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Investment Securities (Tables)

9 Months Ended

Sep. 30, 2019

Investments, Debt and Equity Securities [Abstract]

The following table presents pre-tax net investment income for the three and nine months ended September 30, 2019 and 2018:



	Three Months Ended						Nine Months Ended
	September 30,						September 30,
Millions	2019			2018			2019			2018
Fixed maturity investments	$	8.0		$	7.5		$	24.4		$	27.3
Short-term investments	1.3			1.8			3.9			6.5
Common equity securities	2.5			3.4			10.8			11.2
Other long-term investments	7.0			1.2			17.4			1.7
Total investment income	18.8			13.9			56.5			46.7
Third-party investment expenses	(.4		)	(.5		)	(1.1		)	(1.8		)
Net investment income, pre-tax	$	18.4		$	13.4		$	55.4		$	44.9

Schedule of Realized and Unrealized Gain (Loss) on Investments

The following table presents net realized and unrealized investment gains (losses) for the three and nine months ended September 30, 2019 and 2018:



	Three Months Ended						Nine Months Ended
	September 30,						September 30,
Millions	2019			2018			2019			2018
Net realized investment gains (losses), pre-tax ⁽¹⁾	$	19.6		$	(10.2	)	$	90.8		$	(13.9	)
Net unrealized investment gains, pre-tax ⁽²⁾	47.4			76.3			257.0			36.8
Net realized and unrealized investment gains, pre-tax	67.0			66.1			347.8			22.9
Income tax expense attributable to net realized and unrealized investment gains	(13.2		)	(9.7		)	(69.5		)	(5.9		)
Net realized and unrealized investment gains, after-tax	$	53.8		$	56.4		$	278.3		$	17.0

⁽¹⁾ Excludes $67.5 realized gain associated with the MediaAlpha Transaction, which is recorded in a separate line item in the statement of operations titled realized gain and unrealized investment gain from the MediaAlpha Transaction. See Note 2 — “Significant Transactions.”

⁽²⁾ Includes $114.7 unrealized investment gain associated with the MediaAlpha Transaction, which is recorded in a separate line item in the statement of operations titled realized gain and unrealized investment gain from the MediaAlpha Transaction. See Note 2 — “Significant Transactions.”

Schedule of realized gain (loss) on investments

The following tables present net realized investment gains (losses) for the three and nine months ended September 30, 2019 and 2018:



	Three Months Ended								Three Months Ended
	September 30, 2019								September 30, 2018
Millions	Net Realized Gains			Net Foreign Exchange Gains (Losses)		Total Net Realized Gains Reflected in Earnings			Net Realized Losses			Net Foreign Exchange Gains (Losses)		Total Net Realized Losses Reflected in Earnings
Fixed maturity investments	$	1.4		$	—	$	1.4		$	(5.1	)	$	—	$	(5.1	)
Common equity securities	14.0			—		14.0			(1.5		)	—		(1.5		)
Other long-term investments	4.2			—		4.2			(3.6		)	—		(3.6		)
Net realized investment gains (losses), pre-tax	19.6			—		19.6			(10.2		)	—		(10.2		)
Income tax (expense) benefit attributable to net realized investment gains (losses)	(.2		)	—		(.2		)	2.3			—		2.3
Net realized investment gains (losses), after-tax	$	19.4		$	—	$	19.4		$	(7.9	)	$	—	$	(7.9	)



	Nine Months Ended								Nine Months Ended
	September 30, 2019								September 30, 2018
Millions	Net Realized Gains			Net Foreign Exchange Gains (Losses)		Total Net Realized Gains Reflected in Earnings			Net Realized (Losses) Gains			Net Foreign Exchange Gains (Losses)			Total Net Realized (Losses) Gains Reflected in Earnings
Fixed maturity investments	$	3.5		$	—	$	3.5		$	(27.6	)	$	18.2		$	(9.4	)
Short-term investments	.1			—		.1			(.8		)	—			(.8		)
Common equity securities	81.4			—		81.4			10.5			—			10.5
Other long-term investments ⁽¹⁾	5.8			—		5.8			(7.0		)	(7.2		)	(14.2		)
Net realized investment gains (losses), pre-tax	90.8			—		90.8			(24.9		)	11.0			(13.9		)
Income tax (expense) benefit attributable to net realized investment gains (losses)	(9.0		)	—		(9.0		)	11.2			—			11.2
Net realized investment gains (losses), after-tax	$	81.8		$	—	$	81.8		$	(13.7	)	$	11.0		$	(2.7	)

Schedule of unrealized gain (loss) on investments

The following tables present net unrealized investment gains (losses) and changes in the carrying value of investments measured at fair value for the three and nine months ended September 30, 2019 and 2018:



	Three Months Ended									Three Months Ended
	September 30, 2019									September 30, 2018
Millions	Net Unrealized Gains (Losses)			Net Foreign Exchange (Losses)			Total Net Unrealized Gains (Losses) Reflected in Earnings			Net Unrealized Gains (Losses)			Net Foreign Exchange (Losses)			Total Net Unrealized Gains (Losses) Reflected in Earnings
Fixed maturity investments	$	7.5		$	—		$	7.5		$	1.5		$	—		$	1.5
Short-term investments	—			—			—			(.1		)	—			(.1		)
Common equity securities	(11.6		)	—			(11.6		)	54.9			—			54.9
Other long-term investments	52.3			(.8		)	51.5			20.1			(.1		)	20.0
Net unrealized investment gains (losses), pre-tax	48.2			(.8		)	47.4			76.4			(.1		)	76.3
Income tax expense attributable to net unrealized investment gains	(13.0		)	—			(13.0		)	(12.0		)	—			(12.0		)
Net unrealized investment gains (losses), after-tax	$	35.2		$	(.8	)	$	34.4		$	64.4		$	(.1	)	$	64.3



	Nine Months Ended									Nine Months Ended
	September 30, 2019									September 30, 2018
Millions	Net Unrealized Gains			Net Foreign Exchange (Losses)			Total Net Unrealized Gains Reflected in Earnings			Net Unrealized (Losses) Gains			Net Foreign Exchange (Losses) Gains			Total Net Unrealized (Losses) Gains Reflected in Earnings
Fixed maturity investments	$	43.4		$	—		$	43.4		$	(15.7	)	$	(14.8	)	$	(30.5	)
Short-term investments	.2			—			.2			(.1		)	—			(.1		)
Common equity securities	60.1			—			60.1			43.7			—			43.7
Other long-term investments⁽¹⁾	154.1			(.8		)	153.3			20.5			3.2			23.7
Net unrealized investment gains (losses), pre-tax	257.8			(.8		)	257.0			48.4			(11.6		)	36.8
Income tax expense attributable to net unrealized investment gains	(60.5		)	—			(60.5		)	(17.1		)	—			(17.1		)
Net unrealized investment gains (losses), after-tax	$	197.3		$	(.8	)	$	196.5		$	31.3		$	(11.6	)	$	19.7

⁽¹⁾ Includes $114.7 unrealized investment gain associated with the MediaAlpha Transaction, which is recorded in a separate line item in the statement of operations titled realized gain and unrealized investment gain from the MediaAlpha Transaction. See Note 2 — “Significant Transactions.”

Net unrealized investment gains (losses) for Level 3 investments

The following table presents total gains (losses) included in earnings attributable to net unrealized investment gains (losses) for Level 3 investments for the three and nine months ended September 30, 2019 and 2018 for investments held at September 30, 2019 and 2018:



	Three Months Ended				Nine Months Ended
	September 30,				September 30,
Millions	2019		2018		2019		2018
Other long-term investments	$	54.4	$	4.0	$	154.4	$	2.1
Total net unrealized investment gains, pre-tax - Level 3 investments	$	54.4	$	4.0	$	154.4	$	2.1

Investment holdings, equity securities, convertible fixed maturities and other long-term investments

The following tables present the cost or amortized cost, gross unrealized investment gains (losses) and carrying values of White Mountains’s fixed maturity investments as of September 30, 2019 and December 31, 2018:



	September 30, 2019
Millions	Cost or Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Carrying Value
U.S. Government and agency obligations	$	196.3	$	1.3	$	—		$	197.6
Debt securities issued by corporations	449.5		13.8		(.1		)	463.2
Municipal obligations	292.4		15.7		(.1		)	308.0
Mortgage and asset-backed securities	195.0		2.5		(.3		)	197.2
Total fixed maturity investments	$	1,133.2	$	33.3	$	(.5	)	$	1,166.0



	December 31, 2018
Millions	Cost or Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Carrying Value
U.S. Government and agency obligations	$	154.0	$	.1	$	(.9	)	$	153.2
Debt securities issued by corporations	519.0		1.0		(9.5		)	510.5
Municipal obligations	279.0		2.4		(1.1		)	280.3
Mortgage and asset-backed securities	136.1		.1		(2.7		)	133.5
Total fixed maturity investments	$	1,088.1	$	3.6	$	(14.2	)	$	1,077.5

The following tables present the cost or amortized cost, gross unrealized investment gains (losses), net foreign currency losses, and carrying values of White Mountains’s common equity securities and other long-term investments as of September 30, 2019 and December 31, 2018:



	September 30, 2019
Millions	Cost or Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Net Foreign Currency Losses			Carrying Value
Common equity securities	$	548.8	$	80.9	$	—		$	—		$	629.7
Other long-term investments	$	619.5	$	222.8	$	(65.9	)	$	(2.7	)	$	773.7



	December 31, 2018
Millions	Cost or Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Net Foreign Currency Losses			Carrying Value
Common equity securities	$	904.7	$	51.0	$	(30.1	)	$	—		$	925.6
Other long-term investments	$	330.3	$	52.2	$	(54.9	)	$	(2.0	)	$	325.6

Other Long-Term Investments

The following table presents the carrying values of White Mountains’s other long-term investments as of September 30, 2019 and December 31, 2018:



	Carrying Value at
Millions	September 30, 2019		December 31, 2018
Kudu investments ⁽¹⁾⁽²⁾	$	219.3	$	—
MediaAlpha ⁽¹⁾⁽³⁾	150.0		—
PassportCard/DavidShield ⁽¹⁾	90.0		75.0
Elementum ⁽¹⁾	55.1		—
Other unconsolidated entities ⁽¹⁾⁽⁴⁾	39.5		60.0
Kudu ⁽⁵⁾	—		30.7
Total unconsolidated entities ⁽¹⁾	553.9		165.7
Private equity funds and hedge funds	145.5		146.1
Insurance-linked securities funds	41.4		—
Other	32.9		13.8
Total other long-term investments	$	773.7	$	325.6

⁽¹⁾See Fair Value Measurements by Level table.

⁽²⁾ Includes Kudu’s non-controlling equity interests in the form of revenue and earnings participations. As of September 30, 2019 White Mountains consolidates Kudu. See Note 2 — “Significant Transactions”.

⁽³⁾ The MediaAlpha Transaction was completed on February 26, 2019. See Note 2 — “Significant Transactions”.

⁽⁴⁾Includes White Mountains’s non-controlling interests in certain private common equity securities, limited liability companies and convertible preferred securities.

⁽⁵⁾ Includes White Mountains non-controlling interest in Kudu prior to consolidation. See Note 2 — “Significant Transactions”.

Other long-term investments

The following table presents investments and unfunded commitments in private equity funds and hedge funds by investment objective and sector as of September 30, 2019 and December 31, 2018:



	September 30, 2019				December 31, 2018
Millions	Fair Value		Unfunded Commitments		Fair Value		Unfunded Commitments
Private equity funds
Manufacturing/Industrial	$	45.3	$	4.1	$	42.9	$	10.5
Aerospace/Defense/Government	32.9		24.5		27.6		34.9
Financial services	12.4		26.2		8.3		13.6
Direct lending	—		—		13.0		17.7
Total private equity funds	90.6		54.8		91.8		76.7
Hedge funds
Long/short banks and financials	54.9		—		54.3		—
Total hedge funds	54.9		—		54.3		—
Total private equity funds and hedge funds included in other long-term investments	$	145.5	$	54.8	$	146.1	$	76.7

Fair Value of private equity funds subject to lock-up periods

The following table presents investments in private equity funds that were subject to lock-up periods as of September 30, 2019:



Millions	1 – 3 years	3 – 5 years	5 – 10 years	>10 years	Total
Private equity funds — expected lock-up period remaining	$5.4	$16.5	$56.3	$12.4	$90.6

Fair value measurements by level, investment securities

The following tables present White Mountains’s fair value measurements for investments as of September 30, 2019 and December 31, 2018 by level. The major security types were based on the legal form of the securities. White Mountains has disaggregated its fixed maturity investments based on the issuing entity type, which impacts credit quality, with debt securities issued by U.S. government entities carrying minimal credit risk, while the credit and other risks associated with other issuers, such as corporations, foreign governments, municipalities or entities issuing mortgage and asset-backed securities vary depending on the nature of the issuing entity type. White Mountains further disaggregates debt securities issued by corporations and common equity securities by industry sector because investors often reference commonly used benchmarks and their subsectors to monitor risk and performance. Accordingly, White Mountains has further disaggregated these asset classes into subclasses based on the similar sectors and industry classifications it uses to evaluate investment risk and performance against commonly used benchmarks, such as the Bloomberg Barclays U.S. Intermediate Aggregate and S&P 500 indices.



	September 30, 2019
Millions	Fair Value		Level 1		Level 2		Level 3
Fixed maturity investments:
U.S. Government and agency obligations	$	197.6	$	197.6	$	—	$	—

Debt securities issued by corporations:
Financials	143.3		—		143.3		—
Industrial	60.5		—		60.5		—
Healthcare	55.0		—		55.0		—
Consumer	49.3		—		49.3		—
Energy	45.0		—		45.0		—
Technology	44.5		—		44.5		—
Communications	27.1		—		27.1		—
Utilities	22.3		—		22.3		—
Materials	16.2		—		16.2		—
Total debt securities issued by corporations	463.2		—		463.2		—

Mortgage and asset-backed securities	197.2		—		197.2		—
Municipal obligations	308.0		—		308.0		—
Total fixed maturity investments	1,166.0		197.6		968.4		—

Short-term investments ⁽¹⁾	272.5		261.0		11.5		—

Common equity securities:
Exchange traded funds ⁽²⁾	519.7		506.1		13.6		—
Other ⁽³⁾	110.0		—		110.0		—
Total common equity securities	629.7		506.1		123.6		—

Other long-term investments	586.8		—		—		586.8
Other long-term investments — NAV ⁽⁴⁾	186.9		—		—		—
Total investments	$	2,841.9	$	964.7	$	1,103.5	$	586.8

⁽¹⁾Short-term investments are measured at amortized cost, which approximates fair value.

⁽²⁾ ETFs traded on foreign exchanges are priced using the fund’s published NAV to account for the difference in market close times and are therefore designated a level 2 measurement.

⁽³⁾Consists of two investments in unit trusts that primarily invest in international equities.

⁽⁴⁾ Consists of private equity funds, one hedge fund and ILS funds for which fair value is measured at NAV using the practical expedient. Investments for which fair value is measured at NAV are not classified within the fair value hierarchy.



	December 31, 2018
Millions	Fair Value		Level 1		Level 2		Level 3
Fixed maturity investments:
U.S. Government and agency obligations	$	153.2	$	153.2	$	—	$	—

Debt securities issued by corporations:
Financials	143.4		—		143.4		—
Consumer	68.5		—		68.5		—
Technology	60.5		—		60.5		—
Energy	57.6		—		57.6		—
Healthcare	55.0		—		55.0		—
Industrial	47.6		—		47.6		—
Communications	31.8		—		31.8		—
Materials	26.3		—		26.3		—
Utilities	19.8		—		19.8		—
Total debt securities issued by corporations	510.5		—		510.5		—

Mortgage and asset-backed securities	133.5		—		133.5		—
Municipal obligations	280.3		—		280.3		—
Total fixed maturity investments	1,077.5		153.2		924.3		—

Short-term investments ⁽¹⁾	214.2		204.4		9.8		—

Common equity securities:
Exchange traded funds ⁽²⁾	675.3		617.0		58.3		—
Healthcare	14.0		14.0		—		—
Financials	13.5		13.5		—		—
Communications	12.7		12.7		—		—
Industrial	11.4		11.4		—		—
Technology	7.4		7.4		—		—
Consumer	6.2		6.2		—		—
Energy	4.1		4.1		—		—
Materials	3.1		3.1		—		—
Other ⁽³⁾	177.9		—		177.9		—
Total common equity securities	925.6		689.4		236.2		—

Other long-term investments	138.7		—		—		138.7
Other long-term investments — NAV ⁽⁴⁾	186.9		—		—		—
Total investments	$	2,542.9	$	1,047.0	$	1,170.3	$	138.7

⁽¹⁾Short-term investments are measured at amortized cost, which approximates fair value.

⁽²⁾ ETFs traded on foreign exchanges are priced using the fund’s published NAV to account for the difference in market close times and are therefore designated a level 2 measurement.

⁽³⁾Consists of two investments in unit trusts that primarily invest in international equities.

⁽⁴⁾ Consists of unconsolidated entities, private equity funds and one hedge fund for which fair value is measured at NAV using the practical expedient. Investments for which fair value is measured at NAV are not classified within the fair value hierarchy.

Debt securities issued by corporations, credit ratings

The following table presents the ratings of debt securities issued by corporations held in White Mountains’s investment portfolio as of September 30, 2019 and December 31, 2018:



	Fair Value at
Millions	September 30, 2019		December 31, 2018
AAA	$	9.9	$	8.9
AA	79.9		88.7
A	286.7		270.5
BBB	86.7		142.4
Debt securities issued by corporations ⁽¹⁾	$	463.2	$	510.5


⁽¹⁾	Credit ratings are based upon issuer credit ratings provided by Standard & Poor’s Financial Services LLC (“Standard & Poor’s”), or if unrated by Standard & Poor’s, long-term obligation ratings provided by Moody’s Investor Service, Inc.

Mortgage-backed, asset-backed securities

The following table presents the fair value of White Mountains’s mortgage and asset-backed securities as of September 30, 2019 and December 31, 2018:



	September 30, 2019						December 31, 2018
Millions	Fair Value		Level 2		Level 3		Fair Value		Level 2		Level 3
Mortgage-backed securities:
Agency:
FNMA	$	79.8	$	79.8	$	—	$	53.6	$	53.6	$	—
FHLMC	53.5		53.5		—		38.1		38.1		$	—
GNMA	33.5		33.5		—		23.7		23.7		$	—
Total agency ⁽¹⁾	166.8		166.8		—		115.4		115.4		—
Total mortgage-backed securities	166.8		166.8		—		115.4		115.4		—
Other asset-backed securities:
Vehicle receivables	16.5		16.5		—		9.2		9.2		—
Credit card receivables	13.9		13.9		—		8.9		8.9		—
Total other asset-backed securities	30.4		30.4		—		18.1		18.1		—
Total mortgage and asset-backed securities	$	197.2	$	197.2	$	—	$	133.5	$	133.5	$	—


⁽¹⁾	Represents publicly traded mortgage-backed securities which carry the full faith and credit guaranty of the U.S. Government (i.e., GNMA) or are guaranteed by a government sponsored entity (i.e., FNMA, FHLMC).

Non-agency commercial mortgage securities, type of interest rate and tranche levels

Rollforward of fair value investments by level

The following tables present the changes in White Mountains’s fair value measurements by level for the three months ended September 30, 2019 and 2018:



							Level 3 Investments		Unconsolidated Entities, Private Equity Funds, Hedge Funds and ILS Funds Measured at NAV ⁽³⁾⁽⁵⁾
Millions	Level 1 Investments			Level 2 Investments			Other Long-term Investments^(2)(5)(6)					Total
Balance at December 31, 2018	$	842.6		$	1,160.5		$	138.7	$	186.9		$	2,328.7		⁽¹⁾
Net realized and unrealized gains	121.8			66.6			154.2		4.9			347.5			^(2,4)
Amortization/Accretion	.2			(1.2		)	—		—			(1.0		)
Purchases	101.4			331.3			211.3		106.4			750.4			⁽⁶⁾
Sales	(362.3		)	(465.2		)	—		(28.7		)	(856.2		)
Transfers in	—			—			82.6		—			82.6
Transfers out	—			—			—		(82.6		)	(82.6		)
Balance at September 30, 2019	$	703.7		$	1,092.0		$	586.8	$	186.9		$	2,569.4		⁽¹⁾

⁽¹⁾Excludes carrying value of $272.5 million and $214.2 as of September 30, 2019 and December 31, 2018 classified as short-term investments.

⁽²⁾Includes $114.7 unrealized investment gain associated with the MediaAlpha Transaction, which is recorded in a separate line item in the statement of operations titled realized gain and unrealized investment gain from the MediaAlpha Transaction. See Note 2 — “Significant Transactions”.

⁽³⁾ Investments for which fair value is measured at NAV using the practical expedient are no longer classified within the fair value hierarchy. See Note 1 — “Basis of Presentation and Significant Accounting Policies”.

⁽⁴⁾ Excludes realized and unrealized losses associated with short-term investments of $0.3 for the nine months ended September 30, 2019.

⁽⁵⁾ Transfers include $71.7 associated with the Kudu Transaction. See Note 2 — “Significant Transactions”.

⁽⁶⁾ Purchases include $70.1 associated with the Kudu Transaction. See Note 2 — “Significant Transactions”.



							Level 3 Investments			Unconsolidated Entities, Private Equity Funds, and Hedge Funds, Measured at NAV ⁽³⁾
Millions	Level 1 Investments			Level 2 Investments			Other Long-term Investments						Total
Balance at December 31, 2017	$	890.4		$	2,105.4		$	77.2		$	135.3		$	3,208.3		⁽¹⁾⁽²⁾
Net realized and unrealized gains (losses)	51.9			(33.6		)	(5.3		)	18.3			31.3			⁽⁴⁾
Amortization/Accretion	.1			(2.3		)	—			—			(2.2		)
Purchases	412.6			673.5			55.1			10.7			1,151.9
Sales	(457.6		)	(1,565.0		)	—			(1.6		)	(2,024.2		)
Transfers in	—			—			—			—			—
Transfers out	—			—			—			—			—
Balance at September 30, 2018	$	897.4		$	1,178.0		$	127.0		$	162.7		$	2,365.1		⁽¹⁾

⁽¹⁾Excludes carrying value of $313.7 and $176.1 as of September 30, 2018 and December 31, 2017 classified as short-term investments.

⁽²⁾Excludes carrying value of $(3.7) as of December 31, 2017 associated with foreign currency forward contracts.

⁽⁴⁾ Excludes realized and unrealized losses associated with foreign currency forward contracts, foreign currency on cash and open trades and short-term investments of $3.5, $4.2 and $0.7 for the nine months ended September 30, 2018.

Schedule of significant unobservable inputs used in estimating the fair value of investment securities

The following tables present significant unobservable inputs used in estimating the fair value of other long-term investments, other than private equity funds, hedge funds and ILS funds, classified within Level 3 as of September 30, 2019 and December 31, 2018. The fair value of investments in private equity funds, hedge funds and ILS funds are generally estimated using the NAV of the funds.



$ in Millions	September 30, 2019
Description	Valuation Technique(s)	Fair Value ⁽¹⁾	Unobservable Inputs
			Discount Rate	Terminal revenue exit multiple (x) or terminal revenue growth rate (%)
Kudu investments	Discounted cash flow	$219.3	15% - 20%	6x - 12x
MediaAlpha	Discounted cash flow	$150.0	17%	4%
PassportCard/DavidShield	Discounted cash flow	$90.0	18%	1x
Private debt instruments	Discounted cash flow	$22.7	6% - 9%	N/A
All other	Discounted cash flow	$29.3	23%	2x - 4x

Elementum Holdings, L.P.	Price of recent transaction ⁽²⁾	$55.1	Transaction price:	$55.1

Compare.com	Estimated net realizable value	$2.5	Net asset value:	$2.5

Galvanic Applied Sciences	Multiple of EBITDA	$2.7	EBITDA multiple:	6

⁽¹⁾Includes the net unrealized investment gains (losses) associated with foreign currency; foreign currency effects based on observable inputs.

⁽²⁾ The Elementum Transaction was completed on May 31, 2019. See Note 2 — “Significant Transactions”.



$ in Millions	December 31, 2018
Description	Valuation Technique(s)	Fair Value ⁽¹⁾	Unobservable Inputs
			Discount Rate	Terminal revenue exit multiple (x)
PassportCard/DavidShield	Discounted cash flow	$75.0	18%	1x
Compare.com	Discounted cash flow	$16.9	22%	3x
Private debt instrument	Discounted cash flow	$10.0	9%	N/A
All other	Discounted cash flow	$30.0	23%	2x - 4x

Galvanic Applied Sciences	Multiple of EBITDA	$3.1	EBITDA multiple:	6

⁽¹⁾Includes the net unrealized investment gains (losses) associated with foreign currency; foreign currency effects based on observable inputs.