Company: KG
Filing Date: 2025-03-10
Form Type: S-4
Source: 0001104659-25-021993
Chunk: 138

Company: Kestrel Group Ltd
Filing Date: 2025-03-10
Form: S-4
Chunk 138
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 expressly disclaimed and assumed no responsibility for any undertaking or obligation to update, revise, reaffirm or withdraw its Opinion or advise any person of any change in any fact or matter affecting its Opinion of which IAP may become aware after the date of its Opinion. IAP is not a legal, regulatory, accounting or tax expert and IAP relied on, and assumed the accuracy and completeness of, assessments by Maiden and its advisors with respect to legal, regulatory, accounting and tax matters and the Opinion does not address any such matters.

The Opinion was approved by the fairness opinion committee of IAP. The Opinion was rendered for the information of the Maiden board (in its capacity as such) in connection with its evaluation of the transaction. The Opinion does not address the prices at which the Maiden shares (or the shares of the combined company) may trade following the announcement of the transaction or at any other time, and does not constitute a recommendation as to how any person should vote or act in connection with the transaction.

The following is a summary of the material analyses performed by IAP in connection with rendering its Opinion to the Maiden board. The following summary does not purport to be a complete description of the financial analyses performed by IAP and the order in which the analyses are presented is not an indication of the relative importance or weight given to such analyses by IAP. The preparation of a fairness opinion is a complex process involving subjective judgments as to the appropriate methods of financial analysis and the application of those methods to the particular circumstances and is not necessarily susceptible to partial analysis or summary description. Selecting portions of the analyses or of the summary set forth below, without considering the analyses as a whole, could create an incomplete view of the processes underlying the Opinion. In arriving at its fairness determination, IAP considered the results of all of its analyses and did not attribute any particular weight to any factor or analysis considered by it. Rather, IAP made its determination as to fairness on the basis of its experience and professional judgment after considering the results of all of its analyses. No company or transaction used in the below analyses as a comparison is directly comparable to Kestrel or Maiden or the contemplated transaction. Some of the summaries of the financial analyses performed by IAP include information presented in tabular format. The tables must be read together with the full text of each summary and alone are not a complete description of IAP’s financial analyses. Except as otherwise noted, the following quantitative information, to the extent that it is based on market data, is based on market data as