Company: MHLA
Filing Date: 2025-04-21
Form Type: 425
Source: 0001104659-25-036858
Chunk: 5

Company: Maiden Holdings, Ltd.
Filing Date: 2025-04-21
Form: 425
Chunk 5
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us.        |

For the purposes of the Projections, EBITDA was
calculated as follows. Totals may not sum due to rounding.

| ($ amounts in millions) |     | 2024E |      |   |     | 11/30/24 
 Adjusted 
 LTM      |      |   |     | 2025E |      |   |     | 2026E |      |   |     | 2027E |       |   |     | 2028E |       |   |
|:------------------------|:----|:------|-----:|:--|:----|:---------|-----:|:--|:----|:------|-----:|:--|:----|:------|-----:|:--|:----|:------|------:|:--|:----|:------|------:|:--|
| Total Revenue           |     | $     |  5.3 |   |     | $        | 17.0 |   |     | $     | 22.7 |   |     | $     | 32.4 |   |     | $     |  39.6 |   |     | $     |  44.4 |   |
| Expenses                |     |       |      |   |     |          |      |   |     |       |      |   |     |       |      |   |     |       |       |   |     |       |       |   |
| Personnel Expenses      |     |       | (3.6 | ) |     |          | (3.8 | ) |     |       | (5.1 | ) |     |       | (6.1 | ) |     |       |  (7.3 | ) |     |       |  (8.1 | ) |
| Occupancy               |     |       | (0.2 | ) |     |          | (0.2 | ) |     |       | (0.3 | ) |     |       | (0.5 | ) |     |       |  (0.7 | ) |     |       |  (0.9 | ) |
| Travel                  |     |       | (0.2 | ) |     |          | (0.2 | ) |     |       | (0.3 | ) |     |       | (0.