Kin SPAC Presentation Deck

kin.com | 83 kin. DTC, Own Carrier 93% DTC on KIN 7% DTC Other DTC, 3rd Party Carrier Hippo ~20%¹ DTC ~60%² Agent/Partner ~20%³ Fronting External Agents Fronting Premium Truly DTC, Kin's business model is significantly higher margin than its peers Kin harnesses the strength of its full stack, 100% direct business model to profitability acquire and retain customers, benefitting from 100% of policy economics 90+% of Kin's 2021 business is directly originated and placed in our reciprocal, whereas only ~20% of Hippo's total premium is direct & on Spinnaker. None of Kin's business is originated by external agents, while approximately 60% of Hippo's business is originated by external agents or low margin channel partners Nearly 20% of Hippo's 'Total Generated Premium' is low (typically ~5%) B2B fronting business carried over from the Spinnaker acquisition ma Source: Company filings. (1) Hippo Shareholder Letter cites "For the homeowners portion of our business, independent agents and other insurance companies represented 58% of our new generated premium, 25% of new generated premium came from our direct to consumer channel, and 17% came through partners." Calculated by subtracting YTD fronting premium from Spinnaker's statutory filings ($54m) from Hippo's Total Generated Premium" in their 1H 2020 public disclosures ($282m), and applying the 25% mentioned in their shareholder letter to the remainder. (2) Calculated by subtracting YTD fronting premium from Spinnaker's statutory filings ($54m) from Hippo's 'Total Generated Premium" in their 1H 2020 public disclosures ($282m), and applying the 58% agents and 17% partners (3) Calculated from Spinnaker's statutory filings in 1H 2021, which shows $54m non-Hippo written premium mentioned in their shareholder letter to the remainder. kin. For Every New Normal

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