"1L$HH3M]Y1!@@94K5L!S$(=X]6[442B(`950H=0ZX$3TN>.O9#0&K
M-U5^D7ZP67<TJE4J#H]@RC4]FO\`8A63^0E*!*E=/T:[79J`9Q3D[U5\]0:(
M"D!3*]QR`8+8S/DE0>677=(U'Q<W[NN[72D72ZV2KU=&D5R1UDCKR_-M8W")
MN!KU:*XW4?1ET7,U349'=-G94Q504.F(&$)F[3WC5],:F-MC8;*5A&@-ZXV3
MK144WU@7MEL<L8JO4EN1DHNS5G)*Q22,>0P*_#`N?J*@$_%@60I?-ZFV*<H]
M(M.OMB:UV=;[U(Z^>ZZMT?'?.JQ-L:^RLZ3A^^BW[Z%E(A_$2*)TG4>X=)>X
M84S"4Y3``7<W)R-USI.)I,U97WS".N^YZ3HQLYA7+!VA#7.\OE(^/+/+"Z(E
M&M6"R8"Z[Q]Q(#%ZE]<"]3F8B&:;!5Y*1S5*5=MH^+4<O6R"<D_>%.9HR8'5
M5*5X[=E3,*::8F.H!1[0'I@1VJW*K7MNUING:<:RGB5_1FPMGZWMJ#AJB20<
MSNJ)'Y98E(M$%S$6:+N!_P!',8Q1,'V@&!S:_P`FJ/8[9IVGM(ZP(R6[-9K[
M3JRCEFFFV:U]NBQ<*H2AP6$4'Y4GY#"4H&+T]>N!?'\SUH8CY^%A@_D7N>S\
M[^;,/E'O?%_`>U\R^(^#]SX[^1[>_K[OX/UO3`MMN[>5+T-465PN*BZS.2L$
M%6XYA'':J2D@^GI%O'HF8-%ET3O$F@N057]ON%-$HG$.@8%R0LL`"AD%IF*;
M.TF)9)RQ<R+-%ZT8F2(L+ITV46*L@@1-0!,<P`4`'[<#W/)^"CD57$A-1+%!
MNHU277>2+-JBBJ^$`9)JJ+K$(FH\$>B0"("I_%ZX%M=R;_TSQ\ILUL#<NQJO
M0*G7D&KF7DYV211,U;O)-A#H+`Q2%6073&1DT$S"FD<">X`FZ%ZB`7%1LM<<
M#'E0GX58TM&'FHLJ4JQ4-)0Z9$U5)5@4BXB\C2)JE,*Z?<D`&`1-T$,#TFMU
M4(C\0>SUXB'QS.,]\TU&E1^92*1%X^/]P7($^.?(*%.BEU]Q4I@$H"`X%0X#
M`B%=.9^L:/0N2VPY6+M"T'Q:DW,3L`K1@@HY>N6J3%97Y$47!4W12D?D'\9D
MQZ`(X$GV5G@7Q2E3EHXCH(IA,N8]1^T*_8QTD0#LW;UI[WO-FZXB)2J'`"&,
M`@`CTP/'YIKAR-Q;SL*Z4>OGD5'(H2T<=21F&":RKN(9?Z3T<2;8K<XJ(E$5
M$P(83``%'H$367.[1K'9#W4VRI7]T5X3M,738B,N\A#D1LD_-1_S:+80K^*?
MR#)99Y&B"I2G.02]>TW0_I@2^";AA>/X\)>,%_%)-UY-B#]J+R.0=E[FJS]L
M"OO,TG)0ZIF4*4#A]G7`ZB1N=?95>;MS:1:3$/`L)%^\7AG;61*)8M!1=V@F
MJW6.B+@A4Q`2B8!`WH/3`B-<N?&HJ/JS7FW)>'N!JWLFC7:_P:+>-;F?HP]%
M:(O95%ZD9T5,CUP@N44"%,8#_I#TP*!:^4'CR_B.!TI'LKF]4\A-@;06EXQ.
M*;ED8LBD*]FGTI<D%'9?E3*'39^TZ`@J*)K*%+V_;T"NN07-UMHK:\?JUCHC
M;VVC-J#(;2V!:==MZPXA]:T&)?(M)&?G6<O.QLW+?#$5]T&T8V=N3D*(%()N
M@8'6._(OH=O(2\2W3LDA*G8:BL&NHAHR1"<W'3MP'A$(JXZX@7"Z$Q*PM9=S
M8(S7N()+1JB*@+$+VX$^L!@,!@,!@,!@,#$Q0?\`&3Y!_P!D33']([7@99\!
M@,!@,!@,!@,!@,!@,!@:GOUC7^%-"?VD-9_ZE8L#Y;*DM*+1K:&5DI!6(9N%
MG;2*4>.#QS5VY*4KATV8F4%L@X7*0`.<I0,8`]1'`R3^)WGKRDX&\N]77'C1
M*3$J[N5RK50M>HBO7(U?:\7.2K>*"OS,4"GPAGP@\'X1X)05:*#W`8"B<!#Z
M@_E.XY\EMF^._:&E.`V@*51=W\L31;;;I(R9J.OB59&RH-Y#8$S89=I\"A:)
MQVF52,55(*JBX+'$>XHC@09\>?C#YF67P^;Z\5WD/I]3AT8]K/5GCQ>D;/%7
MR-+!2)/S'5'S]%DY=OF*U$NQQ%L02%%-J0A4^G8&!B#J/BS\$'A95BKIY*>3
M<+RCY$PO5TAI6`36G(6+LC!/XMLS<:]K(NY8$G("`!^83(H>O<)1*'J&HGY*
M]\<;>3/,C;V[^*.HW^CM.WR5:R,-KEXVA(]O$/$&2+%\XBHBO%)%0T;)&:E7
M(U3``2.H8!#K@?2S^DWZ_P!SGJWKT_\`]5VOTZ=?L^9QOV]?OP-E7`8#`8#`
M8#`8#`8#`8#`8#`8#`8#`8#`8#`8$#?(O0=D;FX]IZ"UJC(,GN]K_3-<6.[Q
M[8KPVLJHO('L<G>W#0X"5RVCG%>00,0?01<AU],"`6NM.\EN,&U9.S6^&M6_
MZWJ#>5HO,O:H6+CX=Q8ZIR8BGUMO=QK=49%01EYC6MDA6<:+-L0RYD79C$#H
M!AP*+W&-UL7-#0W*#>ND.06NJFQXW[7A(*#T0>;EY).4:;^@K11V.QTZJ!R"
MZNE.CPD%F*H"")U#I*@!^H8&3WF56+EMCC[3K?K>HR%HG*I>]1;D3UY(JFB'
ML]`5NR0MFGX1TS<&3_\`4#6"36.U;J?B!^D0O3NP,1]MKOD"Y#;HL<E6S;53
MI20;"F.,U\VU1Z)29;7DY:JRFT8E[*DP92AJ[7Y/W&J/S?J\.=+WOU3`80MO
ML#C;L.PP,%(5[BYO.)U14=\\,9+<&MIR[/9B>O=OUG?+Y([6N=?;FE7JYRQB
M$NT=O9-,P$ET%DDBF'V.P@71W#JWDNPT-6::TX_[GG6SBR;:MW'3\LWLSS8F
MF6<G9J0]U5K>T*RTFZBQ?"T0E5U9ET<[F,;=$6ZQ14.À,3C?J+<S'@US%JM[J,NQV1LS=7*2QQD4N0B4C.M+O,`>'E6A4PÀ32B0B=(P>G<'4,"%=J\?W(J
MAU?4#CCS-;>_>8;AZTIDQ)VRZO91.K2Z=DK<K::W!GEW:K2%GIFN)O63;H)2
M`?L#KT]`#W5/1^W*9QUML6_U;R.VKKS:V]G$F:#EY2%@[1J".B-.I0U?5U[2
MV9T$'L?8=ILRQKY241,DF_7/*E_`!50"F;%H+D=;*;K$V^='[EV1M:;6TF&J
MY=G<3%CM1P.O]I.9BS5JZ,6;T(]"V0\$0%W\F!/:FV0E:D.IT[<"W&U=*;T3
MV74]3OZ!M`_*VY\:_(9'6?9!+M(DI6Y+5,4>D*T56KD4DU(^/10CR)-V"!B(
M_`KHG$I0$XF,$CK,TWEL6_7VP3_%'>$QJ2]U?7S2KN4K(WCK6TV%K^F+1E8!
MA5'KHD6A'VBP>\=9U))=K$6I3',452=0L_`\%MY[=X3<IG^[]66V_P#(G8NC
M.-44UC[[-*R+UX[H\T29O<76T)-=2/A)QS&1_8].VÀWRY2`(F$2A@59R"XW
M<D;WR)V9<]=I;VK=3EM-UR9XL1U(3AHN#@(*,X_3E5EJ)*-IKM4I_P`+-R"+
M5[%K^T>0=G*Y3(<Y"F`+D;*XPV76G%+AC%TO4NW)W9U/U=7)-Y6#S;F=H=SW
M?(U%JJ>J[P<BX<7N/74L!E$6<\V,0L2F`$!5,A```SY:]-83T&CGML,VKMK/
M3ZT:S5]E)+3+."L)H5D,U#-)=PHLXE6T9)"J@FY4.<ZY"`<PB)A'`K#ÙU.5
MW`F^[?I/DQMB".W&EMO%E;FU94*M:I.*K5W9L'59=HOU(!JY(RE3.19*)J@J
M0>\@"`]>G3`HKE1KCE%=MGWMMKK0^X:A/R,W,4*[6BO6I-S2K=IOLKR=1G$W
MIG1IEO.75!!TH5DR,"$"9H)1*D=7U#LMH<']CU2O\S9;4M&V<VLU:AN$A^,H
MM[S:'OR^;1CJ^GO*;K#9W)*($L[DZCPDS(&+\4[`YP.80$0$*%J_#S9BFV8G
M9VXM$6*XUJA\OHB\G,^3&6E2UA\H2&C)N.:G$[E\SC'K@BBA2=?:0()AZ%#K
M@<NW<:>3,N^L=>B]9;?CMH14IR,=\A]EEOD@6'VWKS8'YL#1T%5G;>4'YDZK
MS9_&^TBW*"L5\,8?3^*&2WC'HBW:A@^7U!BJK/PU&L+&!?:ÂI23>RZ+R8>Z
MB@HNQ'B7$@JLLE\3.H'!8@"!3..XX_B,(X&-:5\>FS:9ICC;)UN,W#;+>TTQ
MNJOW6GV6UR<W"UZ2L[^*=,6+:'>.%F<>JX)[B:0)E``3)T_@P/=1>&?(J/Y#
M\>I2UZPDTZCQIYH:_OFEYF/41",B]2;VHEO<[A8*LB#W,VM%L$''(F)V@4#N
M_P`/WX&0CD9;K]J#FP>^0.D=B;70N?&B=HE.3I\8#F)>WM6PQJS"`GIA8H1U
M?;NR)"8SAT<B1$P$?7T`0AB\XL\F:KM7CKR*B-=NY.P<%6B$.K03)1<A(;A#
MDS*,)O;+.L6U8JCIC6M!MK([(@BB?L?.([JF!@$,#8T06(Y01<)]_MKI)K)]
MY#I'[%2`<G>FH!5$S]IO4I@`0'T'`]N`P&`P&`P&`P,3%!_QD^0?]D33']([
M7@=ER9\U_C3X?;?G]$<A^2<'KO:589Q;^;K#ZOVIZLR:S*`N8Y0SJ.AG;-3W
MT`[NA5!$H"'7IUP)XQW(#44QHI'DK%7.-D=*.=>GVFA>F8+KQJU%3B#SJDXF
MFFD9R9(D80R@D[/<`0$O;W>F!'KAAY)N&?D%;W%SQ*W)&[72H*C%*V?`1$[$
MGB3R1`.S!5.;CH\Y_>*/IV`;H/VX$Z<!@,!@,!@,!@,!@,#4]^L:_P`*:$_M
M(:S_`-2L6!\LG`V1OI7^)5=Y0>5.BS]O3*XK?&VGSN]5F"Z**["3FH=RPKU=
M9/R+%,444Y.P`Z``Z#WM@'[`'È[YW/J-.8.T.3NW>,G%79$GHKC_J"VSNNW
M4I1S@PNFRYJO/`CYJ8FK&85G;&-1EF:I&:#(6X>T`&.)S#@1R\//U%'-GB]R
M3U;0=_[LGMS<9;[<86IWR&VB]--O*8TL<DTCE+M7[&L`3#5W#BH519)5=1LH
M@4W4H"`#@;,WD_\ÌIM3<\^=+OG0[Y&0&C.->PZ-#7'><D46IIV4GVC(J*5D
MJ\K+F)6HJ-E*VDT446>=2@8G4`'K@8)/):P^G4X=<-=H\1>)32=Y,<MIP(I)
MCR`C9<]@6@IR%?G=-'\C=$$VM./%D!15-PQB6I!6`0[C#T`,#:A^DWZ_W.FK
MNH^G[U=K=/L]`^91OZ/NZX&RM@,!@,!@,!@,!@,!@,!@,!@,!@,!@,!@,!@,
M"C-BV:3I=!NEPAJÎ;)6K5><L#"LI2+2(5G7,/&N'Z<6G)ONK-@=X*'8"JOX
M""/4<")56Y-[>VKQ!TAR7U/IZ%>S^TZ=5+[8J-:KQ&03*D5R;A%9:87<V18Q
M6+X\$8I2&$@@50O4P>@8%*5/FQ>'G#=ORCN.D'D%,JWEA64:+'6)A+-Y.LR>
MTXZ@1M^B+`W`S)Y79&%D`F43E$0,U#IU^_Ì-/R50DO;^0E,JVJYN:D-)<@=
M+:3KBZ,[&+$V]$[34JK6=V+3&J)??&NZ_E9QVS>]14[U8XY@,!3EP)JPO)#0
M%C_>-\@W/K*9_=`#PVTQC+IÒÙZ2.!P+X]O%!\<($C3X17W!<>V!?;-U^P<
M#JGO*?CHTU8QW47=VK%M6S+L(NÒI;Q7_P`HSDVJ57X2&C9\KTT>ZDG2B(E(
MB0YE!$/0HX$2N&WDVU+RK=P=?ES5W5%ZME0JMNIU$L=TA%;1;&EG=V5N4M?B
MRJI.9--HG7O<$Z13=Q5R]`]!P)F(\CM!.+'>Z>AN;6:MJU>U^.V-7B7.!-,4
M=G\2@S%U:6`/OB81`';E-,3."D`#G*7[1#`6/D;H*H2BD):=S:SKTRC)UB%5
MBIBZ0$?($E[JV(]J$89FY?)N`?69FH55BEV][E,0,F!@]<#@5?E#QPNTY<JS
M3]Z:IL]AUY&2TU>X6"O-=DY*H1,"^6C)N2L31H_56B643(MU$'"BP$*BJ0Q3
M"!@$,"N=<;4UKN"KH7;55\J>Q:@Z5<(-[+3)Z.L4*LNU,)'*))"+<.6PJH&#
MH8O=W!^CÀWQNYOZXY#SFSW]@K<7KMGK6S%3UC;K1*0ZI+WK.S2CNGPVPX-^
MH!#0;2U6Ô2,8#83@HJ=F`#W?9@2<N'(K0NOFZCJ\[CUK4FR-H"DJKV&XP44
MFE<#"W`*RH9X]2`DWU=I=6P_RH>X7T_$&!P4N3W'->XRVO4=Y:J5O,$E.+35
M23O5=/8(M*LG;DL1WT660%VV^2'=)@Z[R@*(G+W=.H8':6'D%HRI0$W:K/M[
M7,!6ZU"1%EGYR6M\&QC(>OV!,BT'-2+QP](BUC)=)4IFZQQ`BI1`2B(8%QZ]
M88&VP439ZO,1MAKL]'M96$G(9ZWD8J5C'J)5VCY@^:G5;NFKE$X&(<AA*8!P
M.YP&!BXV!Y`=C4*Z[VE#<>',_P`?^.]L:4[8.PHR\P:-L%XN5B9U(5ZC..Z4
ML/P0R"0`R0+\0Y[A]L1$!P)O*<C=#-['8:<]V_KN/N%0K)+C;JI(6Z#9V*JU
M@Q6PFFK%$+/2O(A@D+Q(IU%BD*0QP`1`1#`HS_C4XB`Y8,QY,:/!U**NT8U`
M=EU,%7RK$1*\3:D&4ZK&;F#H?MZ]!P*TJ7(W05]BF,Y2MS:SM4/)KV!M'R4#
M<X&39O'%42<.+,BW7:/E2**0*#14[L`'J@1,PGZ``X%B>1G.[3&B8S7B<;:J
M;?[KLN]:CK%6H,)<X(+-,5[:=_BJ,2ZQ,>5RJYD86&/('<G.F02G(@8H&ZX$
MF:OM[5EWMUTH-/V'3K/=]<.D&5^J4'88R2L--=NB]S=M9(EHX5>Q"RX!^$JY
M"".!<7`8#`8#`8#`8#`8#`8#`Q,4'_&3Y!_V1-,?TCM>!HD>;_C.MS%Î$G>
M,[247AG^W6&OZY&OVQ$CKDE4M8R4K%H$*L4Z9A>OXU)#U#[%,#*IX->8]PE_
M%]Y,?&=O18S'<?#/3N_$JY#2:JYY<U#&`LL;.Q2HN3F[DJK9R_#H)D#H5NJ`
M].@8%'?1+OV$3`<ZI:3=MH^.C1I;^1D'BR;9HR8,F1W+IV[<JF*F@V;($,<Y
MS"!2E`1$>F!D0Y,?5P\<-:;ANVN.-W&7<'*ZJ:K</2;&VC2UT8JL1[:*='92
MCV,(K&OE5(MLY14`CY<R394"]2CT]0#(%7?J`^+FS/&_LSR+:3I%YV?!:4?1
M<=M_2S1S&PVQJ`Y?J(%6<2@O2*,EHA!-P4Z3Q,OLN2@8"BÈ,`!T-D^H3X[U
MWQ65CRH#J:_/Z'9-CQ^JBZK;3,$%P97%XN[168K2ABC$F(S39F4.8`_4^S`]
M<#]0MQYG/%18/*B.I+XPI$)LB5U4GJ1Q.0(W)_;H^009MV:4L0GRA).0;K@X
M3,8OHF`@/J&!S^0_U!O&SC%P2X\<S-I:TOD?9N4\,6:TMQS8OXE]LBPL%2&4
M1D7CE(OP4=$"04P%R=,2F45(0H"8>F!;'QI?4B:&YV<@R<3]JZ2V)Q)W_,H&
M=46J[*6!=G=2BR&51CV;@T?'.8R56B0]Y)-PF!7!0'VQ'`V2L!@,!@,#4]^L
M:_PIH3^TAK/_`%*Q8'RR<#9DÊ.Y=ZVXN>31K6=K2C>"K')36\OI./FGRR+2
169 of 172
8/12/11 4:45 PM
M,CK?(2T5-UKYF]74239M)!6+59@<3`'NN"!UP+,>=?Q'<GN$?,/=^P5==6FV
M\=MJ;$L>P-?;8KT,_E:XFTN4HYG35J<=M$W'RJ;A5WIT#%6[04(0#E$0$>@8
M20U!M8M(DMFCKJ[):Â9!I&2EV5K<LA6H^2?'(1DS<3*K4C))RX.<`(7OZB(
M^F!(?<?D1YO\@*+4M8[?Y.[:NNOJ-6XZHUBH/K.Y9P4?7(I`K:/B56,6#%.2
M;-D"`0OQ7O#T`.H^F!#'`^M'])OT_N<]6^GK^]3:_4>GV_\`F4;]_P!^!LJX
M#`8#`8#`8#`8#`8#`8#`8#`8#`8#`8#`8#`MKN1*V.=3[':42MMKA<7U*L<?
M6JP\G&]9:3<O(1;EDS8.9]V@Z;1*"JJX=RYTS@0`^P<#&AJW3_-6*\5%"XY%
MUQ2=5\EX?7]7TQ+Q!MEQ=VJ;*IL9..@+9:6UI913-N[5GJ*#T[=H")56[AO(N4<]K=JZB*JI%4L7+XQ1%$S&1
M;-5!7Z?@,3OZ>F!AYT3XO^1-'M/`YU;K1"DA]-\:-W:VWU(L)X'4Y(;,V/)3
M\[6;'&J$21&P+5::E4UT')Q`R9D@Z=`#I@%N`?)ZY1D$U=ZPUQJ-?C\-;<QA
M:I=X5^WYNC4;E)VE6"VT#*,9FK$!=$#D(Z+*_,5".G2AC]R0"7`JR%X8\E8Z
MPUGD*XT5K=26<;2W1/R?#!'8-8#753BMNTBE4^-MR=K7@U*;+6:F+U!5R=-K
M'H`LF^[4/;4!0QPLEQV\=?+6A52G:FN.GM8PQI6O:?\`F'(N`V+`/[MHZ;U[
M)7Q](I4V*-"IS4VJ="RH(ME&[I!L(=WN)CT#H%TI_P`?7(V\QLWJEW0==4:,
MUXE?I6$Y#Q]IB)*Z<H7D[8(J?B:UL>!;1[68@6,B>._TY:0<O$R+@11(@%*)
M1#]Z<X0\E+]S/;\H.1''[6%!@6=XTO886I!LV%V<_@CZTX\S>K'M@,Y8PT>P
MD)`9Q\G\&0R8F03'W2B4Y0'`H:W^+/D%/Z0UE2:HC5=57NO[NY,[/NMRU_8(
M2(MTU7KAN.T;*U_60L@0QPES6V/?-V[@DB1TQC551,JDH4@@(38XG<<=^\?.
M-7)UU#5V=9\AMNS=IO\`5ZYLS:-&N9"74:##UBMM7-IU_4*?2X:(.[A4NI6L
M6D5,.JAP.<3"(1MJOBKVCJN)D:94MIW[8M5W1Q3N^G-E?O2N==?$TS:HE5UL
M#4[;5#6)KD2NK#H[0M,P"BJAU5&B!BJ@<PB'0+5W3QS\O;Q6]!;'M[:<#95D
M>[4EN4.HM4[=UQ6(.*L>U"4B*4DX.WWRC6V+LL9"Q=)257*W;-GZJJH@W62'
MJ(A54?XNMTLM.U.@,X:ALK7%>07:V\I6[N9EB\L4AHJRURZH01)6<39)RDM)
MR\E),$GL4=44@Z`H?N!(H8%L;7P'YV[1;4K8$KKY'35CTVYTZ2.UUJW>VOGU
MAV_$:Û-+:QE8=Y=K51IVBP48Z=RA9%)"3BGR8$1[``JHE.4,X/#+2DAQ]X[
MT;64M\Y++1IIV7E&]@L3&UR[.0LL[(3[MB]GXIE&1$BHT6D!3[V;9LT`"]$D
MB$`"@$I,!@:ZF_\`Q\[VO7)+?-UK'%VER=MV'LR"N6EN9#CD0O#R6D%V"#1*
M.L3C0XI&BK7(5%1-91))9-7XLRH`;J`8'46KQ?<DIV^<ETY9]<+VPM]CV%<]
M<7"S[:UÂ1K`CL25K+N5IDM18Ê-M@Q:PHQ:QCKO)EU&@;H"3<GH.!?7=_CB
MNUFJ6](#7>JM1,ALFK^)5.U@F=2!CABW>J[E3I?9;=-Z,2HYAR+142[`'`&%
M22'H4YA[L#HMM<)N3=/Y&;_WAH_3FMKQ6[[<F,;1-<$O\'K)E&U:8XPRFL++
M=![X5S%1CM"\R/5>/21*O(I@+@R@F'`MY$>//E/6F4-3C:NUQ;2W#?\`Q.WM
M/[07O\(SD=,P^GI77J%VU;5HQ[#N)J8;"TIKF0;+,G#9FNI('3%(#]QC!*GC
MKH#E]'\QHS;FWM?4.GTR"AMN0TU9JE=X!Î?U[)8I)W2GR59B82/FFD:TA5T
M`.C+NY!R@\!4Y5`(8I2AF$P&`P&`P&`P&`P&`P&`P,3%!_QD^0?]D33']([7
M@:A_+@YB?6/<?SD'H8NSM*F*/7IZEU[)B'V?PA@5=]0WI&R^+3R'1/DDTY5'
MKK3/+S7.SM4;KK,*I\I@W.Q+909NM/49;VR&16"P%>)30]X`!G+,0#H(]<"`
M?@GF;Y7_`!+><&7UF+LMQ;ZAKB+11@8Y'J,,^;&:6A9N=+HJ44X!5<3"7U`G
M4<"OOI[8+R_CQ4W`\\=W'O@SMO6%HV8]@]G2G(=Y#?GQW)$KS(BM:?-GD]&.
M3U!2.<%.FDH04E5#G$.[\70)\^$;Q/\`)6FQOE%UYN.T\8[)K#EAQ\N]%F:_
MH;>53V:G4]E(R]A=139>J5Y5=6$;0D@]6;)&4-U2`@$`3"7J`8#^.%_E-\\6
M](>$I5:3_-EO\D+B2D80J9TW+)DBP?PRH$,H`"F*C]!7[O03B.!2L-.6Y#0]
MV\,JSR2=6XODUH[.%I2(*J+/HI)2P5JT/#@42@'RURFD=7]/0#!@;8?U!7B3
MVIL2M^/:_<.;OK".VQPPI]8UK5-/72W5ZLR=EB:^[B92NS=(C9]8S:S2[6QP
MZ2"L>"0BX36`>INT0P+'\0?*ULFF^1O2.C?,WXW]5:HY0;&/!5G4?)ZNZ\"I
MW0%W"AXJO/Y=F*\BWG(J3F4BLRO6*B'PJANT4_;`2@&]K@,!@,!@:GGUC8@'
MBF@P$0`1Y(:S``$0`1'X&Q#T`/O'H'7_`*,#Y96!RV#][%OF<G&NW#"1CG3=
M\P?-%E&[MF\:*D7:NFRZ1BJ(N&ZR93D.40,4P`(>N!M[\+OJ[N2&DM-PFEN5
MV@*7R]B*K%1\'`V>;FRUFU.XN.0*W;%MB[V$L\;8GR210+\0=NFH8/UNN!;S
MR6_4Z$YW\1;WQ#HW!S6>D*?L56(/.RY[`VLSIF,+*-)=B[@F,95JLSCI1!XR
M()''0YB@(A]@B&!J@8#`^M!])J8IO#GK`2F`P!M?;!1[1`0*8LG&@8H]!'\1
M1^W[.@X&RQ@,!@,!@,!@,!@,!@,!@,!@,!@,!@,!@,!@,"(/,WD:YXQ:Î%_
M^)@(Z$E-M4JG6R8L@+_+(6L3ZCXDE)F.W,"B2K?X<G:;H8`Z_8.!8&C^2#6<
M]M'F`FXM-?LFFN/W[@F-4GJ.T>3$W-3VT*5.6:?B%D@,0CITR-%E42``3*1N
M!A,81P+EVKR6\-*9(H,+!MZ-9M_DU=L<O-D9O',!5Z]:Q;MX"9LTJW250BF4
MA+/$(\O=W*?'+$2$OKU`+/;J\BE-;52!L.DKY`JV8=BQ%ÈM97*J2"5B</)2
M20(!GB@OVJE;*M7%OFK,RB:GQ;0Q#`!>[T#W:I\K6E+G5=GV6]U>\:S/K[;+
M_4L+"RT*X?6#94G#QK"1EY6EPS0GQ#UG&(.S.')>HB@T`JIC"!NF!>N9\BW$
MR&N-5I)]E)2,E;ZK1KU&OXF/=/X-K2]B3,O7JO:):62*#:-AW<U!N6YU%.@I
M*IB!@Z@.!T?(3FE7^/O*CCOJ2\VBEU'6FX-4;SN<C9+(HX1=!.ZU-15(-I%N
MD?<2!NY9V-TJN4Q#"8J0=H]?00@IQX\J6T-G\H9.B6.!HBV@GM,V,I2[_!@\
M0<SNR(`1G*95TUG#DR9T+-3XN07(?VRF,LD4H`'7ÒAP?\AMXW9XZ)[FMNJM
M5Z)L#>W;B8PE1KP.8QFLQKNP9:HZX@'Z[Q1XJUEI0Q&;=ZN(=I%53'[``.W`
MIFX<X^2Â:=LN%V]`T6W[1;Z2H?)&`DZA&N(:N:PUCL#8T7KNTC=XQW).W%A
M;:)%Ô*R#UNNB:68LC^VBF<P%`)3\`N25JY'T*\R<_<:'MR(IUO9P-1WSK",
M6KU&W#"R%;BI]2;B:NZD99Y75X1])*1ZZ"CA7W#H`J4>TX8$]\!@,!@,!@,!
M@,!@,!@,!@,!@,!@,!@,!@,!@,!@8F*#_C)\@_[(FF/Z1VO`QO[K\%.Z=G><
M[6_E.C]NTEAK2EV^@6)U07,:^/:'#:IUA["/&J+HAO@^YRLN4Q#"'4`$?T8&
M5KRV^/MAY,>$6T.+I9J%J=NL!X6=U_=9R*/+M*I:X"5:OD7@MD5$G!22#`B[
M-0R9@,4C@1^[`Q=^#3P1WOQH4+E5KKD#L&E;<J_).#9UJ0AZU'O&K=.%4BG$
M5--GIGXJ"H+MJ[.0H@'0OV].N!C>3^FL\E/#39^V6_C#Y^L-8:*WX68BKG7K
M`C(PDU7*Q*NEP;QR*37YFRF)2$8+BDV?H_"+B0``WJ&!G$\*_A,H7B.I^SGJ
M^SY/=V\-TNV)]A;%>,','$FB8U=P_904-`+R4H*9È'RZ[ATJH*[HY@$P%`.
MW`Q]ZE^G`LVL_-8_\DZ&UJ7^YQMMVR;DK&LVD&Z2L49-3+)5)M%BOW_`%1:N
MW:RGNE`!]?LZ]<#CT7Z<"Z5KS;2_DQE-OTQ]J);>-HWQ':W3@W86$D[/I/CH
MPBZISF8_#-)!\9;W0#J/:`=/OP)<><OPFW/R<R&E=VZ#WHOHSD?Q[([)3W[W
MYF>MV%L,HVGHQ-PK'/4#PLU%3C4BR#WVEÂ`$AB]!P(/<4?`!SCV9S:U!SK\
ML7,&(WM=="N(L:%0ZNR<235R6`3,O!"YGUR1;>,9M9DWQJR230YW#@1,)@PMP/`8#`8#`CYR4XI\>>8.OT=6<E]457<.OV\XPLB%6M[,[V,2G(PJQ&$D1)-5
M$P.6Q'!P*/7[#"'WX$#O[AGQ`_U"-"_S=<_[=@/[AGQ`_P!0C0O\W7/^W8#^
MX9\0/]0C0O\`-US_`+=@/[AGQ`_U"-"_S=<_[=@/[AGQ`_U"-"_S=<_[=@/[
MACQ`_P!0C0O\W7/^W8&07CWQNT;Q3ULQU!QWUI6=3:UC9"0EF5/J3,S*(0DI
M90BLD]*B914WQ#Q1,HJ&$?40P+WX#`8#`8#`8#`8#`8#`8#`8#`8#`8#`8#`
M8#`B[RLX^J\C*A1*F#V,;,:SM>FWV8:2[3XUC,15;.^,ZB56XE,4XNOBB].H
M=`[<"(^QN!NRV^R=_;%T1<:)16FX+=H2;D-?OZHW<5*YUG5>M+;09NEW-ND0
MI21LC*6)K+IJ(E,<ZD:1$W0IS&`+(T7Q3[#K.DMT:QG-GU&=L&T[CI>T#86=
M52BXU$VL]HU>_P`LBA#"5R6-8RR,"=%!H10Z2`G`/4`ZX%0[G\7UVV7R`VMN
M&-V)!1<?L#=^M-J,HE6-4,O'L*/K2&HSJ,44(02G7>.HPRQ3!Z`4W0<"LI+@
MCOBL7-SL;5VQJ(G9J+MZZ[&U0RM5<^-BI"-VOKBO:[N\1;BD+WI.8I&',Z8+
M)ÌWF-VF[0ZC@=/#>,*P5FE[&I,;L6*D4;;QKTKI*/EWT*F@Z2F]=;6OVS;#
M/*(IE5^%82B]W,@V13./M$2#[,"6^QN)C78_)3CQNJP&KDS7=+Z=W%K9]6IN
M*2DC2<ALQ&CMVTHT%P0Z2";)"KKD4`?Q&*OZ?9@8\'WB!N*[2[?)-NQE/E5M
MR4K;&N'L+$'!"LFK4VB>1A'#0!3*JPE:NL\9"4!Z![_7[`P)UZJX1Q=-XS;H
MXW3<G'&@]E;2WC>ZXYBXXOPU.;;(O<I=:<1M'*&02<.:8]<MU`3$2IJJ-^@C
MT'`CA.>.W<^V865M.[=O5:<W/7J/KC5>O9&*JPEHLU1M6WV(V*3]Y%:5<)IS
MKR_6.&!5P3K[485<Q2`MV^H2^XC\<+'H]QN:YW)_5D;;O2_H7Z<IÔHD(2A4
M]9I78BMHL(ANÈ-*/W#>(*JY?'21.L)P()/P=Q@F7@,!@,!@,!@,!@,!@,!@
M,!@,!@,!@,!@,!@,!@,#$Q0?\9/D'_9$TQ_2.UX%&\MO/7XX>$F\K-QVY`;4
MFZQLÎ,XA]-1+2JR$FV00G&@/H_L>MS>VH=1J8#"'\4!#].!;O4?U)GB%W!=
M8:AQ7)^-JLS89%E$0KB\P,O78=[*R3E-FP8#+*-UVC11TZ6*F4ZXII`8P=QR
MAZX&==NX;NVZ#IJNBY:N44G#9RW5(LW<-UB%417063,9-5%5,P&*8HB4Q1`0
M'I@>[`B'S6YP\?/']ILV^.2MF>U371;)#U3YFPBUY9P,S.G5)'-P:-Q!005%
M$W4?N`,"M>+'*+4',G2%.Y"Z*G'%CUE>T'#BO2SIDI'N'!&BYFS@%6:PBHB=
M-8@E$!^\,"0^`P&`P&`P&`P&`P&`P&`P&!%/E+SAXF\*:VQMG*3>U!TW#RBP
M-XK\URQ4I&34Z@4?E\.T(ZEG213#T%0B(I@/H)NN!Z^+/.?B/S8@9&R<6M]:
M_P!RQL.H"4N2J2P*2<883=@'?0SU-I*MT#'_``@J*/M";T[NOI@6DWEY7_'3
MQMVJPTENWEQI^@[0?N&[4M2E+`*[UDY=*E01;RZT<W>LH=<5C@4Q'*B1R"/X
M@#`FHMLO7;>BCM!>\U)+7`0_Y@&]GL$66I?)/;]T)0)\77RPS(2!Z*ÌVB/H
M'KZ8$'='^6_QO\D-M+:+TKR[U%>]J)K.6R%2CIM5J\DW3-04G#6'<235DQEW
M1%"B4$VZJASCZ%`V!7'DMV-==0\`N7>S]<3SJKWRB:)OMEJ=B9=/BX:<C(A5
MPQD&_40#W6ZI0$,#6+X)<O\`F)RG^GQN^[;WSWA./>]4^0-FKC3E+MUR^1C(
M"N1+U@5&OO'<,Q?NR*ODUCD2.1`W:/KT'IZAGVXU\N=5\7O'WQEV3S0YJ:OV
M&>T04+6UN2Q'TFG3-K6Q_P"^9!W".7,>1Î\8FD/0544Q_`(CTP+BJ>73QJD
MV_6-#AS+T@KM*X(1J\!7&]K0<)N@F$@7C$EYE%,\''N7B1@$J;ARD<.O0P`/
MI@5%7_*-X^;5R%6XJUOEEIV;WR@[4CCT*-LZ#IR:51_:1",LD0T"XE2_9\.F
MZ,J)OP@`FZ!@0@Y;3VZVWEJX@053\@^L=-:TD:H0UFX:SSN:3O>ZG/S1^4\M
M`-6L6O%JIJE%-$IEG*0E%$P=H]>H!$SDI]19K307ERI?"9Y;M*(\86E62)NG
M=<K,RY)376Q2GEPD*H\!%L9B1PP%HV*8OXN@N?4?PX&=G;G.GB)H?2L#R)V[
MO_7-$TU:V+22JMXG)M-!A9V3\@*M%Z^T*0\G+D52,!OY!`_:40$W3J&!XXJ\
MZ>)'-RN2-IXL;XH6Y(J'<G:2Q:M*]TG%K$$"B+^%>IM)9LB)A``5,B"9A]`MUP+8\@O)QP2X[[.0X^;;Y3ZHUSNZQQ#Q2ÌL_8"(2";Q5HL,<G(.$TU(^(=.
M5P+[2;I9$YQ$.@>H8&(#Z:[F9R/Y?L?(:YY!;:E]K):QY5R%0UTZDUT7+>"J
M?L2BB$=$K('.D>-,5),R?:(AT#J`B`X&S_@,!@,!@,!@,!@8X_)_LRQZNX\P
M$M`W"VT9I-[<H56M-@H2;A2Y-ZK,KOB2J5>*S*9V$@J"1`**0"<``>@8$-]6
M^1Z/T94MGNK78+[N.C,=HU'5F@*O<V+.K\@7TFM3K!9;:K?BV5U')C6G2T./
MR*2<F!1Z3J`@'H(!?$WEKI<NRFYNC:#W';:Y3=>5#8UZEDFD''A7TK>9I'LJ
M25%[)I`\NZ<]((M?:(<69PZG*L)?7`_9O*]&P\C:T;YQ;WMKZ&UE>-?:^VU8
MY\:4O&4>T;9C8.0UY#F+&61V]EGDI^:HPCDR"7LM3.!ZG-TP+CV?R7ZWJT)3
M9-SKG8$E);"@(MW2JY%DB3RMBMMBV+-:SJ]$9'=O6C).;GI^$/[1U5"($3.4
M3&#UP([:P\@FS*)1^4FV=L:BVM9(>I\O-@U#\C(&JA[=I?6M:HNMY<[&69(S
MQT9Q5):<6<(IQIW9>U;^4.0.@B&9:LV**MU=@[3!./BX:PQ3&9BW/89,5F,@
MW3=-SF3.`&3.*:@=2CZ@/I@=Y@,!@,!@,!@,!@,!@84.8G,'8#'F+QJUQJ/:
M]:INM=:\EM-T'DK'NI>OBYV%^^9I:21]18&5?%?1HT,E9!W+@8I0*1\B`_HP
M/.H.7FQ-P>3J*AX?:M>7XOVW4F^:S0-;,I."=24I>=&WJEP4QLT7#%ZJY>0M
MO0L*@Q13%[O8;*&Z=`$<"7O!:VWJQMN1L3>+G+78U.Y'[(KM=D)D0,[CZZVE
M5?E\,0P&-U:1R8=B7Z"A@61VY<MZU;F)2H.A;Q6O=YMED:.T^,L5!,RT.E<?
MV,*9K8I_8UF(4SJ)FY&Q%*]8OU"?%F5.5JD0S?O,`069<U]^0=_2UA![2O-]
MY(<B*MS6:#K:<UI*05?TU;-'U"XV+3SBHG5CTH=VYDT8Z/9_!H+JFDBJ?%F*
M`F$1"9'"/>U>I;]SKC>5DY&:\WW:*)1;,:G\J+##.D;$]G$5F#J7U@6)EI5B
MV9/;8W=(C'G.D\0*0A3)%*`8%E>).Q-]'4;5S=,WR1UCRVW%0]IJT>=W8>*<
M<<9NRUJ;<N'DK1Z>PE'CJ&+7*LJS61;2+=I\00XG(!NHX'617(#?#1W/:QH^
M]Y_8FGMO<FM'<9]9<D7$*S6FV5OL=?V++<BI&CN%A30GHJORM:8M8UR7NCD/
MB5?A55?:$<"J:GM7?^RN0DAXW'.[[?`R^MX6\;4E^0L-!Q_YDMFNX6R-*_K[
M7PO#J%*C8XE]*M7$M(%.*S])H9(X`54XB$S=%<O)!UPZN&]-I,)"P3VF;!M;
M7=J/#,6$5([$G].7&7H:TW"12R[>.8.KR_AP7;M@4!(AW`$*/3I@6KAO*4U=
MO#)V;BER!HD9"[2TYJ:^2UB3I"J5*L>\D*TK21?LXBSR$DY0_P#5[`SL2(@+
170 of 172
8/12/11 4:45 PM
M=-;J/4?PX'>6;R$UQ2X;*TS==2[>UI(LG=?KM/LZ;ZK.27U6W6>2J#=6FR$%
M./P1?MW<8HOVB;WB)')Z`J!B`%4<6/(!#<C+11:DEI7:^N8G8>OIFY:WMM\&
MO+-+DPITP\@+&8GR>7D73<Z*K9-1,S@J:BO>(F(7TP,B^`P&`P&`P,3%!_QD
M^0?]D33']([7@:3GE.K>A[=]5-3JWR>)6E-!3%GT\TVD2XN4V=8-6#4-X9<)
MITL()(L_B")=1-Z=>F!6OU$ÂO`]KCC)7)SA'+ZIB>4!KA%MH&OZ2L2\K&RM
M1.5P,^M:8]J=>(20;#[8HKF."X*?A`!*(X&S5XYN;*_"/P%\=^4_/R8L,4M0
M-4BF9&5054N%BAOGTG%ZEKL>T<"59Q+3=;3CT6X'Z`!3`8P@4,#$<C]7!R30
MCVW(&9\8UN9\(W%N3KI=Q$F+"64,U6>>RBLB\7CB51>143$"E*"WPQEOP`KW
M>F!?/ZEWDWJCF3X$==\E=)31IW6VT]OZ>GX%TLF"#]F<TA+-G\1+-.XQV4M%
M/VRJ"Z1O4#I]0ZE$!$)&>(;FKI#Q]_3OZ'Y.[_FEHJBTNO3"#=@P3*O.6NRR
M$R]+!U*NM3F(FYFIIPD8B0&,4A0*8QAZ%P(`-?JX^1\<SA]\W+QDVV'X53UM
M&!C-P-YBQ#*N6`+F+\2W<NHU*KN7YD`'M`JP-CJ`)"*F-@;0L_Y1.+,+X^5/
M),WL$K/<?AH+*[-20,<>3M+IX_.@R0IQ8EF*XDLJ<TN#-9,1[$5`,8P]A1'`
MU97?U<7+%Q79+D#`^+Z>7X?Q=J&ONML/IRU$511^.!MT7E$(D:TG)E`>PQ04
M,W(N/MF4`V!L?U+S/\0;)XSW7E#>RDU!:4BX)=68K3QNW5N;2[(/BPR6NTV:
M"RC9:P24ZHFW;#W@D<JI3B(%Z]ÙYZY]7?MMI8*1M#:7CAO=3X9;&M;NOU/;
M\:_GW]CE&C)Y[+MY&HKQJ5;F7;1$W51%NL)3'(8B9C&`0`-@[R#^9WBMP"X@
M43E?9WDC>4MU13%UHG7D,F#&T;"=R4<C(D,+>0!$\5&0R3E,9!90.J/7M*!C
M"&!@,U[]69NJCW;5DIS@\==NX_\`'C<;I#\G[4C'=E5=_*';A)!&;%I9X^-8
M/V;5)<JZY"*)K"B!C)E,7H.!N1_OCUG^Z/\`?O\`F^(_=+^1OWD?G?X@/DOY
M*^4?/?GOQ'_XGRO^5_3T].G7TP+F8#`8#`8#`8&F]Y>]T>.>9\GNOJ1!<%=F
M^1[R:U*HQ#.CZK;6ETIH:M&1(X6B&FR*M-R9ZJLV:)N1=/!(Q.0#>V9P81`@
M"&&WQ8W#=>I_-KS]FYKC]5.)&SFW$KD-8K!QOU,_!:C4RR1T%#2L>RB4&:RC
M$/E[],KM,B0`FBH)NPI0'I@2H^FYX*<3O(+P?\ANS^8]7JNQ]E[5V-/5^W[>
MO;2,E[KK%@XK+Z;5M$%8ILJJU<DF4FN:3,X`Z8&]@"G$4@,7`[GS>ZPK_C_\
M!.AN*?%7DK9>1^D;;R,2@)C:AK5!SWO5Q6,?VHM2^:U!RXA&U>&<2+[;/W/;
M3*J!.G;T#À9R6X?\S]J<7>$<=QL\0-2X=W?1CFA7JB<G87:>L*Y:]FJ&@8N
M2;/'\XM.QLG/O;%(]LD5-TNLJB*@`0``.W`W=O)0I85?#YRG5MJ9T;6IPTL"
MEF1473<J)6$]$;&FDSN4C'2<'))"J`G*(E.(=0$0'`T>M5%*;Z/O;O<`#TY?
M2)@Z_<8LW'"`_P#2`X%R/)FT0<?2[>)9L<@%27OU'1/V="F`B\%;TU!(/W&$
MIA]<#I/.OP%XC\;N"'B.?:1TS7-?6+8LG1F%]N4*0Z=RN!+;5X>9F7%AL9A&
M1DWII-T=1!10XBW#H4G0`#`KCSE<.N-?#3=7A.-QGU7`:GDI2:UF:P6&MIF;
M6.UO#72IR1YFVS1>C^Q3ZKQPH8SUR<ZP@<2]>WTP,B_DU.<WU-WB@=&'N<?N
MMA%Q5$`$XK!+V8WN"(_QNXXC_EP(X<YN$/%.Y?5*Z`TW8M*523UINC4$?L7:
M50.@<L5<+K**6Y5]8Y-$IAZNW!F*(GZ=`,*?W=?0+;>:N+LY_/!P=XT:_P",
M33DQJCC_`*4U_(:@X>O)F/@*);A3&;=NV"+>9<(PRZ13L$/>24[O?(VÀP,'
M<&!?;A%QRYR4CSG0'+.M\!8#@-I.XZLE:]NG1]4V)KD\>9%G3IEPK<S4.OS)
M'0-IV>C&HHD;,02(8AC$Z")L"F?`'Q$XV>06W^8;>_-+5E:WGMM3=U@HR)]C
MIEG'U2K4XSMLL[<P!7XJJ04L1\Q22;/D`(LT*U`B9@#J&!*SZ/JO0M1IODPJ
ME;2,C7:QR\-7X%%1T=\=*&AXR381J1WJIC*/#IM$"`*IA$QQ#J(B(X&YI@,!
M@,!@,!@,!@1QY0<?#<CM>,*@QV#/ZKLM=MT#>J=?ZU&0TW*5JT5PZYXY^G#V
M!!S#2:90<G`R3@AB&`?LP(C3GC`J=T@)R=V)MJ>OW)">O5%V"\Y&6&AT1Q)!
M,:UK\S4:6R+K(T>?78PD55["\;':BU]MPLM\0IU5(00"Z*/C]UDE6=J5G\S6
M0J.WH+7$1:%VZ,:T(DYUVYC7K>2BF2")6C#YJZC2F4;D*"*)3"5,```P/9=_
M']JN_I;J;3T_9SLMZ;CT7N2V-$3M"$0EM#LZ4Q@(9@?V^\L7,(4AO\6)NJG5
M4_8(>F!9]AXKJ(+Z6DK+N78]K>Q?PY]+B_9P+1KI-U!7^7V=2'T$R9-TV]E>
M4^XS2SA)22!47*?:DMW$#I@=19_%!5K1"W!HYY"[<:6/9]WV5;=JVUFA7R/K
M@RVS6ZO6+I!,6`M_EU/,\8U1O[3^-(D]0ZB4AP+T``R?T>IL*'3:O2HM9PXC
M:I`Q=?8+NS`=TLTBFB3)NHY.'[1<Z2("<WVF-U'[\"JL!@,!@,!@,!@,!@,"
M!^\O'#Q6WS<*G?K+KF%B[A7=UU/>,K/0T>V0?7.R55!VU!E9U#%'XUA,-G0)
MNA]%#E3*'7TP/U`>.?C#2N1&NN26O:'$T*Y:RH=_HU=C*W&LVD`1._OHI\\F
M56?8/21C#1QB-P+T(!'!P$/LP*PXM<7K/QQEMROYK>]LW`RVWL&2V(E%66IT
M^N(TZ5F53K2C6)<UADU<2#1TH8!#XH3F)V_AP+<5'A7LFA\E+[ONJ<K[HP@MHW"*M-_U:\U?J^4;3S2%CPBXRM!?GL2>[L(1DR*!$DTG`>W]I0ZC@5VUXA)S
M=Ô5^VSMZ^;0?S$;;:[J]!5&*IBFCJW=HY>+G4J/)U1)E(+6M5@O["4\Y.:3
M1;D(D50"%`,#J=/$JU2K@_V5N.^3G)C9I8.&IM5N>T("N$<4JCUF0D)*NP\
M%&QC0L>2>:.I-0[J=$H2K\W:*RH]H8%JK'XWBV^,O,3:.3.ZI]!>@[&UWHR0
ME5HEY8=`1.T09_F:3B+"J0TGL"QIA'I)LGTZ=PLS;@9),0*8<#MZGP)MC+4Y
M=7;!Y-6>Â2Y>EV7C[88O5.KM9+\?[-1HU_'1,S4X:B14;#39E"OS&51D$E$
M3`)B].AS8'8.?'Y%M:174J?NS8=,WQ$6FRW"6Y)1K*!>7JT2U^45-L%I+0CY
MNI7`KMC3<'!O&D3!I%*`FHU(0Z91P+QSW$;7<EQU8\:H5Y+5NEM7M9?NI)N9
M&2G9=U!6J,MLH[EGDD"PO9&U2#`_QKD_54PN#G*(&Z=Ì*V\&-9W5YMI2;GK
M01AN+<.O=Q65C$.$895&6UO4H*I046RDF)4WY6I$:\@Y*L)A71<%`Q#!VEZ!
M8VN>+JG1=B6M=@W/L&VSL=*:L?41=]%5J/94-KJ79<[LV!;QD;'M$VC^0DY.
M>4;R+]P4SMZB4!4,)A$<"2ND^'VO]%S-'E:O+3;U#7VMG>MJY&2GPRK5DRD[
M1-VR8ED#%("B$E+2,XH5;L$"F3(0/NP):X#`8#`8#`Q,4'_&3Y!_V1-,?TCM
M>!I)>5OCEK[ES]4Y5.-FU1E0UWN"R:>J-L&$=&92H13FB.W*GP+HHE,@O[C4
MO0P#Z!UP+7>2/QR:-\&'EFX=;(_(*>V>$EOGZM9_RSLH`LK%/Y:$`WJ)LRS
MY-1F_&+.]"4;(J!_*)(^H=,#/C]8'-.;'XM>,UAU$NDKJ"=W'3IAVI7T0;P2
M]&DZ$]>T91)NV*FW0BS.5F@H$Ì2%#M``#ITP(%0/#'S9[P\3E(I4_S9X-5O
MQY6W2E:508V.L52&:5ZC>^B\8MY.T(THKEK-1TP7M4<$<BO\60?QB;`M!S3X
MI7#AM]+\YT];-WZBWXW/SFJEJJ=QTI;#7.FL*S,H-A1@3RO0I$)5O()KK*-B
ME+[1%B]0ZB(X%H>=`V?_`)53QOA%F.%4'=J_YL``,*8R0$LWY:%00_"':7XK
MM`?X<"8#7AAYM]Z^)+7E(M_-G@_6?'?;>/U!,Q:66KUJ"+5=<`#!6O(R-M1I
M1'S"<8.2I$6=)NA6]\3`903"?`FQHG>E7\!'@F9!ON4TCS;"Q[MN5;T;#:MF
MVE\U98K1:T']D;15GF'R:K1K'0A8QPL]*BF*Q"!V%+WF`<#%9S3L?F[Y.^)+
M:W)_;TUQFXJ>/>S0M?L=<XO4"E56GR%KJ5@M#-S#FKI(B"<2!3/II8'H%</$
M%G10%02B/<.!*CQ4<2*)S@^F:W-QXO\`N*G:(;6;>4M+U'9>PYEG!TN#O=8D
MH2;JZ%@>O7#<@14B^:>RN1(PK"F<PD*)@Z8$(XC=7F3\&^@M8--OZ_X]\S_&
ME"6=-IK9_+,Z/MS4BZDM+.W#=>E79F@XL]5^8O3.SL^\/;]\QA``'N`0Z+ZE
M;>P<N)WQ/\@M7L3473&Z=%15EUA"SS)!M6J58Y*UQR$]&.63=,\3[$*]*W*Z
M]H@D,@4!,7H/;@3U\D7CL\V?)CC;1Z+SYY]<!(GCZA:*G*T24EV%9UM&ELOR
M19&NM(JS1M-BETT5XI10/;(M[*I"@(@)0*.!L#-N)6V0^GZ?\/%]Z:7/?S<5
MB:P9[R);E1TPG"^^R0-.*V\5>X(,:X55+WP/V=Y@#]7TP,^^`P&`P&`P&!K+
M<Y_`]O/8_/P/(UX]^91.'V_K5`+UO9;J>IQ;M&/FKUD2-E).M('1<`V?S3$I
M2N$G)3H@9,HI]O4<#K.!/T\]MX5>06P<UK#RVEN1R6R-66:H;<9;2KQQNEQM
M6PFB1+Y+_-8XZ<8G"NG*(%9H&)[B3<PD,/H7H%@-@?32\B-;7CD#5?'QY!I;
MBYQ&Y8R"KG>>BY*IGL,@,=(.%OF<+39YNEU9,RQ[I5J@=0Q%P;G]M0YR=0$,
MGTKX&>'TEXNV7BY!S;$M;QB_YI8;(%PU5O26TQ=#(J["'W$C1_Q3A\/:9H!`
M;@V_D@``#K@8U=;?3F\OKQ(:.U-SK\F5OWWPOXTSJ$WJ?25'@WM'M3U.,73+
M$0=QO)03E'<22,1*V.)%U%DD^H(&2]!`-D;ECQR3Y%\1]U<78.;2IR.T=1SN
MK(F=<I.))*OMY.(^4,W:R9E#NGA6:)2]>IA.?IU$1'`P*U+Z>*TUGPSW3Q7&
MY%P3F=M.X'>U$-KEJTB2):?$/&SPD2K!BN+PY2BW[1,!_4!P*FY0>`6U\@_%
M9P[\<S+D'ÙV7XO66N3K_9#FL2+N/M24*TE6CANTB4EBN62BY)013,<P@42!
MUZX%U/)IX2K)S_X_\']*Q.\8;7KCB/*4I](SDA7G\HC<$:M!1L(Y(S;ME4SL
M5G96(J)B<1`HF#J`X'*\HOA0L'D-O?!2X16[XG727#V0JKJ19OZ\]E3W%&O2
MD-(JE8J-E2%CUW`1/:45.X`[_4,"X/*/Q#3O(?RC<1/(:UW#%UR'XRT]G6GN
MNEX)XZDK0LS>2+DCIK*IJ%:LTCED1`Q3E$>I0Z=/O"S/E-\*>\N7O,G2?/SA
MORV;<5N3&IJBSH9YJP5(;;`N(*-?2[YA(1[1!-4Y9<`G%D52."*-U$BD#H`^
MN![O(#X.[[S):<5>0=/Y5R>HO(]Q:K<'$QG)^.KR0P5\DXPZ+E21LM7:)%5:
M_#/_`(A5J#;M+VN5$U2'(/H%3>/SPR;5TER@E>>?/'F'<>8G,!W`C4(:9C&Z
M]%U;6:R@U(P8%9U!B5D20?H1XJ)`"Z?PR?N&,4G<81P(1[Q^F[WW%<N=U[OX
M!<^;!Q"U'RH7?&Y#ZV91$G)2[QM9),SVW-Z2\9F+%-!>D<N#-%')`6:J+&*4
M_MB("&1_PK^']?Q$U7DC1T]SJ[FA-S[39WFNRDA$*1=@BHB-BU8MJUL:G>9M
M(33DAP4<+(]$S*=1`/7`S>X#`8#`8#`8#`8#`8#`8#`8#`8#`8#`8#`8#`8#
M`8#`8#`8#`X$J\0CHN1D'3DK)LQ8.WCAX<HG(U1;-U%E7!B!U$Y42$$P@'J/
M3Ù0-4[TVSHM"?Y!R5<V<E97NCN3FP*KM:6V/9;?3.=[VONX,M>GZ1J:2F9!
M+03ZK-Y(@I1TDS9*O#``HD,3N$0G[QLH^LW-"VYJ'DIJS?>NK+>-:P._[S8;
M=R-M5IGMDP<6R>2$K.LY*C6]LAK27A%5@1>1L7\O9KF.7L*8"B!0C=5.'6Q]
MG<9>.,CJ*!V3L/6&S^0%\Y!O:)=>4>T:/.1.DIZ'DU-21,O9%;>SOSKX6&>I
MHJ1J+H4T7:R:JQ1!,1P,EK+>+J>\;.UKWQQ;J:NN.L-8[@HM>CMH3$O;CTC9
M&J$9ZK2D6^LRKUY(V]:+L<0HDSD/>5(^5!-01,0P]0C!I7D?N7B[IKA[5Y^*
MI%N@7<1HV"Y)2#&4V9=;D?<7)J:B$HE.`FIV5E4ZN[82=K3E)./FSAU:J"6/
M(FA[10"97"KF-;N5UOWA!N:I4HJ%X]72?TO?9RN6#YZU>[JKE@>+2497'**R
MS9_5VU'>1:YW(")BR2Z[<1ZHF``R%8#`8#`8#`8$.J[QAEH3F]LCEBI:8]>&
MO.F*-JUM4",G!9)@[J4I,2"\LL^,;X95N\+)@4I"AW%$@]?MP,.VXO`Q:MH^
M:;7GE;1W[`Q4!2;11[&KJ92LR*TN^"H5QY!';)SA5@9)@\,N53U+^'H;](8$
MV/,QXI*;Y:>+S32<E9V>O=@U"V,+EK38KN.5DT:])D(9C+M7S1L9-TZCI6)7
M43,F4P=%`*;[L"E]<^)1E=O%C">,[G1LE/D3$U^!4K,1L^!9O:W/Q4?#/UW>
MNY",!V=4R$O0T3((-Q-WI+(MB%4`P";J&"^$Ê;Y@EJ:G$JQ^4VUN/'BK;TY
M]73$77)0+D>/:/!>,FB2K]1:K-%2+=%3)$+\&*WXO:_2&6GFCX%]2[E\7=.\
M97%ZRQV@*-3;W4[TA9)J.>69U.S$&LX<34Q8C('2=2$]8W+@5%5NI2E'H4H`
M0I0`+BZM\)>FUO$W4_%IR7G0VM5JZP742OU=;KP$E#6Y)T[=P5PK";D5#-)2
M!6>&%(JP*)G*)BG*(#@84(3Z5;ETYK+7BK>?*7;Y#Q\Q]N4GV>EH6"F$K<,<
M5<%FK%19^NI62>V8`-[`%,R*H/<1(!`,#-5R0\"'##=WC<K'C@JD;+:PHNLY
M!.Z:JNL2Y,^L-?VJ1J[0>WJ:(Y-\//.;,$@Y3DDU"@4Z3@WM@42DZ!AF@?I8
M.6.S-,%X]\O/*)<]A:7UE6WK#CSK&@P\S&U&NSASJ&C'=[:3RRBLU%1?4OLH
M)"8Z/3\!@#H`!D;XI_3Z5+7OBRVUXP.36V$MK4K8EZ<7R"O5&BW=:F*7.%"/
M>0TK'MY(ZR3E]"33`%B$5[D5DC"FH`@(X&+RO?2@\L9VKU3B]NCR>3MDX%4J
MYN;17M*UFNS;:?:IJ/#N4BI?-UEJTV=E[SF``(=NBNJ=1(A3#ZAG;YM>"KAO
MS(X1ZFX7K1<IK>)XYUY"(X\7ZO+`ZLNNET&R*3GO^-%1"7CK$HW*,BBH'\H(
M]R8D,`8&&:E?2T<D=L/]6Z]\@WDHN7(/BYH]=,^M]/U-A.1CSX-LL'L1DU*V
M19VD"*L>7X8RZ8*.443&*D<H#@;9'_#!HK_AR'B7^[R%_P"'P=;_`+I1UOVK
M?)QH?ROY/\E$WN_$]/@P_:]_N^Y^/N[O7ÒY@,!@,!@,!@,!@,!@,!@,!@,!
M@,!@,!@,!@,!@,!@,!@,!@,!@,!@,!@,!@,!@,!@,!@,!@,!@,!@,!@,!@>M
M5))=)1!9,BR*R9TE4E"E.FJFH42G34(8!*<ARB("`^@A@1)UWP4XN:LM3VXT
M[63=K+.XV=AD$).<L4]#0\39U@7L,=`P4U*OHF':RZP`98J")?LZ%[0],#J:
M]P!XR52J[7J,#395I'[HCHV#O#MQ;[3*RSBMPSH7<568N3EI9\[AH)D8YB@@
MV,F"A#""@GZ%Z!<+='%'2.^JG4*7?JR]"$H3E)Q3R5:QV"FNH$$X\T0=LS=5
MB2BU3,UXE0[<R2@G3ÀÎ0`X%,`52&@-3(Z=;Z$8U)G&ZJ:PS.OHU9BJX(@,
M4S.B<J"[M559\\6<F1`5UUE%%USF,=0YC&$1"P%Y\<W$W8%PF[]-:]>MK78%
M:\_D9"(MEJBVJT_4:^PJM6LYX5K+DA5+#7J_%MFS5R9N8R)$2F+T4`#X%[-7
M\:]0:9LCVT:UJK:IOY2HQ%/E&T08S.+E&L/)OY9.8D8U#VVCVSO7LDJ9U(J%
M,[<]0!0X@`!@7XP&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P
M&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P
171 of 172
8/12/11 4:45 PM
M&`P&`P&`P&`P&`P*,V#L*GZLJ4M>;Y-M:[58-(J\I+O._P"':)'.5,AE.PIS
M?B.8`#H'VC@<Î6N&NT"QLD`JNO$R215V:[AJLT.LB<A5$U2HN"$4!-0AP$H
MB'J`X'#LM\J]/<-4+)(A%)NFKM[\<Y15+&M6S(Z":RKY^!!;LR^XY(4O>(=P
MC@54W71=((N6ZA5F[A)-=!4@]2*I*D`Z:A!^\IR&`0_@'`HJP[+I-5MM+HT_
M.MHZT[#7DFU.B5BJ^]-KP[)21DDFIBD%/O:LDA4,`B'X<"N\!@,!@,!@,!@,
M!@,!@,!@,!@,!@,!@,!@,!@,!@,!@,!@,!@,!@,!@,!@,!@,!@,!@,!@,!@,
M!@,!@,!@,!@,!@,!@,!@,!@,!@,!@,!@,!@,!@:YO*K=_+C3/(R]0&M9#<]T
MB--;4;[QO*S=*<?T]]J3DI\)3Z)K.(;),S(2S/7,C4Y!VJDW%12,,Y*IV]%`
M'`M_?MD\Q..&QF>IZA>.0^Y(OCE?D)[:VP;&>?F4+O0^7;PI];P0*"R$LW^Z
M)M'/"G50%0\6?VP,``?K@>J[WWF5H/9+#1]6OO(K:T-QTO)Z#MK:4^M.RXWJ
M&Y>.3SNKI1)S\(8LNOJ*NN#I"]0%08QRD1,_:`B.!/?F1O:ATK1L-I=/:>[G
MRE+MT1IK:>TJ1(;$JERKEOAM:N;?`/;3?JQ69.>!Q;EHY$/B(UN\9O'S@&SA
M5(ISB4(KZ*WQ;]A7_CQ/\J=L\CM:3DLQJ:'&NFT)O=H>M[FCT+JK"2KK<L-'
MPZ\;)SCALV*D^&949>VU$7*?<8>F!$YO>^9&S6O(ION:<+^9216U(_?&EHNY
M;;OCJ&7B[--DTRX@-<3U)CM?:N/\D09KN`K,I+`_[P]T2CUZ!QXNQ<J;;JOE
M#>WNY^6T#9]`<.^/=\U%&P4_=X6&=;!DI:[-9P9"M(Q::5T=*-6#8CMB8J@@
MD4G<4H]IL"M>4=0WH]G-Z\1HW9?+.U:>+JJ1NC9V[NERE+E(3%J2K%@LS$-B
MFC1<.XN"(V7-%QQ3"+`@'(F!A'I@50^V)R79\@]"T'4&SIACJF*UWQH?<3)W
M8VS]W1\]MZ,DH1']^3:]T9E07U8VBY;O2?"^]:WT.XCC'$R)#]@8%>TS8#",
MYGT39.X]D;JE-H4#:O)I[O&H6B/OLIJ[2U!C6MF+K+\CPC>`<0+!F\IJ2/8Y
MCE7"\D`^XJ0JINSÒ[-[CLDYS!V'*2&S]U1^R745`2G`?457-<F6F=RZFL>K
MX&9D[9?JN6,3ILBNWNSU^DJ[F73&3CT4R@FB(DÌ@A+-[&W38`H]5T]O3EE8
M5[WR%X[U/FTYDI:_,Y+2L_9-PRL7,5G4DB_A6Y*K7I%NF#5\6+%Q'IQ9$ECJ
ME[AP)*::C=U:VWF6;0V]RAN+6E^0*W\6H6!V-<K?;J1(\?WE,J,X63L,)),@
M:V&:93,HZ^"LRJG5Ò\`)@8W9@;"&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&`
MP&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&`
MP&`P&`P&`P&`P&!^!^T_[/\`5+]OV_?Ô_F_HP/'_M?L_P")_P!7ZW_5@>1^
MTW[/[2_;]O\`[W\/Z,#UF_[S_P`/^N7];_L_]Y_G_H_@P`_K)?L/O^W];_[6
M`_CJ_L/L#_M_=Û_@P/V'ZH_LOU0^S]7[_M_S?T8'D?UQ_9_J_?Ô_E_S<#U
M_P`9'_P__P`WW?L<`/ZZG_A_U?O_`%_O_:?YN!Y#]=+]CÎ]WZ_V?]U_F?\`
M5@"_:?\`8_M`_5^W[?X__P!3`_?W_P`3];_+]W_Q8'[P&`P&`P&`P&`P&`P&
- -`P&`P&`P&`P&`P/_V3\_
`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
172 of 172
8/12/11 4:45 PM

2006-7-26 ACE Limited (NYSE: ACE) 8-K

Hochgeladen von

Dokumentinformationen

Copyright

Verfügbare Formate

Dieses Dokument teilen

Dokument teilen oder einbetten

Freigabeoptionen

Stufen Sie dieses Dokument als nützlich ein?

Sind diese Inhalte unangemessen?

Copyright:

Verfügbare Formate

2006-7-26 ACE Limited (NYSE: ACE) 8-K

Hochgeladen von

Copyright:

Verfügbare Formate

http://www.sec.gov/Archives/edgar/data/896159/000119312506152881/0001193125-06-1528...

-----BEGIN PRIVACY-ENHANCED MESSAGE----Proc-Type: 2001,MIC-CLEAR

<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">99.1</FONT></TD>

<TD VALIGN="bottom" WIDTH="3%"></TD>

<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">

<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>

<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>

Roman" SIZE="2">Net premiums earned</FONT></P></TD>

Roman" SIZE="2">Losses and loss expenses</FONT></P></TD>

Roman" SIZE="2">Life and annuity benefits</FONT></P></TD>

Roman" SIZE="2">Policy acquisition costs</FONT></P></TD>

Roman" SIZE="2">Administrative expenses</FONT></P></TD>

Roman" SIZE="2">Underwriting income</FONT><FONT FACE="Times New Roman" SIZE="1" COLOR="#000000"><SUP>(1)</SUP></FONT><FONT FACE="T

<TD HEIGHT="8" COLSPAN="4"></TD>

<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>

Roman" SIZE="2">Insurance&#151;North American</FONT></P></TD>

Roman" SIZE="2">Insurance&#151;Overseas General</FONT></P></TD>

Roman" SIZE="2">Global Reinsurance</FONT></P></TD>

Roman" SIZE="2">Financial Services</FONT></P></TD>

Roman" SIZE="2">Life Insurance and Reinsurance</FONT></P></TD>

Roman" SIZE="2"><B><U>Net Premiums Written</U></B></FONT></P></TD>

Roman" SIZE="2">Insurance&#151;North American</FONT></P></TD>

Roman" SIZE="2">Insurance&#151;Overseas General</FONT></P></TD>

Roman" SIZE="2">Global Reinsurance</FONT></P></TD>

Roman" SIZE="2">Financial Services</FONT></P></TD>

Roman" SIZE="2">Life Insurance and Reinsurance</FONT></P></TD>

Roman" SIZE="2"><B><U>Net Premiums Earned</U></B></FONT></P></TD>

Roman" SIZE="2">Insurance&#151;North American</FONT></P></TD>

Roman" SIZE="2">Insurance&#151;Overseas General</FONT></P></TD>

Roman" SIZE="2">Global Reinsurance</FONT></P></TD>

Roman" SIZE="2">Financial Services</FONT></P></TD>

Roman" SIZE="2">Life Insurance and Reinsurance</FONT></P></TD>

<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>

<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>

<IMG SRC="g37556image002.jpg" ALT="LOGO"></TD>

<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">- Insurance-Overseas General</FONT></TD>

<IMG SRC="g37556image002.jpg" ALT="LOGO"></TD>

<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>

<TD HEIGHT="8" COLSPAN="3"></TD></TR>

<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>

<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>

<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>

<IMG SRC="g37556image002.jpg" ALT="LOGO"></TD>

Roman" SIZE="2">Gross premiums written</FONT></P></TD>

Roman" SIZE="2">Net premiums written</FONT></P></TD>

Roman" SIZE="2">Net premiums earned</FONT></P></TD>

Roman" SIZE="2">Losses and loss expenses</FONT></P></TD>

Roman" SIZE="2">Policy acquisition costs</FONT></P></TD>

<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">413</FONT></TD>

<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>

<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">43</FONT></TD>

<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>

<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>

<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>

New Roman" SIZE="2">Property and Casualty net premiums earned</FONT></P></TD>

New Roman" SIZE="2"><B>Other ratios</B></FONT></P></TD>

New Roman" SIZE="2">Net premiums written/gross premiums written</FONT></P></TD>

<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>

<IMG SRC="g37556image002.jpg" ALT="LOGO"></TD>

<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>

<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>

<IMG SRC="g37556image002.jpg" ALT="LOGO"></TD>

<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>

<TD WIDTH="4%"><FONT SIZE="1"> </FONT></TD>

<TD VALIGN="bottom" STYLE="border-top:1px solid #000000"> </TD>

<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"> </FONT></TD>

<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>

Roman" SIZE="2">InsuranceNorth American</FONT></P></TD>

Roman" SIZE="2">InsuranceOverseas General</FONT></P></TD>

Roman" SIZE="2">InsuranceNorth American</FONT></P></TD>

Roman" SIZE="2">InsuranceOverseas General</FONT></P></TD>

Roman" SIZE="2">InsuranceNorth American</FONT></P></TD>

Roman" SIZE="2">InsuranceOverseas General</FONT></P></TD>

<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"> </FONT></TD>

<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"> </FONT></TD></TR>

<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>

<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"> </FONT></TD>

<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"> </FONT></TD>

<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"> </FONT></TD>

<TD VALIGN="bottom" STYLE="border-top:1px solid #000000"> </TD>

<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"> </FONT></TD>

<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"> </FONT></TD>

<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>

<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>

<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"> </FONT></TD>

<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"> </FONT></TD>

<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>

<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>

<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>

<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>

<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>

<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"> </FONT></TD>

<TD VALIGN="bottom" STYLE="border-top:1px solid #000000"> </TD>

<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>

<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"> </FONT></TD></TR>

<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"> </FONT></TD>

<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>

<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"> </FONT></TD>

<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>

<TD VALIGN="bottom" STYLE="border-top:1px solid #000000"> </TD>

<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>

<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"> </FONT></TD>

<TD VALIGN="bottom" STYLE="border-top:1px solid #000000"> </TD>

<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>

<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"> </FONT></TD>

<TD VALIGN="bottom" STYLE="border-top:1px solid #000000"> </TD>