Kin SPAC Presentation Deck

1 Case Study: DTC Success in Auto A DTC strategy has grown to be increasingly relied upon by Auto insurers... 2000 2010 Market Share¹ Direct Written Premiums PROGRESSIVE GEICO 10% 14% CAC / NWP 22% Exclusive Agency $199 2015 54% 11.6% 8.8% $11 GEICO 16% 6.7% 7% GEICO 26% Regional IA ... and where DTC leaders, GEICO and Progressive, are seen as category leaders and have captured significant market share growth... Captures 52% of industry growth 49% National IA $16 PROGRESSIVE 11.0% 26% $25 PROGRESSIVE 9% ... while maintaining a strong consumer acquisition expense advantage 2019 22% Direct Response 12.7% 43% $250 2020 13.3% → 13.6% Top-10 Auto Insurers Source: S&P Global Market Intelligence, William Blair research, Independent Insurance Agents & Brokers of America, Inc (IIABA). (1) Market share based on DPW. (2) Represents net commissions/brokerage and advertising expenses as a proportion of NPW. (3) Represents CAC of insurers that have >60% of DPW in private passenger auto insurance (excludes PGR and GEICO). (4) DTC auto reflects USAA, Progressive and GEICO, and DTC home reflects USAA. IA auto reflects Liberty Mutual, Travelers and Mercury, and IA home reflects Liberty Mutual, Travelers and Progressive. Captive auto represents Allstate, Farmers, and State Farm, and Captive home reflects Allstate, Farmers, State Farm and Nationwide. DTC Models are Primed to Succeed in the Personal Lines Marketplace There remains a large opportunity for Kin to Disrupt it's target markets as a DTC home insurer with the right technology to profitability acquire customers and accurately underwrite risks. Homeowners' Insurers Have Better Unit Economics Than Auto Which Is Further Highlighted in a DTC context LTV / CAC4 4.0x Homeowners 2.7x bit 1.7x 1.0x DTC IA 1 • Attractive unit economics driven by: Auto 1.5x Captive - Higher average premiums of homeowners policies vs. auto policies 0.9x - Longer average customer life for homeowners (9 years) vs. auto (5 years) kin. For Every New Normal

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