Loews Investor Presentation March 2013

Updated: March 2013
Timeless Principles, Constant Reinvention

COMPANY OVERVIEW
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
Roadmap
Philosophy: long-term, value focused Structure: diversified holding company; three public and two wholly owned subsidiaries Advantages: freedom and patience to invest opportunistically across industries
Loews Corporation
CNA Financial: property & casualty insurance Diamond Offshore: offshore drilling Boardwalk Pipeline: transportation, storage, gathering and processing of natural gas and natural gas liquids HighMount Exploration & Production: natural gas and oil exploration and production Loews Hotels & Resorts: luxury hotels
Subsidiaries
Loews Corporation CNA Diamond Boardwalk HighMount Hotels
Loewss structure is advantageous for creating shareholder value

freedom to invest across industries patient, long-term view flexibility transparency one class of stock
Loews owns: 90%2 50.4%2 53% L.P. interest1 2% G.P. interest1 100% 100%
Property & casualty insurance
Offshore drilling
Transportation, storage, gathering & processing of natural gas & liquids NYSE: BWP $5.2B market cap1 $2.6B Loewss stake1
Natural gas & Natural gas liquids E&P
Cash & Investments2 $3.9B Luxury hotels & resorts
NYSE: CNA $7.5B market cap $6.8B Loewss stake
NYSE: DO $9.4B market cap $4.8B Loewss stake
1. 2.
Values and ownership percentages as of December 31, 2012 Cash and investments as of December 31, 2012
Loews creates value in three ways
1
Effectively manage and allocate capital
2
Focus on opportune investments and acquisitions that position us for growth
3
Work to enhance our subsidiaries operating performance and capital structure
Strength Opportunity Value

5
Loews has successfully built shareholder value for over 50 years

Over the past 50 years, Loews common stock has posted a compound annual growth rate of approximately 15%, compared with an approximate 6% growth rate for the S&P 500
50-Year Relative Price Performance of Loews Common Stock 1 (December 31, 1962 to December 31, 2012) 100,000
Loews
10,000 S&P 500 1,000
100
10
1962 1967 1972 1977 1982 1987 1992 1997 2002 2007 2012
1.
Includes dividends reinvested
Loews creates value through share repurchases

Shares outstanding since 1971
Our history of share buybacks has enhanced the longterm value of Loews common stock Repurchasing our shares over the past four decades has benefited our shareholders by giving them an increased stake in Loews 1971 2012
1.3 Billion
= 10 million shares
392 Million
Adjusted for stock splits
Opportune transactions: case studies
1989, Loews purchased Diamond M for $65 million 1992, Loews purchased all outstanding shares of ODECO Drilling for $372 million, and formed Diamond Offshore as a holding company 1995, Diamond Offshore IPO Cash received by Loews since IPO has been $3.0 billion
2003, Loews purchased Texas Gas Transmission for $1.0 billion 2004, Loews purchased Gulf South Pipeline for $1.1 billion 2005, Boardwalk Pipeline Partners was formed as a holding company and as an MLP and taken public Total capital invested in BWP: Invested a total of $3.2 billion and have received all of our cash back Loews still owns 55% of Boardwalk
Loewss liquidity, 12 month cash roll forward

($ in millions)
4,500 271 (212) (99) (40) (101) $3,879
4,000
683
61
3,500 $3,316
3,000
Beginning cash & investments Dec. 31, 2011 Interest & dividends from subsidiaries Investment Income Repayments from Share (Investments in) repurchases subsidiaries, net Dividends on Loews common stock Interest Expense Corporate & Other Ending cash & investments Dec. 31, 2012
Subsidiaries provide interest and dividends to Loews

Cumulative interest & dividends since 2006
($ in millions) $2,391 $2,146 $1,901 2012 2011 2010 2009 2008 2007 2006
DO
$543 $140
$972
$1,533
BWP
$454 $273 $117
$1,576 $1,283 $1,001 $725
CNA
$895 $750 $653 $577 $455 $328 $243

Note: Does not include capital contributions or loans from Loews to subsidiaries during that time period
10
Sum of Loewss public and non-public assets exceeds Loewss stock price
Cash & Investments: $8.11 CNA: $19.67 Non-public holdings include:
Loews Hotels HighMount
$48.61
TOTAL
Boardwalk Pipeline: General Partner Class B units
compared to
$44.08
NYSE:L
DO: $13.64 BWP: $7.19

Per share value of Loewss stake in shares of CNA, DO, and BWP based on New York Stock Exchange closing prices on February 1, 2013 and Loewss net cash and investments at December 31, 2012 New York Stock Exchange closing price of Loews common stock as of February 1, 2013
11
Roadmap
Loews Corporation
Subsidiaries
12
CNA Snapshot
7th largest commercial insurance writer, 13th largest P&C insurance company in U.S.1 Offices across the United States, as well as in Canada and Europe By the Numbers
(year ended Dec. 31, 2012, $ in millions) Revenue $9,547 Net income $628 Net income attributable to Loews $570 Employees 7,500 Agents & brokers 3,400 Field offices 65 Invested assets L ownership
1. Based on 2010 net written premium, A.M. Best 2012 net written premiums
CNA Specialty
Predominantly professional and management liability, and surety
CNA Commercial
Property & casualty insurance for small and mid-size businesses
Hardy Underwriting
Specialized Lloyds underwriter
Run-off Operations
(Life, Group, Corporate & Other)
Overview
Long-term care, payout annuities, and other discontinued
$2.9 billion
1
$3.4 billion
$0.1 billion1
$0.6 billion
Post acquisition premiums (acquired July 2012)
Key Segments Construction Financial institutions Healthcare Manufacturing Professional services Small business Technology
13
$47,636 90%
CNA Strategy
Generating premium growth while improving underwriting performance through risk selection and pricing discipline CNA is sharply focused on customer segments where it has in-depth underwriting knowledge and can assess and price risk effectively Investing in businesses aligned with CNAs strategic focus Acquired publicly held minority interest of CNA Surety (2011) Acquired Hardy Underwriting, a specialized Lloyds underwriter (2012) Strengthened branch and field capabilities (ongoing) Simplifying scope of operations Sold its 50% interest in First Insurance Co. of Hawaii (2011) Reduced risk through loss portfolio transfer, effectively eliminating legacy asbestos and pollution risks (2010)
14
Insurance Market
Premium rates for many commercial property and casualty insurers stabilized and began improving during 2011 Rate increases help offset recent challenges faced by insurers
Low interest rates Rising claim costs Escalation of catastrophes in the U.S. and elsewhere
CNA property & casualty rates

P&C Specialty Commercial 8%
9% 6% 3% 0% -3% -6%
6% 6%
10Q1 10Q2 10Q3 10Q4 11Q1 11Q2 11Q3 11Q4 12Q1 12Q2 12Q3 12Q4
CNAs rate increases accelerated over the past two years

15
CNA Performance
Book value per common share increased 120% since 2008 Over the last five years, CNA has narrowed the gap between its combined ratio and the industry leaders combined ratios CNA has positive outlooks on its financial strength ratings from both Moodys and S&P Improvement in underlying loss ratio (excluding catastrophes and development) Book value per common share
$35.64 $20.65 $40.44 $42.66 $45.71
2008
2009
2010
2011
2012
16
Roadmap
Loews Corporation
Subsidiaries
17
Diamond Snapshot
Provides drilling services to the energy industry globally Leader in deepwater drilling 5th largest offshore fleet in the world By the Numbers
(year ended Dec. 31, 2012, $ in millions) Revenue Net income Net income attributable to Loews Rig fleet Employees Dividend yield L ownership $3,072 $720 $337 44 5,300 5.2% 50.4%
Diamond Offshore Fleet
Jack-up Rigs (7)
Semisubmersible Rigs (32)
Drillships (5)
0 1,000
Complete Under Construction
2,000 3,000 4,000 5,000 6,000 7,000 8,000 9,000 10,000
18
Water Depth
Diamond's Strategy: flexible, conservative asset management

Take advantage of cyclicality of industry to acquire rigs
Since 2009, Diamond has made commitments to purchase or rebuild 9 units for $4.3 billion Ocean Valor & Ocean Courage purchased at distressed prices Ocean Onyx and Ocean Apex being constructed utilizing hulls of Diamond legacy floaters, resulting in significantly higher expected IRR Ocean Patriot will be upgraded and enhanced to work in the North Sea by second quarter 2014.
APEX
APEX
Focus on ultra-deepwater drilling

Eight units capable of operating in ultra-deepwater Four additional ultra-deepwater drillships under construction
BlackRhino BlackHawk BlackHornet
19
Offshore Drilling Market

Demand for ultra-deepwater units in West Africa, Brazil, U.S. Gulf of Mexico and other regions has led to tight markets Dayrates for UDW approach $600,000 for term contracts These market tailwinds are important as Diamond seeks to contract its three units with 2014 deliveries
Three units with 2013 deliveries have been contracted.
Ultra-deepwater dayrates
(Source: IHS-Petrodata, RigLogix, ISI Group)
20
Diamond Offshore Performance

Return on capital employed
(Average 2007-2011)
Diamond Offshores return on capital employed of 31.9% from 2007 to 2011 is the highest in the industry
40.0% 30.0% 20.0% 10.0% 0.0%
31.9%
DO
(Source: Credit Suisse)
ESV
NE
RDC RIG SDRL
10 year total return Diamond Offshores 10 year total return is 12.7%

15.0% 10.0% 5.0% 0.0%
Note: 2012 numbers will be available by April of 2013
(Source: Bloomberg as of 8/3/2012, 10 year total return not available for SDRL)
12.7%
DO
ESV
NE
RDC
RIG
21
Roadmap
Loews Corporation
Subsidiaries
22
Boardwalk Snapshot
Transportation, storage, gathering & processing of natural gas and NGLs Carried approximately 12% of the nations average daily consumption of natural gas in 20121
Loews Corporation
53% L.P. interest 2% G.P. interest*
Boardwalk Pipeline Partners, LP (Master Limited Partnership, NYSE: BWP) Boardwalk Pipelines, LP
Boardwalk Acquisition Company, LLC
By the Numbers
(year ended Dec. 31, 2012, $ in millions) Revenue $1,184 Net income $308 Net income attributable to Loews Average daily throughput Total miles of pipeline Underground storage fields Storage capacity Employees Distribution Yield (Dec. 2012) L ownership
1
$109 6.8 Bcf 14,410 20 201 Bcf 1,200 8.5% 55%
HP Storage
Gulf Crossing Pipeline
Boardwalk Midstream, LLC
Gulf South Pipeline
Texas Gas Transmission
Field Services
Boardwalk Louisiana Midstream, LLC
Based on Nov. 2011-Oct. 2012 data
* In addition to the general partners 2% interest, the general partner owns all of the incentive distribution rights the right to receive an increasing percentage of quarterly distributions of available cash after target distribution levels have been achieved
23
Boardwalk Strategy
Boardwalk is steadily advancing plans to generate growth by:

Leveraging its core pipeline and storage assets Diversifying its services and expanding its geographic footprint Controlling its cost structure
24
Natural Gas Market

After remaining relatively flat for nearly a decade, demand for natural gas is expected to increase by 2.1% annually between 2012 and 2026 Boardwalk is well positioned to benefit from the increased domestic natural gas supply and the facilities that will be needed to accommodate it
Boardwalk believes the majority of demand over the next decade will come from the electric power generation, industrial, and transportation sectors
U.S. Demand for Natural Gas

100.0 90.0 80.0 70.0 60.0 50.0 40.0 30.0 20.0 10.0 2000 2001 2002 2003 2004
2.1% CAGR 0.6% CAGR
Bcfd
(Source: EIA; Wood Mackenzie)
2005
2006
2007
2008
2009
2010
2011
2016
2021
2026 25
Boardwalk Performance
Since the IPO in 2005, the company has paid a cash distribution each quarter Since 2007, EBITDA and distributable cash flow increased at compound annual growth rates of 20.1% and 16.3% respectively A significant portion of 2012 revenue derived from firm, long-term contracts with creditworthy customers A portion of firm transportation contracts expire each year. Capacity expiring in 2013 is greater than in recent years, and includes capacity from earlier major expansion projects Boardwalks base gas transportation business is negatively impacting future revenues, due to a number of factors -including compressed basis differentials
Annual distributions per unit

$2.050 $2.105 $2.130
Contract type
Firm capacity reservation charges 83%
(Year-ended December 31, 2012)

Utilization charges under firm contracts 11% Interruptible service charges 6% 26
$1.890
$1.970
2008
2009
2010
2011
2012
Roadmap
Loews Corporation
Subsidiaries
27
HighMount Snapshot
Exploration, development, and production of oil and gas 1.1 million gross acres in West Texas, Texas Panhandle, and Oklahoma By the Numbers
(year ended Dec. 31, 2012, $ in millions) Revenue $297 Net income attributable to Loews1 $(407) Net proved reserves 825 Bcfe Net producing wells 5,874 Average daily production 154 Mmcfe Employees L ownership
1.
2012 Production by Component
Natural Gas, 70% Natural Gas Liquids, 25% Oil, 5%

Expertise in large-scale field operations, horizontal drilling and completion, and unconventional resource plays Active driller in 2012 in two of the top tier oil plays in the U.S.
Wolfcamp / Permian and Mississippian Lime
Hedges in place as of December 31, 2012 covered approximately 59.5% of its total estimated 2013 natural gas equivalent production
Natural gas production - 9.2 billion cubic feet at an average realized price of $4.60 per thousand cubic feet Natural gas liquids production - ~552.5 thousand barrels, at an average realized price of $37.63 per barrel Oil production - ~187.3 thousand barrels, at an average realized price of $88.82 per barrel 28
400 100%
Net income as of December 31,2012 includes a non-cash after-tax impairment charge of $433 million in 2012 due to lower commodity prices.
HighMount Strategy
Diversify business by acquiring and developing acreage with liquids-rich resources, which currently offer better returns than natural gas
Acquired core position in the Mississippian Lime oil play in Oklahoma Position in the Texas Panhandle Pursuing opportunities in existing acreage anticipated to produce higher oil volumes
Areas of Operation
29
Roadmap
Loews Corporation
Subsidiaries
30
Loews Hotels & Resorts Snapshot

19 hotels in U.S. and Canada Unique, local experience Looking to grow in gateway cities and key resort markets By the Numbers
(year ended Dec. 31, 2012, $ in millions) Revenue Net income attributable to Loews Hotels Guest rooms Employees Chain-wide Hotel Revenue L ownership $397 $7 19 8,669 3,600 $779 100%
In 2012, Chain-wide RevPAR grew by 8%, significantly outperforming the U.S. industry average
Growth in Revenue Per Available Room
$171.75 $159.76 $143.58
2010
2011
2012
31
Loews Hotels & Resorts Strategy

Over the next several years, Loews Hotels & Resorts expects to broaden its customer base by: Looking to grow in gateway cities and resort markets either through acquisition or by considering new construction in key markets where barriers to entry are high Improving the performance and profitability of existing properties Transforming its existing properties -- renovations are either underway or imminent at several current hotels and growth opportunities are being continually reviewed
Chain Expansion
Loews Boston Back Bay, MA The Madison Hotel, DC
Acquired in Feb 2013 225 guestrooms Acquired in December 2012 356 guestrooms
Loews Chicago, IL
Opens in 2015 400 guestrooms
Cabana Bay Beach Resort, FL

Opens in 2014 900 standard guestrooms 900 family suites
Transforming Existing Properties

Loews Regency, NY
2013 project
Loews Philadelphia, PA
2012 / 2013 project
32
Map of Loews Hotels & Resorts Locations

Quebec City Montreal Boston Chicago New York Philadelphia Annapolis Washington D.C. Under Development New Acquisitions San Diego Tucson Atlanta Orlando Orlando (3) St. Pete Beach Miami
Hollywood Santa Monica
Nashville
New Orleans
33
In Summary
Loews owns great businesses Loews is a patient value investor always on the lookout for new opportunities Loews is focused on generating superior longterm returns for our shareholders
34

Loews Investor Presentation March 2013

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Updated: March 2013

Timeless Principles, Constant Reinvention

Loews Corporation CNA Diamond Boardwalk HighMount Hotels

Loewss structure is advantageous for creating shareholder value

Property & casualty insurance

Natural gas & Natural gas liquids E&P

Cash & Investments2 $3.9B Luxury hotels & resorts

NYSE: CNA $7.5B market cap $6.8B Loewss stake

NYSE: DO $9.4B market cap $4.8B Loewss stake

Loews Corporation CNA Diamond Boardwalk HighMount Hotels

Loews creates value in three ways

Strength Opportunity Value

Loews has successfully built shareholder value for over 50 years

10,000 S&P 500 1,000

Includes dividends reinvested

Loews Corporation CNA Diamond Boardwalk HighMount Hotels

Loews creates value through share repurchases

Adjusted for stock splits

Loews Corporation CNA Diamond Boardwalk HighMount Hotels

Opportune transactions: case studies

Loews Corporation CNA Diamond Boardwalk HighMount Hotels

Loewss liquidity, 12 month cash roll forward

4,500 271 (212) (99) (40) (101) $3,879

Loews Corporation CNA Diamond Boardwalk HighMount Hotels

Subsidiaries provide interest and dividends to Loews

$454 $273 $117

$1,576 $1,283 $1,001 $725

$895 $750 $653 $577 $455 $328 $243

Loews Corporation CNA Diamond Boardwalk HighMount Hotels

Boardwalk Pipeline: General Partner Class B units

DO: $13.64 BWP: $7.19

Loews Corporation CNA Diamond Boardwalk HighMount Hotels

Loews Corporation CNA Diamond Boardwalk HighMount Hotels

Long-term care, payout annuities, and other discontinued

Post acquisition premiums (acquired July 2012)

Loews Corporation CNA Diamond Boardwalk HighMount Hotels

Loews Corporation CNA Diamond Boardwalk HighMount Hotels

CNA property & casualty rates

CNAs rate increases accelerated over the past two years

Loews Corporation CNA Diamond Boardwalk HighMount Hotels

Loews Corporation CNA Diamond Boardwalk HighMount Hotels

Diamond Offshore Fleet

Jack-up Rigs (7)

Semisubmersible Rigs (32)

Complete Under Construction

2,000 3,000 4,000 5,000 6,000 7,000 8,000 9,000 10,000

Loews Corporation CNA Diamond Boardwalk HighMount Hotels

Diamond's Strategy: flexible, conservative asset management

Focus on ultra-deepwater drilling

Loews Corporation CNA Diamond Boardwalk HighMount Hotels

Offshore Drilling Market

(Source: IHS-Petrodata, RigLogix, ISI Group)

Loews Corporation CNA Diamond Boardwalk HighMount Hotels

Diamond Offshore Performance

40.0% 30.0% 20.0% 10.0% 0.0%

RDC RIG SDRL

10 year total return Diamond Offshores 10 year total return is 12.7%

Loews Corporation CNA Diamond Boardwalk HighMount Hotels

Loews Corporation CNA Diamond Boardwalk HighMount Hotels

$109 6.8 Bcf 14,410 20 201 Bcf 1,200 8.5% 55%

Gulf Crossing Pipeline

Boardwalk Midstream, LLC

Gulf South Pipeline

Texas Gas Transmission