Transaction Details

Footnotes

The total reported includes all Maiden common shares held by the Reporting Person. | On May 27, 2025, Kestrel Group LLC, the equityholders of Kestrel Group LLC, Maiden Holdings, Ltd. ('Maiden'), Ranger U.S. Newco LLC, Ranger Bermuda Merger Sub Ltd, Ranger Bermuda Topco Ltd ('Bermuda NewCo') and Ranger Merger Sub 2 LLC consummated a transaction under a combination agreement, pursuant to which each common share of Maiden was automatically canceled and converted into the right to receive one-twentieth (0.05) of a Bermuda NewCo common share. In addition, each restricted share of Maiden that was outstanding immediately prior to the closing, whether or not then vested, was converted automatically into one-twentieth (0.05) of a Bermuda NewCo restricted share. | The total reported includes all Maiden restricted shares held by the Reporting Person. | Pursuant to the Combination Agreement, each option to purchase Maiden common shares (each a 'Maiden option') that was outstanding immediately prior to the closing of the Transaction, whether or not then vested or exercisable, ceased to represent a right to acquire Maiden shares and was converted automatically into an option to purchase a number of Bermuda NewCo common shares equal to one-twentieth (0.05) of the Maiden common shares subject to the Maiden option (rounded down to the nearest whole share), with an exercise price determined by dividing the exercise price of such Maiden option by 0.05 (rounded up to the nearest whole cent).