1. ACE LIMITED A GLOBAL PREFERRED STRATEGIC PARTNER Sprinklers from an Insurer’s perspective. Copenhagen 24 – 25, June 2008 1

2. AGENDA  A brief introduction to ACE  Insurance terminology  Capacity calculations and the impact of automatic sprinklers 2

3. A BRIEF INTRODUCTION: WE ARE A NEW OLD COMPANY  1985 – Established in Bermuda with six employees to provide hard to place Excess Liability and D&O  1996 – 1999 – Eight acquisitions to build global platform including Lloyd’s syndicate 2488, Tempest Re, Westchester Fire and in 1999 CIGNA’s global P&C operations.  1999 - Acquisition of Insurance Company of North America, established in Philadelphia in 1792. The oldest stock insurance company in the United States  2007 - Through acquisition and organic development we now have one of the few true global platforms, with over 10,000 employees operating in 50 countries 3

4. A BRIEF INTRODUCTION: WE HAVE THE FINANCIAL STRENGTH YOU NEED  Net Written Premium$ 12 billion  Net Income$ 2.3 billion  Combined Ratio 88.1%  ROE 18.5%  Total Assets$ 71 billion  Book Value$ 15.2 billion  Financial Strength Rating A+ (S&P, AM Best) 4 2006 30/6/07

5. Latin America Argentina Brazil Chile Colombia Ecuador Mexico Peru Puerto Rico Europe & Middle EastAustria Italy Bahrain Netherlands Belgium Norway Czech Republic Poland Denmark Portugal Egypt Saudi Arabia Finland South Africa France Spain Germany Sweden Gibraltar Switzerland Germany UK Hungary Ireland Asia Pacific Australia New Zealand China Pakistan Guam Philippines Hong Kong Singapore Indonesia Taiwan Korea Thailand Macao Vietnam Malaysia A BRIEF INTRODUCTION – FOOTPRINT: WE ARE IDEALLY POSITIONED TO SERVE OUR CUSTOMERS WORLDWIDE North America Bermuda Canada USA 5 58.4% of NWP 24.8% of NWP 7.1% of NWP 5.5% of NWP Far East Japan 4.2% of NWP  Admitted status in all of the world’s major markets * NWP: Non-Life Insurance Premium (excludes Life & Reinsurance)

6. A BRIEF INTRODUCTION: OUR BASIC STRUCTURE INSURANCE NORTH AMERICA INSURANCE NORTH AMERICA INSURANCE OVERSEAS GENERAL INSURANCE OVERSEAS GENERAL GLOBAL REINSURANCE LIFE INSURANCE REINSURANCE LIFE INSURANCE REINSURANCE ACE BERMUDA ACE BERMUDA ACE CANADA ACE CANADA ACE USA ACE USA EUROPE ACE LATIN AMERICA ACE LATIN AMERICA ACE ASIA PACIFIC ACE ASIA PACIFIC ACE EUROPE ACE EUROPE ACE FAR EAST ACE FAR EAST BERMUDA USA ACE GLOBAL MARKETS ACE GLOBAL MARKETS DIRECT INSURANCE DIRECT INSURANCE EUROPE LATIN AMERICA LATIN AMERICA ASIA ACE TEMPEST LIFE ACE TEMPEST LIFE BERMUDA USA ACE TEMPEST RE ACE TEMPEST RE 6 ACE INTERNATIONAL ACE INTERNATIONAL  Dedicated leadership at global, regional and country level  Matrix organization. Local business line management report to country/regional heads and product line leaders  Execution is in country by local professionals

7. OUR STRATEGIC DIRECTION: INTERNATIONAL  An organization focused on, and management aligned with a diverse customer base, product mix and geographical presence  Four key market segments: - Large/Multinational - Commercial Property & Casualty - Small/Middle Market – SME - Individual Consumers: Life, Accident & Health and Select Personal Lines  Growth will be organic and through opportunistic acquisitions or strategic partnerships that will add to our distribution, product or geographic mix  Pursue significant growth in Accident & Health, SME, Personal Lines and Life Insurance in all regions. 7

8. OUR STRATEGIC DIRECTION (CON’T)  Maximize our opportunity in China and other emerging or developing markets  Continue to expand our geographic presence – India, Turkey, Panama  We will always be an “underwriting company”, proactive in our search for opportunities across the globe but disciplined in our approach to underwriting 8

9. Insurance Terminology Rate – price per insured unit, Premium – total money paid for insurance, Capacity – the total amount of risk, an insurance company can assume, Lead insurer – defines terms and conditions, Follow insurer – accepts T&C of lead insurer, Re-insurance – that part of the risk that is not kept by the primary insurer, Loss ratio – a ratio of dollar losses paid per dollar income, Combined Ratio – a ratio that is the sum of the loss ratio, company and adjusters expense ratio profit

10. Insurance Terminology Amount Subject – Possible maximum loss, PML – probable maximum loss, Public Protection modifier – a combination of the public fire department and public water supply,( 1- 2.75) Automatic sprinkler modifier,( 1 – 3) Grade of Risk modifier – a management evaluation score ( 1- 2.5)