Investor Presentaiton

TRANSACTION CONSIDERATIONS BESPOKE TRANSACTION CONSIDERATIONS Each M&A transaction analysis is bespoke and deal considerations vary. STRUCTURAL FEATURES INVESTMENT YIELD AND COLLATERAL STRUCTURE ENSTAR EXTERNAL FACTORS CLAIMS SAVINGS CAPITAL ABSORPTION RISK PAYOUT PATTERNS VOLATILITY LIABILITY LIMIT Depending on a given transaction the various multifaceted considerations can carry different weights in determining if a given transaction meets our targeted return thresholds. Property of Enstar Group Limited - Not for Distribution 7

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