rd Point presentation in electronic form) and FBR's presentation. There is also a 25 minute Opalesque TV clip on the concept. Three page summary on Greenlight Capital Re (NASDAQ - GLRE). EFTA00672292 As of today for stock price and fund performance. As of September 30th for balance sheet information - the most rec

rd Point presentation in electronic form) and FBR's presentation. There is also a 25 minute Opalesque TV clip on the concept. Three page summary on Greenlight Capital Re (NASDAQ — GLRE). As of today for stock price and fund performance. As of September 30th for balance sheet information - the most recent earnings re

of value differential — 39% higher ROEs and 61% premium to book value): 08/11/04 Price 02/03/12 Price Rate of Return Gain on $1 mil Invested Greenlight Capital Re 10 26.29 15.10% $1,629,000 Greenlight Funds 1 1.81 8.97% $805,040 Berkshire Hathaway 86,170 119,202 4.43% $347,395 S&P Insurance Index

on to higher ROEs, shares should trade at premium to book K No K-1s and capital gains treatment in the UK, Canada, and the U.S. Proof of concept — Greenlight Capital Re (symbol - GLRE) 2 EFTA00506382 144A Offerings TAUSSIG CAPITAL ■ Hybrid private placement and public offering ■ Simpler/quicker/cheaper than