EFTA01367456.pdf

For U.S. Institutional Investors Only. Not for Retail Distribution. ABR Re Represents a Compelling Investment Opportunity ABR Reinsurance Ltd. ("ABR Re"), jointly sponsored by ACE Limited (NYSE: ACE) and BlackRock, Inc. (NYSE: BLK) (together the "Sponsors"), is a new Bermuda Class 4 reinsurance company with unique access to world class insurance and asset management services • Long-term reinsurance program access agreement with ACE Limited, providing ABR Re with proprietary access to an attractive property & casualty Business reinsurance portfolio diversified across products, geographies, and customer types") Overview • Long-term investment management agreement with BlackRock, which will manage ABR Re's invested assets in a tailored, broadly diversified, alternative investment portfolio that will include liquid strategies, private credit, hedge funds, private real assets, private equity and special situation investments") Underwriting • Immediate access to ACE's diversified reinsurance purchases will allow ABR Re to become a broadly diversified reinsurer by risk and customer type and geography within the 11, year of operations, with limited ramp-up risk • At-market reinsurance contract pricing and terms utilizing the collective underwriting expertise of ACE's sophisticated panel of reinsurers Investments • Access to the breadth and depth of BlackRock's established alternative asset management capabilities and risk analytics, representing $114bn of Distinctive Value invested alternative AUM globally Creation • Diversified and dynamic alternative investment portfolio instead of reliance on a single hedge fund or more traditional fixed income strategy • Differentiated multi-asset, multi-strategy investment approach with a focus on long-term value creation and comprehensive risk management Structure Embedded leverage and negative cost of carry as a function of reinsurance float and expected underwriting profitability Operating expense advantage through lean, scalable operating model • Efficient, Bermuda-domiciled reinsurance company • Privately placed common equity as part of an initial target capitalization of $1.0 - $1.5 billion, potentially including unsecured debt up to a maximum aggregate of 20% of total capital Investment • ACE and BlackRock each expect to acquire 9.9% of the common shares offered, for aggregate of 19.8% sponsor ownership Opportunity • ABR Holdings intends to pursue an initial public offering (IPO") or listing of its common shares within 3 — 6 years and expects to provide liquidity to investors via annual share tenders after 3 years to the extent its shares have not yet been listed (1) The find possible termination date S ACE and BlackRock is anticipated to be December 31, 2023. CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0059008 CONFIDENTIAL SDNY_GM_00205192 EFTA01367456