[1]

Gross realized capital gains in the three months ended September 30, 2020 include a gain of $13.8 million on a partial settlement and remeasurement of fair value of certain outstanding contingent consideration liabilities by Alleghany Capital in connection with its 2018 acquisition of Concord (the “Concord Settlement Gain”).

[2]

Gross realized capital gains in the nine months ended September 30, 2020 include (i) the $13.8 million Concord Settlement Gain; (ii) a gain of $16.3 million on April 1, 2020 in connection with Alleghany Capital’s acquisition of an additional approximately 55 percent of Wilbert that it did not previously own, and the remeasurement of its pre-existing approximately 45 percent equity ownership to estimated fair value (the “Wilbert Remeasurement Gain”); and (iii) a $5.0 million realized gain from a reduction of certain contingent consideration liabilities at the PCT-level in connection with its acquisition of a provider of high-performance solid carbide end mills in June 2019.

[3]

Gross realized capital losses in the three months ended September 30, 2020 include impairment charges of $1.6 million from write-downs of SORC oil field assets prior to SORC’s December 31, 2020 sale.

[4]

Gross realized capital losses in the nine months ended September 30, 2020 include (i) impairment charges of $76.0 million from write-downs of SORC oil field assets prior to SORC’s December 31, 2020 sale; and (ii) a $7.1 million realized loss as a result of an early redemption of debt (see Note 8 to Notes to Consolidated Financial Statements set forth in Part II, Item 8, “Financial Statements and Supplementary Data” of the 2020 Form 10-K).