Company: KG
Filing Date: 2025-03-26
Form Type: 424B3
Source: 0001104659-25-028251
Chunk: 136

Company: Kestrel Group Ltd
Filing Date: 2025-03-26
Form: 424B3
Chunk 136
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 off-balance-sheet assets or liabilities) of Maiden, Kestrel or any of their respective subsidiaries or affiliates. IAP was not furnished with and did not assume any responsibility for preparing any such appraisals. IAP did not evaluate, and IAP did not express an opinion as to, the solvency or fair value of Maiden, Kestrel or any of their respective subsidiaries or affiliates under any state or federal laws relating to bankruptcy, insolvency or similar matters.

The Opinion is limited to the fairness, from a financial point of view, to Maiden and Maiden shareholders of the Kestrel merger consideration to be received by the Kestrel equityholders in the transaction pursuant to the combination agreement as of the date of the Opinion. IAP did not express any opinion or view with respect to any consideration to be received in connection with the transaction by the holders of any class of securities, creditors or other constituencies of any party. The Opinion does not address any terms (other than the Kestrel merger consideration to the extent expressly specified in the Opinion) or other aspects or implications of the transaction, including, without limitation, the form or structure of the transaction or any other agreement, arrangement or understanding, or term or aspect thereof (including without limitation the terms of the earnout), to be entered into in connection with or contemplated by the transaction or otherwise, including without limitation the terms and conditions of any of the ancillary agreements such as the registration and investor rights agreements. IAP did not express any view or opinion as to, and

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its Opinion did not address, the pro forma ownership or governance of the combined company following the consummation of the transaction.

IAP did not express any view or opinion as to, and its Opinion did not address, the fairness (financial or otherwise) of the amount or nature or any other aspect of any compensation to any officers, directors, or employees of any party to the transaction, or any class of such persons, relative to the Kestrel merger consideration or otherwise; the relative merits of the transaction as compared to any alternative business or financial strategies or transactions that might be available to Maiden or the effect of any other transaction in which Maiden might engage; or the underlying business decision of Maiden to engage in the transaction.

The Opinion is necessarily based on economic, monetary, market and other conditions as in effect on, and the information made available to IAP as of, the date of the Opinion. Developments occurring after