Homeowners Insurance Market Opportunity

Summary Consolidated Non-GAAP P&L Pro forma for Spinnaker and Agency as of 1/1/19 ($ in Millions) 2019A 2020A 2021F 2022F 2023F 2024F 2025F Total Written Premium Total Earned Premium $304 $405 $544 $796 $1,145 $1,628 $2,279 228 363 473 666 967 1,382 1,947 Revenue $49 $63 $87 $151 $282 $488 $789 Adjusted Gross Profit $40 $30 $40 $106 $202 $340 $546 % of Total Earned Premium 18% 8% 9% 16% 21% 25% 28% Operating Expenses $93 $119 $187 $241 $310 $380 $488 Operating Income ($53) ($89) ($146) ($135) ($108) ($40) $58 % of Total Earned Premium -23% -25% -31% -20% -11% -3% 3% 1. Unaudited, preliminary results, subject to change Proprietary and Confidential | 44

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