Target

Acquiror

Dates & Values

Delphi Financial Group Inc

Tokio Marine Holdings Inc

Announcement Date

21st Dec 2011

United States | Insurance

Japan | Insurance

Expected Closing Date

21st Apr 2012

Public company listed in NYSE |

Target Ticker Symbol | DFG

Public company listed in Tokyo |

Acquiror Ticker Symbol | 8766

Deal Techniques

Tender offer

Holding company for group involved in life, disability and accidental insurance coverage.

Holding company for property insurance carriers.

Value $m

2,663

Value ex-Debt $m

2,663

Value Structure $m

Advisors

Attorneys

Advisors

Attorneys

Lazard

Cravath Swaine & Moore Morris Nichols Arsht & Tunnell

Macquarie Capital Advisors

Sullivan & Cromwell

Deal Financials

Income Statement $m

Balance Sheet $m

Premium Comparison

(Y/E 31 Mar 2011)

As of

30th Sep 2011

Total Assets | $8537

Exit Multiples

Exit Multiples

This Deal

Ind. Avg. *

This Deal

Ind. Avg. *

Cash Flow

Profitability

P/B

1.5

2.1

Operations $m

434

Profit Margin

3%

P/E

13.5

20.1

P/CF (This Deal)

6.1

Return on Equity

-1%

** Average Premiums based on deal Value > $1bn, globally this year

* Global Insurance Target, EV > $1bn, this year

Dealogic

Date Run:

22-Dec-11