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: Asset Analysis: Total Assets: Source of Assets: (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) $61 million 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. Manager (private placement) Manager (IPO) Returns if in fund Total that would always have been Manager's without GLRE Greenlight investors (converting to permanent capital) Investor Returns if in fund Total Greenlight client assets converted to permanent capital Taussig investors Public Earnings attributable to Taussig and public assets Insurance and reinsurance generated assets Tax savings of structure on Einhorn's Capital Total permanent capital otherwise unavailable $2.224 billion $ 50.0 million $ 50.0 million $ 38.0 million $138.0 million $142.0 million $ 97.8 million $239.8 million $ 20.0 million $215.0 million $ 102.6 million $1.482 billion $ 24.0 million $1.834 billion EFTA00301041 TAUSSIG CAPITAL AG GREENLIGHT CAPITAL RE SUMMARY (Continued) Investor Benefits Relative to the Greenlight Funds: (1) Significant outperformance without proportionate increase in risk; (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 Price 02/03/12 Price Rate of Return Gain on $1 mil 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 Price 02/03/12 Price Rate of Return Gain on $1 mil 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 Price 06/30/11 Price Rate of Return Gain on $1 mil 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 Price 06/30/11 Price Rate of Return Gain on $1 mil 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 Price 06/30/11 Price Rate of Return Gain on $1 mil 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 Price 06/30/11 Price Rate of Return Gain on $1 mil 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