#1IGI Investor Presentation December 2019 IGI INTERNATIONAL GENERAL INSURANCE HOLDINGS LIMITED#2Today's Presenters Wasef Jabsheh Founder, Vice Chairman & CEO Over 50 years insurance experience Established ADNIC (¹), Middle East Insurance Brokers and International Marine & General Insurance Co. in 1991, which was sold to HCC in 1994 Previously on the board of HCC Insurance ● Waleed Jabsheh President Over 21 years insurance experience Joined IGI since inception and has played a pivotal role in its growth and development ● ● ● Andreas Loucaides CEO IGI UK Over 47 years insurance experience Founder of PRI group, an aim-listed start-up which was sold to Brit in insurance company 2003 (1) Abu Dhabi National Insurance Company. Previously at LDG reinsurance, a subsidiary of Houston Casualty, and at Manulife Reinsurance in Toronto ● Previously CEO at Catlin UK and Jubilee group Joint oversight of underwriting International General Insurance Holdings Limited Hatem Jabsheh Group COO Over 18 years industry experience Established an asset management and brokerage business which was sold in 2009 Previously at Spear, Leeds and Kellogg, a subsidiary of Goldman Sachs ● Pervez Rizvi Group CFO Over 26 years industry and banking experience Previously served at various firms including HSBC Bank in UAE & Malaysia and Zurich Financial Services in DIFC in a senior management role ● ● ● Previously served as CFO at Islamic Insurance Company in Abu Dhabi, UAE Andrew Poole CIO, Tiberius Over 15 years of experience in portfolio management, analyzing and investing in public Insurance companies ● Original partner and portfolio manager at Scoria Capital, a L/S hedge fund Previously at Diamondback Capital, SAC Capital and Swiss Re 2#3IGI CONTENTS COMPANY OVERVIEW INVESTMENT HIGHLIGHTS FINANCIAL OVERVIEW TRANSACTION OVERVIEW SUPPLEMENTAL MATERIALS Section 1 Section 2 Section 3 Section 4 Section 5#4COMPANY OVERVIEW Section 1#5Specialty (Re)Insurer With 17-Yr Track Record Maximizing Total Value Creation Highly-rated international specialist (re)insurer with 17-year track record and an A (Excellent) AM Best rating with a Stable Outlook and an A- S&P rating with a Stable Outlook 2019E GPW $340mm Financial Leverage 0% Cash & Short Term Deposits as % of Total Investable Assets 50%+ 6/30/19 Shareholders' Equity $309mm AM Best Rating A (EXCELLENT) S&P Rating A-(STABLE) Total Value Creation 10-Year CAGR(1) 10% Combined Ratio (Last 10 Years Avg.) 91% Favorable Development Over Last 5 Years (2) 12% Operating ROE (Last 10 Years Avg.) 10% Dividend Payout Ratio 40% ● ● ● ● Bermuda Diverse specialty business lines with market recognized expertise in energy, property, ports & terminals, financial institutions, and professional liability Global geographical footprint with exposures in 200+ countries and territories supported by operations in UK, Middle East, North Africa and Asia Opportunity to invest alongside Jabsheh family who will retain 24% ownership in Pro Forma Company (3) London Casablanca Dubai International General Insurance Holdings Limited Amman Kuala Lumpur Demonstrated Track Record of Double-Digit Compounding of Tangible Book Value Plus Dividends Through Focused Underwriting, Strong Cycle Management, Conservative Investment Philosophy and Cost Efficient Structure Source: Financial information for the year ended 12/31/2018 unless otherwise noted. Annual accounts, management information. Note: Financial statements of IGI have been prepared in accordance with International Financial Reporting Standards (IFRS), as adopted by the International Accounting Standards Board. (1) Total Value Creation defined as Tangible Book Value per Share growth plus cumulative dividends for 2009-2018 period. (2) Average reserve development as % of NPE. (3) Assumes no redemptions by Tiberius shareholders and acquisition price of $376mm assuming 6/30/2019 book value of $309mm (after adding back IGI transaction expenses) and acquisition P/B multiple of 1.22x. 5#6Evolution Into a Global Specialty (Re)Insurer $50mm capital raise 2002 Commenced operations in Jordan, underwriting energy, property and engineering business Kuala Lumpur office transformed to Asia Pacific hub AM Best upgraded IGI's credit ratings to A (Excellent) 2019 $75mm capital raise 2005 Assigned BBB rating by S&P Commenced underwriting reinsurance business Commenced underwriting Renewable Energy business Commenced underwriting Inherent Defects business 2018 2006 Established Holding Company in DIFC(1) Established Labuan Branch Commenced underwriting Legal Expenses business ~$550mm market cap. Specialty (Re)Insurer(3) AM Best raises IGI's rating to A- (Positive) 2017 Commenced underwriting Casualty business Commenced underwriting Directors' & Officers' business New brand launched 2016 2007 Established Bermudian subsidiary Commenced underwriting business in Financial Lines Purchased majority shareholding of SR Bishop S&P raises IGI's rating to A- (Stable) Commenced underwriting Forestry business 2015 2008 Assigned BBB+ rating by S&P and A- rating by A.M. Best Established IGI Dubai in DIFC S&P raised IGI's rating from BBB+ 'stable' to BBB+ 'positive' Established office in Casablanca 2014 2009 Commenced underwriting General Aviation business Commenced underwriting Professional Indemnity business Acquired SR Bishop and renamed to North Star Commenced underwriting Political Violence business 2013 2010 Established FSA (2) regulated UK subsidiary Commenced underwriting Ports & Terminals business IGI Dubai commences operations as an agency 201 Source: Public filings. (1) Dubai International Financial Center. (2) FCA previously known as FSA. (3) Represents estimated pro forma market capitalization of IGI; Assumes no redemptions by Tiberius shareholders and an acquisition price of $376mm assuming 6/30/2019 book value of $309mm (after adding back IGI transaction expenses) and acquisition P/B multiple of 1.22x. International General Insurance Holdings Limited 6#7I Opportunity for IGI to Capitalize on Sector Tailwinds & Partner with Industry Veterans Attractive Market Opportunity Management would like to continue to participate in significant upside potential for IGI as meaningful owners 66 Shareholders, who have partnered with IGI for many years, will have an opportunity for liquidity and price discovery Evolution of IGI affords investors unique opportunity to share in value creation alongside management Opportunity for us to partner with "like-minded", market- recognized insurance veterans at Tiberius We are bottom-line focused and the market opportunity to attractively deploy capital is evident Deploying Capital into a Hardening Market Property direct and facultative underwriters are continuing to achieve double-digit rate rises on renewal business as they ride momentum fuelled by the withdrawal of capacity from major US domestic writers (May 2019)⁹⁹ INSURANCE Insider A "remarkable" level of claims frequency and an overall poor loss record in the downstream energy market has resulted in double- digit rate increases even on some loss-free accounts (May 2019)⁹⁹ INSURANCE Insider 'Between us and Lloyd's, we've moved the market': Brian Duperreault (June 2019)⁹⁹ AIG C. ALLEN BRADLEY, JR. AMSF stock performance under his leadership: ~500% Former Chairman and CEO of Amerisafe Appointed CEO in 2003, led the IPO in 2005 MICHAEL GRAY Proven Operator in the SME Specialty Sector CEO at Gray Insurance Company Director of APCIA, Chairman of Louisiana Insurance Guaranty Association ● JOHN W. HAYDEN The Midland Company stock performance under his leadership: >500% Former CEO of The Midland Company Served as President of Specialty Insurance at Munich Re ● SENATOR E. BENJAMIN NELSON Former Governor of NE (1991-1999) & US Senator (2001-2013) Former CEO of the National Association of Insurance Commissioners (NAIC) from 1982 to 1985 and 2013 to 2016 Former Director of the Nebraska Department of Insurance ● Tiberius Board is Complementary ● JOHN D. VOLLARO ACGL stock performance under his leadership: >800% Senior Advisor and Director of Arch Former EVP and CFO of Arch ● . Market-Leading Insurance Managers and Owners Partnering with "Like-Minded" Respected Public-Company Insurance Veterans International General Insurance Holdings Limited 7#8Conservative Specialty-Class Individual Risk Underwriter Intelligent Risk Selection & Management ■ Class-underwriting profit-centers irrespective of geography ▪ In-depth risk assessment of underlying exposure ▪ Facultative reinsurance designed to enhance risk-adjusted returns ▪ Prudent use of treaty reinsurance to protect capital Treaty 6% MGA- Originated Business 25% Individually Underwritten 70% 2018 Gross Premiums Written: $302mm Favorable Reserve Development History(¹) ▪ Conservative approach to setting reserves with a history of favorable development ($mm) $16 8.2% 2014 $24 International General Insurance Holdings Limited 15.1% 2015 $27 17.3% 2016 In-depth Risk Underwriting Culture Matched with Conservative Reserving Philosophy Note: Financial statements of IGI have been prepared in accordance with International Financial Reporting Standards (IFRS), as adopted by the International Accounting Standards Board. (1) Data based on case + IBNR reserve development. $23 15.9% $9 4.9% 2017 Favorable Development / Net Premiums Earned 2018 8#9Broad Distribution Network By 2018 Gross Premiums Written (% of Total) Top 10: 71% [ Top 5: 59% 24% Gallagher 13% .…......l 4% 2% 2% Miller THB Price Forbes Marsh 13% Willis 6% JLT 4% AON 2% UIB International General Insurance Holdings Limited Note: Financial statements of IGI have been prepared in accordance with International Financial Reporting Standards (IFRS), as adopted by the International Accounting Standards Board. 2% IGI has Long-Standing Relationships with an array of Brokers that have "Boots on the Ground" RKH Group 29% Others 9#10INVESTMENT HIGHLIGHTS Section 2#11Investment Highlights IGI 1 2 3 4 5 6 7 8 9 Market Respected and Recognized Management Team Multi-Line Specialty (Re)Insurer Individual Risk Selection & Underwriting Differentiated Geographical Footprint Scalable Operating Platform Conservative Balance Sheet and Capital Management Demonstrated Track Record of Total Value Creation Low Volatility Returns Well Defined Levers for Value Creation ■ ■ ■ ■ ■ Management has received numerous industry awards and is recognized for its client service Well-diversified book of 17 business lines (including sub-classes) spanning across attractive specialty and niche products Prudent, sound individual risk underwriting focused on profitability and capital preservation generating a 91% average combined ratio over the last 10 years Geographical spread of 200+ countries with access to both mature markets and faster-growing, underpenetrated markets with attractive growth rates Highly efficient and scalable infrastructure with cost efficient back office operations in Amman Solid capital adequacy levels backed by rigorous reserving process, no financial leverage & prudent reserving philosophy with 12% of favorable development over last 5 years 17 year track record of creating shareholder value through superior underwriting, capital mgmt. and conservative investing delivering a 350% return for shareholders since inception Strong Unlevered ROE of ~10% delivered with low volatility returns through market cycles Clearly identified near-term growth and ROE enhancing opportunities leveraging existing skills and market opportunities Demonstrated Track Record of Double-Digit Compounding of Tangible Book Value Plus Dividends Achieved Through Focused Underwriting, Strong Cycle Management, Conservative Investment Philosophy and Cost-Efficient Structure International General Insurance Holdings Limited 11#12O Market Respected and Recognized Management Team Wasef Jabsheh 2019 EY Entrepreneur of the Year for Jordan Our clients have benefitted from their professionalism and service focused approach and this has led to increased demand for their capacity [...] They are supported by an excellent panel of reinsurers who have benefitted substantially from IGI's underwriting (2013) 99 EY GUY CARPENTER In our opinion, IGI benefits from an experienced management team. It has also proven successful in attracting high-calibre technical and underwriting staff from around the world, and has been able to consistently define and achieve its strategic objectives (2018) S&P Global Our experience with them is as a tough but fair trading partner. Both our clients and our brokers have voiced satisfactions in the way they approach claims and placement issues and their staff has proven responsive and professionally able (2013) ⁹⁹ JLT Under Wasef's leadership, IGI is now one of the most successful reinsurance companies in the Middle East and Northern Africa region. He has transformed it into a truly global company, writing... business in more than 200 countries across the world (2019) ⁹⁹ EY MENA Insurance Awards International General Insurance Holdings Limited International General Insurance 2018 Reinsurer of the Year Specialty insurer IGI has a record of consistent and profitable growth in its core Afro-Asian markets... Despite the challenging trading environment in 2016, IGI continued to diversify its portfolio and strengthen its regional operations (2017)⁹9 insuranceday Business intelligence | informa In a mainly male-dominated sector, Wasef has bucked convention. IGI boasts a 50:50 male to female ratio among its staff, who come from more than 15 different countries. Wasef explains, "We want to do more to promote diversity in the workplace because we believe that diverse and inclusive businesses are more innovative, creative and profitable." (2019)⁹⁹ EY IGI Management Team Recognized Among Best-In-Class By Distribution Partners and Independent Industry Participants Source: Company filings, website. 12#13→ Steadily Growing and Increasingly Diversified Specialty (Re)Insurer Accident Year GPW by Business Line ($mm) 2009-2019E CAGR: 8% $153 $179 $203 $226 $240 Strong Cycle Management $252 $242 $232 $275 $302 $340 I 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 Specialty Short-Tail Property (15% of 2018 GPW) Specialty Short-Tail - Energy (27% of 2018 GPW) Specialty Short-Tail - Other (22% of 2018 GPW) Specialty Long-Tail (30% of 2018 GPW) Reinsurance (6% of 2018 GPW) International General Insurance Holdings Limited Risks vary from large hotels to industrial manufacturing and forestry Conservative in risks related to hazardous operations Growth prospects for Latin America, Africa, Japan and Far East Strong presence in major energy insurance hubs (e.g. UK, Norway and Dubai) Downstream: largely operating risks (e.g. property damage, business interruption, machinery breakdown) largely within the oil & gas and power & utilities sectors Upstream: coverage includes business interruption, property damage and loss of hire in a number of sub-classes Encompasses 5 lines: Ports & terminals, General Aviation, Engineering, Political violence Key lines include Professional indemnity, Financial institutions, Marine liabilities London-based Pl team established in 2014 followed by D&O and legal expenses in 2017 Largely written on annual practice policy basis Primarily property & medical expenses, mostly on XoL basis across ~90 countries I Preference for small-medium sized cedants with high-quality data and consistent underwriting Raising profile in treaty market Prudent Growth and Cycle Management Marked by Opportunistic Approach to Capitalizing on Market Dislocation Note: Financial statements of IGI have been prepared in accordance with International Financial Reporting Standards (IFRS), as adopted by the International Accounting Standards Board. Source: Annual accounts, management information. 13#143 Disciplined Risk Selection and Prudent Risk Management Framework 5 Year Average Claim & Claim Expense Ratio 100% 80% 60% 40% 20% 0% Prudent, Sound Underwriting Focused on Profitability(¹) Property(2) Engineering 100% 90% 80% Energy Aviation Political Violence Reinsurance Professional Liability & Financial Institution Lines Marine Ports and Terminals 70% 60% 50% 40% 30% 20% 10% 0% 2018 Declinature Rate(³) (2) Includes 4 year average claim & claim expense ratio for Forestry, which commenced in 2015. (3) % of applications declined by line of business. (4) Equity balance as of 12/31/2017. (5) Peers include ARGO, RLI, JRVR, KNSL, AXS, MKL, WRB, RE, RNR, LRE and BEZ. 2017 AY Cat Losses as a % of Equity(4) International General Insurance Holdings Limited 7.6% IGI 19-Sep-17 Mexico Earthquake Average Examples of 2017 Cat Losses as of 9/30/19 ($mm) Hurricane Maria 07-Sep-17 Mexico Earthquake Hurricane Irma $0.7 ($1.2) $3.3 10.2% $13.0 $24.6 (5) $20.6 $35.8 Selective Underwriting with Focus on Loss Mitigation and Capital Preservation Source: Management information. Note: Financial statements of IGI have been prepared in accordance with International Financial Reporting Standards (IFRS), as adopted by the International Accounting Standards Board. (1) Size of bubble based on IGI's 2018 GPW. $47.9 ■ Gross Net 14#154 Underwriting in Recognized Markets w/ Differentiated Geographical Exposure Middle East, Africa and Asia (24%) Comprises MENA ($32m), Asia ($28m) and Africa ($14m) Middle East 11% Continental Europe 11% Exposure to 200+ Countries Europe (37%) Asia 9% UK 25% ▪ Comprises UK ($77m) and other European countries ($35m) Africa 5% 2018 GPW: $302m Latin America (18%) Comprises Central America ($27m) and South America ($26m) Latin America 18% Worldwide 21% Worldwide (21%) Comprises exposure to accounts that are worldwide ($35m), Caribbean Islands ($15m), Australasia ($13m) and North America ($1m) Underwriters by Location Labuan Casablanca 1 4 Dubai 6 Amman 11 International General Insurance Holdings Limited Dec-18: 51 London 29 Access to Attractive Markets Underwriting Headquarters in London The rates environment in the Middle East and North Africa (MENA) region has improved over the past year... (June 2019) INSURANCE Insider IGI Writes Business in 200+ Countries and Territories in Mature and High-Growth, Underpenetrated Regions with Attractive Growth Rates Source: Management information, annual accounts. Note: Financial statements of IGI have been prepared in accordance with International Financial Reporting Standards (IFRS), as adopted by the International Accounting Standards Board. 15#165 Scalable Tech-Enabled Operating Platform Cost-Efficient, Optimized Operations Technology is a Core Competency Largely London-based underwriting staff supported by back and middle-office operations in Amman (Jordan) Amman hub provides central services to global underwriting platform ▪ Average annual salary of $26k in Jordan for support staff(1) Employees (excl. Underwriters) IGI Office Amman London Dubai Casablanca Labuan Total I U/W Support 56 1 57 Office Digitization and Collaboration Digital Transformation Strategy Claims & Reinsurance 17 Robust and flexible technology platform built for long- term success Cloud Computing Source: Management information. (1) Based on Jordan employees excluding underwriters and senior management. 5 Deployed and integrated cutting edge modelling / analytical systems: 22 - Tyche stochastic modelling improves accuracy of risk assessment by running sensitivity tests on expert judgements to one million rather than the typical 50,000 Finance, Investments & Admin. Robotics Process Automation and Machine Learning 28 9 2 2 1 42 IT 13 13 International General Insurance Holdings Limited Other 29 10 2 1 Intelligent Business Processing Management 1 43 Tyche Sophisticated, high-speed modelling platform 66. We've focused on trying to price policies faster and more efficiently. With multiple inclusions and exclusions on a policy, the process tends to bog down going manually back and forth. With automation, the underwriter can easily see the changes. Hatem Jabsheh on Robotics Process Automation Total 143 24 5 3 2 177 Psicle Next-generation actuarial and financial modelling Business and Artificial Intelligence Scalable, Cost-Efficient Platform and Modern IT Infrastructure to Support a Growing Franchise Blockchain 16#176 Conservative Balance Sheet and Capital Management Strong Credit Ratings Robust Balance Sheet Focus on "Getting it Right" STABLE OUTLOOK Rigorous Reserving Philosophy ■ ■ I ■ ■ RATING A- by S&P I STABLE OUTLOOK No financial leverage RATING A by A.M. Best Regulated by BMA, UK FCA and PRA Robust 287% Bermuda solvency ratio supports one of the highest ratings in the MENA region(²) Capital adequacy in excess of our AAA benchmark(1) NPE /Shareholders' Equity(3) 73% 72% S&P Global 64% 11 2012 2013 2014 2015 2016 2017 2018 57% 52% 49% International General Insurance Holdings Limited 61% Seamless communication among actuarial reserving team, underwriting and claims Reserve testing performed by in-house actuary on regular basis Reserves tested by independent, third party actuaries: Lane Clark & Peacock (semi-annually) and EY (annually) History of Conservative Capital & Risk Management While Maintaining a Fortress Balance Sheet Source: Annual accounts, credit rating reports. Note: Financial statements of IGI have been prepared in accordance with International Financial Reporting Standards (IFRS), as adopted by the International Accounting Standards Board. (1) AM Best press release dated September 5, 2019. S&P report dated July 16, 2018. (2) BSCR/ECR ratio for Bermuda entity (International General Insurance Co Ltd) as of December 31, 2018. (3) Net Premiums Earned divided by end of year Shareholders' Equity. The ratings reflect IGI's balance sheet strength...as well as its strong operating performance, limited business profile and appropriate enterprise risk management (¹) ABEST Equity to Net Loss Reserves 154% 130% 135% 146 % 157% 153% 153% m 2012 2013 2014 2015 2016 2017 2018 Management has a track record of utilizing world-class experts to ensure reliability and accuracy of financial reporting systems, controls and financial statements Adjusted equity as part of PCAOB audit to account for change in pipeline premiums and respective IBNR reserves 17#187 Underwriting Expertise & Limited Investment Risk Drive Value Creation Combined Ratio (2009-2018) 90% 97% IGI Average Combined Ratio 2009 100 100 '02 90.5% 95%93% 111 100 '03 2010 133 107% 100 '04 87% 2011 92%89% 2012 172 69 100 '06 212 104 100 '07 Investment Portfolio(1) Equity Other 5% 2% Real Estate 9% Gov. & Corp. Fixed Income 33% 88%88% IGI Combined Ratio Compared to Industry Cash & S-T 51% IGI 2018Y Yield: 2.2% 181 67 100 '08 90%86% 2013 2014 2015 ■AM Best Global Reinsurance Index■IGI IGI Total Value Creation per Share Since Inception (²) 2002-2018 TVC CAGR: 10% 90%84% 222 105 100 246 95%87% 125 100 285 2016 International General Insurance Holdings Limited 331 Total Value Creation CAGR (2009-2018)(²) 185 100 '13 110%105% 2017 9.9% I 366 61 205 IGI 100 '14 95% 89% 200 161 154 58 87 100 100 100 100 '05 '10 '11 '12 '16 '09 Tangible Book Value Per Share Increase ■Indexed Value ■ Dividends Source: IGI annual reports, SNL Financial. Note: Financial statements of IGI have been prepared in accordance with International Financial Reporting Standards (IFRS), as adopted by the International Accounting Standards Board. (1) Portfolio composition and yield for IGI as of and for the twelve months ended December 31, 2018. (2) Total Value Creation defined as Tangible Book Value per Share growth plus cumulative dividends. Indexed to 100. (3) Peers include ARGO, HSX, LRE, BEZ, RLI, JRVR, KNSL, AXS, ACGL, MKL, WRB, RE, and RNR. 373 73 200 2018 100 '15 418 89 9.0% 229 Peer Median Peer 10-Yr Avg: 95% IGI 10-Yr Avg: 91% 430 102 (3) 228 100 '17 450 106 244 100 '18 18#19High ROAE 8 High Quality ROE with Limited Volatility Among Best-in-Class Peers 18.0% 15.0% 10 Year Average Operating ROAE 12.0% 9.0% 6.0% 3.0% 0.0% 12.0% LRE-LON P/BV: 1.72x RNR P/BV: 1.57x 10.0% HSX-LON P/BV: 1.90x BEZ-LON P/BV: 2.33x Historically strong, low- volatility ROE with no Debt and 50%+ of Investment Portfolio in Cash RE P/BV: 1.23x AXS P/BV: 1.03x ARGO P/BV: 1.19x IGI I International General Insurance Holdings Limited ACGL P/BV: 1.64x KNSL P/BV: 5.75x(1) JRVR P/BV: 1.56x 8.0% 6.0% 4.0% Standard Deviation of 10 Year Operating ROAE MKL P/BV: 1.48x (2) RLI P/BV: 4.10x 2.0% Avg. P/BV: 1.76x WRB P/BV: 2.06x 0.0% Low Volatility Book Value Growth Generated Through Consistently Strong, Lower Volatility Returns Note: Bubble size representative of P/BV multiple. Source: SNL Financial. Note: Financial statements of IGI have been prepared in accordance with International Financial Reporting Standards (IFRS), as adopted by the International Accounting Standards Board. Market data as of 11/29/2019. (1) Includes operating ROAE data for 2016 through 2018. (2) Represents standard deviation of annual ROES for peers for representative years. 19#209 Well Defined Levers for Risk-Adjusted Value Creation Near-Term Longer-Term A Organic Growth in Existing Markets B Expansion to New Specialty Business Lines and Markets Investment Yield Uplift Leverage Lloyd's Coverholder Platform and Manage Third Party Capital ■ ■ Exploring potential entry into the U.S. E&S markets Application placed for Belgium-based EU subsidiary ▪ Potential entry into niche segment of marine hull market ■ ■ Well-positioned to capitalize on recent developments in the London and the Middle East insurance markets - Lloyd's increasingly focused on portfolio remediation to improve underwriting profitability - Capacity reductions / withdrawals from several classes of business by many Lloyd's syndicates Qatar Re, Partner Re and Aspen have exited the Middle East market Increased focus on expanding presence in Asia through recent CEO hire in Kuala Lumpur ■ Opportunity to improve investment yield by ~40-70bps through portfolio optimization; shift investments from cash into fixed income instruments and reposition to an overall balanced portfolio in-line with peers ▪ Reactivate IGI's existing Lloyd's coverholder platform (North Star) Leverage our core underwriting skills to manage third-party capital - Use of platform to add scale without incremental balance sheet or underwriting risk Value Levers Capitalize on Existing Management Knowledge, Skillset and Platform International General Insurance Holdings Limited 20#21FINANCIAL OVERVIEW Section 3#22Track Record of Delivering Results Through the "Market Cycle" Assumes capital contribution at transaction close on 3/31/20 $153 $179 $9 $203 $17 Gross Premiums Written ($mm) $252 $242 $232 $226 $240 11 III 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019E 2020E '09-'18 CAGR: 7.8% $24 13% '18-'19E Growth Reflective of Improving Market Conditions Net Operating Income ($mm) '09-'18 CAGR: 13.6% $26 $31 $31 $275 $33 $30 $420 $340 il $302 $1 $291 Historical Average 91% 97% Historical Results Include PY Reserve Development 93% 6% 87% 89% 88% Combined Ratio Historical Average 10% 12% 9% $37 $30 il 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019E 2020E 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019E 2020E 86% 12% International General Insurance Holdings Limited 13% I 89% 92% mou 84% 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019E 2020E Projections Exclude PY Reserve Development Un-Levered Operating Return On Equity 87% 12% 12% 105% 10% 0% 9% Source: IGI annual reports. Note: Financial statements of IGI have been prepared in accordance with International Financial Reporting Standards (IFRS), as adopted by the International Accounting Standards Board. 91% 10% 8% 22#23Illustrative Value Lever Analysis ($ in mm) $30 A (1) I I I I 1 I I 1 I I I I I I I 1 I I I I I 1 I I I $33 B I I I T I I (2) $1 2019E Standalone Organic Growth 2020E Standalone New Business Net Income Net Income U/W Income Inv. Income on New Capital (3) $2 Existing Portfolio Public Company Repositioning Costs (1) Organic GPW growth from 2019 to 2020. (2) $36mm of transaction proceeds (approximately one-third of the total) deployed at 0.7x net premium written leverage at combined ratio of 91%. (3) Assumes investment of transaction proceeds at net investment yield of 3.0%. (4) Assumes portfolio repositioning achieves 3.0% Net Yield on investment portfolio. ($3) International General Insurance Holdings Limited 1 $37 2020E Proforma Net Income Well-Priced Premiums Earned Through and Investment Portfolio Fully Repositioned 2021 E Proforma Net Income 23#24Transaction Overview Section 4#25$100mm+ of Fully Committed Financing = Transaction Certainty Assumes no redemptions by Tiberius shareholders Transaction Sources and Uses(¹) ($mm) Fully committed financing from existing Forward Purchase Agreements and certain Tiberius investors, backstop from Tiberius's sponsor and new PIPE investors Forward Commitment $25 PIPE Proceeds $24 Cash-IPO Proceeds $180 Equity Consideration to IGI $296 Transaction (2) Expenses $21 Sources: $525 Growth Capital $124 Cash to IGI Shareholders $80 Equity Consideration to IGI $296 Warrant Retirement/ Sponsor Loan Pay Back $4(3) Uses: $525 Pro Forma Ownership(¹) Up to 70%+ Free Float(4) SPAC PIPE SPAC Sponsor Investors Shares (5) 2% 4% SPAC Forward Purchase Shares 6% SPAC IPO Shares 33% Current IGI Shareholders (Jabsheh Family) 24% Current IGI Shareholders (Non-Jabsheh) 31% Pro Forma Shares Outstanding: 52.138 million (5) Jabsheh Family Pro Forma Ownership of ~24% in IGI Demonstrates Strong Alignment with IPO Shareholders Current IGI Shareholders (1) Assumes no redemptions by Tiberius shareholders and an acquisition price of $376mm assuming 6/30/2019 book value of $309mm (after adding back IGI transaction expenses) and acquisition P/B multiple of 1.22x. (2) Transaction expenses for both Tiberius and IGI include underwriting, advisory and other costs. (3) $2.3mm of warrant retirement costs and $1.7mm of sponsor loan pay back included. (4) Free float excludes Jabsheh family and SPAC sponsor shares. (5) Assumes Tiberius stock valued at $10.45 per share. Shares issued to Current IGI shareholders to be at the redemption price. Excludes Founder Shares held in escrow that are subject to an earn out. Assumes that there are no new awards under any new equity incentive plan and excludes any outstanding warrants. Includes shares held by current IGI shareholders that are held in escrow in connection with any post-closing purchase price adjustments. International General Insurance Holdings Limited 25#26Attractive Entry Valuation Relative to Specialty Peers Price to Book Value(1) 23% Discount 1.26x IGI (2) 1.64x Peer Median Price to 2020E Earnings 25% Discount 13.2x IGI (3) 17.7x Peer Median 5 Year Avg. Operating ROE No Fin. Leverage 50%+ Investment Portfolio in Cash 9.0% IGI 9.0% Peer Median International General Insurance Holdings Limited Dividend Yield Superior Regular Dividend 2.7% IGI(4) 1.6% Peer Median Offered at a Substantial Discount Compared to Peers, Despite Robust Risk-Adjusted, Unlevered Returns Note: Peers include ARGO, HSX, LRE, BEZ, RLI, JRVR, KNSL, AXS, ACGL, MKL, WRB, RE, and RNR. Market data as of 11/29/2019. Financial statements of IGI have been prepared in accordance with International Financial Reporting Standards (IFRS), as adopted by the International Accounting Standards Board. Financial information for peers presented as reported. Source: SNL Financial, FactSet. (1) US Book Values as of 9/30/19, UK Book Values as of 6/30/19. (2) IGI P/ BV calculated assuming $10.45 price per Tiberius share, no redemption of shares, pro forma outstanding shares of 52.138 million & pro forma book value of $433mm (6/30/19 standalone book value of $309mm and $124mm of incremental balance sheet cash). (3) Price to 2020E earnings calculated using $10.45 price per Tiberius share, weighted average shares outstanding of 47.253 million and 2020E pro forma earnings of $37mm. (4) IGI dividend yield assumes 2020E pro forma earnings of $37mm, dividend payout ratio of 40%, and estimated pro forma market capitalization of $545mm. 26#27Transaction Creates a ~$550mm(1) Publicly-Listed Specialty (Re)Insurer Transaction Cash Consideration Stock Consideration Lockup Provision Minimum Cash Condition to Sign Key Closing Conditions Board Management I ■ ■ ■ ■ ■ ■ - ■ ■ ■ ■ ■ ■ ■ ■ Tiberius Acquisition Corporation ("Tiberius") is a Nasdaq-listed special purpose acquisition company A newly formed Bermuda holding company ("PubCo") will acquire Tiberius through a subsidiary merger, with Tiberius security holders receiving equivalent securities of PubCo PubCo will acquire International General Insurance Holdings Ltd. ("IGI") through a share exchange for a total purchase price equal to 1.22x IGI's month-end book value immediately prior to closing in cash & stock(2) Estimated purchase price of $376mm for 100% of IGI based on 6/30/2019 book value of $309mm Pro forma company expected to be eligible for Russell 2000 index PubCo to pay $80mm of aggregate cash consideration to IGI shareholders for a portion of their shares Each share of stock sold for cash is valued at 2.00x IGI's month-end book value per share immediately prior to closing (2) Stock consideration for remainder of purchase price, which based on current estimates is expected to equal $296mm (PubCo stock valued at the redemption price, which is currently expected to be approximately $10.45) Tiberius Sponsor, Wasef Jabsheh and other significant minority shareholders subject to customary lockups Minimum cash condition of $100mm which is already met in commitments $100mm fully committed from existing forward purchase commitments, current Tiberius investors who have waived their right to redeem, backstops from Sponsor, and new PIPE investors (Weiss Multi-Strategy Advisers LLC and Interval Partners, LP) Receipt of required regulatory approvals SEC approval of registration statement / proxy statement Tiberius shareholder approval Nasdaq listing approval Minimum cash condition of $100mm Governed by public company standards for foreign private issuers complying with SEC and Nasdaq rules Board of Directors to have 7 directors; 5 designated by IGI (at least 2 shall be considered independent under Nasdaq requirements) and 2 designated by Tiberius (at least 1 shall be considered independent under Nasdaq requirements) Executive management commitment to long-term employment contracts Governed by public company standards and compensation committee (1) Assumes no redemptions by Tiberius shareholders and an acquisition price of $376mm assuming 6/30/2019 book value of $309mm (after adding back IGI transaction expenses) and acquisition P/B multiple of 1.22x. (2) Book value adjusted by adding back IGI transaction expenses. International General Insurance Holdings Limited 27#28Transaction Steps & Timeline I I I ■ 0 October 10, 2019: Transaction announcement / Tiberius 8-K filing with SEC December 9, 2019: Initial Form F-4 filed with the SEC Q1 2020: Anticipated effectiveness of Form F-4 Q1 2020: Anticipated Nasdaq Listing approval Q1 2020: Tiberius Shareholder Meeting Q1 2020: Transaction close subject to regulatory approvals and shareholder approvals International General Insurance Holdings Limited 28#29SUPPLEMENTAL MATERIALS Section 5#30Operating Earnings and Summary Financial Metrics ($ in mm) Profit For the Period Net Realized Losses (Gains) on investments Net Impairment Losses recognized in earnings Unrealized Loss (Gain) on Revaluation on Financial Assets Fair Value Changes of Held for Investments Fair Value Change on Investment Property (Loss) Gain on foreign exchange Net Operating Income Capitalization Debt Equity Total Capital Operating Return on Average Equity 2016 $32.9 (2.7) 0.3 0.2 (1.0) (0.3) $29.5 $0.0 301.2 $301.2 10.1% Year Ended December 31, 2017 $7.0 (3.1) 0.1 (0.1) (2.6) $1.3 $0.0 301.4 $301.4 0.4% 2018 $25.5 (1.3) 0.0 0.9 3.4 $28.6 $0.0 301.2 $301.2 9.5% 6 Months Ended June 30, 2019 $14.9 International General Insurance Holdings Limited (0.4) (1.0) (0.4) $13.0 $0.0 308.6 $308.6 8.6% Year Ended December 31, 2019 2020E $29.7 $37.3 $29.7 $0.0 319.0 $319.0 9.6% Includes incremental capital on balance sheet of $124mm at Transaction Close estimated to be received on 3/31/20 Source: IGI annual reports. Note: Financial statements of IGI have been prepared in accordance with International Financial Reporting Standards (IFRS), as adopted by the International Accounting Standards Board. $37.3 $0.0 465.4 $465.4 8.2% 30#31IFRS Summary Balance Sheet ($ in mm) Assets Investments: Investments in bonds, equities and other assets Investment properties Investments in associates Total Investments Cash and Cash equivalents (1) Insurance Receivables Reinsurance share of unearned premiums Reinsurance share of outstanding claims Deferred Excess of Loss Premiums Property, premises and equipment Intangible Assets Deferred Policy Acquisition Costs Other Assets Total Assets Liabilities Gross Outstanding Claims Gross Unearned Premiums Other Liabilities Insurance Payables Unearned Commissions Debt Total Liabilities Shareholders' Equity Tangible Shareholders' Equity Key Metrics Debt / Capital Equity to Net Outstanding Claims Total Assets to Gross Outstanding Claims (2) 2016 $233.8 30.3 13.3 $277.4 216.2 80.4 32.1 143.1 8.9 14.1 0.9 28.3 9.6 $811.0 $335.2 133.7 5.4 27.2 8.3 0.0 $509.7 $301.2 $300.3 0.0% 156.8% 242.0% 180.2% As of December 31, 2017 $234.4 30.6 14.3 $279.3 210.3 109.8 41.1 186.6 11.6 13.1 2.0 32.9 6.0 $892.7 $383.2 156.7 7.1 34.0 10.4 0.0 $591.3 $301.4 $299.4 0.0% 153.3% 233.0% 162.5% 2018 $200.9 30.7 13.4 $245.0 260.1 108.2 32.6 187.6 12.4 12.2 2.9 36.4 5.7 $903.1 $384.4 168.3 8.3 33.0 8.0 0.0 $602.0 $301.2 $298.2 0.0% 153.0% 235.0% 167.6% As of June 30, 2019 $220.6 31.1 13.5 $265.2 279.5 122.1 37.0 180.3 4.1 13.2 3.3 40.9 7.2 $952.7 $397.2 206.5 7.4 25.1 8.0 0.0 $644.1 $308.6 $305.3 0.0% 142.3% 239.9% 180.9% As of December 31, 2019 $319.0 $316.0 0.0% 2020E $465.4 $462.5 0.0% Investment Leverage Source: IGI annual reports. Note: Financial statements of IGI have been prepared in accordance with International Financial Reporting Standards (IFRS), as adopted by the International Accounting Standards Board. Assumes capital contribution at transaction close on 3/31/20. (1) Includes term deposit. (2) Represents sum of cash and cash equivalents and total investments divided by shareholders' equity. International General Insurance Holdings Limited 31#32IFRS Summary Income Statement ($ in mm) Gross Written Premiums Reinsurance Share of Insurance Premiums Net Written Premiums Net Change in Unearned Premiums Net Premiums Earned Net Claims and Claim Adjustment Expenses Net Policy Acquisition Expenses Net Underwriting Results Total Investment Income (1) General & Administrative Expenses Other Income / Expenses Gain (Loss) on Foreign Exchange Profit Before Tax Tax Profit for the Period Key Metrics Claims & claim expense ratio Policy acquisition expense ratio G&A expense ratio Combined Ratio Ceded Premiums / GWP Premium Leverage 2016 $232.3 (82.7) $149.6 8.2 $157.9 (71.5) (34.8) $51.6 12.2 (31.3) (0.8) 0.3 $32.0 0.9 $32.9 45% 22% 20% 87% 36% 0.58x Year Ended December 31, 2017 $275.1 (114.3) $160.8 (14.0) $146.7 (86.9) (36.2) $23.6 13.6 (30.9) (1.8) 2.6 $7.0 0.0 $7.0 59% 25% 21% 105% 42% 0.49x 2018 $301.6 (98.2) $203.4 (20.1) $183.3 (85.3) (42.0) $56.1 9.4 (35.4) (1.2) (3.4) $25.6 (0.1) $25.5 47% 23% 19% 89% 33% 0.61x 6 Months Ended June 30, 2019 $186.3 (49.0) $137.3 (33.8) $103.5 (55.4) (22.0) $26.1 7.4 (18.5) (0.3) 0.4 $15.1 (0.2) $14.9 54% 21% 18% 93% 26% 0.69x Year Ended December 31, 2019 2020E $340.0 $420.0 (113.2) $226.8 $56.9 $29.7 50% 24% 18% 92% 33% (140.5) $279.5 $66.3 $37.3 49% 25% 18% 91% 33% Source: IGI annual reports. Financial statements of IGI have been prepared in accordance with International Financial Reporting Standards (IFRS), as adopted by the International Accounting Standards Board, 2017 expenses restated per 2018 annual report. Assumes capital contribution at transaction close on 3/31/20. (1) Includes interest income, realized and unrealized gain / loss on investments and share of profit or loss from associates. International General Insurance Holdings Limited 32#33Illustrative Double-Digit Earnings Power Without Financial Leverage 1 IGI's Returns Driven by Five Key Inputs Premium Leverage 2 Underwriting Profit 3 Investment Leverage 4 Operating Return on Equity Calculation Drivers 12.31.2019E Shareholders' Equity Growth Capital (1) Pro Forma Equity 1 Premium Leverage Net Premiums Earned 2 Combined Ratio Underwriting Margin 3 Investment Leverage Investment Assets 4 Investment Yield Investment Income (2) Less: Public Company & Other Expenses Pre-Tax Operating Income Interest Expense Pre-Tax Income 5 Tax Rate IGI Metrics (3) $319 124 $443 0.60x $266 91% $24 150% $665 3.0% $20 (3) $41 $41 0.0% Investment Yield Premium Leverage UNLEVERED Operating Return on Equity Sensitivity Analysis Combined Ratio 91% 8.2% 8.6% 8.9% 9.3% 9.6% 2.50% 2.75% 3.00% 3.25% 3.50% Investment Yield 0.50x 0.55x 0.60x 0.65x 0.70x 2.50% 2.75% 3.00% 3.25% 3.50% 95% 5.9% 6.3% 6.6% 7.0% 7.3% 95% 6.1% 6.4% 6.6% 6.9% 7.1% 1.30x 7.7% 8.0% 8.3% Investment Yield 8.7% 9.0% International General Insurance Holdings Limited 93% 7.1% 7.4% 7.8% 8.1% 8.5% 5 93% 7.1% 7.4% 7.8% 8.1% 8.4% Income Taxes Operating Earnings $41 Estimated Dividends $16 8.9% Operating Return on Avg. Equity (1) Represents incremental capital raised from transaction. (2) Represents sum of cash and cash equivalents and total investments divided by shareholders' equity. (3) Assumes 40% payout ratio. Combined Ratio 91% 8.1% 8.5% 8.9% 9.3% 9.8% 1.40x 8.0% 8.3% 8.6% 9.0% 9.3% Investment Leverage 1.50x 8.2% 8.6% 8.9% 9.3% 9.6% Tax Rate 89% 9.3% 9.7% 10.0% 10.4% 10.8% 89% 9.0% 9.5% 10.0% 10.6% 11.1% 1.60x 8.4% 8.8% 9.2% 9.6% 10.0% 87% 10.5% 10.8% 11.2% 11.5% 11.9% 87% 10.0% 10.6% 11.2% 11.8% 12.4% 1.70x 8.7% 9.1% 9.5% 9.9% 10.3% 33#34Reinsurance Program and Strategy to Mitigate Risk Reinsurance strategy to protect capital and optimize underwriting profitability Protection Retention Before FAC Catastrophe Risk ▪ Reinsurance strategy combination of quota share, facultative and XOL coverage ▪ Coverage tailored according to the underlying exposure ▪ Reinsurance panel consists of highly-rated reinsurers ▪ Retentions range between $1mm and $10mm depending on underlying business lines ▪ Catastrophe protection up to $87.5mm which protects against 1:250 single-event Net PML of $14mm in 1:250 event International General Insurance Holdings Limited 34#35IGI Partners with Well-Rated Reinsurance Partners Based on 2018 GPW ($mm) Participant Hannover AIG Europe Liberty (Synd. 4472) Hannover (Bermuda) Ironshore Am Trust (Synd. 1861) China Re (Synd. 2088) Arch Tokio Marine (Synd. 0510) Tokio Marine (Synd. 1880) Top 10 Source: Management, AM Best. Excess of Loss AM Best A+ A A A+ A A A A+ A A GPW ($) $8.6 4.7 2.6 2.6 2.2 2.0 2.0 1.9 1.7 1.4 $29.6 Participant Argo Munich Re Transatlantic Re Hannover Aspen Swiss Re Barbican (Synd. 1955) Talbot (Synd. 1984) Korean Re Validus Top 10 International General Insurance Holdings Limited Quota Share AM Best A A+ A+ A+ A A+ A A A A GPW ($) $8.3 3.3 2.1 1.7 1.5 1.0 0.9 0.8 0.7 0.6 $21.0 35#36History of Consistent Favorable Reserve Development ($mm) NPE Accident Year Yr 1 Yr 2 Yr 3 Yr 4 Yr 5 Yr 6 Yr 7 Yr 8 Yr 9 Yr 10 Yr 11 Accident Year Yr 1 Yr 2 Yr 3 Yr 4 Yr 5 Yr 6 Yr 7 Yr 8 Yr 9 Yr 10 Yr 11 Accident Year Yr 1 Yr 2 Yr 3 Yr 4 Yr 5 Yr 6 Yr 7 Yr 8 Yr 9 Yr 10 Yr 11 2009 $97.3 2009 63.3 52.1 46.9 48.9 48.7 48.3 48.3 48.2 48.7 49.4 49.5 2009 ($11.2) ($5.2) $2.0 ($0.2) ($0.4) $0.0 Note: Data as of June 30, 2019. ($0.2) $0.5 $0.7 $0.1 2009 65% 54% 48% 50% 50% 50% 50% 50% 50% 51% 51% 2010 $97.7 2010 71.4 63.5 62.0 58.9 58.2 60.1 58.6 58.7 58.5 58.5 2010 ($7.9) ($1.5) ($3.1) ($0.7) $2.0 ($1.5) $0.1 ($0.2) ($0.0) 2010 73% 65% 63% 60% 60% 62% 60% 60% 60% 60% 2011 $119.3 2011 76.2 60.6 59.6 60.7 62.3 59.8 60.3 58.1 57.6 2011 ($15.7) ($1.0) $1.1 $1.6 ($2.4) $0.5 ($2.2) ($0.5) 2011 64% 51% 50% 51% 52% 50% 51% 49% 48% 2012 $148.4 2012 100.1 88.1 78.1 81.5 77.3 77.8 76.8 76.7 2012 ($12.0) ($10.0) $3.4 ($4.3) $0.5 ($1.0) ($0.1) 2012 67% 59% 53% 55% 52% 52% 52% 52% 2013 $180.6 Accident Year - Net Incurred Losses 2013 2014 123.6 115.9 121.7 90.1 120.6 79.2 117.1 109.5 107.7 106.5 ($1.9) ($1.1) 2014 $189.5 ($3.5) ($7.6) ($1.8) ($1.2) 73.3 70.1 69.7 Accident Year - Net Incurred Loss Development 2013 2014 2013 68% 67% 67% 65% 61% 60% 59% 2015 $155.8 ($25.8) ($10.9) ($6.0) ($3.2) ($0.4) 2015 92.9 87.0 79.8 75.3 74.1 International General Insurance Holdings Limited 2015 Accident Year - Net Incurred Loss Ratio 2014 61% 48% 42% 39% 37% 37% ($5.9) ($7.1) ($4.5) ($1.2) 2015 60% 56% 51% 48% 48% 2016 $157.9 2016 98.8 94.1 90.1 88.9 2016 ($4.7) ($4.0) ($1.2) 2016 63% 60% 57% 56% 2017 $146.7 2017 110.3 117.2 119.9 2017 $6.8 $2.7 2017 75% 80% 82% 2018 $183.3 2018 94.3 97.1 2018 $2.8 2018 51% 53% 6/30/2019 $103.5 6/30/2019 54.1 6/30/2019 6/30/2019 52% 36#37Current Corporate Structure IGI Underwriting Co Ltd Jordan Underwriting agency for the IGI Bermuda entity Founded: 2002 Regulator: Jordan Insurance Directorate International General Insurance Co (UK) Ltd UK Underwrites risk sourced through London brokers and EU domiciled business Founded: 2009, authorised by PRA in 2011 Regulator: UK FCA and PRA Rated: A-/Stable by S&P and A/ Stable by A.M. Best International General Insurance Holdings Ltd United Arab Emirates Group Holding Company Dubai International Financial Centre International General Insurance Co Ltd (1) Bermuda Main Group underwriting entity Founded: 2007 Regulator: Bermuda Monetary Authority Rated: A-/Stable by S&P and A/Stable by A.M. Best International General Insurance Co (Dubai) Ltd United Arab Emirates Underwrites casualty, engineer and political violence for IGI Bermuda Founded: 2008 Regulator: Dubai Financial Services Authority International General Insurance Co Ltd - Labuan Branch Malaysia Offshore branch of IGI Bermuda Provides access to Malaysian & Far East markets Founded: 2006 Regulator: Labuan Financial Services Authority IGI will Re-domicile to Bermuda Post Transaction North Star Underwriting Limited International General Insurance Holdings Limited UK Specialist marine underwriting agency - writing liability, war and specie risks for and on behalf of IGI and others Approved Lloyd's coverholder Acquired in 2009 Regulator: UK Financial Conduct Authority International General Insurance Co Ltd - Representative Office Morocco Representative office of IGI Bermuda Provides access to Northern, Central and West African markets Founded: 2014 Regulator: Casablanca Finance City Source: Management information (1) Subsidiaries also include Specialty Mall Investment Co. (real estate properties development and lease) and IGI Services Limited (owning and chartering aircraft) which are wholly-owned by International General Insurance Co Ltd Bermuda. 37#38Peer Trading Comparables IGI Pro Forma Arch Capital Group Ltd. Markel Corporation W. R. Berkley Corporation Everest Re Group, Ltd. RenaissanceRe Holdings Ltd. Hiscox Ltd Axis Capital Holdings Limited RLI Corp. Beazley Plc Argo Group International Holdings, Ltd. Kinsale Capital Group, Inc. Lancashire Holdings Limited James River Group Holdings Ltd Peer Mean Peer Median Ticker IGI ACGL MKL WRB RE RNR HSX-LON AXS RLI BEZ-LON ARGO KNSL LRE-LON JRVR Price 11/29/19 $10.45 $41.97 1,135.55 68.00 271.26 188.33 17.63 59.18 91.37 6.88 65.78 101.26 9.60 39.56 Market Cap. ($MM) $545 $16,943 15,685 12,490 11,063 8,315 5,085 4,969 4,097 3,615 2,258 2,244 1,928 1,203 2019E ROE 9.6% 11.5% 5.2 9.6 11.1 7.8 3.3 5.2 12.5 11.8 2.9 15.9 7.6 5.6 8.5% 7.8% 2020E Reported Tangible 8.2% 10.7% 5.0 8.5 10.4 11.5 10.6 9.5 11.1 15.9 6.5 14.6 12.1 7.6 10.3% 10.6% Price / Book International General Insurance Holdings Limited 1.26x 1.64x 1.48 2.06 1.23 1.57 1.90 1.03 4.10 2.33 1.19 5.75 1.72 1.56 2.12x 1.64x 1.27x 1.74x 2.31 2.12 1.23 1.65 2.09 1.11 4.33 2.53 1.39 5.81 2.00 2.19 2.35x 2.09x Price / EPS 2019E 11.5x 15.3x 30.8 22.3 11.7 21.6 67.5 21.1 36.5 20.1 41.8 41.9 22.9 28.6 29.4x 22.9x 2020E 13.2x 14.2x 28.5 22.9 11.2 13.0 20.7 10.8 37.3 13.6 17.7 36.2 13.7 19.8 20.0x 17.7x Regular Div. Yield 2.7% 0.0% 0.0 0.6 2.1 0.7 2.5 2.7 1.0 2.2 1.9 0.3 1.6 3.0 1.4% 1.6% Source: FactSet, SNL Financial. Market data as of 11/29/2019. Note: Financial statements of IGI have been prepared in accordance with International Financial Reporting Standards (IFRS), as adopted by the International Accounting Standards Board. US Tangible Book Values as of 9/30/19, UK Tangible Book Values as of 6/30/19, IGI Tangible Book Value as of 6/30/19. Financial information for peers presented as reported. (1) IGI P / BV calculated assuming $10.45 price per Tiberius share, no redemption of shares, outstanding shares of 52.138 million & pro forma book value of $433mm (6/30/19 standalone book value of $309mm and $124mm of incremental balance sheet cash). IGI Price to 2020E earnings calculated assuming $10.45 price per Tiberius share, weighted average shares outstanding of 32.598 million in 2019 and 47.253 million in 2020 and 2019E and 2020E pro forma earnings of $28mm and $37mm, respectively. Dividend yield assumes 40% payout ratio. 38#39DISCLAIMER This Investor Presentation is for informational purposes only and does not constitute an offer to sell, a solicitation of an offer to buy, or a recommendation to purchase any equity, debt or other financial instruments of International General Insurance Holdings Ltd. ("IGI") or Tiberius Acquisition Corporation ("Tiberius") or any of IGI's or Tiberius' affiliates' securities. This Investor Presentation has been prepared to assist interested parties in making their own evaluation with respect to the proposed business combination of IGI and Tiberius and for no other purpose. The information contained herein does not purport to be all-inclusive. The data contained herein is derived from various internal and external sources. Please refer to the business combination agreement, following its execution, for the full terms of the transaction. No representation is made as to the reasonableness of the assumptions made within or the accuracy or completeness of any projections, modelling or back-testing or any other information contained herein. Any data on past performance, modeling or back-testing contained herein is no indication as to future performance. IGI and Tiberius assume no obligation to update the information in this Investor Presentation. Investors should note that IGI presents its financial statements in accordance with International Financial Reporting Standards (IFRS"), while Tiberius presents its financial statements in accordance with generally accepted accounting principles in the United States (US-GAAP) and applicable rules and regulations of the Securities and Exchange Commission ("SEC") regarding interim financial reporting. This presentation contains financial information prepared in accordance with IFRS that have been extracted without material adjustment from audited IFRS financial statements and/or extracted or derived from unaudited accounting records that have been used to prepare IFRS financial statements. This presentation also contains certain non-IFRS financial measures which have not been and will not be audited. These non-IFRS financial measures are not recognised measures of financial performance or liquidity under IFRS, but are measures used by IGI's management to monitor the underlying performance of IGI's business and operations. These non-IFRS measures may not be indicative of IGI's historical operating results nor are such measures meant to be predicative of future results. These measures and ratios may not be comparable to those used by other companies under the same or similar names. As such, undue reliance should not be placed on these non-IFRS financial measures. Certain numbers herein are unaudited and are based on internal records and/or estimates. This Investor Presentation contains certain forward-looking information which will not be included in future public filings or investor guidance. The inclusion of financial information or metrics in this presentation should not be construed as a commitment by IGI to provide guidance on such information in the future. The trademarks and trademark symbols used herein are the properties of their respective owners. The information contained herein does not purport to be comprehensive. Neither IGI nor Tiberius nor any of their respective directors, officers, employees, agents, affiliates, advisors or agents, undertake any obligation to provide the recipient(s) with access to any additional information or to update the information contained herein, or to correct any inaccuracies in the information contained herein, including any data or forward-looking statements. Any decision to purchase or subscribe for securities of IGI or Tiberius in any offering should be solely based on information contained in any prospectus or offering circular that may be published by IGI or Tiberius in final form in relation to any proposed offering and which would supersede the information herein in its entirety. The merit and suitability of an investment in IGI or Tiberius or any of their affiliates should be independently evaluated and any person considering such an investment is advised to obtain independent advice as to the legal, tax, accounting, financial, credit and other related aspects prior to making an investment. No reliance may be placed for any purpose on the information contained herein or its accuracy, fairness or completeness. The information contained herein is provided as at the date of this presentation and is subject to change without notice. This presentation is the sole responsibility of IGI and has not been reviewed or approved by any regulatory or supervisory authority. The balance sheet and income statement data contained herein is based on updated or modified audited financial statements included in the registration statement on Form F-4 related to IGI's business combination with Tiberius. Use of Projections This Investor Presentation contains financial forecasts with respect to IGI's estimated future performance. Neither Tiberius' independent auditors nor the independent auditors of IGI audited, reviewed, compiled or performed any procedures with respect to the projections for the purpose of their inclusion in this Investor Presentation and, accordingly, neither of them expressed an opinion or provided any other form of assurance with respect thereto for the purpose of this Investor Presentation. None of these forecasts were prepared with a view toward compliance with the published guidelines of the SEC, IFRS, U.S. GAAP or the guidelines established by the American Institute of Certified Public Accountants for preparation and presentation of financial forecasts. These projections should not be relied upon as being necessarily indicative of future results. In this Investor Presentation certain of the above-mentioned projected financial information has been included (in each case, with an indication that the information is an estimate and is subject to the qualifications presented herein) for purposes of providing comparisons with historical data. The assumptions and estimates underlying the prospective financial information are inherently uncertain and are subject to a wide variety of significant business, economic and competitive risks and uncertainties that could cause actual results to differ materially from those contained in the prospective financial information. Accordingly, there can be no assurance that the prospective results are indicative of the future performance of Tiberius or IGI or that actual results will not differ materially from those presented in the prospective financial information. Inclusion of the prospective financial information in this Investor Presentation should not be regarded as a representation by any person that the results contained in the prospective financial information will be achieved. The financial forecasts reflect assumptions that are subject to change, and there can be no assurance that the Company's financial condition or results of operations will be consistent with those set forth in such analyses and forecasts. Forward Looking Statements Certain statements made in this Investor Presentation are "forward looking statements" within the meaning of the "safe harbor" provisions of the United States Private Securities Litigation Reform Act of 1995. When used in this Investor Presentation, the words "estimates," "projected," "expects," "anticipates," "forecasts," "plans," "intends," "believes," "seeks," "may," "will," "should," "future," "propose," "poised," "opportunities" and variations of these words or similar expressions (or the negative versions of such words or expressions) are intended to identify forward-looking statements. These forward-looking statements are not guarantees of future performance, conditions or results, and involve number of known and unknown risks, uncertainties, assumptions and other important factors, many of which are outside Tiberius' or IGI's control, that could cause actual results or outcomes to differ materially from those discussed in the forward-looking statements. Important factors, among others, that may affect actual results or outcomes include: the inability for any reason to close the transactions contemplated by the business combination agreement; the inability to recognize the anticipated benefits of the proposed business combination, which may be affected by, among other things, the amount of cash available following any redemptions by Tiberius' stockholders; the ability to meet NASDAQ's listing standards following the consummation of the transactions contemplated by the proposed business combination agreement; costs related to the proposed business combination; IGI's ability to manage growth; IGI's ability to execute its business plans and the timing and costs of these plans; IGI's estimates of the size of the markets it serves; the rate and degree of market acceptance of IGI's insurance products; IGI's ability to expand its business; IGI's ability to identify and integrate acquisitions; the demand for the insurance products IGI markets and sells; rising costs or pricing pressures adversely affecting IGI's profitability, including sales and marketing expenses; expectations regarding capacity constraints; potential litigation involving Tiberius or IGI; the validity or enforceability of IGI's intellectual property and IGI's compliance with the intellectual property rights of third parties; general economic and market conditions impacting demand for the products IGI markets and sells; the possibility that IGI may be adversely affected by other economic, business and/or competitive factors; and other risks and uncertainties indicated from time to time in the definitive proxy statement/prospectus to be delivered to Tiberius' stockholders, including those set forth under "Risk Factors" therein, and other documents filed or to be filed with the SEC by Tiberius. In light of these risks, uncertainties and assumptions, the events in the forward-looking statements may not occur and, therefore, actual outcomes and results may differ from what is expressed or forecasted in such forward-looking statements. While IGI does not know what impact any such differences may have on its business, if there are such differences, IGI's future results of operations and financial condition, could be materially adversely affected. No representation or warranty is made that any forward-looking statement will come to pass and you should not place undue reliance on these forward-looking statements. No one undertakes to update, supplement, amend or revise any such forward-looking statement. Except where otherwise indicated, the Information and the opinions contained therein are provided as at the date of the presentation and are subject to change without notice. Past performance of IGI cannot be relied on as a guide to future performance. Industry and Market Data In this Investor Presentation, IGI relies on and refers to information and statistics regarding market shares in the sectors in which it competes and other industry data. IGI obtained this information and statistics from third-party sources, including reports by financial data firms and other firms. IGI has supplemented this information where necessary with information from discussions with IGI customers and others and its own internal estimates, taking into account publicly available information about other industry participants and IGI's management's best view as to information that is not publicly available. Such information has not been subject to any independent audit or review. To the extent available, the industry, market and competitive position data contained herein has come from official or third party sources. Third party industry publications, studies and surveys generally state that the data contained therein has been obtained from sources believed to be reliable, but that there is no guarantee of the accuracy or completeness of such data. While IGI reasonably believes that each of these publications, studies and surveys has been prepared by a reputable party, neither IGI nor Tiberius nor any of their respective directors, officers, employees, agents, affiliates, advisors or agents, have independently verified the data contained therein. In addition, certain industry, market and competitive position data contained herein come from IGI's internal research and estimates based on the knowledge and experience of IGI's management in the markets in which IGI operates. While IGI reasonably believes that such research and estimates are reasonable, they, and their underlying methodology and assumptions, have not been verified by any independent source for accuracy or completeness and are subject to change. Accordingly, reliance should not be placed on any of the industry, market or competitive position data contained in such information and no representation or warranty (express or implied) is given that such data correct or complete. Additional Information about the Transaction and Where to Find It In connection with the proposed business combination and related transactions, a registration statement and amendments thereto will be filed with the SEC, and Tiberius will file preliminary and definitive proxy statements with the SEC and will mail a definitive proxy statement/prospectus and other relevant documents to its stockholders. Investors and security holders of Tiberius are advised to read, when available, the registration statement and the preliminary proxy statement/prospectus, and amendments thereto, and the definitive proxy statement in connection with Tiberius' solicitation of proxies for its stockholders' meeting to be held to approve the proposed business combination because the proxy statements/prospectuses will contain important information about the proposed business combination and related transactions and the parties to such arrangements. The definitive proxy statement/prospectus will be mailed to stockholders of Tiberius as of a record date to be established for voting on the proposed business combination and related transactions. Stockholders will also be able to obtain copies of the proxy statement/prospectus, without charge, once available, at the SEC's website at www.sec.gov or by directing a request to: Investor Relations, Tiberius Acquisition Corporation, 3601 N Interstate 10 Service Rd W., Metairie, LA 70002. Participants in the Solicitation Tiberius, IGI, and their respective directors, executive officers and other members of their management and employees, may, under SEC rules, be deemed to be participants in the solicitation of proxies of Tiberius stockholders in connection with the proposed business combination and related transactions. Information concerning the interests of Tiberius' and IGI's participants in the solicitation, which may, in some cases, be different than those of Tiberius' and IGI's equity holders generally, will be available in the proxy statement/prospectus relating to the proposed business combination to be filed by Tiberius with the SEC. UK/EU Notice The information contained herein is only addressed to and directed at the limited number of invitees who: (A) if in member states of the European Economic Area, are persons who are "qualified investors" within the meaning of Article 2(1)(e) of the Prospectus Directive (EU Directive 2003/71/EC, as amended) ("Qualified Investors"); and (B) if in the United Kingdom are investment professionals (i) having professional experience in matters relating to investments falling under Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the "Order"); and (ii) who are high net worth entities falling within Article 49(2)(a) to (d) of the Order; or (C) are other persons to whom it may otherwise lawfully be communicated (all such persons together being referred to as "Relevant Persons"). The information must not be acted or relied on (i) in the United Kingdom, by persons who are not Relevant Persons and (ii) in any member state of the European Economic Area, other than the United Kingdom, by persons who are not Qualified Investors. Any investment activity in the United Kingdom to which the information relates is available only to Relevant Persons and may be engaged in only with Relevant Persons. Nothing in the information constitutes investment advice and any recommendations that may be contained therein have not been based upon a consideration of the investment objectives, financial situation or particular needs of any specific recipient. If you have received this document and you are not a Relevant Person you must return it immediately IGI and not copy, reproduce or otherwise disclose it (in whole or in part). Disclaimer This Investor Presentation shall neither constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any jurisdiction in which the offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such jurisdiction. The Information has been prepared by IGI solely for information purposes only and does not constitute or form part of, and should not be construed as, an offer to sell or issue, or an offer or the solicitation of an offer to subscribe for, purchase or acquire IGI or securities of IGI, or an inducement to enter into investment activity, nor does it purport to give legal, tax or investment advice. No part of this presentation, nor the fact of its distribution, should form the basis of, or be relied on in connection with, any contract or commitment or investment decision whatsoever. International General Insurance Holdings Limited 39