Company: TIPT
Filing Date: 2025-10-31
Form Type: DEFM14A
Source: 0001140361-25-039949
Chunk: 112

Company: TIPTREE INC.
Filing Date: 2025-10-31
Form: DEFM14A
Chunk 112
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 assumed responsibility or liability for any independent verification of such information). Barclays also relied upon the assurances of the management of Fortegra that they were not aware of any facts or circumstances that would make such information inaccurate or misleading. With respect to the Fortegra Projections, upon the advice of Fortegra, Barclays assumed that the Fortegra Projections were reasonably prepared on a basis reflecting the best currently available estimates and judgments of the management of Fortegra as to Fortegra’s future financial performance and that Fortegra would perform substantially in accordance with such projections. In arriving at its opinion, Barclays assumed no responsibility for and expressed no view as to the Fortegra Projections or estimates or the assumptions on which they were based. In arriving at its opinion, Barclays did not conduct a physical inspection of the properties and facilities of Fortegra and did not make or obtain any evaluations or appraisals of the assets or liabilities of Fortegra. Barclays’ opinion was necessarily based upon market, economic and other conditions as they existed on, and could be evaluated as of, September 26, 2025. Barclays assumed no responsibility for updating or revising its opinion based on events or circumstances that may have occurred after September 26, 2025. Barclays assumed that the executed Merger Agreement would conform in all material respects to the last draft reviewed by Barclays. Additionally, Barclays assumed the accuracy of the representations and warranties contained in the Merger Agreement and all agreements related thereto. Barclays also assumed, upon the advice of Fortegra, that all material governmental, regulatory and third party approvals, consents and releases for the Merger would be obtained within the constraints contemplated by the Merger Agreement and that the Merger will be consummated in accordance with the terms of the Merger Agreement without waiver, modification or amendment of any material term, condition or agreement thereof. Barclays did not express any opinion as to any tax or other consequences that might result from the Merger, nor did Barclays’ opinion address any legal, tax, regulatory or accounting matters, as to which Barclays understood that Fortegra had obtained such advice as it deemed necessary from qualified professionals. In connection with rendering its opinion, Barclays performed certain financial, comparative and other analyses as summarized below. In arriving at its opinion, Barclays did not ascribe a specific range of values to the equity of Fortegra but rather made its determination as to the fairness, from a financial point of view, to the holders of Fortegra common stock of the aggregate consideration in the Merger on the basis of various financial and comparative

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