Comments on Regulation G (Continued) Tangible Book Value Per Common Share and Tangible Book Value Per Common Share Plus Accumulated Dividends The Company has included in this Annual Report “tangible book value per common share” and “tangible book value per common share plus accumulated dividends.” “Tangible book value per common share” is defined as book value per common share excluding goodwill and intangible assets per share. “Tangible book value per common share plus accumulated dividends” is defined as book value per common share excluding goodwill and intangible assets per share, plus accumulated dividends. The Company’s management believes “tangible book value per common share” and “tangible book value per common share plus accumulated dividends” are useful to investors because they provide a more accurate measure of the realizable value of shareholder returns, excluding the impact of goodwill and intangible assets. The following table is a reconciliation of book value per common share to “tangible book value per common share” and “tangible book value per common share plus accumulated dividends.” Year Ended December 31, 2021 2020 2 019 Book value per common share $ 132.17 $ 138.46 $ 120.53 Adjustment for goodwill and other intangibles (1) (5.90) (5.37) (6.50) Tangible book value per common share 126.27 133.09 114.03 Adjustment for accumulated dividends 23.52 22.08 20.68 Tangible book value per common share plus accumulated dividends $ 149.79 $ 155.17 $ 134.71 Change in book value per common share (4.5)% 14.9% 15.7% Change in tangible book value per common share plus change in accumulated dividends (4.0)% 17.9% 17.9% (1) For 2021, 2020 and 2019, goodwill and other intangibles included $18.6 million, $23.0 million and $24.9 million, respectively, of goodwill and other intangibles included in investments in other ventures, under equity method. 12 RenaissanceRe Holdings Ltd.