GreenLight Re - GREENLIGHT CAPITALNDQ-GLRE TIMELINESS...

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120 100 80 64 48 32 24 20 16 12 8 Percent shares traded 21 14 7 Target Price Range 2011 2012 2013 GREENLIGHT CAPITAL NDQ-GLRE 22.60 12.9 13.9 NMF 0.83 Nil TIMELINESS SAFETY 3 New 8/3/07 TECHNICAL BETA NMF (1.00 = Market) 2011-13 PROJECTIONS Ann’l Total Price Gain Return High 65 (+190%) 30% Low 45 (+100%) 18% Insider Decisions SOND JFMAM to Buy 000000001 Options 000000000 to Sell Institutional Decisions 3Q2007 4Q2007 1Q2008 to Buy 25 28 30 to Sell 29 21 20 Hld’s(000) 11257 11559 11886 High: 25.5 23.8 Low: 18.9 16.3 % TOT. RETURN 6/08 THIS VL ARITH. STOCK INDEX 1 yr. 1.5 -18.0 3 yr. 11.3 5 yr. 63.2 Greenlight Capital Re was formed in July of 2004. In August of that year, the company raised $212.2 million from the private place- ment of 16.175 million Class A shares and 5.05 million Class B shares. On May 30, 2007, it raised net proceeds of $258 million in an initial public offering of 11,787,500 Class A shares and a private sale of 2,631,579 Class B shares to David Einhorn. Lehman Brothers and UBS Securities acted as joint book-running managers for the IPO. CAPITAL STRUCTURE as of 3/31/08 Total Debt None Leases, Uncapitalized Annual rentals $0.1 mill. No Defined Benefits Plan Pfd Stock None Common Stock 36,234,201 shares Includes 6,254,949 Class B shares B MARKET CAP: $825 million (Small Cap) FINANCIAL POSITION 2006 2007 3/31/08 ($MILL.) Bonds - - 1.5 4.3 Stocks 238.8 570.4 589.1 Other 279.8 522.2 465.3 Total Assets 518.6 1094.1 1058.7 Unearned Premium 47.5 59.3 97.9 Reserves 5.0 42.4 52.1 Other 153.9 386.9 307.3 Total Liab. 206.4 488.6 457.3 ANNUAL RATES Past Past Est’d ’05-’07 of change (per sh) 10 Yrs. 5 Yrs. to ’11-’13 Premium Inc - - - - NMF Invest Income - - - - NMF Earnings - - - - NMF Dividends - - - - NMF Book Value - - - - NMF Cal- Full endar Year NET PREMIUMS EARNED ($ mill.) D Mar.31 Jun. 30 Sep. 30 Dec. 31 2005 -- 2006 26.6 2007 20.9 25.0 30.7 21.4 98.0 2008 27.5 36.0 41.0 45.5 150 2009 50.0 53.0 59.0 63.0 225 Cal- Full endar Year EARNINGS PER SHARE AD Mar.31 Jun.30 Sep.30 Dec.31 2005 1.24 2006 2.66 2007 d.61
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