Subject: Re: 5 Groves etc
Some observations or questions.

My methodology is similar, However?

Grove 4: What about cash in the rail business of $3.55 BB

Grove 3: Do you include the oxy preferred, Oxy Warrants and Oxy stock position. I don't believe the $308 BB equity portfolio includes any Oxy? Not sure. Can someone confirm or correct this?

Grove 1: Do you make any adjustment for reciprocity contract offsets to earnings? My view is the annual hit from reciprocity insurance programs needs to added back into operating after tax earnings.

Where do you include the annual benefit of underwriting profits? I assume $1.39 BB which I believe is the average over the past 21 years.

Of course next quarter we can add the $5 BB benefit from the Pilot updated mark to market.

I also add some retained earnings YTD.

Overall I get $367.