Summary ratios for the week of July 10

(P/E ratios based on annualizing the March quarter, unless otherwise noted)

VALUATION RATIOS

IPO Mrkt

Price /

Price /

Price /

Price /

% offered

Cap (mm)

Sales

Earnings

BookValue

TangibleBV

in IPO

Summary -- scheduled for week of July 10

Allied World AssurcAWH

$2,095

5.2

228

1.2

1.2

15%

property, casualty, reinsurance

Post-IPO shrs: 59mm

Cowen Group (COWN)

$300

0.7

33

1.4

1.9

75%

investment bank

2005 & March qtr results are proforma

Post-IPO shrs: 20mm

Valero GP Holdings VEH

$978

not an operating co

2.4

2.4

41%

pipeline spin-off from NYSE:VLI

Post-IPO shrs: 42.5mm

=========================================================================

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Analysis -- week of July 10

Allied World Assurance (AWH)

AWH, C+, 7

property, casualty, reinsurance

Post-IPO shrs: 59mm

Hamilton HM 12, Bermuda

2003

2004

2005

Mar 31 qtr

IPO Mkt

Gross Premiums ($mm)

$1,573

$1,708

$1,560

$498

Cap (mm)

Net income (loss) $mm

$288.0

$197.0

($160.0)

$98.0

$2,095

Net income %

18.3%

11.5%

-10.3%

19.7%

@$35.5

Combined ratio*

84.9%

95.9%

124.4%

85.1%

*Exp & loss

VALUATION RATIOS

IPO Mrkt

Price /

Price /

Price /

Price /

% offered

Cap (mm)

Sales

Earnings

BookValue

TangibleBV

in IPO

Allied World AssurcAWH

$2,095

5.2

228

1.2

1.2

15%

SCORECARD

Mgt

Market

Market Do-

Proprie-

Total

1-5, 5 is high

Growth

mination

tary

rating

20 is perfect

2

2

2

1

7

Dividend policy

The board of directors currently intends to authorize the payment of a quarterly cash

dividend of approximately $0.13 per common share to shareholders of record, beginning

in the first full fiscal quarter following the completion of this IPO

Business

. Underwrites a direct property and casualty insurance as well as reinsurance through

operations in Bermuda, the United States, Ireland and the United Kingdom.

. Operates in three geographic markets: Bermuda, Europe and the United States.

. Formed in November 2001by a group of investors, including AIG, Chubb, the Goldman

Sachs Funds and the Securitas Capital Fund, to respond to a global reduction in

insurance industry capital and a disruption in available insurance and reinsurance

coverage

. 235 full-time employees worldwide

. Total net loss for the year ended December 31, 2005 was $160 million, of which $456

million in property losses related to Hurricanes Katrina, Rita and Wilma

Focus

. Since formation in November 2001, has focused on the direct insurance markets.

. Direct insurance is insurance sold by an insurer that contracts directly with an insured,

as distinguished from reinsurance, which is insurance sold by an insurer that contracts

with another insurer.

Business mix

. For the year ended December 31, 2005, direct property insurance, direct casualty

insurance and reinsurance accounted for approximately 26.5%, 40.6% and 32.9%,

respectively, of total gross premiums written of $1,560 million.

. For the three months ended March 31, 2006, direct property insurance, direct casualty

insurance and reinsurance accounted for approximately 24.1%, 26.2% and 49.7%,

respectively, of total gross premiums written of $498 million.

. On a written basis, the business mix is more heavily weighted to reinsurance during the

first three months of the year due to the large number of reinsurance accounts with

effective dates in January.

AWH ratings

. The principal insurance subsidiary, Allied World Assurance Company, Ltd, and other

insurance subsidiaries currently have an "A" (Excellent; 3rd of 16 categories) financial

strength rating from A.M. Best.

Competition

Competes with major U.S. and non-U.S. insurers and reinsurers, including other

Bermuda-based insurers and reinsurers, on an international and regional basis.

. Since September 2001, a number of new Bermuda-based insurance and reinsurance

companies have been formed and some of those companies compete in the same

market segments in which AWH operates.

. In the direct insurance business, competes with insurers that provide property and

casualty-based lines of insurance such as: ACE Limited, AIG, Axis Capital Holdings

Limited, Chubb, Endurance Specialty Holdings Ltd., Factory Mutual Insurance Company,

HCC Insurance Holdings, Inc., Lloyd’s of London, Munich Re Group, Swiss Reinsurance,

XL Capital Ltd, and Zurich Financial Services.

. In the reinsurance business, competes with reinsurers that provide property and

casualty-based lines of reinsurance such as: ACE Limited, Arch Capital Group Ltd.,

Berkshire Hathaway, Inc., Endurance Specialty Holdings Ltd., Everest Re Group, Ltd.,

Lloyd’s of London, Montpelier Re Holdings Ltd., Munich Re Group, PartnerRe Ltd.,

Platinum Underwriters Holdings, Ltd., RenaissanceRe Holdings Ltd., Swiss Re,

Transatlantic Holdings, Inc. and XL Capital Ltd.

. In addition, risk-linked securities and derivative and other non-traditional risk transfer

mechanisms and vehicles are being developed and offered by other parties, including

entities other than insurance and reinsurance companies. The availability of these non

traditional products could reduce the demand for traditional insurance and reinsurance. A

number of new, proposed or potential industry or legislative developments could further

increase competition in the industry.

Use of $287mm in IPO proceeds

. Half of the net proceeds to repay a portion of a bank loan

. Remainder for general corporate purposes, including to increase the capital of

subsidiaries

Balance sheet overview

. As of December 31, 2005, had $6,610 million of total assets and $1,420 million of

shareholders’ equity.

. As of March 31, 2006, had $6,642 million of total assets and $1,479 million of

shareholders’ equity.

. Not currently encumbered by asbestos, environmental or any other similar exposures.

================================================

Cowen Group (COWN)

COWN

investment bank

2005 & March qtr results are proforma

Post-IPO shrs: 20mm

New York, NY

2003

2004

2005

Mar 31 qtr

IPO Mkt

Revenue ($mm)

$293

$293

$285

$101

Cap (mm)

Employee comp %

53%

58%

67%

68%

$300

Operating income %

-25.3%

20.1%

-6.2%

4.2%

@$20

Net income (loss) $mm

($74.4)

$55.1

($19.2)

$2.3

Net income %

-25.4%

18.8%

-6.7%

2.3%

One time sale of NYSE seats-pretax not included in March 31 numbers

$24.8

Note: March, 2006 quarter assumes 45% tax rate, which COWN indicates is the go forward rate

VALUATION RATIOS

IPO Mrkt

Price /

Price /

Price /

Price /

% offered

Cap (mm)

Sales

Earnings

BookValue

TangibleBV

in IPO

Cowen Group (COWN)

$300

0.7

33

1.4

1.9

75%

SCORECARD

Mgt

Market

Market Do-

Proprie-

Total

1-5, 5 is high

Growth

mination

tary

rating

20 is perfect

2

1

2

1

6

Compare & Contrast

VALUATION RATIOS

IPO Mrkt

Price /

Price /

Price /

Price /

Price

Cap (mm)

Sales

Earnings

BookValue

TangibleBV

July 10

Cowen Group (COWN)

$300

0.7

33

1.4

1.9

Merril Lynch (MER)

$65,750

1.1

34.6

1.7

2.1

$71.16

Goldman (GS)

$64,670

0.9

6.6

2.2

2.2

$150.00

Greenhil (GHL)

$1,640

4.1

14.5

12.0

12.0

$56.24

Lazard (LAZ)

$1,400

1.0

17.8

-1.7

-1.7

$37.21

Piper Jaffray (PJC)

$1,210

1.3

12.6

1.5

2.5

$58.00

TWeisel (TWPG)

$408

1.3

5.1

2.4

2.4

$18.32

Note: TWPG income for the March, 2006 quarter includes $11mm in income tax beneit

TWPG's P/E ratio assuming a 45% tax rate for the March quarter is 78

Overview

., This appears to be a forced spin-off because COWN has become an orphan within

Societe Generate and is ‘not part of its future strategy’

. With a net worth of only $207mm, COWN is not well capitalized, relative to its major

competition, and may suffer competitively as a result..

. Plus, the IPO market now is so competitive that majors are competing on almost every

potential IPO deal, and there are very few smaller opportunities where COWN can effectively

differentiate itself for competitive advantage.

. Trends in both investment banking and trading commissions are both flowing against

COWN: COWN is trying to swim upstream while the current is taking them downstream,

not good.

Business

. Investment bank providing research, sales and trading and investment banking services

to companies and institutional investor clients

. Primarily in the healthcare, technology, media and telecommunications and consumer

sectors.

Trends are against COWN

Investment banking trends

. In 2005, COWN’s year-over-year investment banking revenue growth was lower than

that at their larger competitors in part because

. Larger competitors benefited from an increase in leveraged buyouts, which are less

prevalent in COWN’s target sectors than in other sectors of the economy

. Debt issuances, which COWN does not currently offer.

Commission trading trends

. Increased competition in the brokerage industry has led to pricing pressures on

commissions.

. The entrance of new competitors such as electronic communication networks into the

brokerage sector has resulted in commission rates declining over the past five years.

Market Opportunity and Focus

. Focus on the healthcare, technology, media and telecommunications and consumer

sectors

. Target sectors accounted for $60 billion, or 37%, of the public equity capital markets

financings and $563 billion, or 46%, of merger and acquisition activity during 2005.

. These sectors also accounted for 50% of the market capitalization of the Russell 2000

in 2005; however, because COWN is primarily focused on the healthcare, technology,

media and telecommunications and consumer sectors of the economy, COWN’s period

over-period operating results from time to time have been different from those indicated

by broader market trends.

History

. Founded in 1918 in New York City

. Acquired by Société Générale in 1998

Reason’s for the spin-off

. Société Générale has elected to divest the COWN business primarily because Société

Générale does not believe that COWN’;s business is one of its core businesses or that

COWN is part of its future strategy.

. This is due, in part, to the different client bases of Société Générale and COWN and the

different needs of those clients. COWN targets small- and mid-capitalization clients and

Société Générale targets a client base of larger capitalization clients. In addition, since its

acquisition of COWN in 1998, COWN has had limited success in cross-selling products

and services of Société Générale, such as commercial banking products, cash

management services and derivative products. In addition, Société Générale believes

there is limited future potential for cross-selling COWN’s investment banking services to

its corporate clients.

Spin-off

If the underwriters do not exercise their overallotment option, investors in COWN, Société

Générale and COWN senior employees would own, respectively, 74.8%, 11.2% and

14.0% of COWN’s common stock

Competition

. In recent years, there has been substantial consolidation and convergence among

companies in the financial services industry, including among many former competitors.

. In particular, a number of large commercial banks have established or acquired broker

dealers or have merged with other financial institutions.

. Many of these firms have the ability to offer a wider range of products than COWN

offers, including loans, deposit taking, insurance and asset management.

. Many of these firms also have more extensive investment banking services, which may

enhance their competitive position.

. They also have the ability to support investment banking and securities products with

commercial banking, insurance and other financial services revenue in an effort to gain

market share, which could result in pricing pressure in our business.

. This trend toward consolidation and convergence has significantly increased the capital

base and geographic reach of COWN’s competitors.

Use of IPO proceeds

. COWN will not receive any proceeds from the sale of shares of common stock being

offered by SG Americas Securities Holdings.

. SG Americas Securities Holdings will receive all net proceeds from the sale of shares of

COWN common stock in this offering.

========================================================

Valero GP Holdings VEH

VEH, C+, 7

pipeline spin-off from NYSE:VLI

Post-IPO shrs: 42.5mm

San Antonio, Texas

see note below

IPO Mkt

Gross Premiums ($mm)

not an operating company

Cap (mm)

Net income (loss) $mm

$978

Net income %

@$23

Note:

Limited Partnership Units spin-off from NYSE:VLI

. VEH anticipates an initial quarterly distribution of $0.30 per unit, or $1.20 per unit on an

annualized basis, which is a 5.3% return at the price range midpoint of $23

VALUATION RATIOS

IPO Mrkt

Price /

Price /

Price /

Price /

% offered

Cap (mm)

Sales

Earnings

BookValue

TangibleBV

in IPO

Valero GP Holdings VEH

$978

see above note

2.4

2.4

41%

Business

. VEH owns the general partner of Valero L.P., as well as the incentive distribution rights

and a 21.4% limited partner interest in Valero L.P. , a publicly traded Delaware limited

partnership NYSE: VLI

. VEH does not own any operating assets directly.

The overall parent

Valero Energy Corp. (VLO), $40 billion market cap, 22,000 full time employees

The direct parent

Valero L.P. (VLI), $2.3 billion market cap

. Through its subsidiaries, engages in the transportation of crude oil and refined products,

and the provision of terminalling and storage services.

. Operates in four segments: Refined Product Terminals, Refined Product Pipelines,

Crude Oil Pipelines, and Crude Oil Storage Tanks.

. The Refined Product Terminals segment provides storage and handling services for

petroleum products, specialty chemicals, and other liquids, as well as sells bunker fuel

and provides ancillary services, such as pilotage, tug assistance, line handling, launch

service, emergency response services, and other ship services.

Valero LP’s Competition

Crude oil handling & storage

. The main competition at Valero L.P.’s St. Eustatius and Point Tupper locations for crude

oil handling and storage is from "lightering," which is the process by which liquid cargo is

transferred to smaller vessels, usually while at sea.

. The price differential between lightering and terminalling is primarily driven by the

charter rates for vessels of various sizes. Lightering generally takes significantly longer

than discharging at a terminal. Depending on charter rates, the longer charter period

associated with lightering is generally offset by various costs associated with terminalling,

including storage costs, dock charges and spill response fees.

. However, terminalling is generally safer and reduces the risk of environmental damage

associated with lightering, provides more flexibility in the scheduling of deliveries and

allows Valero L.P.’s customers to deliver their products to multiple locations. Lightering in

U.S. territorial waters creates a risk of liability for owners and shippers of oil under the

U.S. Oil Pollution Act of 1990 and other state and federal legislation. In Canada, similar

liability exists under the Canadian Shipping Act. Terminalling also provides customers

with the ability to access value-added terminal services.

. Sale of bunker fuel

. Competes with ports offering bunker fuels to which, or from which, each vessel travels

or are along the route of travel of the vessel.

. Valero L.P. also competes with bunker fuel delivery locations around the world. In the

Western Hemisphere, alternative bunker locations include ports on the U.S. East Coast

and Gulf Coast and in Panama, Puerto Rico, the Bahamas, Aruba, Curaçao, and Halifax,

Nova Scotia

Use of Proceeds

. VEH will not receive any proceeds from the sale of the units in this offering.

. All of the units being sold in this offering are being offered by other subsidiaries of

Valero Energy.

Debt

The pro forma total debt as of March 31, 2006 is zero as the result of a planned capital

contribution to Valero GP Holdings by parent Valero Energy subsidiaries of debt notes.

=======================================================