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Sony Pictures Entertainment Inc. International Property Pre-Renewal Meeting January 28 th , 2014

Meeting summary for Sony Pictures International Property Program renewal strategy. Review of premium vs. incurred losses, market analysis, risk concentration, and renewal objectives. Focus on MCIP strategy and terms improvement.

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Sony Pictures Entertainment Inc. International Property Pre-Renewal Meeting January 28 th , 2014

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  1. Sony Pictures Entertainment Inc.International Property Pre-Renewal MeetingJanuary 28th, 2014

  2. International Property Program Summary

  3. International Premium Summary US Master Underliers Stand-Alone

  4. Premium vs. Exposure Tentative VAR • MCIP • - Argentina • - Australia • - Belgium • - China • - Hong Kong • - Mexico • - Russia • - Singapore • - South Korea • - Spain • - UK & Ireland • - Venezuela • - European FoS • - Terrorism • - Japan EQ • MCIP • - Argentina • - Australia • - Belgium • - China • - France • - Hong Kong • - Mexico • - Philippines • - Russia • - Singapore • - South Korea • - Spain • - UK & Ireland • - Venezuela • - European FoS • - Terrorism • - Japan EQ • DIC/DIL • - Italy • - UK • - Terrorism • - Japan EQ Premium: $256,093 Premium: $216,441 Premium: $204,522 Premium: $255,291

  5. Premium vs. Incurred Losses 1/27/2013 Brazil Flood 3/12/2007 Milan Fire

  6. Loss Summary

  7. Renewal Strategy • State of the Market • Sufficient Market Capacity • Large Drop in CAT Losses • Investment Income Flat, But Improving • Constricting Number of Markets for International Property Programs • Reinsurance Treaty Renewals Favorable • Risk Concentration • Mapping of Global CAT Risk Increasingly Difficult • Terms & Conditions • Renewal Objectives • Maintain MCIP Strategy • Target Improvements to Terms and Conditions: • Deductibles: • India CAT • Mexico CAT • Sublimits: • Business Interruption • Ingress/Egress • Utilities

  8. Renewal Timeline

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