Company: TIPT
Filing Date: 2025-10-17
Form Type: PREM14A
Source: 0001140361-25-038514
Chunk: 117

Company: TIPTREE INC.
Filing Date: 2025-10-17
Form: PREM14A
Chunk 117
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 of Fortegra. Multiple ranges were guided by warranty group’s and specialty group’s ratios. The following summarizes the result of these calculations:

| Metric            |     | Implied Value         
 (dollars in millions) |
| Q2’25A P/BV       |     | $1,389 - $1,572       |
| Q2'25A P/TBV      |     | $963 - $1,926         |
| Non-GAAP P/E '26E |     | $2,151 - $2,560       |

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TABLE OF CONTENTS

Barclays noted that on the basis of the selected comparable company analysis, the aggregate consideration of $1,650,000,000 was above the range of implied values calculated using Fortegra’s Q2 2025 book value, within the range of implied values calculated using Fortegra’s Q2 2025 tangible book value and below Fortegra’s range of implied values calculated using Fortegra’s Non-GAAP P/E ‘26E. Selected Precedent Transaction Analysis Barclays reviewed and compared the purchase prices and financial multiples paid in selected other transactions that Barclays, based on its experience with merger and acquisition transactions, deemed relevant. Barclays chose such transactions based on, among other things, the similarity of the applicable target companies in the transactions to Fortegra with respect to the size, mix, margins and other characteristics of their businesses. Barclays bucketed the transactions into two categories—Pure Specialty and Commercial. However, multiple ranges were guided by ratios for the overall set of transactions. The reasons for and the circumstances surrounding each of the selected precedent transactions analyzed were diverse and there are inherent differences in the business, operations, financial conditions and prospects of Fortegra and the companies included in the selected precedent transaction analysis. Accordingly, Barclays believed that a purely quantitative selected precedent transaction analysis would not be particularly meaningful in the context of considering the Merger. Barclays therefore made qualitative judgments concerning differences between the characteristics of the selected precedent transactions and the Merger which would affect the acquisition values of the selected target companies and Fortegra. Based upon these judgments, Barclays selected (1) a P/BV multiple range of 1.20x to 2.20x, (2) a P/TBV multiple range of 1.20x to 2.20x and (3) a Non-GAAP P/E ‘26E multiple range of 9.0x to 11.0x, and applied such ranges to the Fortegra Projections to calculate a range