1. Energy Insurance The Road Ahead Dominick Hoare

2. The Loss/Profit Equation Inherent Business Dilemma Demands of Capital Stable Profit Environment Sustainable Business Concept

3. Current Environment Volatility Premium Increases Severe Loss Frequency Long Term Uncertainty

4. Toulouse

10. P36

22. Gulf of Mexico Blowout

27. Willis Loss Database YearsNo. of IncidentsTotal US$ Loss 1991 - 1996141716,881,924,551 1997 – 2001180819,323,966,884 All Years322536,205,891,439

28. Lloyd’s Energy Statistics Offshore Physical Damage - Incurred Loss Ratio

29. Lloyd’s Energy Statistics Control of Well - Incurred Loss Ratio

30. Lloyd’s Energy Statistics Onshore Physical Damage - Incurred Loss Ratio

31. Lloyd’s Energy Statistics Energy Liability - Incurred Loss Ratio

32. Lloyd’s Energy Statistics All Classes - Incurred Loss Ratio

33. Lloyd’s Peer Group

34. Rating Index

35. Equity Markets 9/11 P36 - March Toulouse - September

36. Situation Capital Intolerance Flawed Business Model Short Term Solutions vs. Long Term Business

37. Solution Mutual and Constructive Reduce Volatility Renewed Confidence Stable Capital

38. Fundamental Restructuring of Business Return on Capital Higher and Consistent Premium Levels Transparent Risk Transfer

39. Insured's Charter Higher Quality Product New Standard Levels Commitment and Continuity

40. Lloyd’s Flexible and Innovative Product Expertise and Professionalism Unique Talent Pool

41. Lloyd’s Chairman’s Strategy Group/Franchise Concept Proactive and Supportive Entrepreneurial Spirit Strong Corporate Governance

42. Lloyd’s 9/11 Trading Continuity Funding Obligations 2000 Gross Income – £ 10.2bn 2001 Gross Income – £ 11.6bn 2002 Gross Income – £ 12.8bn

43. Regulatory Environment Risk Focused Management LMP Reforms Product Centered Market Leadership from Lloyd’s

44. Re-Definition of Insurance Business Model Structural Change – Mutually Driven Product of Highest Quality and Integrity Sustainable and Profitable Is Failure an Option?

45. Energy Insurance The Road Ahead Dominick Hoare