HC2 HOLDINGS, INC. © HC2 Holdings, Inc. 2018 Investor Presentation May 3, 2018

© 2 0 1 8 H C 2 H O L D I N G S , I N C . Clear focus on delivering sustainable value for all stakeholders  Value operator with long-term outlook  Acquire controlling equity interests in diverse industries creating value through growth in operating subsidiaries  Strong capital base allows funding of subsidiary growth  Speed of execution gives HC2 a competitive advantage over traditional private equity firms Env i s ion ExecuteEmpower – Seek to build value over the long-term – Leadership team’s expansive network results in unique deal flow – Target a barbell investment strategy • Stable cash flow generation • Early-stage companies with option value E n v i s i o n – Partner with experienced management teams – Establish specific operating objectives and clear growth plans – Provide financial expertise – Help execute strategy E m p o w e r M a n a g e m e nt – Focus on speed of execution – Capitalize on opportunities to create, extract and monetize value – Realize synergies and optimize resources – Deliver sustainable value E x e c u t e How HC2 Builds Value 10

© 2 0 1 8 H C 2 H O L D I N G S , I N C . 11 Early Stage and Other Holdings Life Sciences: PANSEND  MediBeacon: Unique non-invasive real-time monitoring of kidney function  R2 Dermatology: Medical device to brighten skin based on Mass. General Hospital technology  BeneVir: Oncolytic viral immunotherapy for treatment of solid cancer tumors  Genovel: Novel, Patented, “Mini Knee” and “Anatomical Knee” replacements  Triple Ring Technologies: R&D engineering company specializing in medical devices, homeland security, imaging, sensors, optics, fluidics, robotics & mobile healthcare  HC2 Broadcasting Holdings Capitalizing on Over-The-Air broadcast opportunities  704Games (Formerly DMR) Owns worldwide exclusive licensing rights to NASCAR® simulation style racing titles Other: Core Operating Subsidiaries  One of the largest steel fabrication and erection companies in the U.S.  Offers full suite of integrated steel construction and professional services  92.5% ownership  FY17 Revenue: $579.0m  FY17 Adjusted EBITDA: $51.6m Construction: DBM GLOBAL (SCHUFF)  Leading provider of subsea cable installation, maintenance and protection in telecom, offshore power and oil & gas  JV’s with Huawei Marine Networks & S.B. Submarine Systems (China Telecom)  72.7% ownership  FY17 Revenue: $169.5m  FY17 Adjusted EBITDA: $44.0m Marine Services: GMSL  Premier distributor of natural gas motor fuel throughout the U.S.  Currently own or operate 44 natural gas fueling stations throughout United States  67.7% ownership  FY17 Revenue: $16.4m  FY17 Adjusted EBITDA: $2.9m Energy: ANG Telecom: PTGI ICS  One of the largest International wholesale telecom service companies  Global sales presence  Internal and scalable offshore back office operations  100% ownership  FY17 Revenue: $701.9m  FY17 Adjusted EBITDA: $6.9m Core Financial Services Subsidiaries  Platform to invest in long-term care (LTC) portfolio of assets  Initially acquired American Financial Group’s LTC assets  Pending acquisition of Humana’s $2.3b LTC assets  100% ownership  ~$74.7m of statutory surplus  ~$86.4m total adjusted capital  ~$2.1b total GAAP assets  ~$1.5b cash & invested assets Insurance: CIG All data as of December 31, 2017 unless otherwise noted Construction formerly Manufacturing; Energy formerly Utilities HC2’s Diversified Portfolio

© 2 0 1 8 H C 2 H O L D I N G S , I N C . First Quarter 2018 Update 14 BeneVir:  BeneVir is a portfolio company of Pansend, our Life Sciences segment – Focused on the development of a patent-protected oncolytic virus, BV-2711, for the treatment of solid cancer tumors  Pansend is the owner of all of BeneVir's outstanding preferred stock, through which Pansend holds an approximate 80%, or 76% on a fully diluted basis, controlling interest in BeneVir  On May 1st, BeneVir entered into a definitive agreement to be acquired by Janssen Biotech, Inc. (“Janssen”)  Janssen will make an upfront cash payment of $140 million at closing of the transaction, plus additional contingent payments of up to $900 million based on achievement of certain predetermined commercial milestones – HC2 expects to receive an initial payment in excess of $70 million in net proceeds from the sale of BeneVir at close, with an additional $10 million being held in escrow – The total amount of all payments could exceed $1 billion to current BeneVir shareholders if all milestones are met – HC2 has invested ~$8 million to date  The closing of the transaction is subject to customary closing conditions, including clearance under the Hart-Scott-Rodino Antitrust Improvements Act and is expected to close in the second quarter of 2018 *

© 2 0 1 8 H C 2 H O L D I N G S , I N C . First Quarter 2018 Update 15 GMSL:  We expect GMSL to report backlog at levels consistent with those reported at year end, reflective of normal burn off recognized in the first quarter on its maintenance contracts, in addition to strong backlog from GMSL’s Huawei Marine joint venture  As a result of quarterly variability that the Company has highlighted previously, GMSL expects to report slightly negative Adjusted EBITDA for the quarter  Quarterly variability is not unusual  Adjusted EBITDA impacted by: – Timing of two major turnkey projects in the Huawei joint venture, which are expected to ramp up across the remainder of 2018 – Lower offshore power contribution versus strong prior year comparable period – Higher unutilized vessel costs due to mobilization for contracted projects  We believe the above represent short term timing issues and GMSL’s long-term performance outlook is still positive Other Core Operating Segments:  Based on preliminary data , we currently expect to report Adjusted EBITDA in aggregate for our other Core Segments, which include Construction, Energy and Telecommunications, at levels consistent with the first quarter of the prior year *Note: Because the reporting period for the first quarter ended March 31, 2018 has recently ended, these preliminary anticipated results reflect assumptions and estimates based only on preliminary information available to us as of the date of this presentation Actual results for the first quarter of 2018 could differ materially from the above expectations. In addition, GMSL’s results could be materially adversely affected by any of the risks set forth under “Risk Factors – Risks Related to GMSL” or items described under “Disclosure Regarding Forward-Looking Statements” in our offering memorandum. Adjusted EBITDA ($USD millions) Q1 Q2 Q3 Q4 Total 2016 $0.5 $11.8 $14.0 $14.8 $41.2 2017 $16.3 $3.6 $8.8 $15.3 $44.0

Financial Overview

© 2 0 1 8 H C 2 H O L D I N G S , I N C . $513.8 $502.7 $579.0 $0.0 $100.0 $200.0 $300.0 $400.0 $500.0 $600.0 $700.0 2015 2016 2017 DBM Global Historical Financial Summary 17 Revenue Adjusted EBITDA Free Cash Flow(1) Backlog $52.0 $59.9 $51.6 10.1% 11.9% 8.9% 0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% 14.0% 16.0% 18.0% 20.0% $0.0 $10.0 $20.0 $30.0 $40.0 $50.0 $60.0 $70.0 2015 2016 2017 Adj. EBITDA Adj. EBITDA Margin % $380.8 $503.4 $723.4 $772.4 $0.0 $200.0 $400.0 $600.0 $800.0 2015 2016 2017 ($USD millions) 1. Free Cash Flow defined as Adjusted EBITDA less Maintenance Capital Expenditures. Total Backlog is $772.4 million inclusive of contracts awarded, but not yet signed $2.9 $4.8 $2.4 $2.1 $4.5 $9.3 $49.1 $55.1 $49.2 $0.0 $10.0 $20.0 $30.0 $40.0 $50.0 $60.0 $70.0 2015 2016 2017 Maintenance CapEx Growth CapEx FCF

© 2 0 1 8 H C 2 H O L D I N G S , I N C . Global Marine Group Historical Financial Summary 18 $42.1 $41.2 $44.0 31.2% 25.4% 26.0% 0% 10% 20% 30% 40% 50% 60% $0.0 $10.0 $20.0 $30.0 $40.0 $50.0 $60.0 2015 2016 2017 Adj. EBITDA Adj. EBITDA Margin Revenue Adjusted EBITDA Capital Expenditures Free Cash Flow(1) $37.3 $35.5 $40.7 $0.0 $10.0 $20.0 $30.0 $40.0 $50.0 $60.0 2015 2016 2017 ($USD millions) 1. Free Cash Flow defined as Adjusted EBITDA less Maintenance Capital Expenditures. $4.8 $5.7 $3.3 $5.9 $6.5 $7.2 $10.7 $12.2 $10.5 $0.0 $4.0 $8.0 $12.0 $16.0 $20.0 2015 2016 2017 Maintenance Growth $84.6 $114.2 $107.0 $30.9 $38.3 $25.3$19.4 $9.4 $37.2 $134.9 $161.9 $169.5 $0.0 $50.0 $100.0 $150.0 $200.0 2015 2016 2017 Maintenance Telecom Install O&G / Power Install

© 2 0 1 8 H C 2 H O L D I N G S , I N C . Historical Consolidated Revenue and Adjusted EBITDA 19 ($USD millions) Core Operating Revenue $460.4 $735.0 $701.9 $513.8 $502.7 $579.0 $134.9 $161.9 $169.5 $6.8 $6.4 $16.4 $1,115.9 $1,406.0 $1,466.8 $0 $200 $400 $600 $800 $1,000 $1,200 $1,400 $1,600 2015 2016 2017 PTGi ICS DBM Global Global Marine ANG Core Operating Adjusted EBITDA(1) $2.0 $5.6 $6.9 $52.0 $59.9 $51.6 $42.1 $41.2 $44.0 $0.9 $2.5 $2.9$97.1 $109.1 $105.5 $0 $20 $40 $60 $80 $100 $120 2015 2016 2017 PTGi ICS DBM Global Global Marine ANG 1. Adjusted EBITDA does not include results of our Insurance segment. Non-Core Operating Revenue 2015 2016 2017 CIG $2.9 $142.5 $151.6 Pansend - - - Other 2.1 9.7 15.8 Non-Op. Corp. - - - Total Core + Non-Core $1,120.8 $1,558.1 $1,634.1 Non-Core Operating Adjusted EBITDA(1) 2015 2016 2017 Pansend (7.2) (12.0) (22.4) Other (18.3) (11.2) (3.1) Non-Op. Corp. (19.5) (25.7) (29.2) Total Core + Non-Core $52.1 $60.2 $50.8

© 2 0 1 8 H C 2 H O L D I N G S , I N C . Free Cash Flow Generation 20 ($USD millions) 1. Free Cash Flow defined as Adjusted EBITDA less Maintenance Capital Expenditures. LTM 12/31/17 Core Operating Adj. EBITDA $105.5 Less: Non-Operating Corporate Adj. EBITDA $29.2 Less: GMSL Maintenance Capex 3.3 Less: DBM Global Maintenance Capex 2.4 Less: ANG Maintenance Capex 2.1 Less: PTGi ICS Maintenance Capex 0.1 Less: HC2 Capex (0.0) Free Cash Flow (1) $68.4 L ss: DBM Global Growth Capex $9.3 Less: GMSL Growth Capex 7.2 Less: ANG Growth Capex 6.4 Less: Pansend Growth Capex 0.5 Less: PTGi ICS Growth Capex - Free Cash Flow after Growth Capex $45.0

Appendix

© 2 0 1 8 H C 2 H O L D I N G S , I N C . DBM Global Inc. (Schuff Intl.) 22  DBM Global Inc. is focused on delivering world class, sustainable value to its clients through a highly collaborative portfolio of companies which provide better designs, more efficient construction and superior asset management solutions  The Company offers integrated steel construction services from a single source and professional services which include design-assist, design-build, engineering, BIM participation, 3D steel modeling/detailing, fabrication, advanced field erection, project management and state-of-the-art steel management systems  Major market segments include commercial, healthcare, convention centers, stadiums, gaming and hospitality, mixed use and retail, industrial, public works, bridges, transportation and international projects Business Description:  Rustin Roach – President and CEO  Michael Hill – CFO and Treasurer  Scott Sherman – VP, General Counsel  Shane Metzger - COO Select Management: Select Customers: DC United L.A. Rams Sacramento Kings Apple

© 2 0 1 8 H C 2 H O L D I N G S , I N C . DBM Global Inc. (Schuff Intl.) 23 Core Activities Products & Service Offerings Industries Served  The largest structural steel fabricator and erector in the U.S.  In-house structural & design engineering expertise  Assets of Mountain States Steel became part of Schuff Steel (4Q17)  Mountain States Steel has a modern fabrication facility located on approximately 32 acres in Lindon, Utah.  Structural Steel fabrication  Steel erection services  Structural engineering & design services  Preconstruction engineering services  BIM (Building Information Modeling)  Project Mgmt (proprietary SIMS platform)  Extensive track record delivering structural steel for iconic projects throughout the Western United States: San Francisco-Oakland Bay Bridge, Alameda Corridor Transportation Authority Bridge, Mile High Stadium, Paris Hotel & Casino in Las Vegas, etc.  Commercial  Conv. & Event Centers  Energy  Government  Healthcare  Bridge  Infrastructure  Leisure  Industrial & Mining  Infrastructure  Leisure  Retail  Transportation  Provides structural steel fabrication & erection services for smaller projects leveraging subcontractors and in-house project managers  Structural Steel fabrication (subcontracted)  Steel erection services (subcontracted)  Project Mgmt (proprietary SIMS platform)  Commercial  Government  Healthcare  Leisure  Retail  Transportation  Manufactures equipment for use in the petrochemical oil & gas industries, such as: pollution control scrubbers, tunnel liners, pressure vessels, strainers, filters & separators  Design engineering  Fabrication services  Petrochemical  Oil & gas infrastructure  Pipelines  A highly experienced global Detailing and 3D BIM Modelling company  Steel Detailing  3D BIM Modelling  BIM Management  Integrated Project Delivery (IPD)  3D Animation and Visualization  Commercial  Conv. & Event Ctrs  Energy  Government  Healthcare  Industrial & Mining  Infrastructure  Leisure  Retail  Transportation  A global Building Information Modelling (BIM), Steel Detailing and Rebar Detailing firm  Steel Detailing  Rebar Detailing  3D BIM Modelling  Connection Design  Forensic Modelling & Animation  Commercial  Conv. & Event Ctrs  Energy  Government  Healthcare  Industrial & Mining  Infrastructure  Leisure  Retail  Transportation  The premiere Bridge and Complex Structures Detailing and Building Information Modelling (BIM) firm in N.A.  Bridge Detailing  Steel Detailing  3D BIM Modelling  Connection Design  Bridge  Commercial  Conv. & Event Ctrs  Energy  Government  Infrastructure

© 2 0 1 8 H C 2 H O L D I N G S , I N C . 24 “Engineering a Clean and Connected Future”  Leading provider of offshore marine engineering delivered via three business units  Founded in 1850 - Headquartered in UK with major regional hub in Singapore and an established European base in Germany Global Marine Group - Business Description: Select Customers:  Fiber optic cable solutions to the telecommunications and oil & gas markets  Installed roughly 21% of the world's subsea fiber optic cable, amounting to 300,000km  In maintenance, Global Marine benefits from long-term contracts with high renewal rates; Responsible for 385,000km of the total 1,200,000km of global in-service cable  Significant opportunities in Telecom through 49% owned strategic joint ventures with Huawei Technologies (HMN) and China Telecom (SBSS) Global Marine Highlights:  Power cable and asset management services to the offshore renewables and utilities market  Recognised for power cable repair solutions and the ability to mobilise quickly to minimise system downtime  CWind delivers a broad spectrum of topside and subsea services to developers and has experience at over 40 wind farms to date  CWind is strongly differentiated as the only integrated service provider  CWind is recognized for having the most fuel efficient Crew Transport Vessel (CTV) fleet in the market CWind Highlights:  Trenching and power cable lay services to the oil & gas industry  To date, the Global Offshore team has been involved in the installation of more than 470 power cables  Market-leading Q1400 trenching system effective in the harshest of seas and most challenging of seabed conditions  Completed work on five UK and two European wind farms to date  Multiple operations in oil & gas for major oil companies such as Shell and BP Global Offshore Highlights:  Dick Fagerstal – Executive Chairman  Ian Douglas – Chief Executive Officer Select Management: Global Marine Group 11/30/17: Global Marine Group closes acquisition of Fugro’s Trenching and Cable Lay Services Business

© 2 0 1 8 H C 2 H O L D I N G S , I N C . 25 C o re A cti v it ie s Maintenance  Provision of vessels on standby to repair fiber optic telecom cables in defined geographic zones  Location of fault, cable recovery, jointing and re-deployment of cables  Operation of depots storing cable and spare parts across the globe  Management of customer data through the life of the cable system Wind Farm  Offshore wind planning, construction and operations & maintenance support services  Fleet of Crew Transfer Vessels (CTVs) which have a historically high utilisation and are positioned 4th in the overall CTV market  Over 250 certified & experienced personnel including technicians, riggers, slingers, lifting supervisors & foremen  Offshore training facility Trenching  Trenching of cables, rigid & flexible pipelines and umbilicals  Precision installation in challenging seabed environments utilizing the market-leading Q1400 which able to perform jet trenching in soils of up to 100KPA  Providing maximum, long-term protection of assets  Engineering support & project management Fiber Optic Cable Installation  Provision of turnkey repeated telecom systems via Huawei Marine (“HMN”) joint-venture  Installation contracts for telecom customers  Services include route planning, route survey, cable mapping, route engineering, laying, trenching and burial at all depths  Fiber optic communications infrastructure to offshore platforms  Permanent Reservoir Monitoring (“PRM”) systems Power Cable Installation & Repair  Installation for inter-array power cables for offshore wind market  Maintenance provision, including cable storage, power joint development and vessel availability  Offshore wind planning, Interconnector installation  Services include route planning, route survey, cable mapping, route engineering, laying, trenching and burial at all depths Power Cable Installation  Planning, installation, burial, storage, testing, locating, recovering and maintaining subsea cables and other subsea assets  Modern assets including the Global Symphony and the Q1400 trenching system  Approximately 400 m² of available space aft of the cable lay spread, allowing space for up to ten 20 foot containers of cable protection system  470 power cables installed to date Ve ss el s  Cable Retriever  Pacific Guardian  Wave Sentinel  Cable Innovator  C.S. Sovereign  CS Recorder  Networker  Global Symphony  16 owned Crew Transfer Vessels in CWind Fleet  C.S. Sovereign  CS Recorder  Global Symphony  Global Symphony Joi n t Vent u re s  Sino British Submarine Systems in Asia (SBSS); Joint venture (49%) with China Telecom  Huawei Marine; Joint venture (49%) with Huawei Technologies  International Cableship Pte Ltd (“ICPL”)  Joint venture (30%) with SingTel and ASEAN Cableship  SCDPL; Joint venture (40%) with SingTel  National Wind Farm Training Centers (100%)  Sino British Submarine Systems in Asia; Joint venture (49%) with China Telecom Global Marine Group

© 2 0 1 8 H C 2 H O L D I N G S , I N C . American Natural Gas 26  Designs, builds, owns, operates and maintains compressed natural gas commercial fueling stations for transportation  Building a premier nationwide network of publically accessible heavy duty CNG fueling stations throughout the United States designed and located to serve fleet customers – Completed the integration & upgrade of 18 fueling stations; 44 stations owned or operated nationwide – Expect to expand station footprint via organic and select M&A opportunities  Founded in 2011, with headquarters in Saratoga Springs, New York Business Description:  American transportation sector is rapidly converting from foreign-dependent diesel fuel to clean burning natural gas: – Dramatically reduces emissions – Extends truck life – Significantly reduces fuel cost  Given the cost effectiveness of CNG, its environmental friendliness and the abundance of natural gas reserves in the United States, CNG is the best candidate for alternatives to gasoline and diesel for the motor vehicle market Why CNG?:“Fueling the Future” Currently 44 stations owned or operated in 15 states across the United States*  Drew West – Founder and Chief Executive Officer Select Management:

© 2 0 1 8 H C 2 H O L D I N G S , I N C . PTGi International Carrier Services (“PTGi ICS”) 27  Leading international wholesale telecom service company providing voice and data call termination to the telecom industry worldwide  Provides transit and termination of telephone calls through its own global network of next-generation IP soft switches and media gateways, connecting the networks of incumbent telephone companies, mobile operators and OTT companies worldwide  Restructured in 2014, PTGi ICS now delivers industry leading technology via best of breed sales and operational support teams – 4Q17: Eleventh consecutive quarter of positive Adjusted EBITDA – 4Q17: Sixth consecutive quarter of cash dividend to HC2  In business since 1997, recognized as a trusted business partner globally  Headquartered in Herndon, Virginia with representation across North America, South America, the Middle East and Europe Business Description:  Craig Denson – Chief Executive Officer Select Management:

© 2 0 1 8 H C 2 H O L D I N G S , I N C . Continental Insurance Group 28  The formation of Continental Insurance Group (“CIG”) in April 2015 to invest in the long-term care and life insurance sector is consistent with HC2’s overall strategy of taking advantage of dislocated and undervalued operating businesses  Through CIG, HC2 intends to build an attractive platform of insurance businesses  In December 2015, HC2 completed the acquisition of American Financial Group’s long-term care and life insurance businesses, United Teacher Associates Insurance Company and Continental General Insurance Company  Key measures as of December 31, 2017: – Statutory Surplus ~$74.7 million / Total Adjusted Capital ~$86.4 million – GAAP Assets of ~$2.1 billion / Cash and Invested Assets ~$1.5 billion Business Description:  James P. Corcoran – Executive Chair – James has extensive experience in the insurance industry on both the corporate and regulatory side as the former Superintendent of Insurance of the State of New York Select Management: Signed Definitive Agreement to Acquire Humana’s Long-Term Care Insurance Business *  Total Statutory Capital ~$150 million; ~$2.3 billion of cash and invested assets as of September 30, 2017  Immediately accretive to Continental’s Risk Based Capital ratio and Statutory Capital  Once completed, Continental will have approximately $3.5 billion in cash and invested assets All data as of December 31, 2017 unless otherwise noted * Humana acquisition expected to close by 3Q18

© 2 0 1 8 H C 2 H O L D I N G S , I N C . Pansend 29 HC2’s Pansend Life Sciences Segment Is Focused on the Development of Innovative Healthcare Technologies and Products  80% equity ownership of company focused on immunotherapy; Oncolytic virotherapy for treatment of solid cancer tumors  Founded by Dr. Matthew Mulvey & Dr. Ian Mohr (who co-developed T-Vec); Biovex (owner of T-Vec) acquired by Amgen for ~$1billion  BeneVir’s T-Stealth is a second generation oncolytic virus with new features and new intellectual property  BeneVir holds exclusive worldwide license to develop BV-2711 (T-Stealth)  Granted new patent entitled “Oncolytic Herpes Simplex Virus and Therapeutic Uses Thereof”, covering the composition of matter for Stealth-1H, BeneVir’s lead oncolytic immunotherapy, as well as other platform assets (2Q17)  74% equity ownership of dermatology company focused on lightening and brightening skin  Founded by Pansend in partnership with Mass. General Hospital and inventors Dr. Rox Anderson, Dieter Manstein and Dr. Henry Chan  Over $20 billion global market  Received Food and Drug Administration approval for the R2 Dermal Cooling System (4Q16)  Received Food and Drug Administration approval for second generation R2 Dermal Cooling System (2Q17)  80% equity ownership in company with unique knee replacements based on technology from Dr. Peter Walker, NYU Dept. of Orthopedic Surgery and one of the pioneers of the original Total Knee.  “Mini-Knee” for early osteoarthritis of the knee; “Anatomical Knee” – A Novel Total Knee Replacement  Strong patent portfolio  50% equity ownership in company with unique technology and device for monitoring of real-time kidney function  Current standard diagnostic tests measure kidney function are often inaccurate and not real-time  MediBeacon’s Optical Renal Function Monitor will be first and only, non-invasive system to enable real-time, direct monitoring of renal function at point-of-care  $3.5 billion potential market  Successfully completed a key clinical study of its unique, real-time kidney monitoring system on subjects with impaired kidney function at Washington University in St. Louis. (1Q17)  Profitable technology and product development company  Areas of expertise include medical devices, homeland security, imaging systems, sensors, optics, fluidics, robotics and mobile healthcare  Located in Silicon Valley and Boston area with over 90,000 square feet of working laboratory and incubator space  Contract R&D market growing rapidly  Customers include Fortune 500 companies and start-ups Note: Equity ownership percentages do not reflect fully diluted amounts. All data as of December 31, 2017 unless otherwise noted

© 2 0 1 8 H C 2 H O L D I N G S , I N C . 704Games (Formerly Dusenberry Martin Racing (DMi, Inc.)) 30  Owns worldwide exclusive licensing rights to NASCAR® simulation style racing titles on interactive entertainment platforms – Owns all the code, artwork and animation previously developed for legacy games – License also extends to NASCAR® racetracks and all the leading NASCAR® race teams and drivers – Since inception, 704Games developed an all-new NASCAR® racing simulation game, NASCAR® Heat Evolution, for PlayStations 4, Xbox One and PC, as well as NASCAR-themed mobile trivia and slots games  In April 2016, DMR secured $8.0m in additional equity growth capital from consortium of new investors including superstar drivers Joey Logano and Brad Keselowski – NASCAR® Heat Evolution successfully released September 2016 – NASCAR® Heat Evolution announced 2017 Team Update available February 2017  Team & Roster Updates, New Drivers, New Paint Schemes, 2017 NASCAR® Schedule, etc. – DMR Re-brands to 704Games – Appoints racing industry veteran Paul Brooks as CEO and Brad Keselowski to Board of Directors (March 2017) – NASCAR® Heat Mobile game released (May 2017) – NASCAR® Heat 2 released (September 2017)  Headquartered in Charlotte, NC in NASCAR® Headquarters building (NASCAR® Plaza) Business Description: All data as of December 31, 2017 unless otherwise noted

© 2 0 1 8 H C 2 H O L D I N G S , I N C . Consolidated Financial Summary 31 Q4 2017 Q4 2016 FY 2017 FY 2016 Statement of Operations (Selected Financial Data) Total Net Revenue $458.5 $454.0 $1,634.1 $1,558.1 Total Operating Expenses $460.0 $449.0 $1,635.3 $1,559.5 Income Loss From Operations ($1.5) $5.0 ($1.1) ($1.4) Interest Expense ($15.7) ($11.8) ($55.1) ($43.4) Income From Equity Investees $5.2 $7.6 $17.8 $10.8 Income (loss) Before Taxes ($11.2) ($6.7) ($39.8) ($45.8) Net Loss attributable to common and participating preferred ($9.2) ($67.3) ($49.7) ($105.4) Non-GAAP Measures Core Operating Adjusted EBITDA $32.4 $37.9 $105.5 $109.1 Total Adjusted EBITDA $19.7 $26.5 $50.8 $60.2 Insurance AOI $2.6 ($6.9) $8.0 ($15.9) Note: Reconciliations of Adjusted EBITDA and Adjusted Operating Income to U.S. GAAP Net Income in appendix. Table may not foot due to rounding. Adjusted Operating Income for Q1 2016 was adjusted to exclude certain intercompany eliminations to better reflect the results of the Insurance segment, and remain consistent with internally reported metrics. Additional details in appendix. All data as of December 31, 2017 unless otherwise noted Construction formerly Manufacturing; Energy formerly Utilities ($USD millions)

© 2 0 1 8 H C 2 H O L D I N G S , I N C . Segment Financial Summary 32All data as of December 31, 2017 Construction formerly Manufacturing; Energy formerly Utilities. FY 2017 Q4 2017 Q3 2017 Q2 2017 Q1 2017 FY 2016 Adjusted EBITDA Core Operating Subsidiaries Construction $51.6 $15.1 $16.8 $11.1 $8.6 $59.9 Marine Services 44.0 15.3 8.8 3.6 16.3 41.2 Energy 2.9 0.4 0.3 1.0 1.2 2.5 Telecom 6.9 1.6 1.5 2.2 1.7 5.6 Total Core Operating $105.5 $32.4 $27.3 $17.9 $27.8 $109.1 Early Stage and Other Holdings Life Sciences ($22.4) ($5.2) ($8.2) ($4.9) ($4.1) ($12.0) Other (3.1) 1.3 (1.1) (2.2) (1.2) (11.2) Total Early Stage and Other ($25.5) ($3.9) ($9.3) ($7.1) ($5.2) ($23.2) Non-Operating Corporate ($29.2) ($8.7) ($8.3) ($6.3) ($5.9) ($25.7) Total HC2 (excluding Insurance) $50.8 $19.7 $9.8 $4.6 $16.7 $60.2 Adjusted Operating Income Core Financial Services Insurance $8.0 $2.6 $3.7 $2.6 ($1.0) ($15.9) Note: Reconciliations of Adjusted EBITDA and Adjusted Operating Income to U.S. GAAP Net Income in appendix. Table may not foot due to rounding. Adjusted Operating Income for Q1 2016 was adjusted to exclude certain intercompany eliminations to better reflect the results of the Insurance segment, and remain consistent with internally reported metrics. Additional details in appendix. Adjusted EBITDA for “Core Operating Subsidiaries” $105.5m for FY 2017 ($USD millions)

© 2 0 1 8 H C 2 H O L D I N G S , I N C . Reconciliation of U.S. GAAP Net Income (Loss) to Adjusted EBITDA Full Year Ended December 31, 2017 33 ($USD thousands) Construction Marine Energy Telecom Life Sciences Other & Elimination Net loss attributable to HC2 Holdings, Inc. (46,911)$ Less: Net Income attributable to HC2 Holdings Insurance segment 7,066 Net Income (loss) attributable to HC2 Holdings, Inc., excluding Insurance Segment 23,624$ 15,173$ (516)$ 6,163$ (18,098)$ (18,005)$ (62,318)$ (53,977)$ Adjustments to reconcile net income (loss) to Adjusted EBITDA: Depreciation and amortization 5,583 22,898 5,071 371 186 1,508 71 35,688 Depreciation and amortization (included in cost of revenue) 5,254 - - - - - - 5,254 Amortization of equity method fair value adjustment at acquisition - (1,594) - - - - - (1,594) Asset impairment expense - - - - - 1,810 - 1,810 (Gain) loss on sale or disposal of assets 292 (3,500) 247 181 - - - (2,780) Lease termination costs - 249 - 17 - - - 266 Interest expense 976 4,392 1,181 41 - 4,373 44,135 55,098 Net loss (gain) on contingent consideration - - - - - - (11,411) (11,411) Other (income) expense, net (41) 2,683 1,488 149 (17) 6,541 (92) 10,711 Foreign currency (gain) loss (included in cost of revenue) - (79) - - - - - (79) Income tax (benefit) expense 10,679 203 (4,243) 7 (820) (1,129) (10,185) (5,488) Noncontrolling interest 1,941 260 (681) - (3,936) (1,164) - (3,580) Bonus to be settled in equity - - - - - - 4,130 4,130 Shar - ase compensation expense - 1,527 364 - 319 279 2,754 5,243 Non-recurring items - - - - - - - - Acquisition costs 3,280 1,815 - - - 2,648 3,764 11,507 Adjusted EBITDA 51,588$ 44,027$ 2,911$ 6,929$ (22,366)$ (3,139)$ (29,152)$ 50,798$ Total Core Operating Subsidiaries 105,455$ Year Ended December 31, 2017 Core Operating Subsidiaries Early Stage & Other Non- operating Corporate Total HC2

© 2 0 1 8 H C 2 H O L D I N G S , I N C . Reconciliation of U.S. GAAP Net Income (Loss) to Adjusted EBITDA Full Year Ended December 31, 2016 34 ($USD thousands) Construction Marine Energy Telecom Life Sciences Other & Elimination Net loss attributable to HC2 Holdings, Inc. (94,549)$ Less: Net loss attributable to HC2 Holdings Insurance segment (14,028) Net Income (loss) attributable to HC2 Holdings, Inc., excluding Insurance Segment 28,002$ 17,447$ 7$ 1,435$ (7,646)$ (24,800)$ (94,966)$ (80,521)$ Adjustments to reconcile net income (loss) to Adjusted EBITDA: Depreciation and amortization 1,892 22,007 2,248 504 124 1,480 9 28,264 Depreciation and amortization (included in cost of revenue) 4,370 - - - - - - 4,370 Amortization of equity method fair value adjustment at acquisition - (1,371) - - - - - (1,371) (Gain) loss on sale or disposal of assets 1,663 (9) - 708 - - - 2,362 Lease termination costs - - - 179 - - - 179 Interest expense 1,239 4,774 211 - - 1,164 35,987 43,375 Net loss (gain) on contingent consideration - (2,482) - - - - 11,411 8,929 Other (income) expense, net (163) (2,424) (8) (87) (3,213) 9,987 (1,277) 2,815 Foreign currency (gain) loss (included in cost of revenue) - (1,106) - - - - - (1,106) Income tax (benefit) expense 18,727 1,394 (535) 2,803 1,558 3,250 11,245 38,442 Noncontrolling interest 1,834 974 (4) - (3,111) (2,575) - (2,882) Bonus to be settled in equity - - - - - - 2,503 2,503 Shar - ase compensation expense - 1,682 597 - 251 273 5,545 8,348 Non-recurring items - - - - - - 1,513 1,513 Acquisition Costs 2,296 290 27 18 - - 2,312 4,943 Adjusted EBITDA 59,860$ 41,176$ 2,543$ 5,560$ (12,037)$ (11,221)$ (25,718)$ 60,163$ Total Core Operating Subsidiaries 109,139$ Year Ended December 31, 2016 Core Operating Subsidiaries Early Stage & Other Non- operating Corporate Total HC2

© 2 0 1 8 H C 2 H O L D I N G S , I N C . Reconciliation of U.S. GAAP Net Income (Loss) to Adjusted EBITDA Full Year Ended December 31, 2015 35 ($USD thousands) Construction Marine Energy Telecom Life Sciences Other & Elimination Net Income (loss) attributable to HC2 Holdings, Inc. (35,565)$ Less: Net Income (loss) attributable to HC2 Holdings Insurance Segment 1,327 Net Income (loss) attributable to HC2 Holdings, Inc., excluding Insurance Segment 24,451$ 20,855$ (274)$ 2,779$ (4,575)$ (18,276)$ (61,852)$ (36,892)$ Adjustments to reconcile net income (loss) to Adjusted EBITDA: Depreciation and amortization 2,016 18,772 1,635 417 20 1,934 - 24,794 Depreciation and amortization (included in cost of revenue) 7,659 - - - - - - 7,659 Amortization of equity method fair value adjustment at acquisition - (1,516) - - - - - (1,516) Asset impairment expense - 547 - - - - - 547 (Gain) loss on sale or disposal of assets 257 (138) - 50 - 1 - 170 Lease termination costs - - - 1,184 - 1 - 1,185 Interest expense 1,379 3,803 42 - - - 33,793 39,017 Other (income) expense, net (443) (1,340) (42) (2,304) (1) 5,764 5,242 6,876 Foreign currency (gain) loss (included in cost of revenue) - (2,039) - - - - - (2,039) Income tax (benefit) expense 15,572 400 (347) (237) (1,037) (7,733) (16,052) (9,434) Loss from discontinued operations 20 - - - - 1 - 21 No contr lling interest 1,136 616 (267) - (1,681) (1) - (197) Share-based payment expense - - 49 - 71 - 10,982 11,102 Acquisition and nonrecurring items - 2,181 70 121 23 - 8,362 10,757 Adjusted EBITDA 52,047$ 42,141$ 866$ 2,010$ (7,180)$ (18,309)$ (19,525)$ 52,050$ Total Core Operating Subsidiaries 97,064$ Year Ended December 31, 2015 Core Operating Subsidiaries Early Stage & Other Non- operating Corporate Total HC2

© 2 0 1 8 H C 2 H O L D I N G S , I N C . Reconciliation of U.S. GAAP Net Income (Loss) to Adjusted EBITDA Three Months Ended December 31, 2017 36 ($USD thousands) Construction Marine Energy Telecom Life Sciences Other & Elimination Net loss attributable to HC2 Holdings, Inc. (8,537)$ Less: Net Income attributable to HC2 Holdings Insurance segment 3,383 Net Income (loss) attributable to HC2 Holdings, Inc., excluding Insurance Segment 9,160$ 6,230$ 1,485$ 1,253$ (3,822)$ (8,218)$ (18,008)$ (11,920)$ Adjustments to reconcile net income (loss) to Adjusted EBITDA: Depreciation and amortization 1,389 6,337 1,195 86 57 575 21 9,660 Depreciation and amortization (included in cost of revenue) 1,419 - - - - - - 1,419 Amortization of equity method fair value adjustment at acquisition - (371) - - - - - (371) Asset impairment expense - - - - - - - - (Gain) loss on sale or disposal of assets 199 - 208 181 - - - 588 Lease termination costs - - - 2 - - - 2 Interest expense 357 1,029 629 4 - 1,965 11,704 15,688 Net loss (gain) on contingent consideration - - - - - - (5,410) (5,410) Other (income) expense, net 117 240 (164) 72 8 3,741 368 4,382 Foreign currency (gain) loss (included in cost of revenue) - 52 - - - - - 52 Income tax (benefit) expense 887 (36) (4,255) 7 (820) (1,129) (1,073) (6,419) Noncontrolling interest 751 (121) 1,321 - (728) 1,502 - 2,725 Bonus to be settled in equity - - - - - - 2,780 2,780 Share-base compensation expense - 394 3 - 80 213 547 1,237 Non-recurring items - - - - - - - - Acquisition costs 833 1,515 - - - 2,648 339 5,335 Adjusted EBITDA 15,112$ 15,269$ 422$ 1,605$ (5,225)$ 1,297$ (8,732)$ 19,748$ Total Core Operating Subsidiaries 32,408$ Three Months Ended December 31, 2017 Core Operating Subsidiaries Early Stage & Other Non- operating Corporate Total HC2

© 2 0 1 8 H C 2 H O L D I N G S , I N C . Reconciliation of U.S. GAAP Net Income (Loss) to Adjusted EBITDA Three Months Ended September 30, 2017 37 ($USD thousands) Construction Marine Energy Telecom Life Sciences Other & Elimination Net loss attributable to HC2 Holdings, Inc. (5,967)$ Less: Net Income attributable to HC2 Holdings Insurance segment 4,280 Net Income (loss) attributable to HC2 Holdings, Inc., excluding Insurance Segment 7,082$ 844$ (939)$ 1,348$ (6,760)$ (600)$ (11,222)$ (10,247)$ Adjustments to reconcile net income (loss) to Adjusted EBITDA: Depreciation and amortization 1,314 6,221 1,247 94 50 272 17 9,215 Depreciation and amortization (included in cost of revenue) 1,293 - - - - - - 1,293 Amortization of equity method fair value adjustment at acquisition - (573) - - - - - (573) Asset impairment expense - - - - - - - - (Gain) loss on sale or disposal of assets 486 - 25 - - - - 511 Lease termination costs - - - 15 - - - 15 Interest expense 238 1,021 262 14 - 1 11,686 13,222 Net loss (gain) on contingent consideration - - - - - - (6,320) (6,320) Other (income) expense, net (165) 888 277 12 (10) (118) (718) 166 Foreign currency (gain) loss (included in cost of revenue) - (238) - - - - - (238) Income tax (benefit) expense 4,481 (137) - - - - (4,746) (402) Noncontrolling interest 558 43 (763) - (1,506) (689) - (2,357) Bonus to be settled in equity - - - - - - 765 765 Share-base compensation expense - 394 179 - 71 19 718 1,381 Non-recurring items - - - - - - - - Acquisition costs 1,501 300 - - - - 1,564 3,365 Adjusted EBITDA 16,788$ 8,763$ 288$ 1,483$ (8,155)$ (1,115)$ (8,256)$ 9,796$ Total Core Operating Subsidiaries 27,322$ Three Months Ended September 30, 2017 Core Operating Subsidiaries Early Stage & Other Non- operating Corporate Total HC2

© 2 0 1 8 H C 2 H O L D I N G S , I N C . Reconciliation of U.S. GAAP Net Income (Loss) to Adjusted EBITDA Three Months Ended June 30, 2017 38 ($USD thousands) Construction Marine Energy Telecom Life Sciences Other & Elimination Net loss attributable to HC2 Holdings, Inc. (17,911)$ Less: Net Income attributable to HC2 Holdings Insurance segment 164 Net Income (loss) attributable to HC2 Holdings, Inc., excluding Insurance Segment 4,179$ (3,053)$ (365)$ 2,060$ (4,106)$ (3,757)$ (13,033)$ (18,075)$ Adjustments to reconcile net income (loss) to Adjusted EBITDA: Depreciation and amortization 1,240 5,255 1,381 94 41 331 16 8,358 Depreciation and amortization (included in cost of revenue) 1,302 - - - - - - 1,302 Amortization of equity method fair value adjustment at acquisition - (325) - - - - - (325) Asset impairment expense - - - - - 1,810 - 1,810 (Gain) loss on sale or disposal of assets (145) - 18 - - - - (127) Lease termination costs - 55 - - - - - 55 Interest expense 174 1,040 154 14 - 16 10,675 12,073 Net loss (gain) on contingent consideration - - - - - - 88 88 Other (income) expense, net 28 490 255 (9) (11) 803 214 1,770 Foreign currency (gain) loss (included in cost of revenue) - 83 - - - - - 83 Income tax (benefit) expense 3,232 (134) (1) - - - (6,543) (3,446) Noncontrolling interest 369 (156) (492) - (911) (1,372) - (2,562) Bonus to be settled in equity - - - - - - 585 585 Share-base compensation expense - 394 91 - 76 18 527 1,106 Non-recurring items - - - - - - - - Acquisition costs 701 - - - - - 1,168 1,869 Adjusted EBITDA 11,080$ 3,649$ 1,041$ 2,159$ (4,911)$ (2,151)$ (6,303)$ 4,564$ Total Core Operating Subsidiaries 17,929$ Three Months Ended June 30, 2017 Core Operating Subsidiaries Early Stage & Other Non- operating Corporate Total HC2

© 2 0 1 8 H C 2 H O L D I N G S , I N C . Reconciliation of U.S. GAAP Net Income (Loss) to Adjusted EBITDA Three Months Ended March 31, 2017 39 ($USD thousands) Construction Marine Energy Telecom Life Sciences Other & Elimination Net loss attributable to HC2 Holdings, Inc. (14,496)$ Less: Net loss attributable to HC2 Holdings Insurance segment (761) Net Income (loss) attributable to HC2 Holdings, Inc., excluding Insurance Segment 3,203$ 11,152$ (697)$ 1,502$ (3,410)$ (5,430)$ (20,055)$ (13,735)$ Adjustments to reconcile net income (loss) to Adjusted EBITDA: Depreciation and amortization 1,640 5,085 1,248 97 38 330 16 8,454 Depreciation and amortization (included in cost of revenue) 1,240 - - - - - - 1,240 Amortization of equity method fair value adjustment at acquisition - (325) - - - - - (325) Asset impairment expense - - - - - - - - (Gain) loss on sale or disposal of assets (248) (3,500) (4) - - - - (3,752) Lease termination costs - 194 - - - - - 194 Interest expense 207 1,302 136 9 - 2,391 10,070 14,115 Net loss (gain) on contingent consideration - - - - - - 231 231 Other (income) expense, net (21) 1,065 1,120 74 (4) 2,115 44 4,393 Foreign currency (gain) loss (included in cost of revenue) - 24 - - - - - 24 Income tax (benefit) expense 2,079 510 13 - - - 2,177 4,779 Noncontrolling interest 263 494 (747) - (791) (605) - (1,386) Bonus to be settled in equity - - - - - - - - Share-base compensation expense - 345 91 - 92 29 962 1,519 Non-recurring items - - - - - - - - Acquisition costs 245 - - - - - 693 938 Adjusted EBITDA 8,608$ 16,346$ 1,160$ 1,682$ (4,075)$ (1,170)$ (5,862)$ 16,689$ Total Core Operating Subsidiaries 27,796$ Three Months Ended March 31, 2017 Core Operating Subsidiaries Early Stage & Other Non- operating Corporate Total HC2

© 2 0 1 8 H C 2 H O L D I N G S , I N C . Reconciliation of U.S. GAAP Net Income (Loss) to Adjusted EBITDA Three Months Ended December 31, 2016 40 ($USD thousands) Construction Marine Energy Telecom Life Sciences Other & Elimination Net loss attributable to HC2 Holdings, Inc. (61,464)$ Less: Net loss attributable to HC2 Holdings Insurance segment (2,050) Net Income (loss) attributable to HC2 Holdings, Inc., excluding Insurance Segment 7,292$ 8,667$ (61)$ (2,572)$ (4,655)$ (3,536)$ (64,549)$ (59,414)$ Adjustments to reconcile net income (loss) to Adjusted EBITDA: Depreciation and amortization 629 5,214 769 115 37 430 5 7,199 Depreciation and amortization (included in cost of revenue) 1,322 - - - - - - 1,322 Amortization of equity method fair value adjustment at acquisition - (325) - - - - - (325) (Gain) loss on sale or disposal of assets 2,626 1 - 708 - - - 3,335 Lease termination costs - - - - - - - - Interest expense 322 1,091 69 - - 1,163 9,116 11,761 Net loss (gain) on contingent consideration - (2,482) - - - - 11,411 8,929 Other (income) expense, net (75) (1,234) 391 487 10 99 (966) (1,288) Foreign currency (gain) loss (included in cost of revenue) - 864 - - - - - 864 Income tax (benefit) expense 6,086 2,150 (535) 2,803 1,558 3,250 32,726 48,038 Noncontrolling interest 594 464 (253) - (809) (513) - (517) Bonus to be settled in equity - - - - - - 2,503 2,503 Share-base compensation expense - 375 490 - 67 35 712 1,679 Non-recurring items - - - - - - - - Acquisition Costs 1,868 24 - - - - 490 2,382 Adjusted EBITDA 20,664$ 14,809$ 870$ 1,541$ (3,792)$ 928$ (8,552)$ 26,468$ Total Core Operating Subsidiaries 37,884$ Three Months Ended December 31, 2016 Core Operating Subsidiaries Early Stage & Other Non- operating Corporate Total HC2

© 2 0 1 8 H C 2 H O L D I N G S , I N C . Reconciliation of U.S. GAAP Net Income (Loss) to Adjusted EBITDA Three Months Ended September 30, 2016 41 ($USD thousands) Construction Marine Energy Telecom Life Sciences Other & Elimination Net Income (loss) attributable to HC2 Holdings, Inc. $ (4,558) Less: Net loss attributable to HC2 Holdings Insurance segment (2,189) Net Income (loss) attributable to HC2 Holdings, Inc., excluding Insurance Segment 6,962$ 8,696$ 27$ 1,796$ (2,285)$ (8,160)$ (9,404)$ (2,368)$ Adjustments to reconcile net income (loss) to Adjusted EBITDA: Depreciation and amortization 431 5,554 582 144 32 380 4 7,127 Depreciation and amortization (included in cost of revenue) 1,321 - - - - - - 1,321 Amortization of equity method fair value adjustment at acquisition - (329) - - - - - (329) Asset impairment expense - - - - - - - - (Gain) loss on sale or disposal of assets (23) - - - - - - (23) Lease termination costs - - - (159) - - - (159) Interest expense 304 1,328 119 - - - 8,969 10,720 Net gain on contingent consideration - (1,381) - - - - - (1,381) Other (income) expense, net (12) (632) (24) 422 (2) 3,892 835 4,479 Foreign currency (gain) loss (included in cost of revenue) - (283) - - - - - (283) Income tax (benefit) expense 4,672 96 - - - - (7,851) (3,083) Noncontrolling interest 411 465 27 - (770) (974) - (841) Share-base payment expense - 546 3 - 128 37 1,088 1,802 Non-recurring items - - - - - - - - Acquisition costs 429 - - - - - 821 1,250 Adjusted EBITDA 14,495$ 14,060$ 734$ 2,203$ (2,897)$ (4,825)$ (5,538)$ 18,232$ Total Core Operating Subsidiaries 31,492$ Core Operating Subsidiaries Early Stage & Other Non- operating Corporate Total HC2 Three Months Ended September 30, 2016

© 2 0 1 8 H C 2 H O L D I N G S , I N C . Reconciliation of U.S. GAAP Net Income (Loss) to Adjusted EBITDA Three Months Ended June 30, 2016 42 ($USD thousands) Construction Marine Energy Telecom Life Sciences Other & Elimination Net Income (loss) attributable to HC2 Holdings, Inc. $ 1,935 Less: Net loss attributable to HC2 Holdings Insurance segment (2,293) Net Income (loss) attributable to HC2 Holdings, Inc., excluding Insurance Segment 9,364$ 6,002$ 68$ 1,009$ (2,004)$ (2,608)$ (7,603)$ 4,228$ Adjustments to reconcile net income (loss) to Adjusted EBITDA: Depreciation and amortization 303 6,084 468 140 36 336 - 7,367 Depreciation and amortization (included in cost of revenue) (206) - - - - - - (206) Amortization of equity method fair value adjustment at acquisition - (359) - - - - - (359) Asset impairment expense - - - - - - - - (Gain) loss on sale or disposal of assets (1,845) 7 - - - 1 - (1,837) Lease termination costs - - - 338 - - - 338 Interest expense 303 1,285 14 - - 1 8,966 10,569 Gain on Contingent Consideration - (192) - - - - - (192) Other (income) expense, net (32) 403 (344) 29 - (10) 465 511 Foreign currency (gain) loss (included in cost of revenue) - (1,540) - - - - - (1,540) Income tax (benefit) expense 4,524 (212) - - - 1 (9,404) (5,091) Noncontrolling interest 768 200 244 - (812) (1,044) - (644) Share-base payment expense - 152 90 - 34 40 1,359 1,675 Non-recurring items - - - - - - - - Acquisition costs - - - 18 - - 313 331 Adjusted EBITDA 13,179$ 11,830$ 540$ 1,534$ (2,746)$ (3,283)$ (5,904)$ 15,150$ Total Core Operating Subsidiaries 27,083$ Core Operating Subsidiaries Early Stage & Other Non- operating Corporate Total HC2 Three Months Ended June 30, 2016

© 2 0 1 8 H C 2 H O L D I N G S , I N C . Reconciliation of U.S. GAAP Net Income (Loss) to Adjusted EBITDA Three Months Ended March 31, 2016 43 ($USD thousands) Construction Marine Energy Telecom Life Sciences Other & Elimination Net Income (loss) attributable to HC2 Holdings, Inc. $ (30,462) Less: Net loss attributable to HC2 Holdings Insurance segment (7,496) Net Income (loss) attributable to HC2 Holdings, Inc., excluding Insurance Segment 4,384$ (5,918)$ (27)$ 1,202$ 1,298$ (10,494)$ (13,409)$ (22,966)$ Adjustments to reconcile net income (loss) to Adjusted EBITDA: Depreciation and amortization 529 5,155 429 106 19 336 - 6,574 Depreciation and amortization (included in cost of revenue) 1,933 - - - - - - 1,933 Amortization of equity method fair value adjustment at acquisition - (358) - - - - - (358) Asset impairment expense - - - - - - - - (Gain) loss on sale or disposal of assets 904 (17) - - - - - 887 Lease termination costs - - - - - - - - Interest expense 310 1,070 9 - - - 8,937 10,326 Other (income) expense, net (44) 612 (31) (1,025) (3,221) 6,005 (1,611) 686 Foreign currency (gain) loss (included in cost of revenue) - (147) - - - - - (147) Income tax (benefit) expense 3,445 (640) - - - (1) (4,226) (1,422) Noncontrolling interest 61 (155) (22) - (720) (44) - (880) Share-base payment expense - 609 14 - 22 160 2,386 3,191 Non-recurring items - - - - - - - - Acquisition costs - 266 27 - - 1 2,201 2,495 Adjusted EBITDA 11,522$ 477$ 399$ 283$ (2,602)$ (4,038)$ (5,722)$ 319$ Total Core Operating Subsidiaries 12,681$ Three Months Ended March 31, 2016 Core Operating Subsidiaries Early Stage & Other Non- operating Corporate Total HC2

© 2 0 1 8 H C 2 H O L D I N G S , I N C . Reconciliation of U.S. GAAP Net Income (Loss) to Insurance Adjusted Operating Income 44 ($USD thousands) Adjusted Op rating Income - Insurance ("Insurance AOI") FY 2017 Q4 2017 Q3 2017 Q2 2017 Q1 2017 FY 2016 Q4 2016 Net Income (loss) - Insurance segment 7,066$ 3,381$ 4,282$ 164$ (761)$ (14,028)$ (2,050)$ Net realized and unrealized gains on investments (4,983) (2,129) (978) (1,095) (781) (5,019) (7,696) Asset impairment 3,364 - - 2,842 522 2,400 2,400 Acquisition costs 2,535 1,377 422 736 - 714 445 Insurance AOI 7,982$ 2,629$ 3,726$ 2,647$ (1,020)$ (15,933)$ (6,901)$

HC2 HOLDINGS, INC. © HC2 Holdings, Inc. 2018 A n d r e w G . B a c k m a n • i r @ h c 2 . c om • 2 1 2 . 2 3 5 . 2 6 9 1 • 4 5 0 P a r k A v e n u e , 3 0 t h F l o o r , N e w Y o r k , N Y 1 0 0 2 2 May 3, 2018