Company: KG
Filing Date: 2025-03-10
Form Type: S-4
Source: 0001104659-25-021993
Chunk: 6

Company: Kestrel Group Ltd
Filing Date: 2025-03-10
Form: S-4
Chunk 6
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. Regardless of whether you expect to be present at the meeting, please either complete, sign and date the enclosed proxy card and mail it promptly in the enclosed envelope, or vote electronically via the Internet or telephone as described in greater detail in the proxy statement/prospectus and on the enclosed proxy card. Returning the enclosed proxy card, or voting electronically or telephonically, will not affect your right to vote in person if you attend the meeting. You should NOT send certificates representing Maiden shares with the enclosed proxy card.

TABLE OF CONTENTS

For purposes of Section 106(2)(b)(i) of the Companies Act 1981 of Bermuda (the “Bermuda Companies Act”), the Maiden board (with two directors having recused themselves due to an interest in the transaction) considers the fair value for each Maiden share to be the right to receive one (1) duly authorized, validly issued, fully paid and nonassessable US NewCo interest.

In accordance with Section 106(2)(b)(ii) of the Bermuda Companies Act, a dissenting shareholder is entitled to be paid the fair value of its shares. Maiden shareholders who do not vote in favor of the first merger resolution and who are not satisfied that they have been offered fair value for their shares may, within one month of the giving of notice to the Maiden shareholders of the Maiden special meeting to approve the first merger resolution, apply to the Supreme Court of Bermuda (the “Bermuda Court”) to appraise the fair value of their shares. Persons owning beneficial interests in Maiden shares but who are not shareholders of record should note that only persons who are shareholders of record are entitled to make an application for appraisal. Any Maiden shareholder intending to exercise appraisal rights

#### MUST
file its application for appraisal of the fair value of its Maiden shares with the Bermuda Court within

### ONE MONTH
after the date that the notice convening the Maiden special meeting is deemed to have been received.

By Order of the Maiden Board of Directors,

Lawrence F. Metz 
 Executive Vice Chairman and Group President

Pembroke, Bermuda

, 2025

YOUR VOTE IS VERY IMPORTANT. PLEASE VOTE YOUR SHARES PROMPTLY, WHETHER OR NOT YOU EXPECT TO ATTEND THE MAIDEN SPECIAL MEETING. YOU CAN FIND INSTRUCTIONS FOR VOTING ON THE ENCLOSED PROXY CARD. IF YOU HAVE QUESTIONS ABOUT THE TRANSACTION OR THE MAIDEN SPECIAL MEETING PLEASE CONTACT MAIDEN HOLDINGS, LTD. ATTENTION: INVESTOR