Kin SPAC Presentation Deck

For a growing carrier, Kin's reciprocal carrier is more capital efficient Illustrative Example¹ Typical Stock Carrier Gross Written Premium Gross Earned Premium Reinsurance + Loss/LAE + Other Expenses Underwriting Profit Combined Ratio Taxes Monthly Written Premium Surplus Contribution Surplus Contribition Statutory Surplus Cumulative Surplus Growth Kin Interinsurance Network Monthly Written Premium Surplus Contribution Gross Written Premium. Gross Earned Premium Taxes Reinsurance + Loss/LAE + Other Expenses Underwriting Profit Unadjusted Combined Ratio kin.com | 80 Surplus Contribition Statutory Surplus Cumulative Surplus Growth 1. 2. $1,100 0 $10,000 $1,000 $100 0 $10,000 1 $1,100 $92 ($88) $4 96% ($1) $10,003 0.0% 1 $1,000 $83 ($88) ($5) 106% $100 $10,095 1.0% Month 2 $1,100 $183 ($176) $7 96% ($2) Month 2 $10,009 $10,017 0.1% 0.2% $1,000 $167 3 $100 $1,100 $275 $10,186 1.9% ($264) $11 96% ($2) 3 ($176) ($264) ($9) ($14) 106% 106% $1,000 $250 $100 $10,272 2.7% 1yr Total $13,200 $7,150 ($6,864) $286 96% ($60) $10,226 2.3% lyr Total $12,000 $6,500 ($6,864) ($364) 106% $1,200 $10,836 8.4% Kin's reciprocal carrier will grow statutory surplus 3.7x faster² with the same cost inputs, customer payments and surplus starting point, Outstanding Stat. Surplus Typical Stock Carrier vs KIN Surplus Growth $10,836 $11,000 $10,800 $10,600 $10,400 $10,200 $10,000 1 2 3 4 5 6 7 8 Months From Start -Typical Stock Carrier 9 Illustrative examples use same Reinsurance, Loss + LAE, and Other expense inputs as prior 2 slides Based on statutory accounting & expensing changes Kin carrier implemented starting in Q3'2021, in which Kin's AIF, Claims, and Agency fees are now paid on Earned vs Written Premium $10,226 10 11 -Kin Interinsurance Network 12 kin. For Every New Normal

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