CNA Financial Corporation

Supplemental Financial Information

September 30, 2008

This report is for informational purposes only and includes consolidated financial statements and financial exhibits that are unaudited. This report should be read in conjunction with documents filed with the U.S. Securities and Exchange Commission, including the most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q.

CNA Financial Corporation
Table of Contents
September 30, 2008

	Page
Definitions and Presentation		i
Statements of Operations		1
Components of Net Income, Per Share Data and Return on Equity		2
Selected Balance Sheets Data and Statements of Cash Flows Data		3
Claim & Claim Adjustment Expense Reserve Rollforward		4
Investments by Segment Aggregation		5
Mortgage and Asset-Backed Holdings		6-9
Property & Casualty Results of Operations (Three Months Ended)		10
Life & Group Non-Core and Corporate & Other Non-Core Segments Results of Operations (Three Months Ended)		11
Property & Casualty Results of Operations (Nine Months Ended)		12
Life & Group Non-Core and Corporate & Other Non-Core Segments Results of Operations (Nine Months Ended)		13
Analysis of Pretax Net Investment Income		14
Statutory Data — Preliminary		15
Property & Casualty Operations Loss and LAE Ratio Analysis		16

CNA Financial Corporation

Definitions and Presentation

• P&C Operations includes Standard Lines and Specialty Lines.

• Life & Group Non-Core segment primarily includes the results of the life and group lines of business that are in run-off.

• Corporate & Other Non-Core segment primarily includes certain corporate expenses including interest on corporate debt and the results of certain property and casualty business primarily in run-off, including CNA Re. This segment also includes the results related to the centralized adjusting and settlement of asbestos and environmental pollution claims (A&E).

• Property and Casualty Companies includes Standard Lines, Specialty Lines and P&C business written in the Life & Group Non-Core and Corporate & Other Non-Core segments.

• Management utilizes the net operating income financial measure to monitor the Company’s operations. Please refer to Note N of the Consolidated Financial Statements within the 2007 Form 10-K, as amended by Form 10-K/A, for further discussion of this measure.

• In evaluating the results of Standard Lines and Specialty Lines, management utilizes the combined ratio, the loss ratio, the expense ratio, and the dividend ratio. These ratios are calculated using financial results prepared in accordance with accounting principles generally accepted in the United States of America (GAAP). The loss ratio is the percentage of net incurred claim and claim adjustment expenses to net earned premiums. The expense ratio is the percentage of insurance underwriting and acquisition expenses, including the amortization of deferred acquisition costs, to net earned premiums. The dividend ratio is the ratio of policyholders’ dividends incurred to net earned premiums. The combined ratio is the sum of the loss, expense and dividend ratios.

• Limited partnerships (LPs) are a relatively small portion of CNA’s overall investment portfolio. Our limited partnership investments cover a broad range of investment strategies including fixed income arbitrage, global arbitrage, long/short equity, relative value, multi-strategy and private equity. The investments across partnerships and investment strategies provide for risk diversification within the limited partnership portfolio and the overall investment portfolio. These strategies consist primarily of underlying marketable securities and may include low levels of leverage and the use of derivatives which may potentially introduce more volatility and risk to the partnership returns.

• Certain immaterial differences are due to rounding.

• N/M = Not Meaningful

i

CNA FINANCIAL CORPORATION
Financial Supplement
Statements of Operations

							Fav /									Fav /
PERIOD ENDED SEPTEMBER 30	Three Months						(Unfav)			Nine Months						(Unfav)
(In millions)	2008			2007			% Change			2008			2007			% Change
STATEMENTS OF OPERATIONS
Revenues:
Net earned premiums	$	1,799		$	1,882			(4	)%	$	5,386		$	5,617			(4	)%
Net investment income		439			580			(24	)		1,449			1,859			(22	)
Realized investment losses, net of participating policyholders’ and minority interests		(651	)		(57	)		N/M			(813	)		(217	)		N/M
Other revenues		72			79			(9	)		240			211			14
Total revenues		1,659			2,484			(33	)		6,262			7,470			(16	)
Claims, benefits and expenses:
Insurance claims and policyholders’ benefits		1,519			1,575			4			4,380			4,496			3
Amortization of deferred acquisition costs		355			384			8			1,083			1,137			5
Other operating expenses		294			244			(20	)		724			722			—
Interest		33			35			6			100			104			4
Total claims, benefits and expenses		2,201			2,238			2			6,287			6,459			3
Income (loss) before income tax and minority interest		(542	)		246			N/M			(25	)		1,011			(102	)
Income tax (expense) benefit		218			(56	)		N/M			92			(279	)		133
Minority interest		(16	)		(16	)		—			(40	)		(37	)		(8	)
Income (loss) from continuing operations		(340	)		174			N/M			27			695			(96	)
Income (loss) from discontinued operations, net of tax		9			—			N/M			10			(8	)		N/M
Net income (loss)	$	(331	)	$	174			N/M	%	$	37		$	687			(95	)%

1

CNA FINANCIAL CORPORATION
Financial Supplement
Components of Net Income, Per Share Data and Return on Equity

							Fav /									Fav /
PERIOD ENDED SEPTEMBER 30	Three Months						(Unfav)			Nine Months						(Unfav)
(In millions, except per share data)	2008			2007			% Change			2008			2007			% Change
COMPONENTS OF NET INCOME
Net operating income	$	83		$	212			(61	)%	$	554		$	837			(34	)%
Net realized investment losses, net of participating policyholders’ and minority interests		(423	)		(38	)		N/M			(527	)		(142	)		N/M
Income (loss) from continuing operations		(340	)		174			N/M			27			695			(96	)
Income (loss) from discontinued operations, net of tax		9			—			N/M			10			(8	)		N/M
Net income (loss)	$	(331	)	$	174			N/M	%	$	37		$	687			(95	)%
BASIC AND DILUTED EARNINGS PER SHARE
Net operating income	$	0.31		$	0.78			(60	)%	$	2.06		$	3.08			(33	)%
Net realized investment losses, net of participating policyholders’ and minority interests		(1.57	)		(0.14	)		N/M			(1.96	)		(0.52	)		N/M
Income (loss) from continuing operations		(1.26	)		0.64			N/M			0.10			2.56			(96	)
Income (loss) from discontinued operations, net of tax		0.03			—			N/M			0.04			(0.03	)		N/M
Basic and diluted earnings (loss) per share available to common stockholders	$	(1.23	)	$	0.64			N/M	%	$	0.14		$	2.53			(94	)%
WEIGHTED AVERAGE OUTSTANDING COMMON STOCK AND COMMON STOCK EQUIVALENTS
Basic		269.0			271.6						269.6			271.5
Diluted		269.1			271.9						269.6			271.8
RETURN ON EQUITY
Net income (loss) (1)		(15.5	)%		6.9	%					0.6	%		9.2	%
Net operating income (loss) (2)		3.3			8.6						7.4			11.7

(1)	Annualized net income (loss) divided by the average stockholders’ equity including accumulated other comprehensive income (AOCI) for the period. Average equity including AOCI is calculated using a simple average of the beginning and ending balances for the period.
(2)	Annualized net operating income divided by the average stockholders’ equity excluding AOCI for the period. Average equity excluding AOCI is calculated using a simple average of the beginning and ending balances for the period.

2

CNA FINANCIAL CORPORATION
Financial Supplement
Selected Balance Sheets Data and Statements of Cash Flows Data

(In millions, except per share data)	September 30, 2008			December 31, 2007
Total assets	$	53,708		$	56,759
Insurance reserves		39,468			40,222
Debt		2,007			2,157
Total liabilities		45,568			46,224
Minority interest		404			385
Accumulated other comprehensive income (loss)		(2,163	)		103
Total stockholders’ equity		7,736			10,150
Book value per common share	$	28.75		$	37.36
Book value per common share excluding AOCI	$	36.79		$	36.98
Outstanding shares of common stock (in millions of shares)		269.0			271.7

THREE MONTHS ENDED
SEPTEMBER 30
(In millions)	2008			2007
Net cash flows provided by operating activities (1)	$	449		$	172
Net cash flows used by investing activities		(277	)		(138	)
Net cash flows used by financing activities		(139	)		(29	)
Net cash flows from operating, investing and financing activities	$	33		$	5

NINE MONTHS ENDED
SEPTEMBER 30
(In millions)	2008			2007
Net cash flows provided by operating activities (1)	$	1,261		$	713
Net cash flows used by investing activities		(508	)		(667	)
Net cash flows used by financing activities		(733	)		(83	)
Net cash flows from operating, investing and financing activities	$	20		$	(37	)

(1) Operating cash flows for the three and nine months ended September 30, 2008 include $(9) million and $(7) million related to discontinued operations. Operating cash flows for the three and nine months ended September 30, 2007 include $9 million and $(16) million related to discontinued operations.

3

CNA FINANCIAL CORPORATION
Financial Supplement
Claim & Claim Adjustment Expense Reserve Rollforward

THREE MONTHS ENDED SEPTEMBER 30, 2008
										Life & Group			Corporate &
(In millions)	Standard Lines			Specialty Lines			P&C Operations			Non-Core			Other Non-Core			Total Operations
Claim & claim adjustment expense reserves, beginning of period
Gross	$	11,976		$	8,520		$	20,496		$	2,972		$	4,734		$	28,202
Ceded		2,110			1,633			3,743			1,060			1,866			6,669
Net		9,866			6,887			16,753			1,912			2,868			21,533
Net incurred claim & claim adjustment expenses		734			516			1,250			120			36			1,406
Net claim & claim adjustment expense payments		(623	)		(446	)		(1,069	)		(117	)		(123	)		(1,309	)
Foreign currency translation adjustment		—			(72	)		(72	)		(1	)		(2	)		(75	)
Claim & claim adjustment expense reserves, end of period
Net		9,977			6,885			16,862			1,914			2,779			21,555
Ceded		2,180			1,479			3,659			1,016			1,793			6,468
Gross	$	12,157		$	8,364		$	20,521		$	2,930		$	4,572		$	28,023
NINE MONTHS ENDED SEPTEMBER 30, 2008
										Life & Group			Corporate &
(In millions)	Standard Lines			Specialty Lines			P&C Operations			Non-Core			Other Non-Core			Total Operations
Claim & claim adjustment expense reserves, beginning of period
Gross	$	12,048		$	8,403		$	20,451		$	3,027		$	5,110		$	28,588
Ceded		2,128			1,786			3,914			1,147			1,995			7,056
Net		9,920			6,617			16,537			1,880			3,115			21,532
Net incurred claim & claim adjustment expenses		1,877			1,646			3,523			380			94			3,997
Net claim & claim adjustment expense payments		(1,820	)		(1,313	)		(3,133	)		(347	)		(426	)		(3,906	)
Foreign currency translation adjustment		—			(65	)		(65	)		1			(4	)		(68	)
Claim & claim adjustment expense reserves, end of period
Net		9,977			6,885			16,862			1,914			2,779			21,555
Ceded		2,180			1,479			3,659			1,016			1,793			6,468
Gross	$	12,157		$	8,364		$	20,521		$	2,930		$	4,572		$	28,023

4

CNA FINANCIAL CORPORATION
Financial Supplement
Investments by Segment Aggregation

	September 30, 2008					June 30, 2008					December 31, 2007
(In millions)	Book Value			Fair Value		Book Value			Fair Value		Book Value			Fair Value
Property & Casualty and Corporate & Other Non-Core:
Fixed maturities — taxable	$	17,877		$	16,081	$	17,976		$	16,936	$	19,351		$	18,951
Fixed maturities — tax exempt		5,772			5,310		5,179			4,990		5,815			5,810
Equities		549			584		753			836		254			459
Short-term investments		4,558			4,563		4,922			4,920		4,385			4,387
Limited partnership investments		1,965			1,965		2,067			2,067		1,877			1,877
Other		5			62		4			8		8			71
Total investments	$	30,726		$	28,565	$	30,901		$	29,757	$	31,690		$	31,555
Net receivable/(payable)	$	47				$	256				$	(265	)
Securities lending collateral		—					—					(53	)
Life & Group Non-Core:
Fixed maturities — taxable	$	6,761		$	6,129	$	6,862		$	6,791	$	7,422		$	7,631
Fixed maturities — tax exempt		2,009			1,656		1,974			1,843		1,800			1,865
Equities		560			377		751			583		112			109
Short-term investments		186			186		144			144		290			290
Limited partnership investments		145			145		254			254		337			337
Other		—			1		1			1		2			2
Total investments	$	9,661		$	8,494	$	9,986		$	9,616	$	9,963		$	10,234
Net receivable/(payable)	$	(23	)			$	(5	)			$	1
Securities lending collateral		—					—					—
Total investments	$	40,387		$	37,059	$	40,887		$	39,373	$	41,653		$	41,789
Total net receivable/(payable)	$	24				$	251				$	(264	)
Total securities lending collateral		—					—					(53	)

The information above related to net receivable/(payable) and securities lending collateral is provided to facilitate an analysis of significant changes in book value. When compared to the net receivable/(payable) per the Consolidated Balance Sheet, the amounts above exclude $24 million, $27 million, and $53 million as of September 30, 2008, June 30, 2008, and December 31, 2007 where the net receivable/(payable) balance does not relate to change in book value.

5

CNA FINANCIAL CORPORATION
Financial Supplement
Mortgage and Asset-Backed Holdings
As of September 30, 2008
(In millions)

Invested Assets Fair Value By Segment

	P&C and
	Corporate & Other				Life & Group
	Non-Core		%		Non-Core		%		Total		%
MBS/CMO/ABS/CDO	$	7,951		21.4	$	842		2.3	$	8,793		23.7
Other taxable fixed maturities		8,130		21.9		5,287		14.2		13,417		36.1
Tax exempt fixed maturities		5,310		14.3		1,656		4.5		6,966		18.8
All other		7,174		19.5		709		1.9		7,883		21.4
Total investments	$	28,565		77.1	$	8,494		22.9	$	37,059		100.0

Invested Assets Amortized Cost By Segment

	P&C and
	Corporate & Other				Life & Group
	Non-Core		%		Non-Core		%		Total		%
MBS/CMO/ABS/CDO	$	9,022		22.3	$	974		2.4	$	9,996		24.7
Other taxable fixed maturities		8,855		21.9		5,787		14.3		14,642		36.2
Tax exempt fixed maturities		5,772		14.4		2,009		5.0		7,781		19.4
All other		7,077		17.5		891		2.2		7,968		19.7
Total investments	$	30,726		76.1	$	9,661		23.9	$	40,387		100.0

MBS/CMO/ABS/CDO Fair Value Distribution

																					% of Total
	MBS		%		CMO		%		ABS		%		CDO		%		Total		%		Investments
U.S. Government Agencies	$	448		5.1	$	1,061		12.1	$	—		—	$	—		—	$	1,509		17.2		4.1
AAA		—		—		4,379		49.8		1,929		21.9		9		0.1		6,317		71.8		17.0
AA		—		—		42		0.5		294		3.3		25		0.3		361		4.1		1.0
A		—		—		1		—		107		1.2		71		0.8		179		2.0		0.5
BBB		—		—		33		0.4		291		3.3		10		0.1		334		3.8		0.9
<BBB & Equity Tranches		—		—		27		0.3		43		0.5		23		0.3		93		1.1		0.2
Total MBS/CMO/ABS/CDO	$	448		5.1	$	5,543		63.1	$	2,664		30.2	$	138		1.6	$	8,793		100.0		23.7
Sub-prime (Included Above)	$	—			$	—			$	1,371			$	7			$	1,378		15.7		3.7
Alt-A (Included Above)	$	—			$	1,084			$	—			$	4			$	1,088		12.4		2.9

MBS/CMO/ABS/CDO Amortized Cost Distribution

																					% of Total
	MBS		%		CMO		%		ABS		%		CDO		%		Total		%		Investments
U.S. Government Agencies	$	454		4.6	$	1,091		10.9	$	—		—	$	—		—	$	1,545		15.5		3.8
AAA		—		—		4,932		49.3		2,065		20.7		10		0.1		7,007		70.1		17.4
AA		—		—		58		0.6		430		4.3		76		0.7		564		5.6		1.4
A		—		—		10		0.1		173		1.7		197		2.0		380		3.8		0.9
BBB		—		—		40		0.4		298		3.0		40		0.4		378		3.8		0.9
<BBB & Equity Tranches		—		—		32		0.3		52		0.5		38		0.4		122		1.2		0.3
Total MBS/CMO/ABS/CDO	$	454		4.6	$	6,163		61.6	$	3,018		30.2	$	361		3.6	$	9,996		100.0		24.7
Sub-prime (Included Above)	$	—			$	—			$	1,535			$	32			$	1,567		15.7		3.9
Alt-A (Included Above)	$	—			$	1,268			$	—			$	8			$	1,276		12.8		3.2

(1)	In addition to sub-prime exposure in fixed maturity securities, there is exposure of approximately $41 million through limited partnerships and credit default swaps.
MBS	– Mortgage-backed securities
CMO	– Collateralized mortgage obligations
ABS	– Asset-backed securities
CDO	– Collateralized debt obligations

6

CNA FINANCIAL CORPORATION
Financial Supplement
Mortgage and Asset-Backed Holdings
As of September 30, 2008
(In millions)

Sub-Prime Fair Value Quality Distribution by Vintage Year

																	<BBB &
																	Equity
	AAA		%		AA		%		A		%		BBB		%		Tranches		%		Total		%
2007	$	164		11.9	$	—		—	$	—		—	$	—		—	$	—		—	$	164		11.9
2006		668		48.5		96		7.0		—		—		65		4.7		14		1.0		843		61.2
2005		138		10.0		46		3.3		8		0.6		5		0.3		2		0.2		199		14.4
2004		14		1.0		20		1.4		49		3.5		2		0.2		9		0.7		94		6.8
2003 & prior		8		0.6		19		1.4		29		2.1		6		0.4		16		1.2		78		5.7
Total sub-prime	$	992		72.0	$	181		13.1	$	86		6.2	$	78		5.6	$	41		3.1	$	1,378		100.0

Sub-Prime Amortized Cost Quality Distribution by Vintage Year

																	<BBB &
																	Equity
	AAA		%		AA		%		A		%		BBB		%		Tranches		%		Total		%
2007	$	166		10.6	$	—		—	$	—		—	$	—		—	$	—		—	$	166		10.6
2006		698		44.5		126		8.0		—		—		64		4.1		17		1.1		905		57.7
2005		143		9.1		70		4.5		32		2.0		5		0.3		2		0.1		252		16.0
2004		15		1.0		24		1.6		87		5.6		3		0.2		11		0.7		140		9.1
2003 & prior		8		0.5		31		2.0		38		2.4		8		0.5		19		1.2		104		6.6
Total sub-prime	$	1,030		65.7	$	251		16.1	$	157		10.0	$	80		5.1	$	49		3.1	$	1,567		100.0

Alt-A Fair Value Quality Distribution by Vintage Year

																	<BBB &
																	Equity
	AAA		%		AA		%		A		%		BBB		%		Tranches		%		Total		%
2007	$	192		17.7	$	16		1.5	$	—		—	$	—		—	$	11		1.0	$	219		20.2
2006		131		12.0		1		0.1		—		—		—		—		17		1.5		149		13.6
2005		149		13.7		1		0.1		—		—		—		—		—		—		150		13.8
2004		445		40.9		1		0.1		—		—		—		—		—		—		446		41.0
2003 & prior		124		11.4		—		—		—		—		—		—		—		—		124		11.4
Total Alt-A	$	1,041		95.7	$	19		1.8	$	—		—	$	—		—	$	28		2.5	$	1,088		100.0

Alt-A Amortized Cost Quality Distribution by Vintage Year

																	<BBB &
																	Equity
	AAA		%		AA		%		A		%		BBB		%		Tranches		%		Total		%
2007	$	229		17.9	$	17		1.3	$	—		—	$	—		—	$	12		0.9	$	258		20.1
2006		142		11.1		1		0.1		—		—		—		—		22		1.7		165		12.9
2005		182		14.3		1		0.1		—		—		—		—		—		—		183		14.4
2004		523		41.0		1		0.1		—		—		—		—		—		—		524		41.1
2003 & prior		146		11.5		—		—		—		—		—		—		—		—		146		11.5
Total Alt-A	$	1,222		95.8	$	20		1.6	$	—		—	$	—		—	$	34		2.6	$	1,276		100.0

7

CNA FINANCIAL CORPORATION
Financial Supplement
Mortgage and Asset-Backed Holdings
As of September 30, 2008
(In millions)

MBS Distribution By Collateral Type & Quality

	15 Year				30 Year				ARM				Other				Total
	Fair		Amortized		Fair		Amortized		Fair		Amortized		Fair		Amortized		Fair		Amortized
	Value		Cost		Value		Cost		Value		Cost		Value		Cost		Value		Cost
U.S. Government Agencies	$	23	$	23	$	382	$	386	$	23	$	24	$	20	$	21	$	448	$	454
AAA		—		—		—		—		—		—		—		—		—		—
AA		—		—		—		—		—		—		—		—		—		—
A		—		—		—		—		—		—		—		—		—		—
BBB		—		—		—		—		—		—		—		—		—		—
<BBB & Equity Tranches		—		—		—		—		—		—		—		—		—		—
Total MBS	$	23	$	23	$	382	$	386	$	23	$	24	$	20	$	21	$	448	$	454
Included in Total MBS:
Sub-prime	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Alt-A		—		—		—		—		—		—		—		—		—		—
Prime		23		23		382		386		23		24		20		21		448		454
Total MBS	$	23	$	23	$	382	$	386	$	23	$	24	$	20	$	21	$	448	$	454

CMO Distribution By Collateral Type & Quality

	15 Year				30 Year				ARM				Other				Total
	Fair		Amortized		Fair		Amortized		Fair		Amortized		Fair		Amortized		Fair		Amortized
	Value		Cost		Value		Cost		Value		Cost		Value		Cost		Value		Cost
U.S. Government Agencies	$	119	$	120	$	365	$	368	$	—	$	—	$	577	$	603	$	1,061	$	1,091
AAA		306		331		2,647		2,991		1,013		1,179		413		431		4,379		4,932
AA		—		—		24		37		18		21		—		—		42		58
A		—		—		—		—		1		10		—		—		1		10
BBB		6		9		—		—		27		31		—		—		33		40
<BBB & Equity Tranches		—		—		14		16		13		16		—		—		27		32
Total CMO	$	431	$	460	$	3,050	$	3,412	$	1,072	$	1,257	$	990	$	1,034	$	5,543	$	6,163
Included in Total CMO:
Sub-prime	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Alt-A		68		75		826		983		190		210		—		—		1,084		1,268
Prime		363		385		2,224		2,429		882		1,047		990		1,034		4,459		4,895
Total CMO	$	431	$	460	$	3,050	$	3,412	$	1,072	$	1,257	$	990	$	1,034	$	5,543	$	6,163

ARM	— Adjustable rate mortgages
MBS	— Mortgage-backed securities
CMO	— Collateralized mortgage obligations

8

CNA FINANCIAL CORPORATION
Financial Supplement
Mortgage and Asset-Backed Holdings
As of September 30, 2008
(In millions)

ABS Distribution By Collateral Type & Quality

	CMBS				RMBS				Auto Loans				Home Equity				Student Loans				Other				Total
	Fair		Amortized		Fair		Amortized		Fair		Amortized		Fair		Amortized		Fair		Amortized		Fair		Amortized		Fair		Amortized
	Value		Cost		Value		Cost		Value		Cost		Value		Cost		Value		Cost		Value		Cost		Value		Cost
AAA	$	648	$	719	$	671	$	695	$	31	$	32	$	321	$	334	$	120	$	148	$	138	$	137	$	1,929	$	2,065
AA		108		172		60		88		5		6		120		163		—		—		1		1		294		430
A		27		47		61		104		1		1		18		21		—		—		—		—		107		173
BBB		13		19		6		8		200		199		72		72		—		—		—		—		291		298
<BBB & Equity Tranches		1		2		33		39		—		—		9		11		—		—		—		—		43		52
Total ABS	$	797	$	959	$	831	$	934	$	237	$	238	$	540	$	601	$	120	$	148	$	139	$	138	$	2,664	$	3,018
Included in Total ABS:
Sub-prime	$	—	$	—	$	831	$	934	$	—	$	—	$	540	$	601	$	—	$	—	$	—	$	—	$	1,371	$	1,535
Alt-A		—		—		—		—		—		—		—		—		—		—		—		—		—		—
Prime & Non-Residential Mortgages		797		959		—		—		237		238		—		—		120		148		139		138		1,293		1,483
Total ABS	$	797	$	959	$	831	$	934	$	237	$	238	$	540	$	601	$	120	$	148	$	139	$	138	$	2,664	$	3,018

CDO Distribution By Collateral Type & Quality

	CMBS				RMBS				CDS				Other				Total
	Fair		Amortized		Fair		Amortized		Fair		Amortized		Fair		Amortized		Fair		Amortized
	Value		Cost		Value		Cost		Value		Cost		Value		Cost		Value		Cost
AAA	$	—	$	—	$	—	$	—	$	9	$	10	$	—	$	—	$	9	$	10
AA		24		75		—		—		—		—		1		1		25		76
A		53		144		—		—		18		53		—		—		71		197
BBB		10		40		—		—		—		—		—		—		10		40
<BBB & Equity Tranches		6		8		4		8		1		1		12		21		23		38
Total CDO	$	93	$	267	$	4	$	8	$	28	$	64	$	13	$	22	$	138	$	361
Included in Total CDO:
Sub-prime	$	—	$	—	$	—	$	—	$	7	$	32	$	—	$	—	$	7	$	32
Alt-A		—		—		4		8		—		—		—		—		4		8
Prime & Non-Residential Mortgages		93		267		—		—		21		32		13		22		127		321
Total CDO	$	93	$	267	$	4	$	8	$	28	$	64	$	13	$	22	$	138	$	361

ABS	— Asset-backed securities
CMBS	— Commercial mortgage-backed securities
RMBS	— Residential mortgage-backed securities
CDO	— Collateralized debt obligations
CDS	— Credit default swaps

9

CNA FINANCIAL CORPORATION
Financial Supplement
Property & Casualty Results of Operations

THREE MONTHS ENDED	Standard Lines									Specialty Lines									P&C Operations
SEPTEMBER 30							Fav / (Unfav)									Fav / (Unfav)									Fav / (Unfav)
(In millions)	2008			2007			% Change			2008			2007			% Change			2008			2007			% Change
Gross written premiums	$	804		$	856			(6)	%	$	1,290		$	1,337			(4)	%	$	2,094		$	2,193			(5)	%
Net written premiums		723			753			(4	)		875			886			(1	)		1,598			1,639			(3	)
Net earned premiums		762			841			(9	)		882			885			—			1,644			1,726			(5	)
Net investment income		136			209			(35	)		121			152			(20	)		257			361			(29	)
Other revenues		13			9			44			59			50			18			72			59			22
Total operating revenues		911			1,059			(14	)		1,062			1,087			(2	)		1,973			2,146			(8	)
Claims, benefits and expenses:
Net incurred claims and benefits		734			511			(44	)		516			556			7			1,250			1,067			(17	)
Policyholders’ dividends		(10	)		4			N/M			2			1			(100	)		(8	)		5			N/M
Amortization of deferred acquisition costs		174			190			8			177			190			7			351			380			8
Other insurance related expenses		87			82			(6	)		79			45			(76	)		166			127			(31	)
Other expenses		20			12			(67	)		52			44			(18	)		72			56			(29	)
Total claims, benefits and expenses		1,005			799			(26	)		826			836			1			1,831			1,635			(12	)
Operating income (loss) before income tax and minority interest		(94	)		260			(136	)		236			251			(6	)		142			511			(72	)
Income tax (expense) benefit on operating income (loss)		41			(82	)		150			(74	)		(82	)		10			(33	)		(164	)		80
Minority interest		—			—			N/M			(17	)		(16	)		(6	)		(17	)		(16	)		(6	)
Net operating income (loss) from continuing operations		(53	)		178			(130	)		145			153			(5	)		92			331			(72	)
Realized investment losses, net of participating policyholders’ and minority interests		(178	)		(29	)		N/M			(116	)		(13	)		N/M			(294	)		(42	)		N/M
Income tax benefit on realized investment losses		63			10			N/M			41			4			N/M			104			14			N/M
Net income (loss) from continuing operations	$	(168	)	$	159			N/M	%	$	70		$	144			(51)	%	$	(98	)	$	303			(132)	%
FINANCIAL RATIOS
Loss & LAE		96.3	%		60.9	%					58.5	%		62.8	%					76.0	%		61.9	%
Acquisition expense		20.3			18.6						18.7			17.0						19.4			17.8
Underwriting expense		14.1			13.7						10.3			9.6						12.1			11.6
Expense		34.4			32.3						29.0			26.6						31.5			29.4
Dividend		(1.4	)		0.4						0.3			0.2						(0.5	)		0.3
Combined ratio		129.3	%		93.6	%					87.8	%		89.6	%					107.0	%		91.6	%
RATIO IMPACTS
Impact of catastrophes
Pretax net accident year catastrophe losses incurred	$	236		$	10					$	12		$	—					$	248		$	10
Impact on loss & LAE ratio		31.0	%		1.2	%					1.3	%		—	%					15.1	%		0.6	%
Pretax assessments related to catastrophes	$	10		$	—					$	—		$	—					$	10		$	—
Impact on expense ratio		1.4	%		—	%					—	%		—	%					0.6	%		—	%
Impact of development & other
Pretax net development: (favorable) / unfavorable
Prior year loss & ALAE reserve development	$	(4	)	$	(67	)				$	(68	)	$	3					$	(72	)	$	(64	)
Prior year premium development		3			(5	)					(2	)		(3	)					1			(8	)
Other (1)		7			8						—			—						7			8
Total development & other	$	6		$	(64	)				$	(70	)	$	—					$	(64	)	$	(64	)
Impact of development & other on loss & LAE ratio		0.9	%		(7.5)	%					(7.9)	%		0.2	%					(3.9)	%		(3.5)	%

(1) Other includes the impacts of change in allowance for uncollectible reinsurance and interest accretion.

10

CNA FINANCIAL CORPORATION
Financial Supplement
Life & Group Non-Core and Corporate & Other Non-Core Segments Results of Operations

THREE MONTHS ENDED	P&C Operations						Life & Group Non-Core									Corporate & Other Non-Core									Total Operations
SEPTEMBER 30													Fav / (Unfav)									Fav / (Unfav)									Fav / (Unfav)
(In millions)	2008			2007			2008			2007			% Change			2008			2007			% Change			2008			2007			% Change
Net earned premiums	$	1,644		$	1,726		$	154		$	156			(1)	%	$	1		$	—			N/M	%	$	1,799		$	1,882			(4)	%
Net investment income		257			361			135			145			(7	)		47			74			(36	)		439			580			(24	)
Other revenues		72			59			(1	)		16			(106	)		1			4			(75	)		72			79			(9	)
Total operating revenues		1,973			2,146			288			317			(9	)		49			78			(37	)		2,310			2,541			(9	)
Claims, benefits and expenses:
Net incurred claims and benefits		1,250			1,067			294			463			37			(19	)		40			148			1,525			1,570			3
Policyholders’ dividends		(8	)		5			2			—			N/M			—			—			N/M			(6	)		5			N/M
Amortization of deferred acquisition costs		351			380			4			4			—			—			—			N/M			355			384			8
Other insurance related expenses		166			127			51			48			(6	)		5			—			N/M			222			175			(27	)
Other expenses		72			56			7			17			59			26			31			16			105			104			(1	)
Total claims, benefits and expenses		1,831			1,635			358			532			33			12			71			83			2,201			2,238			2
Operating income (loss) before income tax and minority interest		142			511			(70	)		(215	)		67			37			7			N/M			109			303			(64	)
Income tax (expense) benefit on operating income (loss)		(33	)		(164	)		34			84			(60	)		(11	)		5			N/M			(10	)		(75	)		87
Minority interest		(17	)		(16	)		—			—			N/M			1			—			N/M			(16	)		(16	)		—
Net operating income (loss) from continuing operations		92			331			(36	)		(131	)		73			27			12			125			83			212			(61	)
Realized investment losses, net of participating policyholders’ and minority interests		(294	)		(42	)		(298	)		(9	)		N/M			(59	)		(6	)		N/M			(651	)		(57	)		N/M
Income tax benefit on realized investment losses		104			14			104			3			N/M			20			2			N/M			228			19			N/M
Net income (loss) from continuing operations	$	(98	)	$	303		$	(230	)	$	(137	)		(68)	%	$	(12	)	$	8			N/M	%	$	(340	)	$	174			N/M	%

	P&C Operations						Life & Group Non-Core									Corporate & Other Non-Core									Total Operations
Other Financial Data													Fav / (Unfav)									Fav / (Unfav)									Fav / (Unfav)
Property & Casualty Company Information	2008			2007			2008			2007			% Change			2008			2007			% Change			2008			2007			% Change
Gross written premiums	$	2,094		$	2,193		$	164		$	163			1	%	$	125		$	3			N/M	%	$	2,383		$	2,359			1	%
Net written premiums		1,598			1,639			149			149			—			1			3			(67	)		1,748			1,791			(2	)
Net earned premiums		1,644			1,726			154			155			—			1			—			N/M			1,799			1,881			(4	)
FINANCIAL RATIOS
Loss & LAE		76.0	%		61.9	%		N/M	%		N/M	%					N/M	%		N/M	%					82.5	%		80.7	%
Acquisition expense		19.4			17.8			N/M			N/M						N/M			N/M						18.8			17.2
Underwriting expense		12.1			11.6			N/M			N/M						N/M			N/M						13.3			12.3
Expense		31.5			29.4			N/M			N/M						N/M			N/M						32.1			29.5
Dividend		(0.5	)		0.3			N/M			N/M						N/M			N/M						(0.5	)		0.3
Combined ratio		107.0	%		91.6	%		N/M	%		N/M	%					N/M	%		N/M	%					114.1	%		110.5	%

11

CNA FINANCIAL CORPORATION
Financial Supplement
Property & Casualty Results of Operations

NINE MONTHS ENDED	Standard Lines									Specialty Lines									P&C Operations
SEPTEMBER 30							Fav / (Unfav)									Fav / (Unfav)									Fav / (Unfav)
(In millions)	2008			2007			% Change			2008			2007			% Change			2008			2007			% Change
Gross written premiums	$	2,580		$	2,796			(8)	%	$	3,864		$	4,128			(6)	%	$	6,444		$	6,924			(7)	%
Net written premiums		2,342			2,524			(7	)		2,583			2,619			(1	)		4,925			5,143			(4	)
Net earned premiums		2,313			2,546			(9	)		2,614			2,600			1			4,927			5,146			(4	)
Net investment income		499			664			(25	)		408			463			(12	)		907			1,127			(20	)
Other revenues		42			32			31			166			139			19			208			171			22
Total operating revenues		2,854			3,242			(12	)		3,188			3,202			—			6,042			6,444			(6	)
Claims, benefits and expenses:
Net incurred claims and benefits		1,877			1,685			(11	)		1,641			1,630			(1	)		3,518			3,315			(6	)
Policyholders’ dividends		(3	)		3			200			10			5			(100	)		7			8			13
Amortization of deferred acquisition costs		528			575			8			545			549			1			1,073			1,124			5
Other insurance related expenses		193			243			21			182			134			(36	)		375			377			1
Other expenses		44			36			(22	)		144			125			(15	)		188			161			(17	)
Total claims, benefits and expenses		2,639			2,542			(4	)		2,522			2,443			(3	)		5,161			4,985			(4	)
Operating income before income tax and minority interest		215			700			(69	)		666			759			(12	)		881			1,459			(40	)
Income tax expense on operating income		(49	)		(222	)		78			(212	)		(249	)		15			(261	)		(471	)		45
Minority interest		—			—			N/M			(40	)		(36	)		(11	)		(40	)		(36	)		(11	)
Net operating income from continuing operations		166			478			(65	)		414			474			(13	)		580			952			(39	)
Realized investment losses, net of participating policyholders’ and minority interests		(254	)		(116	)		(119	)		(154	)		(62	)		(148	)		(408	)		(178	)		(129	)
Income tax benefit on realized investment losses		89			40			123			55			21			162			144			61			136
Net income from continuing operations	$	1		$	402			(100)	%	$	315		$	433			(27)	%	$	316		$	835			(62)	%
FINANCIAL RATIOS
Loss & LAE		81.1	%		66.2	%					62.8	%		62.7	%					71.4	%		64.4	%
Acquisition expense		17.2			18.6						17.7			16.6						17.5			17.6
Underwriting expense		14.1			13.5						10.1			9.7						11.9			11.6
Expense		31.3			32.1						27.8			26.3						29.4			29.2
Dividend		(0.2	)		0.1						0.4			0.2						0.1			0.2
Combined ratio		112.2	%		98.4	%					91.0	%		89.2	%					100.9	%		93.8	%
RATIO IMPACTS
Impact of catastrophes
Pretax net accident year catastrophe losses incurred	$	334		$	52					$	14		$	2					$	348		$	54
Impact on loss & LAE ratio		14.5	%		2.0	%					0.5	%		0.1	%					7.1	%		1.1	%
Pretax assessments related to catastrophes	$	10		$	—					$	—		$	—					$	10		$	—
Impact on expense ratio		0.4	%		—	%					—	%		—	%					0.2	%		—	%
Impact of development & other
Pretax net development: (favorable) / unfavorable
Prior year loss & ALAE reserve development (1)	$	(54	)	$	(74	)				$	(50	)	$	(4	)				$	(104	)	$	(78	)
Prior year premium development		4			(15	)					(20	)		(13	)					(16	)		(28	)
Other (2)		22			20						(5	)		—						17			20
Total development & other	$	(28	)	$	(69	)				$	(75	)	$	(17	)				$	(103	)	$	(86	)
Impact of development & other on loss & LAE ratio		(1.3)	%		(2.6)	%					(2.6)	%		(0.4)	%					(2.0)	%		(1.5)	%

(1)	In 2008, Standard Lines includes $29 million of favorable loss & LAE reserve development related to the 2005 hurricanes.
(2)	Other includes the impacts of change in allowance for uncollectible reinsurance and interest accretion.

12

CNA FINANCIAL CORPORATION
Financial Supplement
Life & Group Non-Core and Corporate & Other Non-Core
Segments Results of Operations

NINE MONTHS ENDED	P&C Operations						Life & Group Non-Core									Corporate & Other Non-Core									Total Operations
SEPTEMBER 30													Fav / (Unfav)									Fav / (Unfav)									Fav / (Unfav)
(In millions)	2008			2007			2008			2007			% Change			2008			2007			% Change			2008			2007			% Change
Net earned premiums	$	4,927		$	5,146		$	460		$	469			(2	)%	$	(1	)	$	2			(150	)%	$	5,386		$	5,617			(4	)%
Net investment income		907			1,127			376			494			(24	)		166			238			(30	)		1,449			1,859			(22	)
Other revenues		208			171			20			34			(41	)		12			6			100			240			211			14
Total operating revenues		6,042			6,444			856			997			(14	)		177			246			(28	)		7,075			7,687			(8	)
Claims, benefits and expenses:
Net incurred claims and benefits		3,518			3,315			822			1,062			23			28			111			75			4,368			4,488			3
Policyholders’ dividends		7			8			5			—			N/M			—			—			N/M			12			8			(50	)
Amortization of deferred acquisition costs		1,073			1,124			10			13			23			—			—			N/M			1,083			1,137			5
Other insurance related expenses		375			377			152			143			(6	)		5			13			62			532			533			—
Other expenses		188			161			17			34			50			87			98			11			292			293			—
Total claims, benefits and expenses		5,161			4,985			1,006			1,252			20			120			222			46			6,287			6,459			3
Operating income (loss) before income tax and minority interest		881			1,459			(150	)		(255	)		41			57			24			138			788			1,228			(36	)
Income tax (expense) benefit on operating income (loss)		(261	)		(471	)		81			113			(28	)		(14	)		4			N/M			(194	)		(354	)		45
Minority interest		(40	)		(36	)		—			—			N/M			—			(1	)		N/M			(40	)		(37	)		(8	)
Net operating income (loss) from continuing operations		580			952			(69	)		(142	)		51			43			27			59			554			837			(34	)
Realized investment losses, net of participating policyholders’ and minority interests		(408	)		(178	)		(321	)		(26	)		N/M			(84	)		(13	)		N/M			(813	)		(217	)		N/M
Income tax benefit on realized investment losses		144			61			112			9			N/M			30			5			N/M			286			75			N/M
Net income (loss) from continuing operations	$	316		$	835		$	(278	)	$	(159	)		(75	)%	$	(11	)	$	19			(158	)%	$	27		$	695			(96	)%
Other Financial Data	P&C Operations						Life & Group Non-Core									Corporate & Other Non-Core									Total Operations
Property & Casualty Company Information													Fav / (Unfav)									Fav / (Unfav)									Fav / (Unfav)
		2008			2007			2008			2007		% Change				2008			2007		% Change				2008			2007		% Change
Gross written premiums	$	6,444		$	6,924		$	475		$	512			(7	)%	$	127		$	6			N/M	%	$	7,046		$	7,442			(5	)%
Net written premiums		4,925			5,143			458			461			(1	)		(2	)		2			(200	)		5,381			5,606			(4	)
Net earned premiums		4,927			5,146			460			467			(1	)		(1	)		2			(150	)		5,386			5,615			(4	)
FINANCIAL RATIOS
Loss & LAE		71.4	%		64.4	%		N/M	%		N/M	%					N/M	%		N/M	%					80.2	%		77.0	%
Acquisition expense		17.5			17.6			N/M			N/M						N/M			N/M						17.0			17.3
Underwriting expense		11.9			11.6			N/M			N/M						N/M			N/M						13.0			12.2
Expense		29.4			29.2			N/M			N/M						N/M			N/M						30.0			29.5
Dividend		0.1			0.2			N/M			N/M						N/M			N/M						0.1			0.2
Combined ratio		100.9	%		93.8	%		N/M	%		N/M	%					N/M	%		N/M	%					110.3	%		106.7	%

13

CNA FINANCIAL CORPORATION
Financial Supplement
Analysis of Pretax Net Investment Income

	Standard Lines
(In millions)	1Q07		2Q07		3Q07			4Q07			2007		1Q08			2Q08			3Q08			YTD2008
Limited partnerships	$	23	$	36	$	12		$	21		$	92	$	(23	)	$	22		$	(39	)	$	(40	)
Income (loss) from trading securities		—		—		—			—			—		(1	)		1			(1	)		(1	)
Other investment income		197		199		197			193			786		188			176			176			540
Net investment income	$	220	$	235	$	209		$	214		$	878	$	164		$	199		$	136		$	499
	Specialty Lines
	1Q07		2Q07		3Q07			4Q07			2007		1Q08			2Q08			3Q08			YTD2008
Limited partnerships	$	12	$	20	$	7		$	12		$	51	$	(13	)	$	13		$	(24	)	$	(24	)
Income (loss) from trading securities		—		—		—			—			—		—			—			—			—
Other investment income		137		142		145			146			570		145			142			145			432
Net investment income	$	149	$	162	$	152		$	158		$	621	$	132		$	155		$	121		$	408
	P&C Operations
	1Q07		2Q07		3Q07			4Q07			2007		1Q08			2Q08			3Q08			YTD2008
Limited partnerships	$	35	$	56	$	19		$	33		$	143	$	(36	)	$	35		$	(63	)	$	(64	)
Income (loss) from trading securities		—		—		—			—			—		(1	)		1			(1	)		(1	)
Other investment income		334		341		342			339			1,356		333			318			321			972
Net investment income	$	369	$	397	$	361		$	372		$	1,499	$	296		$	354		$	257		$	907
	Life & Group Non-Core
	1Q07		2Q07		3Q07			4Q07			2007		1Q08			2Q08			3Q08			YTD2008
Limited partnerships	$	9	$	3	$	(4	)	$	2		$	10	$	4		$	5		$	(2	)	$	7
Income (loss) from trading securities		3		40		(2	)		(31	)		10		(76	)		(5	)		(22	)		(103	)
Other investment income		149		145		151			157			602		156			157			159			472
Net investment income	$	161	$	188	$	145		$	128		$	622	$	84		$	157		$	135		$	376
	Corporate & Other Non-Core
	1Q07		2Q07		3Q07			4Q07			2007		1Q08			2Q08			3Q08			YTD2008
Limited partnerships	$	8	$	12	$	4		$	6		$	30	$	(7	)	$	6		$	(12	)	$	(13	)
Income (loss) from trading securities		—		—		—			—			—		—			—			—			—
Other investment income		70		74		70			68			282		61			59			59			179
Net investment income	$	78	$	86	$	74		$	74		$	312	$	54		$	65		$	47		$	166
	Total Operations
	1Q07		2Q07		3Q07			4Q07			2007		1Q08			2Q08			3Q08			YTD2008
Limited partnerships	$	52	$	71	$	19		$	41		$	183	$	(39	)	$	46		$	(77	)	$	(70	)
Income (loss) from trading securities		3		40		(2	)		(31	)		10		(77	)		(4	)		(23	)		(104	)
Other investment income		553		560		563			564			2,240		550			534			539			1,623
Net investment income	$	608	$	671	$	580		$	574		$	2,433	$	434		$	576		$	439		$	1,449

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CNA FINANCIAL CORPORATION
Financial Supplement
Statutory Data – Preliminary

PERIOD ENDED SEPTEMBER 30	Three Months									Nine Months
Income Statement	(Preliminary)						Fav/(Unfav)			(Preliminary)						Fav/(Unfav)
(In millions)	2008			2007			% Change			2008			2007			% Change
Property & Casualty Companies
Gross written premiums	$	2,126		$	2,414			(12	)%	$	6,511		$	7,438			(12	)%
Net written premiums		1,603			1,658			(3	)		4,945			5,179			(5	)
Net earned premiums		1,481			1,565			(5	)		4,435			4,684			(5	)
Claim and claim adjustment expenses		1,313			1,309			—			3,713			3,698			—
Acquisition expenses		291			284			(2	)		817			875			7
Underwriting expenses		198			239			17			618			676			9
Policyholders’ dividends		4			3			(33	)		12			15			20
Underwriting loss		(325	)		(270	)		(20	)		(725	)		(580	)		(25	)
Net investment Income		452			504			(10	)		1,405			1,636			(14	)
Other expenses		17			(12	)		N/M			(28	)		(30	)		7
Income tax expense		82			(7	)		N/M			(29	)		(204	)		86
Net realized losses		(485	)		(51	)		N/M			(623	)		(252	)		(147	)
Net income (loss)	$	(259	)	$	164			N/M	%	$	—		$	570			N/M	%
Financial Ratios
Loss and LAE		88.7	%		83.6	%					83.7	%		78.9	%
Acquisition expense		18.2			17.1						16.5			16.9
Underwriting expense		12.3			14.4						12.5			14.5
Expense		30.5			31.5						29.0			31.4
Dividend		0.2			0.2						0.3			0.3
Combined ratio		119.4	%		115.3	%					113.0	%		110.6	%
Life Company
Earned premium	$	—		$	1					$	1		$	2

SUPPLEMENTAL STATUTORY DATA
	(Preliminary)
(In millions)	September 30, 2008		December 31, 2007
Property & Casualty Companies
Statutory surplus (1) (2)	$	7,967	$	8,511
Life Company
Statutory surplus	$	514	$	471

(1)	Surplus includes the Property & Casualty Companies’ equity ownership of the life insurance subsidiary.
(2)	In conformity with accounting practices prescribed by insurance regulatory authorities, preliminary statutory capital and surplus as of September 30, 2008, presented above, reflects the impact of a $1 billion surplus note, which will be issued to CNA Financial Corporation subsequent to September 30, 2008 but prior to the filing of Continental Casualty Company’s third quarter statutory statements.

15

CNA FINANCIAL CORPORATION
Financial Supplement
Property & Casualty Operations
Loss and LAE Ratio Analysis

	Standard Lines
	2008 YTD			2007 FY			2007 FY
	Evaluated at			Evaluated at			Evaluated at
	09/30/08			12/31/07			09/30/08
Gross Accident Year		79.9	%		66.6	%		65.4	%
Impact of Reinsurance		2.5			3.5			3.8
Net Accident Year		82.4			70.1			69.2	%
Impact of Development and Other (1)		(1.3	)		(2.7	)
Net Calendar Year		81.1	%		67.4	%

	Specialty Lines
	2008 YTD			2007 FY			2007 FY
	Evaluated at			Evaluated at			Evaluated at
	09/30/08			12/31/07			09/30/08
Gross Accident Year		63.7	%		59.2	%		59.0	%
Impact of Reinsurance		1.7			4.6			5.2
Net Accident Year		65.4			63.8			64.2	%
Impact of Development and Other (1)		(2.6	)		(1.0	)
Net Calendar Year		62.8	%		62.8	%

	P&C Operations
	2008 YTD			2007 FY			2007 FY
	Evaluated at			Evaluated at			Evaluated at
	09/30/08			12/31/07			09/30/08
Gross Accident Year		70.1	%		62.2	%		61.6	%
Impact of Reinsurance		3.3			4.7			5.0
Net Accident Year		73.4			66.9			66.6	%
Impact of Development and Other (1)		(2.0	)		(1.8	)
Net Calendar Year		71.4	%		65.1	%

(1) Other includes the impacts of change in allowance for uncollectible reinsurance and interest accretion.

16