Filed by International General Insurance Holdings Ltd.
This communication is filed pursuant to Rule 425 under the United States Securities Act of 1933
and deemed filed pursuant to Rule 14a-12
under the Securities Exchange Act of 1934
Subject Company: Tiberius Acquisition Corporation
Commission File Number: 001-38422
Date: November 20, 2019
INTERNATIONAL GENERAL INSURANCE HOLDINGS LIMITED IGI Investor Presentation November 2019
Today’s Presenters Wasef JabshehFounder, Vice Chairman & CEOOver 50 years insurance experienceEstablished ADNIC(1), Middle East Insurance Brokers and International Marine & General Insurance Co. in 1991, which was sold to HCC in 1994Previously on the board of HCC Insurance Waleed JabshehPresidentOver 21 years insurance experienceJoined IGI since inception and has played a pivotal role in its growth and developmentPreviously at LDG reinsurance, a subsidiary of Houston Casualty, and at Manulife Reinsurance in Toronto Andreas LoucaidesCEO IGI UKOver 47 years insurance experienceFounder of PRI group, an aim-listed start-up insurance company which was sold to Brit in 2003Previously CEO at Catlin UK and Jubilee groupJoint oversight of underwriting(1) Abu Dhabi National Insurance Company. Hatem JabshehGroup COOOver 18 years industry experienceEstablished an asset management and brokerage business which was sold in 2009Previously at Spear, Leeds and Kellogg, a subsidiary of Goldman Sachs Pervez RizviGroup CFOOver 26 years industry and banking experiencePreviously served at various firms including HSBC Bank in UAE & Malaysia and Zurich Financial Services in DIFC in a senior management rolePreviously served as CFO at Islamic Insurance Company in Abu Dhabi, UAEAndrew PooleCIO, TiberiusOver 15 years of experience in portfolio management, analyzing and investing in public Insurance companiesOriginal partner and portfolio manager at Scoria Capital, a L/S hedge fundPreviously at Diamondback Capital, SAC Capital and Swiss Re 2 International General Insurance Holdings Limited
CONTENTS COMPANY OVERVIEW Section 1 INVESTMENT HIGHLIGHTS Section 2 FINANCIAL OVERVIEW Section 3 TRANSACTION OVERVIEW Section 4 SUPPLEMENTAL MATERIALS Section 5
Section 1 COMPANY OVERVIEW
Specialty (Re)Insurer With 17-Yr Track Record Maximizing Total Value Creation 2019E GPW$340mm London Bermuda Casablanca Amman Dubai Kuala Lumpur Combined Ratio (Last 10 Years Avg.)90% Financial Leverage0% Total Value Creation 10-Year CAGR(1)10% Cash & Short Term Deposits as% of Total Investable Assets50%+ Operating ROE (Last 10 Years Avg.)10% 6/30/19Shareholders’ Equity$316mm Net Underwriting Profit$20mm Favorable Development Over Last 5 Years(2)12% AM Best Rating A (EXCELLENT)S&P RatingA- (STABLE) 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 $386mm assuming 6/30/2019 book value of $316mm (after adding back IGI transaction expenses) and acquisition P/B multiple of 1.22x. 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 OutlookDiverse specialty business lines with market recognized expertise in energy, property, ports & terminals, financial institutions, and professional liabilityGlobal geographical footprint with exposures in 200+ countries supported by operations in UK, MENA and AsiaOpportunity to invest alongside Jabsheh family who will retain 24% ownership in Pro Forma Company(3) Dividend Payout Ratio40% 5 International General Insurance Holdings Limited
Evolution Into a Global Specialty (Re)Insurer 2002Commenced operations in Jordan, underwriting energy, property and engineering business 2005Assigned BBB rating by S&P Commenced underwriting reinsurance business 2008Assigned BBB+ rating by S&P and A- rating by A.M. Best Established IGI Dubai 2010Established FSA regulated UK subsidiary Commenced underwriting Casualty business Commenced underwriting Directors’ & Officers’ business New brand launched2016 2006Established Holding Company in DIFC(1) Established Labuan Branch 2007Established Bermudian subsidiary Commenced underwriting business in Financial Lines Purchased majority shareholding of SR Bishop 2009Commenced underwriting General Aviation business Commenced underwriting Professional Indemnity business Acquired SR Bishop and renamed to North Star Kuala Lumpur office transformed to Asia Pacific hub AM Best upgraded IGI’s credit ratings to A (Excellent)2019 Commenced underwriting Legal Expenses business AM Best raises IGI’s rating to A- (Positive)2017 S&P raises IGI’s rating to A- (Stable) Commenced underwriting Forestry business2015 Commenced underwriting Political Violence business2013 S&P raised IGI’s rating from BBB+ ‘stable’ to BBB+ ‘positive’ Established office in Casablanca2014 Commenced underwriting Ports & Terminals business IGI Dubai commences operations as an agency2012 Commenced underwriting Renewable Energy business Commenced underwriting Inherent Defects business2018 ~$550mm market cap. Specialty (Re)Insurer(2) $50mm capital raise $75mm capital raise Source: Public filings.(1) Dubai International Financial Center. (2) Represents estimated pro forma market capitalization of IGI; Assumes no redemptions by Tiberius shareholders and an acquisition price of $386mm assuming 6/30/2019 book value of$316mm (after adding back IGI transaction expenses) and acquisition P/B multiple of 1.22x. 6 International General Insurance Holdings Limited
Opportunity for IGI to Capitalize on Sector Tailwinds & Partner with Industry Veterans Market-Leading Insurance Managers and Owners Partnering with “Like-Minded” Respected Public-Company Insurance Veterans Tiberius Board is Complementary Attractive Market Opportunity Management would like to continue to participate in significant upside potential for IGI as meaningful ownersShareholders, who have partnered with IGI for many years, will have an opportunity for liquidity and price discoveryEvolution of IGI affords investors unique opportunity to share in value creation alongside managementOpportunity for us to partner with “like-minded”, market- recognized insurance veterans at TiberiusWe are bottom-line focused and the market opportunity to attractively deploy capital is evident JOHN D. VOLLAROACGL stock performance under his leadership: >800%Senior Advisor and Director of ArchFormer EVP and CFO of Arch C. ALLEN BRADLEY, JR.AMSF stock performance under his leadership: ~500%Former Chairman and CEO of AmerisafeAppointed CEO in 2003, led the IPO in 2005 JOHN W. HAYDENThe Midland Company stock performance under his leadership: >500%Former CEO of The Midland CompanyServed as President of Specialty Insurance at Munich Re SENATOR E. BENJAMIN NELSONFormer 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 2016Former Director of the Nebraska Department of Insurance MICHAEL GRAYProven Operator in the SME Specialty SectorCEO at Gray Insurance CompanyDirector of APCIA, Chairman of Louisiana Insurance Guaranty Association 6 International General Insurance Holdings Limited Deploying Capital into a Hardening MarketProperty 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)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)‘Between us and Lloyd’s, we’ve moved the market’: Brian Duperreault (June 2019)
Conservative Specialty-Class Individual Risk Underwriter $16 $24 $27 $23 $9 8.2% 15.1% 17.4% 15.1% 4.9% 2014 2015 2016 2017 2018Favorable Development / Net Premiums Earned Individually Underwritten 70% 6 International General Insurance Holdings Limited MGA-Originated Business 25% 2018 Gross Premiums Written: $302mm In-depth Risk Underwriting Culture Matched with Conservative Reserving Philosophy Note: Financial statements of IGI have been prepared in accordance with International Financial Reporting Standards (IFRS), as adopted by the International Accounting Standards Board.(1) Data based on case + IBNR reserve development. Favorable Reserve Development History(1) Intelligent Risk Selection & Management ($mm) Class-underwriting profit-centers irrespective of geographyIn-depth risk assessment of underlying exposureFacultative reinsurance designed to enhance risk-adjusted returnsPrudent use of treaty reinsurance to protect capitalTreaty 6% Conservative approach to setting reserves with a history of favorable development
13% 13% 6% 4% 4% 2% 2% 2% 2% 29% Gallagher Marsh Willis JLT AON Miller THB Price Forbes UIB RKH Group Others Broad Distribution Network IGI has Long-Standing Relationships with an Array of Brokers that have “Boots on the Ground” Top 5: 59%24% Note: Financial statements of IGI have been prepared in accordance with International Financial Reporting Standards (IFRS), as adopted by the International Accounting Standards Board. By 2018 Gross Premiums Written(% of Total)Top 10: 71% 9 International General Insurance Holdings Limited
Section 2 INVESTMENT HIGHLIGHTS
Investment Highlights 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 preservationgenerating a 90% 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 Clearly identified near-term growth and ROE enhancing opportunities leveraging existing skills and market opportunities 2Multi-Line Specialty (Re)Insurer 1Market Respected andRecognized Management Team 3Individual Risk Selection &Underwriting 5Scalable Operating Platform 6Conservative Balance Sheet andCapital Management 4Differentiated GeographicalFootprint 17 year track record of creating shareholder value through superior underwriting, capital mgmt. and conservative investing delivering a 361% return for shareholders since inception 7Demonstrated Track Record ofTotal Value Creation Strong unlevered ROE of ~9% delivered with low volatility returns through market cycles 8Low Volatility Returns 9 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 11 International General Insurance Holdings Limited
Market Respected and Recognized Management Team 1 Source: Company filings, website. 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) 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) 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) 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 havebenefitted substantially from IGI’s underwriting (2013) 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) 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) IGI Management Team Recognized Among Best-In-Class By Distribution Partners and Independent Industry Participants Wasef Jabsheh 2019 EY Entrepreneur of the Year for Jordan 12 International General Insurance Holdings Limited
$203$179$153 $226 $240 $252 $242 $231 $275 $302 $340 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 Steadily Growing and Increasingly Diversified Specialty (Re)Insurer Accident Year GPW by Business Line ($mm) 2009-2019E CAGR: 8% 2 Strong Cycle information. 13 International General Insurance Holdings Limited Management 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 Property (14% of 2018 GPW) Risks vary from large hotels to industrial manufacturingConservative in risks related to hazardous operationsGrowth prospects for Latin America, Africa, Japan and Far East Reinsurance (6% of 2018 GPW) Primarily property & medical expenses, mostly on XoL basis across ~90 countriesPreference for small-medium sized cedants with high-quality data and consistent underwritingRaising profile in treaty market Other Specialty (24% of 2018 GPW) Encompasses 5 lines: Ports & terminals, General Aviation, Engineering, Political violence, Marine liability Professional & Financial Lines (30% of 2018 GPW) Key lines include professional indemnity and financial institutionLondon-based PI team established in 2014 followed by D&O and legal expenses in 2017Largely written on annual practice policy basis Energy(27% of 2018 GPW) 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 sectorsUpstream: coverage includes business interruption, property damage and loss of hire in a number of sub-classes Prudent Growth and Cycle Management Marked by Opportunistic Approach to Capitalizing on Market Dislocation
Disciplined Risk Selection and Prudent Risk Management Framework 3 Energy Professional Liability & Financial Institution Lines Marine Ports and Terminals Aviation Reinsurance Engineering Political Violence 0% 20% 40% 60% 80% 100% 0% 100% Property(2) 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.Size of bubble based on IGI’s 2018 GPW.Includes 4 year average loss ratio for Forestry, which commenced in 2015.% of applications declined by line of business.Equity balance as of 12/31/2017. 90% 80% 70% 60% 50% 40% 30% 20% 10%2018 Declinature Rate(3) 5 Year Average Loss Ratio Prudent, Sound Underwriting Focused on Profitability(1) 2017 Cat Losses as a % of Equity(4) $3.3 $12.5 $20.4 $23.9 $35.1 $44.4 Hurricane Irma 07-Sep-17 Mexico Earthquake$0.0 Hurricane Maria 19-Sep-17 Mexico Earthquake$0.5 Gross Net Examples of 2017 Cat Losses as of 3/31/19 ($mm) 10.2% 5.5% IGI Average (5) Selective Underwriting with Focus on Loss Mitigation and Capital Preservation (5) Peers include ARGO, RLI, JRVR, KNSL, AXS, MKL, WRB, RE, RNR, LRE and BEZ. 14 International General Insurance Holdings Limited
Underwriting in Recognized Markets w / Differentiated Geographical Exposure Latin America 17% Worldwide17% UK 25% Continental Europe 15% Middle East 12% Asia11% Africa 3% 2018 GPW:$302m Underwriters by Location Comprises MENA ($37m), Asia ($32m) and Africa ($9m) Middle East, Africa and Asia (26%) Europe (40%) Comprises Central America ($27m) and South America ($26m) Latin America (17%) Comprises UK ($76m), Germany ($10m) and other European countries ($34m) Dec-18: 51 Worldwide (17%) Comprises exposure to accounts that are worldwide ($21m), Caribbean Islands ($14m), Australasia ($13m) and North America ($3m) 4 Exposure to 200+ Countries Access to Attractive Markets Underwriting Headquarters in London 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 IGI Writes Business in 200+ Countries in Mature and High-Growth, Underpenetrated Regions with Attractive Growth Rates The rates environment in the Middle East and North Africa (MENA) region has improved over the past year… (June 2019) ` Amman 10 Board. 15 International General Insurance Holdings Limited London 31 Casablanca 4Dubai 6
Scalable Tech-Enabled Operating Platform 5 Largely London-based underwriting staff supported by back and middle-office operations in Amman (Jordan)Amman hub provides central services to global underwriting platformAverage annual salary of ~$26k in Jordan for support staff(1) Cost-Efficient, Optimized Operations Technology is a Core Competency Robust and flexible technology platform built for long- term successDeployed and integrated cutting edge modelling / analytical systems:— Tyche stochastic modelling improves accuracy of risk assessment by running sensitivity tests on expert judgements to one million rather than the typical 50,000 Sophisticated,high-speed modelling platform Next-generation actuarial and financial modelling IGI Office U/W Support Claims & Reinsurance Finance, Investments &Admin. IT Other Total Amman 54 17 35 13 22 141 London 0 5 10 - 7 22 Dubai 1 - 2 - 2 5 Casablanca - - 2 - 1 3 Labuan - - 1 - 2 3 Total 55 22 50 13 34 174 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 Employees (excl. Underwriters) Source: Management information. Office Digitization and Collaboration Cloud Computing Robotics Process Automation and Machine Learning Intelligent Business Processing Management Business and Artificial Intelligence Blockchain Digital Transformation Strategy Scalable, Cost-Efficient Platform and Modern IT Infrastructure to Support a Growing Franchise (1) Based on Jordan employees excluding underwriters and senior management. 16 International General Insurance Holdings Limited
Regulated by BMA, UK FCA and PRA Robust 287% Bermuda solvency ratio supports one of the highest ratings in the MENA region(2) No financial leverage �� 154% 152% 162% 154% 157%130% 135% 2012 2013 2014 2015 2016 2017 2018 Conservative Balance Sheet and Capital Management Seamless communication among actuarial reserving team, underwriting and claimsReserve testing performed by in-house actuary on regular basisReserves tested by independent, third party actuaries: Lane Clark & Peacock (semi-annually) and EY (annually) Rigorous Reserving Philosophy Strong Credit Ratings Capital adequacy in excess of our AAA benchmark(1) The ratings reflect IGI’s balance sheet strength…as well as its strong operating performance, limited business profile and appropriate enterprise risk management(1) Robust Balance Sheet NPE / Shareholders’ Equity(3) Equity to Net Loss Reserves 64% 73% 72% 55% 50% 50% 59% 2012 2013 2014 2015 2016 2017 2018 History of Conservative Capital & Risk Management While Maintaining a Fortress Balance Sheet 6 (3) Net Premiums Earned divided by end of year Shareholders’ Equity. 17 International General Insurance Holdings Limited 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.AM Best press release dated September 5, 2019. S&P report dated July 16, 2018.BSCR/ECR ratio for Bermuda entity (International General Insurance Co Ltd) as of December 31, 2018. STABLE OUTLOOK RATING A- by S&P STABLE OUTLOOK RATING A by A.M. Best
9.1% 10.2% 90.4% Underwriting Expertise & Limited Investment Risk Drive Value Creation Investment Portfolio(1) Combined Ratio (2009-2018) Real Estate 6% Equity Other 5% 4% IGI Total Value Creation per Share Since Inception(2) IGI Peer Median(3) Total Value Creation CAGR (2009-2018)(2) 442 461 102 107 240 254 100 100 100 100 100 100 100 100 100 100 58 69100 104100 67100 87100 105100 125100 154100 185 205 212 240 61 74 89 100 111 133 161 172 212 181 200 222 246 285 331 366 385 429 '02 '03 '06 '07 '08 '13 '14 '15 '17 '18 '04 '05Indexed Value '09 '10 '11 '12Tangible Book Value Per Share Increase '16Dividends IGI Combined Ratio Compared to Industry 7 90% 107% 95% 95% 97% 95% 93% 92% 89% 87% 88% 88% 90% 87% 90% 84% 110%103% 87% 89% Peer 10-Yr Avg: 95% IGI 10-Yr Avg: 90%2009 2010 2011 2012 2013 2014 2015 2016 2017 2018AM Best Global Reinsurance Index IGI Cash & S-T 52%Gov. & Corp.Fixed Income33%IGI Average CIGoImbined Ratio IGI 2018Y Yield: 2.1% (3) Peers include ARGO, HSX, LRE, BEZ, RLI, JRVR, KNSL, AXS, ACGL, MKL, WRB, RE, and RNR. 18 International General Insurance Holdings Limited 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.Portfolio composition and yield for IGI as of and for the twelve months ended December 31, 2018.Total Value Creation defined as Tangible Book Value per Share growth plus cumulative dividends. Indexed to 100.
High Quality ROE with Limited Volatility Among Best-in-Class Peers 8 BEZ-LON P/BV: 2.34x RLI P/BV: 4.38x HSX-LON P/BV: 1.74x JRVR P/BV: 1.42x WRB P/BV: 2.06x ARGO P/BV: 1.12x LRE-LON P/BV: 1.61x RNR P/BV: 1.53x RE P/BV: 1.21x MKL P/BV: 1.46x AXS P/BV: 1.03x 0.0% 3.0% 6.0% 9.0% 12.0% 15.0% 18.0% 0.0% 2.0% 10.0% 12.0% 10 Year Average Operating ROAE 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 11/15/2019. (1) Includes operating ROAE data for 2016 through 2018. (2) Represents standard deviation of annual ROEs for peers for representative years. 8.0% 6.0% 4.0%Standard Deviation of 10 Year Operating ROAE (2) Book Value Growth Generated Through Consistently Strong, Lower Volatility Returns Historically strong, low- volatility ROE with no Debt and 50%+ of Investment Portfolio in Cash Avg. P/BV: 1.69x High ROAE Low Volatility KNSL P/BV: 5.40x (1) ACGL P/BV: 1.59xIGI 19 International General Insurance Holdings Limited
Well Defined Levers for Risk-Adjusted Value Creation 9 Reactivate IGI’s existing Lloyd's coverholder platform (North Star)Leverage our core underwriting skills to manage third-party capitalUse of platform to add scale without incremental balance sheet or underwriting risk Leverage Lloyd’s Coverholder Platform and Manage Third Party Capital Exploring potential entry into the U.S. E&S marketsApplication placed for Belgium-based EU subsidiaryPotential entry into niche segment of marine hull market BExpansion to New Specialty Business Lines and Markets Well-positioned to capitalize on recent developments in the London and the Middle East insurance marketsLloyd’s increasingly focused on portfolio remediation to improve underwriting profitabilityCapacity reductions / withdrawals from several classes of business by many Lloyd’s syndicatesQatar Re, Partner Re and Aspen have exited the Middle East marketIncreased focus on expanding presence in Asia through recent CEO hire in Kuala Lumpur AOrganic Growth in Existing Markets 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 Investment Yield Uplift C Value Levers Capitalize on Existing Management Knowledge, Skillset and Platform Longer-Term Near-Term 20 International General Insurance Holdings Limited
Section 3 FINANCIAL OVERVIEW
Track Record of Delivering Results Through the “Market Cycle” $153 $179 $203 $226 $240 $252 $242 $231 $275 $302 $340 $420 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019E 2020E Gross Premiums Written ($mm) Un-Levered Operating Return On Equity Net Operating Income ($mm) Historical Average 90% 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019E 2020E 97% 93% 104%87% 88% 88% 87% 84% 87% 89% 92% 91% 6% 9% 12% 13% 12% 12% 10% 1% 9% 9% 8% HistoricalAverage 10% 12% 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019E 2020E $10 $17 $24 $26 $31 $31 $33 $30 $3 $29 $30 $37 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019E 2020E 13% ’18-’19E Growth Reflective of Improving Market Conditions Source: IGI annual reports. Note: Financial statements of IGI have been prepared in accordance with International Financial Reporting Standards (IFRS), as adopted by the International Accounting Standards Board. Combined Ratio Historical Results Include PY Reserve Development Projections Exclude PY Reserve Development 22 International General Insurance Holdings Limited
Illustrative Value Lever Analysis ($ in mm) Organic GPW growth from 2019 to 2020.$36mm of transaction proceeds (approximately one-third of the total) deployed at 0.7x net premium written leverage at combined ratio of 91%.Assumes investment of transaction proceeds at net investment yield of 3.0%. (1)A (2)B (4)C $30 (4) Assumes portfolio repositioning achieves 3.0% Net Yield on investment portfolio. 23 International General Insurance Holdings Limited $3 $33 $1 $4 $2 ($3) $37 Well-Priced Premiums Earned Through and Investment Portfolio Fully Repositioned 2019E Standalone Organic Growth 2020E Standalone New Business Net Income Net Income U/W Income Inv. Income on Existing Portfolio Public Company 2020E Proforma New Capital(3) Repositioning Costs Net Income 2021E Proforma Net Income
Section 4 Transaction Overview
Equity Consideration to IGI $306 Equity Consideration to IGI $306 Cash - IPO Proceeds $180 Cash to IGI Shareholders $80 Forward Commitment$25 PIPE Proceeds $24 Growth Capital$124 Sources: $535 Uses: $535 Current IGI Shareholders (Jabsheh Family) 24% Current IGI Shareholders (Non-Jabsheh)31% SPAC IPO Shares 33% SPAC Forward Purchase Shares6% SPAC PIPEInvestors4% $100mm+ of Fully Committed Financing = Transaction Certainty Pro Forma Ownership(1) Transaction Sources and Uses(1) ($mm) Pro Forma Shares Outstanding: 53.029 million(5) Assumes no redemptions by Tiberius shareholders Transaction(2) Expenses $21 Jabsheh Family Pro Forma Ownership of ~24% in IGI Demonstrates Strong Alignment with IPO Shareholders (1) Assumes no redemptions by Tiberius shareholders and an acquisition price of $386mm assuming 6/30/2019 book value of $316mm (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 Current IGI Shareholders 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. 25 International General Insurance Holdings Limited Up to 70%+ Free Float(4) SPAC Sponsor Shares (5)2% Warrant Retirement / Sponsor Loan Pay Back $4(3) Fully committed financing from existing Forward Purchase Agreements and certain Tiberius investors, backstop from Tiberius’s sponsor and new PIPE investors
1.26x 1.59x Peer Median 13.5x 16.6x Attractive Entry Valuation Relative to Specialty Peers Note: Peers include ARGO, HSX, LRE, BEZ, RLI, JRVR, KNSL, AXS, ACGL, MKL, WRB, RE, and RNR. Market data as of 11/15/2019. 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 06/30/19. (2) IGI P / BV calculated assuming $10.45 price per Tiberius share, no redemption of shares, pro forma outstanding shares of 53.029 million & pro forma book value of$440 mm (6/30/19 standalone book value of $316mm 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 48.147 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 $554mm. 5 Year Avg. Operating ROE Price to 2020E Earnings IGI (2) IGI (3) Dividend Yield Offered at a Substantial Discount Compared to Peers, Despite Robust Risk-Adjusted, Unlevered Returns Superior Regular Dividend 21%Discount 19%Discount No Fin. Leverage 50%+ Investment Portfolio in Cash Price to Book Value(1) 2.7% 1.7% IGI (4) 9.0% 26 International General Insurance Holdings Limited 9.0% Peer Median IGI Peer Median Peer Median
Transaction Tiberius Acquisition Corporation (“Tiberius”) is a Nasdaq-listed special purpose acquisition companyA newly formed Bermuda holding company (“PubCo”) will acquire Tiberius through a subsidiary merger, with Tiberius security holders receiving equivalent securities of PubCoPubCo 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 $386mm for 100% of IGI based on 6/30/2019 book value of $316mmPro forma company expected to be eligible for Russell 2000 index Cash Consideration PubCo to pay $80mm of aggregate cash consideration to IGI shareholders for a portion of their sharesEach 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 Stock consideration for remainder of purchase price, which based on current estimates is expected to equal $306mm (PubCo stock valued at the redemption price, which is currently expected to be approximately $10.45) Lockup Provision Tiberius Sponsor, Wasef Jabsheh and other significant minority shareholders subject to customary lockups Minimum Cash Condition to Sign 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 Key Closing Conditions Receipt of required regulatory approvalsSEC approval of registration statement / proxy statementTiberius shareholder approvalNasdaq listing approvalMinimum cash condition of $100mm Board Governed by public company standards for foreign private issuers complying with SEC and Nasdaq rulesBoard 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) Management Executive management commitment to long-term employment contractsGoverned by public company standards and compensation committee 27 International General Insurance Holdings Limited Transaction Creates a ~$550mm(1) Publicly-Listed Specialty (Re)Insurer (1) Assumes no redemptions by Tiberius shareholders and an acquisition price of $386mm assuming 6/30/2019 book value of $316mm (after adding back IGI transaction expenses) and acquisition P/B multiple of 1.22x. (2) Book value adjusted by adding back IGI transaction expenses.
Transaction Steps & Timeline 28 International General Insurance Holdings Limited October 10, 2019: Transaction announcement / Tiberius 8-K filing with SECQ4 2019: Initial Form F-4 filed with the SECQ1 2020: SEC approves Form F-4Q1 2020: Nasdaq Listing approvalQ1 2020: Tiberius Shareholder MeetingQ1 2020: Transaction close subject to regulatory approvals and shareholder approvals
Section 5 SUPPLEMENTAL MATERIALS
Operating Earnings and Summary Financial Metrics Source: IGI annual reports. Note: Financial statements of IGI have been prepared in accordance with International Financial Reporting Standards (IFRS), as adopted by the International Accounting Standards Board.(1) Includes loss (gain) on revaluation, fair value change in investments and fair value change in investment property. ($ in mm) 2015 2016 2017 2018 2019E 2020E Net Income $35.0 $32.1 $7.9 $26.5 $29.6 $37.3 Realized Losses (Gains) (4.1) (2.7) (3.1) (1.3) -- -- Impairment Losses (0.0) 0.3 0.1 0.0 -- -- Unrealized Losses (Gains)(1) 0.3 (1.2) (0.1) 0.9 -- -- FX Losses (Gains) 1.9 1.4 (1.9) 3.2 -- -- Net Operating Income $33.1 $29.8 $2.8 $29.4 $29.6 $37.3 Capitalization Debt $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 Equity 284.9 311.2 312.4 309.8 327.5 474.0 Total Capital $284.9 $311.2 $312.4 $309.8 $327.5 $474.0 Operating Return on Average IFRS Equity 12.1% 10.0% 0.9% 9.4% 9.3% 8.1% Year Ended December 31, Includes incremental capital on balance sheet of $124mm 30 International General Insurance Holdings Limited
IFRS Summary Balance Sheet 31 International General Insurance Holdings Limited Source: IGI annual reports. Note: Financial statements of IGI have been prepared in accordance with International Financial Reporting Standards (IFRS), as adopted by the International Accounting Standards Board. Year Ended December 31, ($ in mm) 2015 2016 2017 2018 2019E 2020E Assets Fixed Assets $3.5 $15.0 $15.1 $14.9 -- -- Cash & Investments 468.7 493.0 488.4 503.3 -- -- Deferred Policy Acquisition Costs 29.3 28.3 32.9 35.9 -- -- Intangible Assets 0.4 0.9 2.0 2.7 -- -- Insurance Receivables 93.7 88.1 113.3 114.7 -- -- Reinsurance Recoverables 113.2 143.1 180.0 187.6 -- -- Ceded unearned premiums 33.8 32.1 41.1 32.6 -- -- Deferred XOL Premiums 8.8 8.9 11.6 12.4 -- -- Other Assets 9.7 9.0 4.3 3.3 -- -- Total Assets $761.0 $818.5 $888.8 $907.3 -- -- Liabilities Insurance Payables $17.8 $25.0 $19.0 $28.9 -- -- Gross Loss Reserves 300.7 335.2 383.2 384.4 -- -- Gross Unearned Premiums 143.6 133.7 156.7 168.3 -- -- Unearned Ceding Commissions 8.8 8.3 10.4 8.0 -- -- Debt 0.0 0.0 0.0 0.0 -- -- Other Liabilities 5.3 5.1 7.1 8.1 -- -- Total Liabilities $476.2 $507.2 $576.4 $597.6 -- -- Shareholders’ Equity $284.9 $311.2 $312.4 $309.8 $327.5 $474.0 Tangible Shareholders’ Equity $284.5 $310.3 $310.4 $307.1 $324.9 $471.3 Key Metrics Debt / Capital 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% Equity to Net Loss Reserves 152.0% 162.0% 153.7% 157.4% -- -- Total Assets to Gross Loss Reserves 253.1% 244.2% 231.9% 236.0% -- --
IFRS Summary Income Statement 32 International General Insurance Holdings Limited Source: IGI annual reports. Financial statements of IGI have been prepared in accordance with International Financial Reporting Standards (IFRS), as adopted by the International Accounting Standards Board, 2017 expenses restated per 2018 annual report. Year Ended December 31, ($ in mm) 2015 2016 2017 2018 2019E 2020E Gross Written Premiums $242.3 $231.4 $275.3 $301.6 $340.0 $420.0 Ceded Written Premiums (88.8) (82.8) (106.5) (99.4) (113.2) (140.5) Net Written Premiums $153.5 $148.6 $168.8 $202.2 $226.8 $279.5 Net Change in Unearned Premium 2.2 8.3 (13.9) (20.1) -- -- Net Premiums Earned $155.7 $156.9 $154.8 $182.1 -- -- Net Acquisition Cost (33.7) (34.7) (36.3) (41.0) -- -- Net Claims (69.3) (71.5) (93.5) (85.3) -- -- General & Administrative Expenses (28.3) (31.0) (31.3) (35.4) -- -- Net Underwriting Profit $24.4 $19.7 ($6.3) $20.4 $17.4 $21.5 Investment Income 12.5 12.8 12.5 10.4 -- -- Gain / (Loss) on Exchange (1.9) (1.4) 1.9 (3.2) -- -- Other Expenses 0.8 0.1 (0.3) (1.1) -- -- Profit Before Tax $35.8 $31.1 $7.8 $26.5 -- -- Tax (0.8) 0.9 0.0 (0.1) -- -- After Tax Profit $35.0 $32.1 $7.9 $26.5 $29.6 $37.3 Key Metrics Loss Ratio 45% 46% 60% 47% 50% 49% Acquisition Ratio 22% 22% 23% 23% 24% 25% G&A Ratio 18% 20% 20% 19% 18% 18% Combined Ratio 84% 87% 104% 89% 92% 91% Ceded Premiums / GWP 37% 36% 39% 33% 33% 33%
Reinsurance Program and Strategy to Mitigate Risk Reinsurance strategy to protect capital and optimize underwriting profitability Catastrophe protection up to $87.5mm which protects against 1:250 single-event- Net PML of $14mm in 1:250 event Catastrophe Risk Reinsurance strategy combination of quota share, facultative and XOL coverageCoverage tailored according to the underlying exposureReinsurance panel consists of highly-rated reinsurers Protection Retentions range between $1mm and $10mm depending on underlying business lines Retention Before FAC 33 International General Insurance Holdings Limited
IGI Partners with Well-Rated Reinsurance Partners 34 International General Insurance Holdings Limited Excess of Loss Quota Share Participant AM Best GPW ($) Argo A $8.3 Munich Re A+ 3.3 Transatlantic Re A+ 2.1 Hannover A+ 1.7 Aspen A 1.5 Swiss Re A+ 1.0 Barbican (Synd. 1955) A 0.9 Talbot (Synd. 1984) A 0.8 Korean Re A 0.7 Validus A 0.6 Top 10 $21.0 Source: Management, AM Best. Based on 2018 GPW ($mm) Participant AM Best GPW ($) Hannover A+ $8.6 AIG Europe A 4.7 Liberty (Synd. 4472) A 2.6 Hannover (Bermuda) A+ 2.6 Ironshore A 2.2 AmTrust (Synd. 1861) A 2.0 China Re (Synd. 2088) A 2.0 Arch A+ 1.9 Tokio Marine (Synd. 0510) A 1.7 Tokio Marine (Synd. 1880) A 1.4 Top 10 $29.6
History of Consistent Favorable Reserve Development 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 NPE $97,260 $97,702 $119,276 $148,443 $180,649 $189,541 $155,762 $156,903 $154,809 $182,054 A ccident Year - Ne t Incurred Losse s Accident Year 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 Yr 1 63,259 71,380 76,231 100,171 123,043 115,867 91,458 98,907 110,229 $94,266 Yr 2 52,099 63,488 60,555 88,131 121,593 90,398 86,855 94,146 117,131 Yr 3 46,911 62,020 59,556 79,529 120,570 79,208 79,777 90,080 Yr 4 48,882 58,897 59,140 82,906 117,170 73,250 75,316 Yr 5 48,707 57,848 60,790 78,666 109,641 70,855 Yr 6 48,310 59,792 58,344 79,830 106,917 Yr 7 48,348 58,330 58,212 76,773 Yr 8 48,147 58,408 58,084 Yr 9 48,622 58,540 Yr 10 49,446 Accident Year - Net Incurred Loss Development Accident Year 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 Yr 1 - - - - - - - - - - Yr 2 ($11,160) ($7,891) ($15,676) ($12,040) ($1,450) ($25,469) ($4,603) ($4,760) $6,902 Yr 3 (5,189) (1,468) (999) (8,602) (1,022) (11,190) (7,078) (4,066) Yr 4 1,971 (3,123) (416) 3,377 (3,400) (5,958) (4,461) Yr 5 (175) (1,049) 1,649 (4,240) (7,529) (2,395) Yr 6 (397) 1,944 (2,446) 1,164 (2,724) Yr 7 38 (1,462) (131) (3,057) Yr 8 (202) 78 (128) Yr 9 475 132 Yr 10 824 Ac cident Year - Net Incurred Loss Ra tio Accident Year 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 Yr 1 65% 73% 64% 67% 68% 61% 59% 63% 71% 52% Yr 2 54% 65% 51% 59% 67% 48% 56% 60% 76% Yr 3 48% 63% 50% 54% 67% 42% 51% 57% Yr 4 50% 60% 50% 56% 65% 39% 48% Yr 5 50% 59% 51% 53% 61% 37% Yr 6 50% 61% 49% 54% 59% Yr 7 50% 60% 49% 52% Yr 8 50% 60% 49% Yr 9 50% 60% Yr 10 51% Source: Management information. 35 International General Insurance Holdings Limited
Current Corporate Structure 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 International General Insurance Co Ltd(1) United Arab Emirates Group Holding CompanyDubai International Financial Centre International General Insurance Holdings Ltd JordanUnderwriting agency for the IGI Bermuda entity Founded: 2002Regulator: Jordan Insurance Directorate IGI Underwriting Co Ltd BermudaMain Group underwriting entity Founded: 2007Regulator: Bermuda Monetary AuthorityRated: A-/Stable by S&P and A/Stable by A.M. Best UKSpecialist marine underwriting agency – writing liability, war and specie risks for and on behalf of IGI and othersApproved Lloyd’s coverholder Acquired in 2009Regulator: UK Financial Conduct Authority North Star Underwriting Limited UKUnderwrites risk sourced through London brokers and EU domiciled businessFounded: 2009Regulator: UK FCA and PRARated: A-/Stable by S&P and A/ Stable by A.M. Best International General Insurance Co (UK) Ltd United Arab EmiratesUnderwrites casualty, engineer and political violence for IGI BermudaFounded: 2008Regulator: Dubai Financial Services Authority International General Insurance Co (Dubai) Ltd MalaysiaOffshore branch of IGI BermudaProvides access to Malaysian & Far East marketsFounded: 2006Regulator: Labuan Financial Services Authority International General Insurance Co Ltd – Labuan Branch MoroccoRepresentative office of IGI BermudaProvides access to Northern, Central and West African marketsFounded: 2014Regulator: Casablanca Finance City International General Insurance Co Ltd - Representative Office IGI will Re-domicile to Bermuda Post Transaction Bermuda. 36 International General Insurance Holdings Limited
Peer Trading Comparables Source: FactSet, SNL Financial. Market data as of 11/15/2019. 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 06/30/19, 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 53.029 million & pro forma book value of $440mm (6/30/19 standalone book value of $316mm and $124mm of incremental balance sheet cash). IGI Price to 2020E earnings calculated assuming $10.45 price per Tiberius share, weighted average shares outstanding of 33.502 million in 2019 and 48.147 million in 2020 and 2019E and 2020E pro Price Market Cap. ROE Price / Book Price / EPS RegularTicker 11/15/19 ($MM) 2019E 2020E Reported Tangible 2019E 2020E Div. Yield IGI Pro Forma IGI $10.45 $555 9.3% 8.1% 1.26x 1.27x 11.8x 13.5x 2.7% Arch Capital Group Ltd. ACGL $40.63 $16,402 11.4% 10.6% 1.59x 1.69x 14.9x 13.8x 0.0% Markel Corporation MKL 1,123.38 15,517 5.2 4.8 1.46 2.29 30.4 29.3 0.0 W. R. Berkley Corporation WRB 67.85 12,462 9.6 8.5 2.06 2.12 22.2 22.8 0.6 Everest Re Group, Ltd. RE 267.17 10,896 11.1 10.4 1.21 1.21 11.5 11.1 2.1 RenaissanceRe Holdings Ltd. RNR 183.56 8,105 7.8 11.5 1.53 1.61 21.1 12.6 0.7 Axis Capital Holdings Limited AXS 58.79 4,936 5.3 9.5 1.03 1.10 20.6 10.7 2.7 Hiscox Ltd HSX-LON 16.12 4,648 3.5 10.8 1.74 1.91 57.4 18.6 2.7 RLI Corp. RLI 97.56 4,374 12.7 11.2 4.38 4.63 39.0 39.8 0.9 Beazley Plc BEZ-LON 6.92 3,635 11.8 15.9 2.34 2.54 20.2 13.6 2.2 Argo Group International Holdings, Ltd. ARGO 61.70 2,118 2.9 6.5 1.12 1.30 39.2 16.6 2.0 Kinsale Capital Group, Inc. KNSL 94.97 2,104 15.9 14.6 5.40 5.44 39.3 33.9 0.3 Lancashire Holdings Limited LRE-LON 8.98 1,803 7.6 12.2 1.61 1.87 21.4 12.7 1.7 James River Group Holdings Ltd JRVR 35.93 1,092 5.3 8.0 1.42 1.99 27.6 17.1 3.3 Peer Low 2.9% 4.8% 1.03x 1.10x 11.5x 10.7x - Peer Mean 8.5% 10.3% 2.07x 2.28x 28.1x 19.4x 1.5% Peer Median 7.8% 10.6% 1.59x 1.91x 22.2x 16.6x 1.7% Peer High 15.9% 15.9% 5.40x 5.44x 57.4x 39.8x 3.3% forma earnings of $30mm and $37mm, respectively. Dividend yield assumes 40% payout ratio. 37 International General Insurance Holdings Limited
DISCLAIMER 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 38 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 currently subject to audit in accordance with the rules of the PCAOB and may be updated or modified in the final audited financial statements included in the registration statement on Form F-4 related to IGI’s business combination with Tiberius.Use of ProjectionsThis 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 StatementsCertain 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 a 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 DataIn 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 is correct or complete.Additional Information about the Transaction and Where to Find ItIn 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 SolicitationTiberius, 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 NoticeThe 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 to IGI and not copy, reproduce or otherwise disclose it (in whole or in part).DisclaimerThis 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