2013 Q2 Earnings Results Snapshot

EARNINGS SUPPLEMENT JULY 2013

Legal Disclaimers
Forward Looking Statements and Risk Factors. All of the information presented herein is available from public sources, including our earnings releases and our SEC filings. We urge you to read those documents, and we specifically direct you to the forward-looking statements disclaimers and risk factors they contain. The primary purpose of this presentation is to help you understand how we view our Company, not to update our filings or correct any forecasts we categorically do not give guidance. Conditions faced by our various businesses may have changed for better or worse since the time periods reflected in this presentation and we disclaim any obligation to update the information presented herein. Any statements made in addressing our results are not meant as an indication of the Companys performance since the time of our latest public filings and disclosures. Important risk factors that could cause the actual results for each of the companies discussed in this presentation to differ from those expressed in forward-looking statements are discussed in detail in the annual and quarterly reports and other filings made with the Securities and Exchange Commission by Loews Corporation and its subsidiaries, CNA Financial Corporation, Diamond Offshore Drilling, Inc. and Boardwalk Pipeline Partners, LP. Given the risk factors discussed in these filings, investors and analysts should not place undue reliance on forward-looking statements. Where You Can Find More Information. The annual, quarterly and other reports filed with the Securities and Exchange Commission by Loews Corporation and its subsidiaries, CNA Financial Corporation, Diamond Offshore Drilling, Inc. and Boardwalk Pipeline Partners, LP., contain important additional information about those companies and we urge you to read this presentation together with those filings, copies of which are available, as applicable, at the corporate websites of Loews Corporation at www.loews.com and such subsidiaries at www.cna.com, www.diamondoffshore.com and www.bwpmlp.com, or at the SECs website at www.sec.gov. To view the most recent SEC filings of Loews Corporation, click here http://ir.loews.com/phoenix.zhtml?c=102789&p=irol-sec To view the most recent SEC filings of CNA Financial Corporation, click here http://investor.cna.com/phoenix.zhtml?c=104503&p=irol-sec To view the most recent SEC filings of Diamond Offshore Drilling, Inc. , click here http://www.diamondoffshore.com/investors/investors_secfiling.php To view the most recent SEC filings of Boardwalk Pipeline Partners, LP, click here http://ir.bwpmlp.com/phoenix.zhtml?c=193443&p=irol-sec

2013 Q2 Earnings Key Highlights

$4.6B in cash and investments at holding company 1.9M and 4.0M shares repurchased at an aggregate cost of $85M and $177M during the three months and six months ended June 30, 2013 $1.5B in share total buyback since 2010 388M shares outstanding Q2 intercompany interest and dividends from subsidiaries totaled $182M, $364M year to date $19.2B in shareholders equity $17.2B market capitalization (as of June 30, 2013)
Loews Corporation CNA Diamond Boardwalk HighMount Hotels
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Financial Summary
Quarter ended June 30 ($ millions, except per share data) Revenues Net income Net income 2013 $ 3,725 269 269 0.69 0.0625 2012 $ 3,388 56 198 0.14 0.0625

(Excluding non-cash impairment charges)

Diluted earnings per share Dividends paid on Loews common stock Cash & investments

(Parent company)

4,631 1,700 $ 49.36 $ 49.26

3,708 700 $ 49.31 $ 47.42

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Long-term debt (principal only) Book value per share Book value per share

(Parent company)

(Excluding AOCI)

Loews Corporation CNA Diamond Boardwalk HighMount Hotels

Financial Trends
Parent company cash over time
($ millions)

Shares outstanding
(millions of shares)

4,637 3,028 3,316

3,879

432.8 418.7 404.5 395.1

Dec 31 2009

Dec 31 2010

Dec 31 2011

Dec 31 2012

Dec 31 2009

Dec 31 2010

Dec 31 2011

Dec 31 2012

Intercompany dividends
($ millions)

Sum of the parts discount $5.32 $3.47 $2.19 $0.94

($)

954 720 624 683

FY 2009

FY 2010

FY 2011

FY 2012

Dec 31 2009

Dec 31 2010

Dec 31 2011

Dec 31 2012 5

Loews Corporation CNA Diamond Boardwalk HighMount Hotels

Loews Ownership
90%1 50.4%1 51% L.P. interest1 2% G.P. interest1 100% 100% Cash & Investments2 $4.6B Property & casualty insurance Offshore drilling Transportation, storage, gathering & processing of natural gas & liquids NYSE: BWP 131.5M shares owned $7.5B market cap $4.0B Loewss stake Energy E&P Luxury hotels & resorts

NYSE: CNA 242.7M shares owned $8.8B market cap $7.9B Loewss stake
1 Values 2 Cash

NYSE: DO 70.1M shares owned $9.6B market cap $4.8B Loewss stake

and ownership percentages as of June 28, 2013 and investments as of June 30, 2013

Loews Corporation CNA Diamond Boardwalk HighMount Hotels

CNA Segment Highlights

Financials
By the Numbers
($ millions, except per share data)
Quarter ended June 30 2013 Revenue Net income Net income attributable to Loews $ 2,493 $ 194 $ 175 2012 $ 2,246 $ 166 $ 151

Quarter Highlights
S&P upgraded the companys financial strength rating from A- to A Excluding catastrophes and prior year development, CNAs underlying P&C combined ratio improved 3.6 points versus the second quarter of 2012 and the underlying loss ratio had a year-over-year decrease of about 2.9 points. Premium rates increased approximately 8% during the quarter in CNAs P&C Operations CNA Commercial rates increased 9% CNA Specialty rates increased 7%

Invested Assets P&C Net written premiums P&C Combined ratio P&C Combined ratio (non-cat losses and development) P&C Premium rates P&C Loss Ratio Book Value Book Value (excluding AOCI) $ 46,299 1,720 101.5 % 97.6 % 7% 68.4 % $ 44.29 $ 43.81 $ 46,001 1,607 101.7 % 101.2 % 6% 67.9 % $ 45.34 $ 42.12

Loews Corporation CNA Diamond Boardwalk HighMount Hotels

Diamond Segment Highlights

Financials

Quarter Highlights
Quarter ended June 30 2013 2012 $ 738 $ 201 $ 94

By the Numbers

($ millions, except per share data)

During the second quarter, Diamond announced its latest new build a harsh environment semisubmersible rig that will work for BP in Australia on a three-year contract after its delivery in early 2016 Drilling contract at $585K/day rate Rig cost $755M

Revenue Net income Net income attributable to Loews

$ 758 $ 185 $ 87

Six rigs scheduled for delivery in the next two years to take advantage of strong demand First drillship Ocean Blackhawk will be delivered by the end of this year First rebuilt semi Ocean Onyx will be delivered this fall

Offshore drilling rigs Regular Dividends per share Special Dividends per share

45 $ 0.125 $ 0.75

44 $ 0.125 $ 0.75

Average dayrates and utilization by fleet type (Q2 2013):

Dayrate $342K $409K $271K $88K Ultra-deepwater floaters Deepwater floaters Mid-water floaters Jack-ups

Utilization 92% 99% 65% 74% 8

Loews Corporation CNA Diamond Boardwalk HighMount Hotels

Boardwalk Segment Highlights

Financials
By the Numbers
($ millions, except per unit data)
Quarter ended June 30 2013 Revenue Net income Net income attributable to Loews $ 289 $ 70 $ 22 2012 $ 276 $ 65 $ 25

Quarter Highlights
Louisiana Midstream, which was acquired in October of 2012, positively contributed to the quarter and helped offset a reduction in net income related to contract renewals Decrease in net income attributable to Loews is due to a smaller stake in the company (currently, 54% ownership, as compared to 61% Q2 2012) Bluegrass Pipeline is a new pipeline project that will transport NGLs produced in the Marcellus and Utica shales to new fractionation and storage facilities in Louisiana, home of the petrochemical industry Distributable cash flow of $149M for the quarter, a 15% increase from $130M in the comparable 2012 period Year to date growth capital expenditures totaled $120M and maintenance capital expenditures were $22M through the second quarter

Dividends per unit

$ 0.5325

$ 0.5325

Loews Corporation CNA Diamond Boardwalk HighMount Hotels

HighMount Segment Highlights

Financials
By the Numbers
($ millions)
Quarter ended June 30 2013 Revenue Net income After tax impact of impairment Adjusted net income $5 $ 66 $5 2012 $ 69 $ (139) 142 $3

Quarter Highlights
Focusing drilling program on locations that could result in higher oil production Mississippian Lime in Oklahoma WolfCamp Shale in the Permian Basin in Texas Second quarter production volumes and realized prices, which included the benefits of hedges, are as follows: Natural gas production was 8.2 billion cubic feet at an average realized price of $4.31 per thousand cubic feet Natural gas liquids production was 501.2 thousand barrels, at an average realized price of $34.69 per barrel Oil production was 150.8 thousand barrels, at an average price of $95.41 per barrel Hedges in place as of June 30, 2013 cover approximately 67.0% and 36.7% of total estimated 2013 and 2014 natural gas equivalent production at a weighted average price of $6.49 and $5.68 per Mcfe
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Loews Corporation CNA Diamond Boardwalk HighMount Hotels

Loews Hotels Segment Highlights

Financials
By the Numbers
($ millions, except RevPAR data)

Quarter Highlights
Chain Expansion
Loews Boston Back Bay, MA
Acquired in Feb 2013 225 guestrooms

Quarter ended June 30 2013 2012 $ 94 $ 20

The Madison Hotel, DC

Acquired in December 2012 356 guestrooms

Revenue EBITDA Net income

$ 101 $ 15 $1

Loews Chicago, IL
$6
Opens in 2015 400 guestrooms

Cabana Bay Beach Resort, FL

Opens in 2014 900 standard guestrooms 900 family suites

RevPAR

$ 167.41

$ 182.09

Transforming Existing Properties

Loews Regency, NY
2013 project

Loews Philadelphia, PA
2012 / 2013 project

Loews Corporation CNA Diamond Boardwalk HighMount Hotels

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