1. Loews Corporation
2008 Investor Meeting
Stephen W. Lilienthal, CPCU
Chief Executive Officer
D. Craig Mense
Chief Financial Officer
November 5, 2008
Copyright © 2008 CNA Financial Corporation.
All rights reserved.

2. Loews Corporation 2008 Investor Meeting
November 5, 2008
CNA Financial Corporation
Solid foundation built…
• Much improved level of financial performance
• Solid P&C operating earnings and strong competitive position
• Highly diversified product portfolio and market leadership
• Controlled, orderly run-off operations
• Strong balance sheet and capital position
…consistent, sustained progress
1

3. Loews Corporation 2008 Investor Meeting
November 5, 2008
CNAF Financial Review
Strong operating earnings drive…
Net Operating Income Book Value Per Share excluding AOCI
12.0%
$m 11.0% 9.8% $38.16
8.8% $37.63
$36.98
7.4% $36.79
3.3%
3.0% $34.00
$29.85
$1,070 $1,060 $29.05
$846
ex cats &
commutations
$599
$251
$253 $250
$221 ex cats
$83
2004 2005 2006 2007 Q1 08 Q2 08 Q3 08 2004 2005 2006 2007 Mar 31 Jun 30 Sep 30
2008 2008 2008
Full Year Quarterly
NOI Operating ROE (as reported)
…growth in book value
2

4. Loews Corporation 2008 Investor Meeting
November 5, 2008
CNAF Financial Review
Steady performance in core securities income…
Core Securities Net Investment Income Limited Partnership Investment Income
Pretax $m
Pretax $m
17.1%
16.2%
$2,240
$2,089 9.1%
$288
$1,757 2.0%
$254 (1.8%) (3.5%)
$183
$46
$550 $539
$534
($39)
($77)
2005 2006 2007 Q1 08 Q2 08 Q3 08
2005 2006 2007 Q1 08 Q2 08 Q3 08
Full Year Quarterly
Full Year Quarterly
Return (%)
…with solid long-term returns from limited partnerships
3

5. Loews Corporation 2008 Investor Meeting
November 5, 2008
Net Operating Income
Solid Property & Casualty earnings…
CNA Financial Corporation Property & Casualty Operations
$m $m
$1,221
$1,081
$1,070 $1,060
$846 $817
ex cats &
ex cats &
commutations
commutations
$260
$295
$251 $269
$253 $250
$221 $219 ex cats
ex cats
$92
$83
2005 2006 2007 Q1 08 Q2 08 Q3 08 2005 2006 2007 Q1 08 Q2 08 Q3 08
Full Year Quarterly Full Year Quarterly
…drive the Company’s results
4

6. Loews Corporation 2008 Investor Meeting
November 5, 2008
Net Operating Income
Controlled, orderly run-off operations…
Life & Group Corporate Segment
$m $m
$80
ex commutations
($3)
($14) $27
($30) ($36)
$11
($51) $9
$5
$3
($2)
($159)
2005 2006 2007 Q1 08 Q2 08 Q3 08 2005 2006 2007 Q1 08 Q2 08 Q3 08
Full Year Quarterly
Full Year Quarterly
… mitigate earnings risks
5

7. Loews Corporation 2008 Investor Meeting
November 5, 2008
P&C Operations – Key Ratios
Focus on operating fundamentals…
Combined Ratio Expense Ratio
110.0% 107.0%
98.1% 97.7% 31.5%
96.4% 94.8% 30.2% 29.5% 29.5% 28.4%
98.4% 28.2%
ex cats &
91.3%
commutations
ex cats
2005 2006 2007 Q1 08 Q2 08 Q3 08 2005 2006 2007 Q1 08 Q2 08 Q3 08
Full Year Quarterly Full Year Quarterly
…generates solid results despite softening market
6

8. Loews Corporation 2008 Investor Meeting
November 5, 2008
P&C Operations – Premium Metrics
Disciplined participation in the marketplace…
Net Written Premium Rate and Retention
$B
83% 83% 82%
82%
80%
80%
$7.0
$6.8 $6.8
$1.7
$1.6 $1.6
(0%)
(0%)
(4%) (4%)
(4%) (5%)
2005 2006 2007 Q1 08 Q2 08 Q3 08 2005 2006 2007 Q1 08 Q2 08 Q3 08
Full Year Quarterly
Full Year Quarterly
Rate Retention
…with solid retention and rational pricing
7

9. Loews Corporation 2008 Investor Meeting
November 5, 2008
P&C Operations – Disciplined Underwriting
Appropriate levels of new business…
Net Written Premium – New Business New Business – Cross Sell
$B $B
41% 40% 37% 35%
21% 33%
19% 18% 17% 17% 17% 29%
$7.0 $1.5
$6.8 $6.8 $1.4
$1.2
$1.7
$1.6 $1.6
$0.3
$0.3 $0.3
2005 2006 2007 Q1 08 Q2 08 Q3 08 2005 2006 2007 Q1 08 Q2 08 Q3 08
Full Year Quarterly Quarterly
Full Year
Net Written Premium New Business % New Business Cross Sell %
…enhanced by cross sell successes
8

10. Loews Corporation 2008 Investor Meeting
November 5, 2008
P&C Operations – Diversified Portfolio
Leveraging our highly diversified portfolio…
Geographic Distribution
Commercial Lines
Ranking
1 to 5
6 to 10
11 to 15
16 to 20
21 to 25
Source: Company filings
Industry Business
…to reduce volatility and to optimize earnings 9

11. Loews Corporation 2008 Investor Meeting
November 5, 2008
P&C Market Leadership
A highly respected industry leader in many specialty businesses…
Specialty Market Rankings
• Accountants: 1st
• Aging Services: 1st
• Architects & Engineers: 1st
• Dentists: 1st
• Law firms: 1st
• Nurses: 1st
• Real estate agents: 1st
• Surety: 3rd
…with strong financial results
10

12. Loews Corporation 2008 Investor Meeting
November 5, 2008
Claim Business Model
Consistent metrics and reporting…
• People/Culture
– Assigning the right level of work to the right level
Four Cornerstones of employee
• Customer Service
– Simplified intake process with reduced handoffs
– Single point of contact for claim inquiries
– Improved claim access through CNA Central
– Consistent experience no matter where claims
are handled
• Business Partnership
– Recognizing the different needs of different
customers
• Total Claim Outcome
– Reduced number of non-integrated systems
– Streamlined workflows
– Improving fraud detection
…drive effective and efficient claim handling
11

13. Craig Mense
Chief Financial Officer

14. Loews Corporation 2008 Investor Meeting
November 5, 2008
Key P&C Reserve Metrics
Better than industry reserve adequacy metrics for long-tailed lines…
Ratio of Paid Loss to Ultimate Incurred Ratio of Bulk IBNR Reserves to Ultimate Incurred
AY CNA Industry AY CNA Industry
10.6%
77.3% 2002 9.0%
2002 82.4%
16.6%
71.5% 2003 12.9%
2003 75.5%
20.4%
65.0% 2004 18.8%
2004 66.0%
29.6%
2005 28.8%
51.9%
2005 53.1%
47.1%
2006 43.2%
31.4%
2006 36.5%
67.6%
2007 60.1%
14.0%
2007 18.7%
• The lower the net paid-to-ultimate incurred ratios, all • The higher the IBNR-to-ultimate incurred ratios, all
other things being equal, the stronger the reserves other things being equal, the stronger the reserves
Source: CNA data is from 2007 filed annual statutory statements
Industry data is from A.M. Best 2007 total P/C industry
…reflective of CNA’s solid reserve position
13

15. Loews Corporation 2008 Investor Meeting
November 5, 2008
Reinsurance Recoverables
Reduced reliance on reinsurance…
Reinsurance Recoverables Reinsurance Recoverables – Secured and Unsecured
$B
$B
7.4%
6.6%
6.5%
6.2%
5.7%
$15.9
$15.9
$12.4
$12.4
$6.2 $9.9
$9.9 $8.7
$4.1 $8.0
$8.7 $2.7
$2.4
$8.0 $2.1
$9.7 $8.3 $7.2 $6.3 $5.9
2004 2005 2006 2007 Sep 30 2004 2005 2006 2007 Sep 30
2008 2008
Unsecured Secured Bad Debt Reserve as % of Unsecured
…mitigates counterparty credit risk
14

16. Loews Corporation 2008 Investor Meeting
November 5, 2008
Investment Portfolio
Highly liquid investment portfolio…
Quality & Sector Profile Liquidity Profile
September 30, 2008
Total Invested Assets:
$37.1B Fair Value
…AA- average credit quality
15

17. Loews Corporation 2008 Investor Meeting
November 5, 2008
Structured Securities Portfolio
High quality structured portfolio…
89%
September 30, 2008
MBS/CMO/ABS/CDO Fair Value Distribution
% of Total
($m) MBS CMO ABS CDO Total
Investments
U.S. Government Agencies 448 5.1% 1,061 12.1% — — — — 1,509 17.2% 4.1%
AAA — — 4,379 49.8% 1,929 21.9% 9 0.1% 6,317 71.8% 17.0%
—
AA — 42 0.5% 294 3.3% 25 0.3% 361 4.1% 1.0%
A — — 1 0.0% 107 1.2% 71 0.8% 179 2.0% 0.5%
BBB — — 33 0.4% 291 3.3% 10 0.1% 334 3.8% 0.9%
<BBB & Equity Tranches — — 27 0.3% 43 0.5% 23 0.3% 93 1.1% 0.2%
2,664 138 8,793
Total MBS/CMO/ABS/CDO 448 5.1% 5,543 63.1% 30.2% 138 1.6% 100.0% 23.7%
Sub- prime
— — 1,371 7 1,378 15.7% 3.7%
(Included above)
Alt - A (Included above) — 1,084 — 4 1,088 12.4% 2.9%
MBS: Mortgage-backed securities CMO: Collateralized mortgage obligations ABS: Asset-backed securities CDO: Collateralized debt obligation
…generating over $150 million of principal cash flow per month
16

18. Loews Corporation 2008 Investor Meeting
November 5, 2008
Net Unrealized Gains/(Losses) by Quality
Extreme market valuations drive unrealized losses…
Book Market Net Unrealized
($m) Rating Value Value Gain / (Loss)
Investment Grade
U.S. Govts/Agencies 4,490 4,574 84
AAA 12,336 11,477 (859)
AA 5,232 4,684 (548)
A 5,649 4,813 (836)
BBB 6,679 5,777 (902)
Total Investment Grade 34,386 31,325 (3,061)
Below Investment Grade
BB 2,189 1,935 (254)
B 1,191 992 (199)
CCC 266 218 (48)
CC and below 28 27 (1)
Total Below Inv Grade 3,674 3,172 (502)
Common Stock 213 390 177
Total 38,273 34,887 (3,386)
...90% in investment grade holdings
17

19. Loews Corporation 2008 Investor Meeting
November 5, 2008
Liquidity
Healthy level of cash flow…
$B $4.7
$4.4
$3.9
$3.1
Principal & $2.8
Maturity Payments $2.7
$2.7
$2.2
Operating Cash Flow
$1.9 $1.7
$1.2
$0.9
2005 2006 2007 Sep 30
2008 YTD
…generates significant investable cash
18

20. Loews Corporation 2008 Investor Meeting
November 5, 2008
Capital Actions
Anticipatory actions taken…
Capital Structure Key Terms/Actions
$B
18.3% • CNAF to issue $1.25B in perpetual preferred securities
18.1% 17.5%
15.9%
$11.9 to Loews at 10% annual dividend
$12.3
$10.6 $11.0
$2.1
$2.1
$2.0
Debt Debt
$1.7 – Callable at Par, in whole or in part
$0.7
Preferred $1.25 Preferred
– Dividend reset every 5 years at 700 bps over then
$10.2
$9.8 Common
$8.2 $7.7
Common current 10 year Treasury subject to 10% minimum
Equity
Equity
• CNAF suspends $0.15 quarterly shareholder dividend
2005 2006 2007 Sep 30 2008
Proforma • CCC to issue $1B surplus note to CNAF with 10%
Debt-to-Capital
coupon
…positioned to act on expected opportunities
19

21. Loews Corporation 2008 Investor Meeting
November 5, 2008
Capital Actions Rationale
• Establish unquestioned financial strength
• Strengthen capital and liquidity in highly volatile environment
• Protect against further financial market stress
• Positions us to act on opportunities likely to emerge in marketplace
• Reasonable cost
20

22. Loews Corporation 2008 Investor Meeting
November 5, 2008
Financial Flexibility
Abundant holding company cash and strong surplus…
CNAF Holding Company Cash & Short Term Statutory Surplus & Risk Based Capital
Continental Casualty Company
$m $B
$960 400%
377% 370%
333%
$8.3
$7.9 $7.8
$6.7
$359
$280
$198
2005 2006 2007 Sep 30 2008
2005 2006 2007 Sep 30 2008
Proforma
Estimate
Surplus RBC Ratio (Authorized Control Level)
…add higher level of protection during abnormal markets
21

23. Loews Corporation 2008 Investor Meeting
November 5, 2008
CNA Financial Corporation
CNA is a company that…
• Has strong, competitive property & casualty operations
• Is producing steady, meaningful operating income
• Is generating significant positive cash flow
• Has abundant liquidity
• Has a strong balance sheet to mitigate additional financial market stresses
and to act on likely market opportunities
…is positioned for future success
22

24. Loews Corporation 2008 Investor Meeting
November 5, 2008
Notices and Disclaimers
Forward Looking Statements
The statements made in the course of this presentation and/or contained in the presentation materials may include
statements which relate to anticipated future events (forward-looking statements) rather than actual present conditions or
historical events. These statements are made pursuant to the safe harbor provisions of the Private Securities Litigation
Reform Act of 1995 and generally include words such as “believes”, “expects”, “intends”, “anticipates”, “estimates”, and
similar expressions. Forward-looking statements, by their nature, are subject to a variety of inherent risks and
uncertainties that could cause actual results to differ materially from the results projected. Many of these risks and
uncertainties cannot be controlled by CNA. For a detailed description of these risks and uncertainties, please refer to
CNA’s filings with the Securities and Exchange Commission available at www.cna.com. As such, any forward-looking
statements and other financial information contained in this presentation speak only as of the date of this presentation.
Further, CNA does not have any obligation to update or revise any forward-looking statement made in the course of this
presentation and/or contained in the presentation materials even if CNA’s expectations or any related events, conditions
or circumstances change.
Non-GAAP Measures
This presentation, along with the presentation materials, may also reference or contain financial measures that are not in
accordance with generally accepted accounting principles (GAAP). For reconciliations of non-GAAP measures to the
most comparable GAAP measures, please refer to CNA's Supplemental Financial Information. CNA's Supplemental
Financial Information is available at www.cna.com
CNA is a registered service mark, trade name and domain name of CNA Financial Corporation. Copyright © 2008 CNA
Financial Corporation. All rights reserved.
23

25. Loews Corporation 2008 Investor Meeting
November 5, 2008
24