d. Outperformance Analysis — Since Inception (08/11/04): GLRE Price/Book Value is currently 1.22x (has been as high as 1.7x and has averaged 1.4x) Offshore Investors (Drivers 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