April 27, 2016

To Our Fellow Investors:

2015 was another year of significant changes at Tiptree Inc. (“Tiptree”) and one that we believe will provide the foundation of our strategic direction and future growth going forward. On a consolidated basis, total revenues grew 5.5 times to $440 million, while contributing $58 million of Adjusted EBITDA . Adjusted EBITDA from continuing operations grew by 7.5% driven by acquisitions and organic growth, offset by realized and unrealized marks on our CLO sub notes. Book value per Class A common share increased from $8.94 to $8.96 for the year. 

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