Company: TIPT
Filing Date: 2025-11-10
Form Type: PX14A6G
Source: 0001193125-25-274552
Chunk: 4

Company: TIPTREE INC.
Filing Date: 2025-11-10
Form: PX14A6G
Chunk 4
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mm book value at Tiptree Capital + $62mm holding company book value at 10/12/21 investor                            
 presentation. $92mm = $167mm book value at Tiptree Capital + ($75mm) holding company book value at Q2 ’25 investor presentation. |

While we lack confidence in Tiptree’s leadership, we are absolutely certain that Fortegra’s future prospects are bright. Fortegra reported record Q3 2025 earnings, delivered ROE in excess of 26% in Q3 2025, and forecasts provided in Tiptree’s Merger Proxy indicate expectations of strong book value and net income growth. 8We believe the Proposed Transaction deprives Tiptree shareholders of this high-performing asset at an unfairly low price without any committed return of capital – and adds insult to injury by burdening us with significant tax inefficiencies. Notably, Tiptree shareholders are better off with no deal at all than they are with the Proposed Transaction. Tiptree currently trades at 5.8x Tiptree’s 69.1% share of Fortegra’s LTM adjusted net income and 5.0x the estimate of 2026 adjusted net income disclosed in the Merger Proxy, even without taking into account the nearly ~$2 of value per share from non-Fortegraassets. This is a substantial discount to comparable companies. The Barclays fairness option in the Merger Proxy includes Median and Mean 2026 comparable valuation of net income at 12.5x and 12.8x respectively, which suggests more than 100% upside based on the most recent Tiptree stock price. Because the fairness opinion included reinsurance businesses, which historically trade at lower multiples, in its comparable group, this potential upside is more likely to be too conservative than too aggressive. While we are not philosophically opposed to a sale of Fortegra, the terms of the Proposed Transaction must be revised. At a minimum, should DB Insurance wish to purchase Fortegra, we suggest they do so through an acquisition of Tiptree that will deliver value directly to all Tiptree shareholders . In the coming days we will make available a presentation with our perspectives on alternatives, our valuation work, and the conflicted incentives of Tiptree management. We encourage investors to contact Veradace for additional information at info@veradacecapital.com. Unless the terms of the Proposed Transaction are revised to acquire Tiptree shares directly for $28.75 per share, we intend to vote