KG · Kestrel Group Ltd

These restricted shares were granted on June 10, 2026 under the 2025 Equity Incentive Plan and will vest 100% on the first anniversary of the grant date.

These restricted shares were granted on June 10, 2026 under the 2025 Equity Incentive Plan and will vest 100% on the first anniversary of the grant date.

These restricted shares were granted on June 10, 2026 under the 2025 Equity Incentive Plan and will vest 100% on the first anniversary of the grant date.

These restricted shares were granted on June 10, 2026 under the 2025 Equity Incentive Plan and will vest 100% on the first anniversary of the grant date.

These restricted shares were granted on June 10, 2026 under the 2025 Equity Incentive Plan and will vest 100% on the first anniversary of the grant date.

Represents shares withheld by the Issuer to satisfy tax withholding obligations that arose in connection with a vesting and settlement event from a RSA. Not an open market sale of securities.

Represents shares issued pursuant to a Restricted Share Award ('RSA') that contains vesting and forfeiture restrictions. The shares vest in substantially equal installments with the first installment vested on the date of grant and the remaining installments vesting on the first two anniversaries of the date of grant.

Represents shares issued pursuant to a Restricted Share Award ('RSA') that contains vesting and forfeiture restrictions. The shares vest in substantially equal installments with the first installment vested on the date of grant and the remaining installments vesting on the first two anniversaries of the date of grant.

Represents shares withheld by the Issuer to satisfy tax withholding obligations that arose in connection with a vesting and settlement event from an RSA. Not an open market sale of securities.

Represents shares issued pursuant to an RSA that contains vesting and forfeiture restrictions. The shares will vest in substantially equal installments on the first three anniversaries of the date of grant.

Represents shares issued pursuant to an RSA that contains vesting and forfeiture restrictions. The shares will vest in substantially equal installments on the first three anniversaries of the date of grant.

Represents shares withheld by the Issuer to satisfy tax withholding obligations that arose in connection with a vesting and settlement event from a RSA. Not an open market sale of securities.

Represents shares issued pursuant to an RSA that contains vesting and forfeiture restrictions. The shares will vest in substantially equal installments on the first three anniversaries of the date of grant.

Represents shares issued pursuant to a Restricted Share Award ('RSA') that contains vesting and forfeiture restrictions. The shares vest in substantially equal installments with the first installment vested on the date of grant and the remaining installments vesting on the first two anniversaries of the date of grant.

Represents shares withheld by the Issuer to satisfy tax withholding obligations that arose in connection with a vesting and settlement event from a legacy Maiden Holdings Ltd. restricted share award that was previously reported on Mr. Haveron's Form 4 filed on May 27, 2026. Not an open market sale of securities.

These restricted shares were granted on September 5, 2025 under the 2025 Equity Incentive Plan and will vest 100% on the first anniversary of the grant date.

These restricted shares were granted on September 5, 2025 under the 2025 Equity Incentive Plan and will vest 100% on the first anniversary of the grant date.

These restricted shares were granted on September 5, 2025 under the 2025 Equity Incentive Plan and will vest 100% on the first anniversary of the grant date.

These restricted shares were granted on September 5, 2025 under the 2025 Equity Incentive Plan and will vest 100% on the first anniversary of the grant date.

These restricted shares were granted on September 5, 2025 under the 2025 Equity Incentive Plan and will vest 100% on the first anniversary of the grant date.

On May 27, 2025, pursuant to that certain Combination Agreement (as amended, the "Combination Agreement"), dated as of December 29, 2024, by and between Kestrel Group, LLC ("Kestrel"), all of the equityholders of Kestrel, Maiden Holdings, Ltd. ("Maiden"), Ranger U.S. Newco LLC, Ranger Bermuda Merger Sub Ltd, Ranger Merger Sub 2 LLC and Kestrel Group Ltd. (f/k/a Ranger Bermuda Topco Ltd) (the "Issuer"), Maiden became a wholly-owned subsidiary of the Issuer (the "Merger"). In connection with the Merger, each issued and outstanding Maiden share, subject to certain exceptions, were automatically canceled and converted into the right to receive one-twentieth (0.05) of a common share of the Issuer.

On May 27, 2025, pursuant to that certain Combination Agreement (as amended, the "Combination Agreement"), dated as of December 29, 2024, by and between Kestrel Group, LLC ("Kestrel"), all of the equityholders of Kestrel, Maiden Holdings, Ltd. ("Maiden"), Ranger U.S. Newco LLC, Ranger Bermuda Merger Sub Ltd, Ranger Merger Sub 2 LLC and Kestrel Group Ltd (f/k/a Ranger Bermuda Topco Ltd) (the "Issuer"), Maiden became a wholly-owned subsidiary of the Issuer (the "Merger"). In connection with the Merger, the Kestrel equityholders received an aggregate of $40,000,000 in cash and 2,750,000 Issuer common shares. The reported amount represents the reporting person's proportionate interest in the 2,750,000 Issuer common shares issued to the Kestrel equityholders.

Represents securities held by Kestrel Intermediate Ledbetter Holdings LLC ("KILH"). The reporting person is a co-trustee of the Terry Lee Ledbetter and Reta Laurie Ledbetter 2000 Revocable Trust (which holds a 50% interest in KILH).

In connection with the Merger, each Maiden restricted share that was issued and outstanding immediately prior to the closing of the Merger was automatically converted into one-twentieth (0.05) of a common share of the Issuer that is unvested and/or subject to a risk of forfeiture, on substantially the same terms and conditions (including vesting schedule) as applied to such Maiden restricted share immediately prior to the closing of the Merger.

In connection with the Merger, each Maiden restricted share that was issued and outstanding immediately prior to the closing of the Merger was automatically converted into one-twentieth (0.05) of a common share of the Issuer that is unvested and/or subject to a risk of forfeiture, on substantially the same terms and conditions (including vesting schedule) as applied to such Maiden restricted share immediately prior to the closing of the Merger.

On May 27, 2025, pursuant to that certain Combination Agreement (as amended, the "Combination Agreement"), dated as of December 29, 2024, by and between Kestrel Group, LLC ("Kestrel"), all of the equityholders of Kestrel, Maiden Holdings, Ltd. ("Maiden"), Ranger U.S. Newco LLC, Ranger Bermuda Merger Sub Ltd, Ranger Merger Sub 2 LLC and Kestrel Group Ltd (f/k/a Ranger Bermuda Topco Ltd) (the "Issuer"), Maiden became a wholly-owned subsidiary of the Issuer (the "Merger"). In connection with the Merger, the Kestrel equityholders received an aggregate of $40,000,000 in cash and 2,750,000 Issuer common shares. The reported amount represents the reporting person's proportionate interest in the 2,750,000 Issuer common shares issued to the Kestrel equityholders.

Represents securities held by Kestrel Intermediate Ledbetter Holdings LLC ("KILH"). The reporting person is the trustee of (i) the Bradford Luke Ledbetter 2006 Grantor Trust No. 2 (which holds a 25% interest in KILH) and (ii) the Shari Ann Ledbetter Irrevocable 2019 Trust (which holds a 25% interest in KILH).

On May 27, 2025, pursuant to that certain Combination Agreement (as amended, the "Combination Agreement"), dated as of December 29, 2024, by and between Kestrel Group, LLC ("Kestrel"), all of the equityholders of Kestrel, Maiden Holdings, Ltd. ("Maiden"), Ranger U.S. Newco LLC, Ranger Bermuda Merger Sub Ltd, Ranger Merger Sub 2 LLC and Kestrel Group Ltd (f/k/a Ranger Bermuda Topco Ltd) (the "Issuer"), Maiden became a wholly-owned subsidiary of the Issuer (the "Merger"). In connection with the Merger, each issued and outstanding Maiden share, subject to certain exceptions, were automatically canceled and converted into the right to receive one-twentieth (0.05) of a common share of the Issuer.

In connection with the Merger, each Maiden restricted share that was issued and outstanding immediately prior to the closing of the Merger was automatically converted into one-twentieth (0.05) of a common share of the Issuer that is unvested and/or subject to a risk of forfeiture, on substantially the same terms and conditions (including vesting schedule) as applied to such Maiden restricted share immediately prior to the closing of the Merger.

In connection with the Merger, each Maiden option that was outstanding immediately prior to the closing of the Merger was automatically converted into an option to purchase a number of Issuer common shares equal to one-twentieth (0.05) of the Maiden 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). The Issuer option as converted otherwise has substantially the same terms and conditions, including vesting schedule, as applied to such Maiden option immediately prior to the closing of the Merger.

On May27, 2025, pursuant to that certain Combination Agreement (as amended, the "Combination Agreement"), dated as of December 29, 2024, by and between Kestrel Group, LLC ("Kestrel"), all of the equityholders of Kestrel, Maiden Holdings, Ltd. ("Maiden"), Ranger U.S. Newco LLC, Ranger Bermuda Merger Sub Ltd, Ranger Merger Sub 2 LLC and Kestrel Group Ltd (f/k/a Ranger Bermuda Topco Ltd) (the "Issuer"), Maiden became a wholly-owned subsidiary of the Issuer (the "Merger"). In connection with the Merger, each issued and outstanding Maiden share, subject to certain exceptions, were automatically canceled and converted into the right to receive one-twentieth (0.05) of a common share of the Issuer.

On May 27, 2025, pursuant to that certain Combination Agreement (as amended, the "Combination Agreement"), dated as of December 29, 2024, by and between Kestrel Group, LLC ("Kestrel"), all of the equityholders of Kestrel, Maiden Holdings, Ltd. ("Maiden"), Ranger U.S. Newco LLC, Ranger Bermuda Merger Sub Ltd, Ranger Merger Sub 2 LLC and Kestrel Group Ltd (f/k/a Ranger Bermuda Topco Ltd) (the "Issuer"), Maiden became a wholly-owned subsidiary of the Issuer (the "Merger"). In connection with the Merger, each issued and outstanding Maiden share, subject to certain exceptions, were automatically canceled and converted into the right to receive one-twentieth (0.05) of a common share of the Issuer.