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Loews Corporation Annual Report This Year’S Results Refl Ect the Economic Recession and Disruptions in the Fi Nancial Markets

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Loews Corporation Annual Report This Year’S Results Refl Ect the Economic Recession and Disruptions in the Fi Nancial Markets contents fi nancial highlights 9 letter to our shareholders and employees 10 Loews: a fi nancial portrait 13 year in review 18 shareholder information 28 2008 annual report on form10-K 29 open for our company at a glance Loews Corporation Loews 2008 Annual Report stands for… 667 Madison Avenue, New York, NY 10065-8087 2008 www.loews.com Loews Corporation Annual Report this year’s results refl ect the economic recession and disruptions in the fi nancial markets. $14.3 $3.03 $76.9 $32.40 $13.8 $2.96 $73.7 $76.1 $13.2 $70.9 $69.9 $30.14 $30.17 $12.2 $11.7 $23.64 $21.85 $1.05 $0.85 $(0.38) 04 05 06 07 08 04 05 06 07 08 04 05 06 07 08 04 05 06 07 08 Revenues* Income (Loss) per Share from Total Assets* Book Value per Share of Continuing Operations Loews Common Stock * in billions of dollars contents fi nancial highlights 9 letter to our shareholders and employees 10 Loews: a fi nancial portrait 13 year in review 18 shareholder information 28 2008 annual report on form10-K 29 open for our company at a glance stands for… this year’s results refl ect the economic recession and disruptions in the fi nancial markets. $14.3 $3.03 $76.9 $32.40 $13.8 $2.96 $73.7 $76.1 $13.2 $70.9 $69.9 $30.14 $30.17 $12.2 $11.7 $23.64 $21.85 $1.05 $0.85 $(0.38) 04 05 06 07 08 04 05 06 07 08 04 05 06 07 08 04 05 06 07 08 Revenues* Income (Loss) per Share from Total Assets* Book Value per Share of Continuing Operations Loews Common Stock * in billions of dollars 0900CoverC4.indd 1 4/1/09 10:56:22 PM our company structure is not complex. Our primary assets include three publicly traded and two wholly owned subsidiaries, and a large portfolio of cash and investments. CNA Financial Diamond Offshore HighMount Exploration Boardwalk Pipeline Loews Hotels Drilling & Production Partners One of the largest A worldwide deep water Engaged in the An operator of interstate Among the country’s commercial property & driller, with 45 offshore exploration and natural gas pipeline top luxury lodging casualty insurance drilling rigs. production of natural systems and companies, with companies in the gas, with its primary underground storage. 18 hotels and resorts United States. For more information holdings in the Permian in the United States refer to page 20. Basin in Texas, the For more information and Canada. For more information Antrim Shale in refer to page 24. refer to page 18. Michigan and the For more information Black Warrior Basin refer to page 26. in Alabama. For more information refer to page 22. 0900CoverC4.indd 2 4/1/09 10:56:22 PM our stock represents more value corporate directory than just fi ve subsidiaries. board of directors offi cers principal subsidiaries Ann E. Berman James S. Tisch CNA Financial Corporation We believe that Loews’s true value is more Senior Advisor to the President Offi ce of the President, Thomas F. Motamed than just the sum of its parts. Nonetheless, Harvard University President and Chief Executive Offi cer Chairman and Chief Executive Offi cer our company structure the availability of public market valuations Other Assets Joseph L. Bower Andrew H. Tisch 333 South Wabash Avenue for three of our businesses helps investors Professor of Business Administration Offi ce of the President, Chicago, IL 60604-4107 Net Cash and Investments Harvard Business School Co-Chairman of the Board, and www.cna.com is not complex. determine an estimated sum-of-the-parts CNA Preferred Stock Chairman of the Executive valuation for Loews common stock. Boardwalk Pipeline Class B Units Diamond Offshore Drilling, Inc. Charles M. Diker Committee Our primary assets include three Managing Partner Lawrence R. Dickerson publicly traded and two wholly owned Diker Management, LLC Jonathan M. Tisch President and Chief Executive Offi cer Non-Public Subsidiaries subsidiaries, and a large portfolio of Offi ce of the President, 15415 Katy Freeway HighMount Paul J. Fribourg Co-Chairman of the Board, and Houston, TX 77094-1810 cash and investments. Loews Hotels Chairman of the Board, President Chairman and Chief Executive Offi cer www.diamondoffshore.com Boardwalk Pipeline General Partner and Chief Executive Offi cer Loews Hotels Continental Grain Company HighMount Exploration & Production LLC David B. Edelson Timothy S. Parker Public Subsidiaries Walter L. Harris Senior Vice President Chief Executive Offi cer President and Chief Executive Offi cer Market valuations of our Common Shares Owned by Loews Tanenbaum-Harber Co., Inc. Gary W. Garson 16945 Northchase Drive, Suite 1750 stake in publicly traded CNA: 242.1 million Senior Vice President, Secretary and Houston, TX 77060-2151 subsidiaries totaled Diamond Offshore: 70.1 million Philip A. Laskawy General Counsel www.highmountep.com $8.6 billion, or $19.87 per Boardwalk Pipeline: 107.5 million Retired Chairman and Loews share, based on Chief Executive Offi cer Herbert C. Hofmann Boardwalk Pipeline Partners, LP closing stock prices as of Ernst & Young Senior Vice President Rolf A. Gafvert February 25, 2009. Chief Executive Offi cer Ken Miller Peter W. Keegan 9 Greenway Plaza, Suite 2800 Chief Executive Offi cer and President Senior Vice President, Chief Financial Offi cer Houston, TX 77046-0946 CNA Financial Diamond Offshore HighMount Exploration Boardwalk Pipeline Loews Hotels Ken Miller Capital, LLC Drilling & Production Partners Arthur L. Rebell www.bwpmlp.com Gloria R. Scott Senior Vice President One of the largest A worldwide deep water Engaged in the An operator of interstate Among the country’s Loews Hotels being a conglomerate allows Owner Jonathan M. Tisch commercial property & driller, with 45 offshore exploration and natural gas pipeline top luxury lodging G. Randle Services Susan Becker casualty insurance drilling rigs. production of natural systems and companies, with Vice President, Tax Chairman and Chief Executive Offi cer companies in the gas, with its primary underground storage. 18 hotels and resorts Andrew H. Tisch 667 Madison Avenue Robert F. Crook United States. holdings in the Permian in the United States diversity and fl exibility. Offi ce of the President, New York, NY 10065-8087 For more information Vice President, Internal Audit Basin in Texas, the and Canada. Co-Chairman of the Board, and www.loewshotels.com refer to page 20. For more information Operating as a conglomerate gives us fl exibility that other structures or models Antrim Shale in Chairman of the Executive For more information refer to page 24. do not possess, including the freedom to own businesses in disparate industries. Alan Momeyer Michigan and the Committee refer to page 18. For more information Vice President, Human Resources corporate offi ce Black Warrior Basin refer to page 26. James S. Tisch in Alabama. Jonathan Nathanson 667 Madison Avenue Offi ce of the President, Vice President, Corporate Development New York, NY 10065-8087 NYSE CHIEF President and Chief Executive Offi cer www.loews.com For more information SUBSIDIARY SYMBOL OWNED INDUSTRY EXECUTIVE OFFICER WEBSITE Audrey A. Rampinelli refer to page 22. Jonathan M. Tisch Vice President, Risk Management CNA Financial Commercial Property & Offi ce of the President, Corporation CNA 90% Casualty Insurance Thomas F. Motamed www.cna.com Co-Chairman of the Board, and Richard W. Scott Vice President, Chief Investment Offi cer Diamond Offshore Chairman and Chief Executive Offi cer Loews Hotels Drilling, Inc. DO 50.4% Offshore Drilling Lawrence R. Dickerson www.diamondoffshore.com John J. Kenny HighMount Treasurer Exploration & — 100% Energy Exploration Timothy S. Parker www.highmountep.com Mark S. Schwartz Production LLC & Production Controller Boardwalk Pipeline Partners, LP BWP 74% Natural Gas Pipelines Rolf A. Gafvert www.bwpmlp.com Loews Hotels Holding Corporation — 100% Luxury Lodging Jonathan M. Tisch www.loewshotels.com Member of Audit Committee Member of Executive Committee Member of Compensation Committee Member of Nominating and Governance Committee Loews we represent many things, but most of all we represent the value of being a conglomerate and the consequent value we create for our shareholders. 1 We are focused on building enduring value for our shareholders. Long term we believe the only way to manage our company is to think long term. we attach a greater priority to generating superior stock-price performance over the next 12 years than over any single 12-month period. 2 Loews Corporation 2008 Annual Report our subsidiaries benefi t from our strong fundamentals and strategic vision. When setting the strategic course for Loews, we never lose sight of a longer time horizon. value strength opportunity We are philosophically, Our balance sheet strength Our approach is to purchase assets practically, and genetically positions Loews to withstand at a discount to their inherent value. value investors. adversity and to capitalize on opportunities when they arise. we have always been a conglomerate. energy exploration & production natural gas pipelines offshore drilling insurance luxury lodging tobacco watches & clocks supertankers movie theaters 1959 1969 1979 1989 1999 2009 Subsidiaries from 1959 to 2009 3 We maintain a large balance of net cash and investments, which provides an extra measure of security. Liquidity through the years, we have remained patient and poised, and feel no pressure to invest at any given moment. we are comfortable maintaining a large amount of liquidity, which allows us to move quickly when the time is right. 4 Loews Corporation 2008 Annual Report our subsidiaries benefi t from our liquid balance sheet. Our decisions are always governed by the recognition that a conservative capital structure is an important element in generating value for shareholders. holding company cash and investments Our priorities in managing holding $2.35 billion $0.87 billion company cash and investments are to protect principal and optimize liquidity.
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