Travelers Upcoming Catalysts

D53790 C74BD51BCA A1.89EFBA5 AESA9OF OF63A D420B 0350BA57C 0966 4D233C9EAC0A 5D 54316C8 48E B 7 D B4 8068 B EABE521 F5C46361 2 A6AE20BF754D 4D97320 01E1DE E279A4 1 E 335405D43 02F1 B 0350BA57C 4D233C9E 5D D9 5 431 69 B8 521 6361 2 BF75 BBF 6BB C54 6541E Upcoming Catalysts 069B24E 67861 6361 2 OBF754D 01E1UE AB5978B 5D D9 5 4316 F279A4 ABBCOBAC 064B83EB1 6 E250 79CE 48D4 8 020C8 7D501 954BS3 58AN32 0BEE587E 230 59PA C3E877 ABCF31F 266DBABB The US Federal Reserve is expected to cut back on its spending on bond buybacks in 2014, which will result in an increase in interest rates. As interest rates rise, Travelers' income from investments will grow, as its fixed income portfolio will generate higher returns. Investment Income Sensitivity to 10-Year Government Yield - US Govt 10-Year Yield – Travelers' Investment Income $1,200 $1,000 $800 $600 6% 5% 4% 3% 2% $400 1% $200 0% May-05 May-06 May-07 May-08 May-09 May-10 May-11 May-12 May-13 SOURCES: BIDNESS Company Data, SEC filings, Bloomberg Professional Services etc. DISCLAIM ER: All brand and product names, associated logos and trademarks contained within this website belong to their respective owners and are protected by copyright. Under no circumstances may any part of this be reproduced in any form without the prior written agreement of the respective owners. in millions