EFTA00301041.pdf

TAUSSIG CAPITAL AG GREENLIGHT CAPITAL RE SUMMARY NASDAQ Symbol — GLRE (Prices and Greenlight Funds at 02/03/12. GLRE balance sheet data as of 09/30/11) Manager Benefits: (1) $1.834 billion of new assets, all of which are permanent capital; (2) $244.5 million of client assets converted to permanent capital; (3) $61million of outperformance as an investor ($37 million if taxed): (a) $99.33 million in gains on $50 mil at inception and $50 mil at IPO; (b) Net gains on same investments in Greenlight fund - $38 million; and (c) If manager sells his GLRE shares — taxes would be $24 million. (4) A vehicle to eventually monetize the value of the management company: (a) No loss of control as happens when selling the manager; (b) Avoids most underperformance and volatility problems of IPOs; (c) Currency to attract talent; (d) Decouples monetization timing for people with different life goals; (e) Permits deferral of performance fees as in days prior to TARP; and (f) Deferred performance fees ultimately taxed as capital gains. Asset Analysis: Total Assets: $2.224 billion Source of Assets: Manager (private placement) $ 50.0 million Manager (IPO) $ 50.0 million Returns if in fund $ 38.0 million Total that would always have been Manager's without GLRE $138.0 million Greenlight investors (converting to permanent capital) $142.0 million Investor Returns if in fund $ 97.8 million Total Greenlight client assets converted to permanent capital $239.8 million Taussig investors $ 20.0 million Public $215.0 million Earnings attributable to Taussig and public assets $ 102.6 million Insurance and reinsurance generated assets $1.482 billion Tax savings of structure on Einhorn's Capital $ 24.0 million Total permanent capital otherwise unavailable $1.834 billion EFTA00301041 TAUSSIG CAPITAL AG GREENLIGHT CAPITAL RE SUMMARY (Continued) Investor Benefits Relative (1) Significant outperformance without proportionate increase in risk; to the Greenlight Funds: (a) vs. Greenlight Funds — 6%/yr since inception, 4%/yr since IPO (b) vs. Berkshire — 11%/yr since inception, 7%/yr since IPO (c) vs. S&P Index — 21%/yr since inception, 24%/yr since IPO (2) $2.5 million of daily liquidity (vs. 2 yr lockups and qtr redemptions); (3) Tax efficiency: (a) Taper relief for UK investors (18% vs. 50% tax rate); (b) No K-is (or annual taxes on earnings) for U.S. investors; and (c) U.S. capital gains rates applied only when shares are sold. 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 02/03/12 Rate of Gain on $1mil Price Price Return 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 316 207.53 -5.68% ($330,886) UK Investors (Drivers of value differential — 28% higher ROEs, 44% premium to BV, and 28% tax): 08/11/04 02/03/12 Rate of Gain on $1mil Price Price Return Invested Greenlight Capital Re —Hold 10 26.29 15.10% $1,629,000 Greenlight Capital Re — Cash out 10 23.36 13.13% $1,335,780 Greenlight Funds — Hold 1 1.81 8.97% $805,040 Greenlight Funds — Cash out 1 1.40 5.04% $402,520 Berkshire Hathaway — Hold 86,170 119,202 4.43% $347,395 Berkshire Hathaway — Cash out 86,170 102,694 3.71% $284,864 U.S. Investors (Drivers of value differential — 32% higher ROEs, 49% premium to BV, and 19% tax): 08/11/04 06/30/11 Rate of Gain on $1mil Price Price Return Invested Greenlight Capital Re —Hold 10 26.29 15.10% $1,629,000 Greenlight Capital Re — Cash out 10 23.85 13.47% $1,384,650 Greenlight Funds 1 1.58 6.91% $582,696 Berkshire Hathaway — Hold 86,170 119,202 4.43% $347,395 Berkshire Hathaway— Cash out 86,170 111,621 3.43% $260,546 EFTA00301042 TAUSSIG CAPITAL AG GREENLIGHT CAPITAL RE SUMMARY (Continued) Outperformance Analysis —Since IPO (05/24/07): Offshore Investors: 05/24/07 06/30/11 Rate of Gain on $1mil Price Price Return Invested Greenlight Capital Re 19 26.29 8.28% $383,684 Greenlight Funds 1.54 1.81 3.97% $172,104 Berkshire Hathaway 109,000 119,202 1.56% $65,183 S&P Insurance Index 431 211.44 -16.01% ($509,420) UK Investors 05/24/07 06/30/11 Rate of Gain on $1mil Price Price Return Invested Greenlight Capital Re —Hold 19 26.29 8.28% $383,684 Greenlight Capital Re — Cash out 19 24.98 6.93% $314,621 Greenlight Funds — Hold 1.54 1.81 3.97% $172,104 Greenlight Funds —Cash out 1.54 1.67 2.04% $86,052 Berkshire Hathaway— Hold 109,000 119,202 1.56% $65,183 Berkshire Hathaway— Cash out 109,000 114,101 1.28% $53,450 U.S. Investors 05/24/07 06/30/11 Rate of Gain on $1mil Price Price Return Invested Greenlight Capital Re —Hold 19 26.29 8.28% $383,684 Greenlight Capital Re — Cash out 19 25.20 7.16% $326,132 Greenlight Funds 1.36 1.59 3.97% $172,500 Berkshire Hathaway — Hold 109,000 119,202 1.56% $65,183 Berkshire Hathaway — Cash out 109,000 117,529 1.18% $48,888 EFTA00301043