Syncora Holdings Ltd. (fka SYCRF)

[Enterprising Investor]

Following the completion of the sale of Syncora Guarantee, the Company’s remaining assets consist of cash and other liquid assets as well as its interest in Swap Financial Group, LLC, its interest in Crown Global Insurance Group, LLC, real property and an option on real property in Detroit, Michigan, and a certificate that can be presented to the City of Detroit for value when purchasing certain city-owned
property in Detroit, Michigan.

The Retained Assets include the Company’s interest in Swap Financial Group, LLC, its interest in Crown Global Insurance Group, LLC, real property and an option on real property in Detroit, Michigan, and a certificate that can be presented to the City of Detroit for value when purchasing certain city-owned property in Detroit, Michigan. The Retained Assets may not have a readily ascertainable value, and the
Company may not be able to monetize these assets for what it believes to be the fair market value. The Company may not be able to find a buyer for any of these Retained Assets. In addition, the Company is
currently involved in disputes related to certain of these assets, which may not be resolved favorably or at all, and which may have a negative impact on the value of these assets. The real property option includes certain requirements; including that the real property option be exercised before December 10, 2021 and that construction begin on such property within 15 months of exercising the option. In addition, the real property interest owned by the Company requires that construction begin on such property within 15 months of December 10, 2019, the date when the Company took ownership. This condition may make this real property option and this real property less marketable and less valuable, and subjects them to the risk of repossession by the City of Detroit. As a result, the Company may not realize fair market value, or any value, on some or any of these Retained Assets, which could result in a limited or no Subsequent Distribution.