#1> SELECTQUOTE SelectQuote Investor Presentation February 2021#2Disclaimer Forward-Looking Statements This presentation contains forward-looking statements. These forward-looking statements reflect our current views with respect to, among other things, future events and our financial performance. These statements are often, but not always, made through the use of words or phrases such as "may," "should," "could,” “predict," "potential," "believe," "will likely result," "expect," "continue," "will," "anticipate," "seek," "estimate," "intend," "plan," "projection," "would" and "outlook," or the negative version of those words or other comparable words or phrases of a future or forward-looking nature. These forward-looking statements are not historical facts, and are based on current expectations, estimates and projections about our industry, management's beliefs and certain assumptions made by management, many of which, by their nature, are inherently uncertain and beyond our control. Accordingly, we caution you that any such forward-looking statements are not guarantees of future performance and are subject to risks, assumptions and uncertainties that are difficult to predict. Although we believe that the expectations reflected in these forward-looking statements are reasonable as of the date made, actual results may prove to be materially different from the results expressed or implied by the forward-looking statements. There are or will be important factors that could cause our actual results to differ materially from those indicated in these forward-looking statements, including, but not limited to, the following: the ultimate duration and impact of the ongoing COVID-19 pandemic, our reliance on a limited number of insurance carrier partners and any potential termination of those relationships or failure to develop new relationships; existing and future laws and regulations affecting the health insurance market; changes in health insurance products offered by our insurance carrier partners and the health insurance market generally; insurance carriers offering products and services directly to consumers; changes to commissions paid by insurance carriers and underwriting practices and/or changes to laws, regulations or accounting practices that could impact the recognition of commissions received and expected future renewal commissions; competition with brokers, exclusively online brokers and carriers who opt to sell policies directly to consumers; competition from government-run health insurance exchanges; developments in the U.S. health insurance system; our dependence on revenue from carriers in our senior segment and downturns in the senior health as well as life, automotive and home insurance industries; our ability to develop new offerings and penetrate new vertical markets; risks from third- party products; failure to enroll individuals during the Medicare annual enrollment period; our ability to attract, integrate and retain qualified personnel; our dependence on lead providers and ability to compete for leads; failure to obtain and/or convert sales leads to actual sales of insurance policies; access to data from consumers and insurance carriers; accuracy of information provided from and to consumers during the insurance shopping process; cost-effective advertisement through internet search engines; ability to contact consumers and market products by telephone; global economic conditions; disruption to operations as a result of future acquisitions; significant estimates and assumptions in the preparation of our financial statements; impairment of goodwill; potential litigation and claims, including IP litigation; our existing and future indebtedness; developments with respect to LIBOR; access to additional capital; failure to protect our intellectual property and our brand; fluctuations in our financial results caused by seasonality; accuracy and timeliness of commissions reports from insurance carriers; timing of insurance carriers' approval and payment practices; factors that impact our estimate of the constrained lifetime value of commissions per policyholder; changes in accounting rules, tax legislation and other legislation; disruptions or failures of our technological infrastructure and platform; failure to maintain relationships with third-party service providers; cybersecurity breaches or other attacks involving our systems or those of our insurance carrier partners or third- party service providers; our ability to protect consumer information and other data; and failure to market and sell Medicare plans effectively or in compliance with laws. For a further discussion of these and other risk factors that could impact our future results and performance, see the section entitled "Risk Factors" in the most recent registration statement on the most recent Annual Report on Form 10-K ("Annual Report") filed by us with the Securities Exchange Commission. Accordingly, you should not place undue reliance on any such forward-looking statements. Any forward-looking statement speaks only as of the date on which it is made, and, except as otherwise required by law, we do not undertake any obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise. Certain information contained in this presentation and statements made orally during this presentation relates to or is based on publications and other data obtained from third- party sources. While we believe these third-party sources to be reliable as of the date of this presentation, we have not independently verified, and make no representation as to the adequacy, fairness, accuracy or completeness of, any information obtained from such third-party sources. No Offer or Solicitation; Further Information This presentation is for informational purposes only and is not an offer to sell with respect to any securities. This presentation should be read together with "Management's Discussion and Analysis of Financial Condition and Results of Operations" and the consolidated financial statements and the related notes thereto included in the Annual Report and subsequent quarterly reports. Non-GAAP Financial Measures This presentation includes certain non-GAAP financial measures intended to supplement, not substitute for, comparable GAAP measures. To supplement our financial statements presented in accordance with GAAP and to provide investors with additional information regarding our GAAP financial results, we have presented in this presentation Adjusted EBITDA and Adjusted EBITDA Margin, which are non-GAAP financial measures. These non-GAAP financial measures are not based on any standardized methodology prescribed by GAAP and are not necessarily comparable to similarly titled measures presented by other companies. We define Adjusted EBITDA as income before interest expense, income tax expense, depreciation and amortization, and certain add-backs for non-cash or non-recurring expenses, including restructuring and share-based compensation expenses. The most directly comparable GAAP measure is net income. We monitor and have presented in this presentation Adjusted EBITDA because it is a key measure used by our management and Board of Directors to understand and evaluate our operating performance, to establish budgets and to develop operational goals for managing our business. In particular, we believe that excluding the impact of these expenses in calculating Adjusted EBITDA can provide a useful measure for period-to-period comparisons of our core operating performance. For further discussion regarding this non-GAAP measure, please see our most recently filed Annual Report. > SELECTQUOTE 2#3SelectQuote at a Glance WHO WE ARE We are a leading technology-enabled, direct-to- consumer ("DTC") distribution platform WHAT WE DO 50+ carriers entrust us to sell their "must own" insurance products 3.2X 30+ Years in Operation 3MM+ Policyholders Served 1,500+ Licensed Agents KPIs 100% Internal Agents 1 Billion+ Data points collected $180Bn+ Total Addressable Market LTM 2Q FY21 Revenue Mix 20% LTM 2Q FY21 Revenue / CAC 5% Notes: HOW WE DO IT Our proprietary, purpose-built marketing technology optimizes lead delivery to our 100% internal agent force, maximizing marketing ROI WHY WE ARE DIFFERENT Our "Fly Wheel" is enhanced by over 1 billion data points and 30+ years of experience 1. LTM represents Last Twelve Months financial results. as of 12/31/2020 2. Represents year-over-year increase in policy sales per agent for 2QFY21 vs. 2QFY20. 90%+ Level 1 Agent Retention 32% 2Q YoY Agent Productivity Increase (2) Consolidated 92% $772MM LTM 2Q FY21 Revenue $226MM LTM 2Q FY21 Adjusted EBITDA (3) LTM 2Q FY21 75% Senior Health Auto & Home Life YoY Revenue Growth 29% LTM 2Q FY21 Adjusted EBITDA (3) Margin Senior 132% LTM 2Q FY21 YoY Revenue Growth 38% LTM 2Q FY21 Adjusted EBITDA (3) Margin 3. Adjusted EBITDA and Adjusted EBITDA Margin are Non-GAAP financial measures used to measure operating performance. We define Adjusted EBITDA as income before interest expense, income tax expense, depreciation and amortization, and certain addbacks for non-cash or non-recurring expenses, including restructuring and share-based compensation expenses. See reconciliations from Adjusted EBITDA to net income on slides 23-26. SELECTQUOTE 3#4Key Investment Highlights Large and Growing End Markets Shifting to Meet Evolving Consumer Preferences Purpose-Built Technology Empowering Our Highly Skilled Internal Agent Network SELECTQUOTE Self-Reinforcing Feedback Loop from Strong Carrier Relationships and Favorable Consumer Outcomes Simple and Attractive Business Model Driving Profitable Growth and Industry Leading LTV Unique Company Culture Developed by Experienced Management Team SELECTQUOTE fini 4#5Demographics High Degree of Visibility to Accelerating Growth of Senior Population MA / MS Enrollment and Penetration Are Growing ($MM) 76.7 68.4 23.3 59.9 23.7 52.5 24.2 70% 45.5 26.4 65% 25.5 60% 44% 50% 53.4 44.7 35.7 26.1 • • 20.0 2008A 2013A 2018A MA / MS Enrollment Other Medicare Enrollment 2023E MA/MS Enrollment as % of Total Medicare Enrollment 2028E The $30+ billion market for Senior is large, long-tailed, and under penetrated Enrollment in Medicare Advantage / Supplement and other plans continues to expand and approximately 10,000 new Americans will turn 65 and become eligible each day over the next decade Source: National Bureau of Economic Research, CSG Actuarial SELECTQUOTE 5#6Market Demands Have Evolved Dramatically Consumers Desire Expertise, Simplicity, Specialized Service for Complex Purchasing Decisions Industry Norm What the Market Wants Face-to-face and time-intensive Limited coverage options and agent expertise Limited transparency Few alternatives "One size fits all" advice based on unknown factors (i.e. sales commissions) Over the phone, convenient and efficient Knowledgeable and experienced agents Fully transparent and unbiased Broad product offering Advice tailored to meet individual needs / clients' best interests Cumbersome Easy The Challenge: Address evolving purchasing behavior of the consumer in a market for very complex products > SELECTQUOTE 6#7Our Differentiated Approach Our Foundational Pillars Our Technology Technology optimizes our lead acquisition, intelligently matches leads to agents and maximizes our return on marketing spend Proprietary, data-driven and purpose-built solutions. Our Agents 000 ПРРР I frit Intelligent lead acquisition Real time lead-to-agent matching and routing Post-sale client engagement Agents enhance lead conversion and maximize revenue opportunity Highly trained, 100% internal agents Conduct personalized, needs-based analysis Incented to place customer in the best policy Pre-hire assessment through seasonal Flex program Our Purpose-Built Technology Empowers Our Agents with Tools to Maximize Customer Satisfaction, and Optimize Policyholder Lifetime Value > SELECTQUOTE#8Differentiated Agent Model Onboarding • Hiring: Professional recruiting team with national reach • Training: 10-week program with robust coaching • Testing: Rigorous testing drives comp, leveling & standing • • Quality & Returns • CCA: 300+ retention & cross-sell specialists • Focus on Quality: QA reviews and clawbacks Efficiency • Purpose-Built Tech: Proprietary lead scoring algorithm 6 Agent Leveling: Streamlines lead generation and routing • Flex Model: Flex agents maximize utilization • Enrollers: Licensed professionals drive higher productivity Retention of Talent Six figure top level agent comp 90%+ level 1 retention rate Tenured agents 50% more productive • • Financial Results Agent productivity improvements Industry leading LTV's Rapid growth at attractive margins > SELECTQUOTE 8#9Our Approach is Rooted in Sophisticated Technology Scalable, Proprietary Technology Solutions from End-to-End Proprietary, purpose-built technology platform SelectCare Core proprietary CRM and parent system, with sales enablement / workflow optimization tools, including lead scoring, lead distribution, customer service and cross-sell capabilities SelectBid Advanced lead scoring Get A Lead ("GAL") and purchasing tools Unique performance and availability-based lead routing ARC / AQE Real-time quoting and underwriting by carrier Workflow Tech Proprietary consumer lifecycle management ("CLM") tool SRTS Proprietary revenue tracking and ASC 606 financial reporting tool All functions wrapped with Data Science / Machine Learning to constantly optimize outcomes (111) Lead Acquisition Lead Management & Routing Sales Customer Engagement & Lifecycle Management Robust, fully-integrated technology platform drives customer lifetime value / ROI Rich data assets • • Over 35 years of data across millions of transactions Over 1 billion consumer and third-party data points ני Sophisticated compliance processes Tools and systems to audit calls L о о Logged and retrievable customer interactions SELECTQUOTE 6#10Purpose-Built Technology Powers Our Wide Funnel Marketing Our Philosophy Revenue / CAC Minimum Margin High Potential for Close Buying Data Tech SelectBid | SelectSearch | Attribution Models Brand Awareness TV/ Radio Direct SEO Lead Gen Click Networks Search Engines R Potential Leads 00 Do SelectBid allows for a dynamic omni-channel approach to lead acquisition Leads Acquired Leads Foregone SELECTQUOTE Acquired Leads Scoring Tiering Leveling Routing Our agents only receive the highest quality leads 10#11SelectQuote Senior - Overview Provides the 65+ Senior market with leading online comparison shopping and expert advice SelectQuote Business Mix by Approved Policies Other 2% Skilled agents guide seniors through complex sales and enrollment process (primarily MA and MS) Represents 15+ leading, nationally-recognized insurance carrier partners Segment serves a market with strong demographic tailwinds Prescription Drug Plan 2% Dental, Vision and Hearing 17% Medicare Supplement 5% LTM 2Q FY21 Approved Policies: 497k SelectQuote automatically earns a recurring commission as long as the policy is in place Avg. LTV of Commissions Per Policy ($ per policy) 1,361 1,248 1,274 1,274 1,305 1,220 MA MS (1) Senior Health Division Approved Policies (000s of policies) 149 261 252 230 26 138 147 145 83 Notes: FY 2019 FY 2020 1. LTM represents Last Twelve Months financial results.as of 12/31/2020 DVH PDP FY 2021 LTM 2Q FY19 LTM 2Q FY21: 234% 224 39 155 Medicare Advantage 74% 497 82 368 LTM 2Q FY19 LTM 2Q FY20 LTM 2Q FY21 MA MS DVH PDP Other > SELECTQUOTE 11#12SelectQuote Life - Overview • Leading distributor of term life insurance founded in 1985 • SelectQuote was the first term life insurance exchange platform in the U.S. Places policies on behalf of 15+ leading, nationally recognized insurance carrier partners (primarily Term and Permanent Life) SelectQuote Life Premium Mix Career agents provide consultative sale to drive longer term and higher face amount Final Expense Premiums 43% Over 1.75MM plans sold nationwide since inception Final Expense product provides a death benefit with minimal medical underwriting required. Over 50% of Final Expense sales to customers 65+, creating attractive cross-sell opportunities. Notes: 1. LTM represents Last Twelve Months financial results.as of 12/31/2020 Ancillary Premiums 2% Total Life Premium ($MM) LTM 2Q FY21 Life Premium: $136MM Core Premiums 55% LTM 2Q FY19 - LTM 2Q FY21 CAGR: 27% 136 84 8 94 15 58 75 76 75 LTM 2Q FY19 LTM 2Q FY20 Core Premium Ancillary Premium SELECTQUOTE LTM 2Q FY21 Final Expense Premium 12#13SelectQuote Life - Overview - Final Expense Product Basic death benefit to cover funeral expenses via simplified or even no medical underwriting Fast, straightforward sales process with simplified or even no medical underwriting leads to high agent production Attractive financial profile with strong EBITDA margins cash flow breakeven in about a year (2) and SelectQuote Final Expense Premium FY Growth ($MM) LTM 2Q FY19 - LTM 2Q FY21 CAGR: 176% 15 58 味 8 LTM 2Q FY19 LTM 2Q FY20 LTM 2Q FY21 Final Expense Premium Significant cross-sell potential with Senior as over half of Final Expense sales to date are 65+ years of age SelectQuote Final Expense Premium 2Q Growth ($MM) Life Health Advisors (LHAS) sell Medicare plans during AEP and OEP and then flex over to sell Final Expense the rest of the year Notes: 1. LTM represents Last Twelve Months financial results.as of 12/31/2020 2. See reconciliations from Adjusted EBITDA to net income on slides 23-26. SELECTQUOTE 2Q FY20-2Q FY21 Growth: 229% 3 11 2Q FY20 2Q FY21 Final Expense Premium 13#14SelectQuote Auto & Home - Overview Licensed agents providing expert advice to 35,000+ customers annually(2) Provides unbiased online comparison shopping platform for auto, home and specialty insurance lines Frequently bundle products to deliver customer value and drive retention "Must have" nature of personal lines P&C creates a large and growing market (3) 51% Bundle Rate 25+ National Carrier Partners Notes: 1. LTM represents Last Twelve Months financial results.as of 12/31/2020 2. Customer count for FY20 3. Bundle rate for FY20 Total Premium ($MM) 62 52 LTM 2Q FY19 - LTM 2Q FY21 CAGR: 15% 63 68 LTM 2Q FY19 LTM 2Q FY20 LTM 2Q FY21 SELECTQUOTE 14#15Strategic Focus and Competitive Differentiators ☐ SELECTQUOTE • Our strategy is to maximize absolute profitability at attractive returns on invested capital • • Our choice model paired with highly trained, in- house agents and dedicated customer care teams was purpose-built to ensure customers buy the right plan for their specific needs which leads to high retention rates Our market-leading Lifetime Value and Adjusted EBITDA per policy (1) are a function of the way we have built and refined our business over 35 years Predictable cash flows are driven by high quality of policies written We have a strong record of attractive returns on invested capital and have a long runway to replicate those returns at scale Notes: 1. See reconciliations from Adjusted EBITDA to net income on slides 23-26. > SELECTQUOTE 15#16We Have a High-Growth, Scalable Business Model Revenue (1)(2) ($MM) Adj. EBITDA (1)(2)(3) ($MM) Adj. EBITDA Margin (3) 28% 30% 29% CAGR: 63% 772 39 153 CAGR: 66% 226 10 33 403 38 22 121 9 25 81 223 291 114 584 9 32 27 105 109 252 153 59 65 LTM 2Q FY19 LTM 2Q FY20 LTM 2Q FY21 Senior Life Auto & Home Notes: 1. LTM represents Last Twelve Months financial results.as of 12/31/2020. 2. The sum of the segments may not equal the total due to rounding. 3. See reconciliations from Adjusted EBITDA to net income on slides 23-26. (18) (22) LTM 2Q FY19 LTM 2Q FY20 Senior Auto & Home > SELECTQUOTE (40) LTM 2Q FY21 Life Corporate 16#17What Is Policyholder Lifetime Value? Under ASC 606, SelectQuote Recognizes the Upfront Commission and the Estimated Value of Renewal Commissions as Revenue in the Period in which the Policy Is Approved Persistency Rates Policyholder Lifetime Value from a MA / MS Policy Components of Policyholder Lifetime Revenue Include Renewal Commission Upfront Commission Costs of Acquisition Policyholder Lifetime Value Policyholder Lifetime Revenue Production Bonus and Other Revenues Other Commissions MA / MS Commissions SELECTQUOTE 17#18How We Maximize Policyholder Lifetime Value M SelectQuote Seeks to Optimize all Components of Policyholder Lifetime Value Acquisition Costs Lead Close Rates Commissions Multi-channel lead scoring 1 Agent leveling system Favorable commission structures Optimized marketing spend 01010101 1010 1010 Sophisticated analytics Economies of scale Customer Retention Dedicated Customer Care team "Pods" established with select carriers Tailored retention strategies Higher quality leads Production bonuses Cross-sell > SELECTQUOTE 18#19Industry Leading Unit Economics LTM ending September 30, 2020 Notes: $1,502 Revenue per approved MA/MS policy(1) $924 Cost per approved MA/MS policy(2) SelectQuote Source: Analysis based on publicly filed documents, Financials based on Medicare / Senior Operating Segment 1. Segment Revenue divided by approved MA and MS policies 2. Cost represents Segment Revenue minus Segment Adj. EBITDA divided by approved MA and MS policies 3. Segment Adj. EBITDA divided by approved MA and MS policies 4. Medicare Segment policies and financials include both Internal and External segments 5. Excludes $42.3m one time tail adjustment in 4Q 2019 6. Represents Medicare/Senior segment revenue and costs only 7. See reconciliations from Adjusted EBITDA to net income on slides 23-26. (4) Peer A SELECTQUOTE $577 Adj. EBITDA per approved MA/MS policy(3)(7) Peer B (5) 19#20Predictable Cash Flow & Attractive Returns Annual Customer Cohorts Added as Recently as 2018 Are Already Cash Flow Positive . All costs incurred in year 1 of customer life • Per ASC 606, anticipated lifetime revenue recognized in year 1 . • On a cash basis, cohorts typically breakeven in year 2-3 Significant cash returns generated thereafter 2015 2015 Cost Revenue Upfront Cost 2016 2016 2017 2017 2018 2018 Cost Revenue Cost Revenue Cost Revenue Renewal Cash Received to Date Future Expected Cash from Renewals Note: As of end of fiscal year 2020 (June 30, 2020) 2019 2019 2020 2020 Cost Revenue Cost Revenue First Year Cash Received Cash to be received from polices that have already renewed SELECTQUOTE 20#21Growing Faster While Using Less Cash 4QFY20-2QFY21 ($MM) + 29% 485 624 107 + 69% 182 Cash Flow From Operations Revenue Adj. EBITDA* (123) (163) о $40m Favorable Expectation at IPO Actual о IPO provided growth capital for the next several years Post IPO results have exceeded forecasts for revenue and EBITDA Accelerated growth would typically drive greater cash consumption Used less Cash Flow from Operations despite faster growth *See reconciliations from non-GAAP measure, Adjusted EBITDA, to net income on slides 23-26. SELECTQUOTE 21#22Our Attractive and Scalable Platform Is Growing... Our Platform Provides Ample Support for Future Years of Growth with Minimal Ongoing Working Capital Requirements Our Drivers of Continued Growth Maximize policyholder lifetime value Deepen consumer penetration and drive cross-sell opportunities Increase size and enhance productivity of agent force Deepen and broaden insurance carrier partnerships As Our Platform Has Grown, So Has Our Value Proposition SELECTQUOTE Introduce new products 22#23Supplemental information > SELECTQUOTE 23#24LTM 2Q FY21 Adjusted EBITDA to Net Income Reconciliation (in thousands) Revenue Operating expenses Other expenses, net Adjusted EBITDA Share-based compensation expense Senior Life Auto & Home $ 583,925 $ (360,899) 152,577 $ (119,934) 39,348 (28,891) $ LTM 2Q FY 2021 Corp & Elims Consolidated (3,356) $ (36,957) (56) 772,494 (546,681) (56) 223,026 32,643 10,457 (40,369) 225,757 (2,495) (3,117) (1,529) (186) (11,762) (522) (32,422) (38,708) $ 135,016 Non-recurring expenses Fair value adjustments to contingent earnout obligations Restructuring expenses Depreciation and amortization Loss on disposal of property, equipment, and software Interest expense, net Income tax expense Net Income > SELECTQUOTE 24 24#25LTM 2Q FY20 Adjusted EBITDA to Net Income Reconciliation (in thousands) Revenue Operating expenses Other expenses, net Adjusted EBITDA Share-based compensation expense Non-recurring expenses Restructuring expenses Depreciation and amortization Loss on disposal of property, equipment, and software Interest expense, net Income tax expense Net Income LTM 2Q FY 2020 Senior Life Auto & Home $ 251,602 $ (142,351) 113,840 (88,765) $ 38,010 (29,366) $ 109,251 25,075 8,644 (21,919) > SELECTQUOTE Corp & Elims (378) $ (21,518) (23) Consolidated 403,074 (282,000) (23) 121,051 (9,317) (2,659) (344) (5,696) (168) (7,909) (22,450) $ 72,508 25 55#26LTM 2Q FY19 Adjusted EBITDA to Net Income Reconciliation (in thousands) Revenue Operating expenses Other expenses, net Adjusted EBITDA Share-based compensation expense Non-recurring expenses Restructuring expenses LTM 2Q FY 2019 Senior Life $ 153,435 $ (88,880) 105,203 (78,694) $ Auto & Home 32,307 (23,753) $ Corp & Elims (281) $ (17,869) (9 Consolidated 290,664 (209,196) (9) 64,555 26,509 8,554 (18,159) 81,459 (7) (688) (2,910) (3,990) (312) (1,129) (17,634) $ 54,789 Depreciation and amortization Loss on disposal of property, equipment, and software Interest expense Income tax expense Net Income > SELECTQUOTE 26 26