White Mountains Tender Preliminary Results

September 16, 2017

White Mountains Insurance Group announced the preliminary results of its “modified Dutch auction” tender offer to purchase up to 500,000 shares. The tender offer expired at 12:00 midnight, New York City time, at the end of the day on September 14, 2017.

Based on a preliminary count by the depositary for the tender offer, 719,971 shares were properly tendered and not properly withdrawn at or below the final purchase price of $875 per share, including 37,884 shares that were tendered by notice of guaranteed delivery.

The tender offer was oversubscribed. Pursuant to the terms of the tender offer, the Company has elected to amend the tender offer to purchase 86,733 additional shares [within up to 2% of its outstanding shares] and as a result it will purchase 586,733 shares at the final purchase price of $875 per share on a pro rata basis, except for tenders of odd lots, which will be accepted in full, for a total cost of $513.4 million, excluding fees and expenses related to the tender offer.

As such, White Mountains has determined that the preliminary proration factor for the tender offer is approximately 81.5%. The shares expected to be purchased in the tender offer represent approximately 13.5% of White Mountains’s shares outstanding as of August 16, 2017.

The Company expects to have approximately 3,750,080 common shares outstanding as of the time immediately following payment for the accepted shares.

White Mountains is traded on the New York Stock Exchange under the symbol “WTM” and the Bermuda Stock Exchange under the symbol “WTM-BH”.

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