Kin SPAC Presentation Deck

kin.com | 21 Distributors capture majority of industry profits Illustrative $100 of insurance premium A typical homeowners carrier pays ~68%' of premiums for claims and reinsurance UW Profit $2.4 2.4% Total: Expense $29 29.2%¹ Loss & Loss adj. expense $68 68.4%¹ $100 Premium Nearly half of carrier overhead is paid out to agents Agent Commissions $12 42%¹ Underwriting Admin & Other Operating Expenses $17 58% $29 Overhead With ~27%² margins, insurance distributors generate ~1.4x more profit than carriers! EBITDA $3.3/27%² General & Other OpEx $9 73% $12 Agent Comm. Source: Company filings, S&P Global Market Intelligence, FactSet. 1.Average of aggregate homeowners industry statutory data over the past 6 years (2013-2020). 2.Based on the median 2022E EBITDA margin for broker peers (MMC, AON, WLTW, AJG, BRO, GSHD, and BRP) per FactSet consensus estimates. kin. For Every New Normal

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