#1Doma is architecting the future of real estate transactions. We deliver instant, digital home ownership experiences. 2016-2021 states title May 2021+ doma#2Disclaimer Disclaimer This presentation is provided for informational purposes only and has been prepared to assist interested parties in making their own evaluation with respect to a potential business combination (the "potential business combination") between Doma Holding, Inc. ("Doma") and Capitol Investment Corp. V ("Capitol") and related transactions (the "Transactions"), and for no other purpose. This presentation shall not constitute investment advice, an offer to sell or the solicitation of any offer to buy securities. No representations or warranties, express or implied, are given in, or in respect of, this presentation. To the fullest extent permitted by law, in no circumstances will Doma, Capitol or any of their respective subsidiaries, equityholders, affiliates, representatives, partners, directors, officers, employees, advisers or agents be responsible or liable for any direct, indirect or consequential loss or loss of profit arising from the use of this presentation, its contents, its omissions, reliance on the information contained within it, or on opinions communicated in relation thereto or otherwise arising in connection therewith. Industry and market data used in this presentation have been obtained from third-party industry publications and sources as well as from research reports prepared for other purposes. Neither Doma nor Capitol has independently verified the data obtained from these sources and cannot assure you of the data's accuracy or completeness. This data is subject to change. In addition, this presentation does not purport to be all-inclusive or to contain all of the information that may be required to make a full analysis of Doma or the potential business combination. You are urged to make your own evaluation of Doma and such other investigations as you deem necessary before making an investment or voting decision. Forward Looking Statements This presentation includes "forward-looking statements" within the meaning of the "safe harbor" provisions of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of words such as "estimate," "plan," "project," "forecast," "intend," "will," "expect," "anticipate," "believe," "seek," "target" or other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements include, but are not limited to, statements regarding estimates and forecasts of financial and performance metrics, projections of market opportunity, total addressable market (TAM), market share and competition and potential benefits of the transactions described herein, and expectations related to the terms and timing of the transactions described herein. These statements are based on various assumptions, whether or not identified in this presentation, and on the current expectations of Doma's and Capitol's management and are not predictions of actual performance. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as, and must not be relied on by any investor as, a guarantee, an assurance, a prediction or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict, will differ from assumptions and are beyond the control of Doma and Capitol. These forward-looking statements are subject to a number of risks and uncertainties, including changes in business, market, financial, political and legal conditions; the inability of the parties to successfully or timely consummate the transactions described herein; failure to realize the anticipated benefits of the transactions described herein; risks relating to the uncertainty of the projected financial information with respect to Doma; future global, regional or local economic, political, market and social conditions, including due to the COVID-19 pandemic; the development, effects and enforcement of laws and regulations, including with respect to the title insurance industry; Doma's ability to manage its future growth or to develop or acquire enhancements to its platform; the effects of competition on Doma's future business; the outcome of any potential litigation, government and regulatory proceedings, investigations and inquiries; and those other factors included in Capitol's final prospectus relating to its initial public offering dated December 1, 2020 filed with the U.S. Securities and Exchange Commission (the "SEC") under the heading "Risk Factors," and other documents Capitol filed, or will file, with the SEC. If any of these risks materialize or Doma's or Capitol's assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. There may be additional risks that neither Doma nor Capitol presently know or that Doma or Capitol currently believe are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. In addition, forward-looking statements reflect Doma's and Capitol's expectations, plans or forecasts of future events and views as of the date of this presentation. Doma and Capitol anticipate that subsequent events and developments will cause Doma's and Capitol's assessments to change. However, while Doma and Capitol may elect to update these forward-looking statements at some point in the future, Doma and Capitol specifically disclaim any obligation to do so, except as required by law. These forward-looking statements should not be relied upon as representing Doma's and Capitol's assessments as of any date subsequent to the date of this presentation. Accordingly, undue reliance should not be placed upon the forward-looking statements. Use of Projections This presentation contains projected financial information with respect to Doma, including Retained Premiums & Fees, Adjusted Gross Profit and EBITDA. Such projected financial information constitutes forward-looking information, is for illustrative purposes only and should not be relied upon as necessarily being indicative of future results. The assumptions and estimates underlying such projected financial information are inherently uncertain and are subject to a wide variety of significant business, economic, competitive and other risks and uncertainties that could cause actual results to differ materially from those contained in the projected financial information. See "Forward-Looking Statements" above. Actual results may differ materially from the results contemplated by the projected financial information contained in this presentation, and the inclusion of such information in this presentation should not be regarded as a representation by any person that the results reflected in such projections will be achieved. Neither the independent auditors of Doma or Capitol audited, reviewed, compiled, or performed any procedures with respect to the projections for the purpose of their inclusion in this presentation, and accordingly, neither of them expressed an opinion or provided any other form of assurance with respect thereto for the purpose of this presentation. This presentation also contains certain preliminary estimated results for Doma's 2020 fiscal year. These preliminary estimates are not audited, subject to year-end close procedures, and based solely on information available as of the date of this presentation. As a result, these preliminary results may change, and any change may be material. 2#3Disclaimer (cont'd) Financial Information; Non-GAAP Financial Measures The financial information and data contained in this presentation is unaudited and does not conform to the requirements of Regulation S-X. In addition, all Doma historical financial information included herein is preliminary and subject to change, including in connection with the audit of the financial statements. Some of the financial information and data contained in this presentation, such as Retained Premiums & Fees, Adjusted Gross Profit and EBITDA, have not been prepared in accordance with United States generally accepted accounting principles ("GAAP"). Retained Premiums & Fees is defined as revenue less third-party agent retentions. Adjusted Gross Profit is defined as gross profit, plus depreciation and amortization. EBITDA is defined as net income before interest, income taxes, depreciation and amortization. Doma and Capitol believe that the use of Retained Premiums & Fees, Adjusted Gross Profit and EBITDA provides an additional tool to assess operational performance and trends in, and in comparing Doma's financial measures with, other similar companies, many of which present similar non-GAAP financial measures to investors. Doma's non-GAAP financial measures may be different from non-GAAP financial measures used by other companies. The presentation of non-GAAP financial measures is not intended to be considered in isolation or as a substitute for, or superior to, financial measures determined in accordance with GAAP. See the Appendix to this presentation for a reconciliation of our non-GAAP financial measures to their most comparable measures under GAAP. A reconciliation of forecasted Retained Premiums & Fees, Adjusted Gross Profit and EBITDA to the most directly comparable GAAP measures cannot be provided without unreasonable effort because of the inherent difficulty of accurately forecasting the occurrence and financial impact of the various adjusting items necessary for such reconciliations that have not yet occurred, are out of Doma's control or cannot be reasonably predicted. For the same reasons, Doma is unable to provide probable significance of the unavailable information, which could be material to future results. Because of the limitations of non-GAAP financial measures, you should consider the non-GAAP financial measures presented in this presentation in conjunction with Doma's financial statements and the related notes thereto. Trademarks This presentation contains trademarks, service marks, trade names and copyrights of Doma, Capitol and other companies, which are the property of their respective owners. Additional Information Capitol intends to file with the SEC a registration statement on Form S-4 with the SEC, which will include a proxy statement/prospectus, that will be both the proxy statement to be distributed to holders of Capitol's Class A common stock in connection with its solicitation of proxies with respect to the proposed business combination and other matters as may be described therein, as well as the prospectus relating to the offer and sale of the securities to be issued in the proposed business combination. This presentation does not contain all the information that should be considered concerning the proposed business combination and is not intended to form the basis of any investment decision or any other decision in respect of the proposed business combination. Capitol's stockholders and other interested persons are advised to read, when available, the preliminary proxy statement/prospectus and the amendments thereto and the definitive proxy statement/prospectus and other documents filed in connection with the proposed business combination, as these materials will contain important infor ation about Doma, Capitol, and the proposed business combination. When available, the definitive proxy statement/prospectus and other relevant for proposed business combination will be mailed Capitol's stockholders as a record date to be established for voting on the proposed business combination. Stockholders will also be able to obtain copies of the preliminary proxy statement, the definitive proxy statement, and other documents filed with the SEC, without charge, once available, at the SEC's website at www.sec.gov, or by directing a request to Capitol Investment Corp. V at 1300 17th Street North, Suite 820, Arlington, Virginia 22209 or (202) 654-7060. Participants in the Solicitation Capitol and its directors and executive officers may be deemed participants in the solicitation of proxies from Capitol's stockholders with respect to the proposed business combination. A list of the names of those directors and executive officers and a description of their interests in Capitol is contained in Capitol's prospectus dated December 1, 2020 relating to its initial public offering, which was filed with the SEC and is available free of charge at the SEC's web site at www.sec.gov. Additional information regarding the interests of such participants will be contained in the proxy statement/prospectus for the proposed business combination when available. Doma and its directors and executive officers may also be deemed to be participants in the solicitation of proxies from Capitol's stockholders in connection with the proposed business combination. A list of the names of such directors and executive officers and information regarding their interests in the proposed business combination will be included in the proxy statement/prospectus for the proposed business combination when available. 3#4Max Simkoff Chief Executive Officer doma Today's Presenters Noaman Ahmad Chief Financial Officer doma Mark Ein Chairman and CEO CAPITOL INVESTMENT V Dyson Dryden President and CFO CAPITOL INVESTMENT V 4#5Capitol Investment Corp. V Overview Proven Track Record SPAC Pioneers Successful History Best-in-Class Partners CAPITOLI TWO HARBORS Investment Corp. A Pine River Capital Managed Company 135% Return¹ Raised $1.5B in five SPAC IPOs and closed four successful SPAC mergers Founded SPAC platform in 2007 with long-term investment approach 1 of 4 U.S. sponsor teams to close four SPAC transactions with SPACs over $150 million Only U.S. SPAC issuer with 10+ years of SPAC experience to raise 5 SPACS 1 of 4 U.S. SPAC issuers to raise 5 SPACs over $100 million with an opportunistic focus Proactive, value added partner to management teams, investors and co-owners during the transaction and over the long-term Lindblad Expeditions CAPITOL II NATIONAL GEOGRAPHIC 148% SPAC Return 161% 2020 PIPE Return Mark Ein Chairman and CEO CAPITOL INVESTMENT V Investor, entrepreneur and philanthropist focused on building growth companies across numerous industries over his 30-year career Has led over $3B of private equity, venture capital and public company investments CAPITOL III CISION Note: As of February 26th, 2021. Unit-equivalent returns. (1) Based on total return during Mr. Ein's tenure as Vice Chairman of Two Harbors from Capitol I IPO to May 14th, 2015, adjusted for Silver Bay dividends reinvested. (2) Returns from Capitol III IPO to first year post-merger. 69% Return in first year post-merger² ● ● ● Dyson Dryden President and CFO CAPITOL INVESTMENT V Over 20 years of SPAC and M&A experience Partnered with Mr. Ein on successful execution of three SPACs and advised on Capitol I Has led $13B of SPAC related financings CAPITOL IV NESCO™® 90% Return since transformative acquisition announced December 2020 5#6Key Investment Highlights Disrupting a Large, Antiquated Market dominated by commoditized products Strong Market Traction introduced in 2018 and already fueled by marquee clients A Full Stack Platform with a permanent first-mover advantage A Clear Path to Sustained Growth and social impact by expanding access to home ownership A World-Class Team of executive & board leadership Legacy Incumbents competing with highly commoditized offerings Category-Leading Lenders that represent ~$500M of potential gross premiums & fees Machine Intelligence built on 30 years of historical data that accelerates title & closing, with zero loss ratio to date Broad Market Access with a significantly faster, lower- cost product for homeowners Tech-First Executive Team with pedigrees from Oracle, NetSuite, PayPal, and McKinsey $23B → $318B Large and expanding addressable market CHASE +8 other top tier lenders PennyMac homepoint TODAY Sierra Pacific 2023E MORTGAGE $65M+ Invested in R&D through '21 with top talent in machine intelligence driving three issued patents since 2019 and over 5 additional patents pending FILO MORTGAGE $190M → $464M Projected retained premiums and fees, with 66% projected adjusted gross profit as a percentage of retained premiums and fees Extraordinary Industry luminaries on the Board include Larry Summers, Karen Richardson; Advisors include Sarah Friar, John Kanas 6#7We are building with the right mix of Technical and Operational Expertise Max Simkoff Chief Executive Officer evolv Christopher Morrison Chief Operating Officer Capital One McKinsey Andy Mahdavi Chief Data Science Officer דו & Company Eric Watson General Counsel Noaman Ahmad Chief Financial Officer AON MOSAIC Hasan Rizvi Chief Technology Officer Cornerstone ORACLE Kirk Wells SVP, Strategic & Enterprise ***KAWAM Mini Peiris Chief Marketing Officer Jerry Jenkins Chief People Officer PayPal NETSUITE 100000000GGESGE 40000000 MA 7#8Larry Summers Former Treasury Secretary U.S. Treasury Mark Ein Chairman & CEO Capitol Investment Corp. Sarah Friar CEO, Nextdoor World-Class Board Members Ben Lawsky CEO, The Lawsky Group Karen Richardson Board Member British Petroleum Matthew E. Zames Pres. & Sr. Managing Director Cerberus Capital Mgmt. Emil Michael Frmr. CBO, Uber Top-Tier Advisors Adrienne Harris Frmr. Special Asst. Pres. Obama Stuart Miller Executive Chairman Lennar Corporation John Adam Kanas Vice Chairman, Carlyle Global Prakash Ramamurthy CPO, Freshworks Charles Moldow General Partner Foundation Capital Max Simkoff Chief Executive Officer Doma Holdings, Inc. Adrian Jones Managing Director, HSCM Shannon Warren Owner, SSW Consulting LLC 8#9A TAM Opportunity of $318B and a strong beachhead secured with TAM of $23B Home Search $86B Market² Loan $66B Market³ Home Insurance $100B Market4 Appraisal $8B Market5 Title $16B Market doma TODAY Escrow Close $7B Combined Market NEAR-TERM OPPORTUNITIES Warranty $3B Market Servicing $32B Market7 (1) Based on 2020 market estimates. (2) Home Search Zillow 2020 forecast of 5.7 million homes sold multiplied by $250k average home price multiplied by 6% commissions. (3) 2023 MBA forecasts of $2.2 trillion origination multiplied by 3% gain-on-sale margin. (4) Home Insurance IBIS World estimate. (5) Appraisal IBIS World estimate. (6) Home Warranty IBIS World estimate. (7) Servicing $10.8 trillion mortgages outstanding multiplied by 30bps servicing fee. 9#10Dining P DOORDASH Order Now Consumers Expect Instant Digital Experiences Retail amazon Buy it Now Entertainment NETFLIX Stream Now Finance SoFi Invest Now Hospitality airbnb lear Book Now 10#11Residential Real Estate is Just Now Joining this Revolution ROCKET Mortgage Get Pre- Approved Instantly Opendoor Get an Offer Instantly hippo Get Insured Instantly doma Close the Transaction Instantly 11#12Manual Order A PROCESS FROM THE 1890s TITLE IN 5 DAYS County Database Investigation. Manual Underwriting Legacy Title Techno-Stack WE ARE REPLACING ||||| Title Production Systen Preliminary Report. Lender & Title Co Negotiation. Electronic Mail CLOSING IN 40+ DAYS Supported by Technology from the 1990s Electronic Facsimile Fee Balancing Closing & Payoffs. Documents X Documents www Scheduler Document .Notarization X D 12#13We re-invented it all from scratch From 5 Days doma Title ML-Driven Instant Underwriting Algorithm POWERED BY ML 1 Minute Millions of Historical Transactions PATENTED doma Escrow Fee Balancing Document QC Communications POWERED BY NLP doma 6 Days PENDING PATENTS INTELLIGENCE PLATFORM Over 100 Public Data Sources From 40+ Days doma Close Digital Closing m Online Notarization Funds Transfer Exception Handling Centralized Operations [ doma Ops. Team 13#14TRADITIONAL PATH ORDER TITLE Order Title 3 STEPS EXAMINE Search package to enumerate exceptions STEPS 6 STEPS GENERATE COMMITMENT With updated exceptions CURE Identified defects DOMA TITLE INSTANT Clear to Close To whom it may concern: CLEAR TO CLOSE Sincerely, Ye Olde Title Co. STEPS Doma is a Game-Changer Replacing Large Chunks of the Process with Instant Technology FINALIZE Loan Terms 15+ Steps UPDATE Settlement statement DOMA ESCROW Removed DISBURSE Funds 6 STEPS STEPS GENERATE Closing Closing Documents CONDUCT STEPS 10+ SCHEDULE Notary DOMA CLOSE Steps Removed STEPS >90% Workflow Overlap between purchase & refinance STEPS RECORD With County 14#15Incumbents distribute their antiquated offering in an undifferentiated way Legacy Incumbents with 80% market share FIRST AMERI First American stewart title Fidelity onal Title www Using the same Traditional Go-to-Market (1) Mortgage Bankers Association November 2020 Closed Order Forecast. Market size = loan volume x industry average title and escrow fees per loan. $ $ Relationship-based Selling Donut-led Marketing Static Pricing → $1,800 To capture A Massive Amount of Spend Direct or via Agents $23B Market $7B Refinance + $16B Purchase¹ 15#16Our technology and products re-define the entire go-to-market approach A Faster Close ENABLES B Value-based Selling * Projected 4Q23 gross premiums & fees per order A Tech-First Approach ENABLES M Digital Distribution Less Manual Work ENABLES Competitive Pricing vs. $1,800 for incumbents $1,385 * 16#17Our Technology Provides A Game-Changing Experience for our Customers Faster 15% Closings homepoint Top 10 Non-Bank Originator 100% Wallet Share¹ 84% Underwritten Instantly PennyMac Top 3 Mortgage Originator 8X Wallet Share Since September '20 (1) Wallet share applies only to the Direct Channel business in states in which Doma is currently active; (2) Pull-through rate is defined as the percentage of mortgage applications that are opened that result in funded loans 50% Fewer Touches CHASE Top 5 Mortgage Originator 2X Wallet Share Since October 20 7 ☐ 21% Higher Pull- Through Rate2 I FILO MORTGAGE National Mortgage Broker 3X Wallet Share Since December '20 17#18A Solution for Every Market Segment with the opportunity to "graduate" customers to higher-volume relationships Enterprise Purchase Opendoor + iBuyers, Home Builders, and Tech Enabled Brokerages Enterprise Refinance PennyMac® FILO homepoint MORTGAGE CHASE O Sierra Pacific MORTGAGE +8 more top-tier lenders (1) Source: Internal local purchase transactions FY2020. (2) Source: Internal local refinance transactions FY2020. Local Purchase¹ 11.4K Realtors Local Refinance² 8.5K Loan Officers 18#19Clear path for accelerated growth Closed Orders Est. Market Share³ 92,389 2020 <1% 53% 136,880 2021 <2% CAGR 212,199 2022 <3% (1) Direct Order volume (2) Since the North American Title Acquisition in January 2019, Doma has closed 40 branches as the company integrated and rationalized its branch footprint. Closed orders from closed branches totaled 15,142 in 2019, and 3,773 in 2020. Closed Order counts have not been adjusted for branch closures (3) Mortgage Bankers Association November 2020 Closed Order Forecasts. 330,473 2023 <5% 19#20Disruptive Financial Advantage 20#21Machine intelligence drives reduction in direct costs Allows for significant investment to drive growth Our Technology Will Drive Our Margin Advantage 8 Results in industry leading margin profile Source: Company filings. (1) Average of traditional title companies, FAF, FNF, and STC for 2020 Q1-Q3. (2) Retained Premiums and Fees calculated as revenue less premiums retained by agents. (3) Pre-corporate support EBITDA equals EBITDA plus corporate support expense. 23% Traditional Title Insurers Average¹ Segment EBITDA as % of Retained Premiums and Fees² 42% doma Q4 2023E Pre-Corporate Support EBITDA as % of Retained Premiums and Fees²,3 21#22Economics of Our Business Order Volumes * Retained Premiums and Fees 3 Sources of Order Volumes Strategic & Enterprise Accounts Large, centralized lenders Local Markets Loan officers and real estate agents Independent Agencies Underwrite with Doma Direct Fulfillment Expense Superior technology drives operating leverage Doma solutions reduce minutes spent per file, significantly decreasing direct labor expense, driving margin expansion Adjusted Gross Profit 22#23Machine intelligence drastically reduces minutes per file... Minutes Per File Metric on Doma Intelligence 100% 20-Jun 78% DECREASE 46% Today 22% Q4 2023E Note: Minutes per file reflects strategic and enterprise accounts and excludes cancelled orders, management overhead time, and excess capacity. (1) Represents Adjusted Gross Profit as a percent of Retained Premiums and Fees. ...driving increased Adjusted Gross Profit Margin Adjusted Gross Profit Margin¹ 48% 2020E 18% INCREASE 66% 2023E 1 23#24Our unit economics will continue to improve dramatically Retained Premiums & Fees Direct Fulfillment Expenses File Costs (Direct Non- Labor Expense) Direct Labor Expense Adjusted Gross Profit as a % of Retained Premiums and Fees Strategic & Enterprise doma Today $613 ($135) ($258) 36% $221 Minor pricing increases 50% less labor doma 2023E $656 ($135) ($120) 61% $401 Reflects Distribution economics only 'Today' is reflective of largest current Doma Strategic & Enterprise Accounts national customer while 2023E reflects 4Q23 'Today' is reflective of local unit economics as of Dec '20 while 2023E reflects 4Q23 Local Realtors/Loan Officers doma Today $1,626 ($190) ($555) 54% $881 60% resale mix in 2023 70% less labor doma 2023E $1,872 ($151) ($154) 84% $1,567 24#25Retained Premiums and Fees 2021E $464 43% CAGR $319 il $226 $M 2022E Performance Highlights Excludes Net Proceeds from Transaction 2023E Adjusted Gross Profit As % of Retained Premiums and Fees 39.5% $89 $M 2021E 53.5% $171 2022E 66.2% $307 2023E Adjusted EBITDA As % of Retained Premiums and Fees Investment in platform and sales force will accelerate growth but impact 2021 profitability (29.4%) 2021E (3.3%) 2022E 35% 5-Year Target 19.2% 2023E 25#26Multiple Vectors for Growth 26#27Accelerating Growth of Our Core Title Business Organic and Inorganic Strategies Fuel More Organic Growth in 2022 & Beyond with increase in sales and marketing investment $69M Acquisition Cost $319M Retained Premiums and Fees 2022 Plan +$81M Retained Premiums and Fees $94M $400M With $25M Added Investment Acquire Title Agencies and integrate them into the Doma Platform XYZ Title Co. EST. 1956 $50M Retained Premiums and Fees 10% EBITDA Margin An established formula for integrating legacy title companies 50+ Target Companies w/ $50M-$100M in retained premiums and fees XYZ Title A DOMA COMPANY $50M+ Retained Premiums and Fees 35% LT EBITDA Margin as a % of Retained Premiums and Fees NORTH AMERICAN TITLE 27#28Accelerating Delivery of Our Vision An Instant Closing Experience Today: Broken With Doma: Seamless (1) Appraisal IBIS World estimate. (2) Home Warranty IBIS World estimate $8B Market¹ Appraisal Appraisal process is separate from Title and can derail the closing Lower Risk Greater Certainty A single instant experience for both lenders and homeowners +$400 in Fees per Direct Order $3B Market² Home Warranty An "afterthought" with a painful user experience Competitive Advantage A convenient "add-on" with a modern customer experience Free Distribution +$900 in Fees per Direct Order 28#29Accelerating Growth of Our Business Illustrative Growth Levers From Transaction Proceeds Retained Premiums and Fees Existing Plan Excluding impact of capital raised in the transaction $190M 2020 S&EA and Local Markets contribute -50% each towards growth in retained premiums and fees Forecasts account for MBA projections >70% reduction in refi volumes in '23 vs ¹'20 S&EA Local Markets Source: Company estimates. (1) Inclusive of retained premiums and fees from independent agencies. $464M 2023¹ (without transaction proceeds) Illustrative Organic Growth Strategy Every $100M investment to CAC generates Approximately 2-3x Retained Premiums and Fees Illustrative Inorganic Growth Strategy Every $100M investment generates $125M-$200M in retained premiums and fees Illustrative Adjacent Product Expansion Opportunity for expansion of product offering to natural adjacencies in appraisal and home warranty $1-1.5B 2025E 35% Long-Term Adj. EBITDA Target 29#30Transaction Overview 30#31Transaction Summary Key Highlights Valuation Capital Structure Earnout Shares Company Earnout Shares Sponsor Charitable Contribution Plus: Debt4 Pro forma firm value of $3,030M Less: Cash4 $670M pro forma cash held on balance sheet¹ 17.75M shares (5% of total shares at closing) 50% granted if closing share price above $15.00² 50% granted if closing share price above $17.50² 1.725M shares 50% granted if closing share price above $15.00² 50% granted if closing share price above $17.50² Pro Forma Valuation Implied Market Capitalization³ Sponsor to make a "Capitol Charitable Contribution" with a $5 million donation of certain sponsor shares to a new company- formed or other mutually acceptable charity that supports Doma's philanthropic goals. Implied Firm Value 2022 Adj. Gross Profit Multiple $3,550M 150M (670M) $3,030M 17.7x Sources Doma Equity Rollover5 Capitol Cash in Trust PIPE Proceeds Total Sources $2,836M 345M 300M $3,481M FIFTH WALL GREENSPRING ASSOCIATES Uses Doma Equity Rollover5 PIPE Cash to Balance Sheet Secondary Proceeds Transaction Costs6 Total Uses Capitol Shareholders Existing Doma Shareholders5 foundation capital EMINENCE CAPITAL Horizons Ventures 维港投资 $2,836M Pro Forma Ownership 8 LENNAR 510M 81M 55M $3,481M 11.7% 8.5% 79.9% ASSURANTⓇ 441 HUDSON STRUCTURED Assumes no redemptions. (1) Unrestricted cash; does not include restricted cash or cash in underwriting subsidiary. (2) Closing share price for 20 trading days of any 30 trading day period ending on or before fifth anniversary of closing, with respect to the Company earnout share, or the tenth anniversary of closing, with respect to the Sponsor earnout shares. (3) Excludes earnout shares subject to vesting. (4) Based on preliminary unaudited figures as of December 31, 2020 pro forma for refinancing (excludes OID). (5) Excludes earnout shares. (6) Preliminary estimate. Actual amounts may vary and may include expenses currently unknown. (8) At $10.00/ share. Includes 283.6M shares held by existing Doma shareholders, 41.4M shares held by Capitol shareholders and 30.0M shares held by PIPE investors, excluding earnout shares. Percentages may not add to 100% due to rounding. 31#32Superior Financial Profile and Attractive Initial Valuation FV / '22 Adj. Gross Profit Insur Tech Tech 2022E Adj. Gross Margin '21-'22 Adj. Gross Profit Growth 17.7x doma¹ 54% doma¹ 91% 78.5x Lemonade 54% Lemonade 71% Lemonade 24.4x metromile ² 40% metromile 2 99% metromile² 21.9x Root Insurance 28% Root Insurance NM³ Root Insurance 28.5x Opendoor 9% Opendoor 92% Opendoor 21.6x REDFIN 24% REDFIN 23% REDFIN doma¹ Source: Company information and Factset as of 03/01/2021. Note: Doma's projected Adj. Gross Profit does not include the impact of growth funded by cash proceeds from the transaction. (1) Adjusted Gross profit for Doma, with margin calculated as a % of retained premiums & fees. (2) Gross margin calculated assuming revenue equal to 65% reinsurance and 25% ceding commissions on insurance business + revenue from enterprise segment and other income as provided in investor presentation. 2022E Metromile projected figures per 1/21/21 Investor Day presentation. (3) >500% driven by low 2021 gross profit estimates by equity analysts. 32#33Appendix 33#34Unaudited Summary Financial and Other Information ($ in millions) Closed Orders¹ Closed Orders Growth (%) GAAP Revenue Premiums Retained by Agents Retained Premiums and Fees¹ Direct Fulfillment Expense² Adjusted Gross Profit As % of Retained Premiums and Fees (%) Adjusted Gross Profit Growth (%) Customer Acquisition Cost Other Expense³ Adjusted EBITDA As % of Retained Premiums and Fees (%) 2019A 74,017 NM $358.1 ($178.3) $179.8 ($93.3) $86.5 48.1% NM ($35.2) ($65.2) ($13.9) (7.7%) 2020E 92,389 24.8% $409.8 ($220.1) $189.7 ($98.0) $91.6 48.3% 5.9% ($34.5) ($76.1) ($19.0) (10.0%) 2021E 136,880 48.2% $416.4 ($190.0) $226.4 ($137.0) $89.5 39.5% (2.4)% ($48.0) ($108.0) ($66.6) (29.4%) 2022E 212,199 55.0% $514.6 ($195.7) $318.9 ($148.2) $170.7 53.5% 90.8% ($69.3) ($111.9) ($10.4) (3.3%) 2023E 330,473 55.7% $665.3 ($201.5) $463.7 ($157.0) $306.8 66.2% 79.7% ($99.0) ($118.6) $89.1 19.2% (1) Since the North American Title Acquisition in January 2019, Doma has closed 40 branches as the company integrated and rationalized its branch footprint. Retained Premiums and Fees from closed branches totaled $27.7 million in 2019, and $7.2 million in 2020. Closed orders from closed branches totaled 15,142 in 2019, and 3,773 in 2020. Financial results have not been adjusted for branch closures. (2) Includes direct labor expense and direct non-labor expense inclusive of claims losses and reserves. (3) Includes corporate support and other operating expense. 34#35Reconciliation of (Unaudited) non-GAAP Metrics ($ in millions) Revenue (GAAP) Less: Premiums Retained by Agents Retained Premiums and Fees¹ Less: Direct Fulfillment Expense² Less: Depreciation & Amortization Gross Profit (GAAP) Plus: Depreciation & Amortization Adjusted Gross Profit Net Income / (Loss) (GAAP) Plus: Income Taxes³ Plus: Depreciation & Amortization Plus: Interest Expense EBITDA Plus: Stock-Based Compensation Plus: Transaction Related Costs Plus: One-Time Severance Costs4 Adjusted EBITDA¹ Historical 2019A $358.1 ($178.3) $179.8 ($93.3) ($1.9) $84.6 $1.9 $86.5 ($27.1) $0.4 $1.9 $9.3 ($15.6) $0.9 $0.8 ($13.9) 2020E $409.8 ($220.1) $189.7 ($98.0) ($5.8) $85.8 $5.8 $91.6 ($35.1) $0.8 $5.8 $5.6 ($22.9) $2.5 == $1.4 ($19.0) 2021E $416.4 ($190.0) $226.4 ($137.0) ($12.2) $77.3 $12.2 $89.5 ($103.1) $0.5 $12.2 $18.2 ($72.2) $5.6 ($66.6) Projected 2022E $514.6 ($195.7) $318.9 ($148.2) ($14.5) $156.2 $14.5 $170.7 ($51.9) $0.5 $14.5 $21.0 ($15.8) $5.4 ($10.4) 2023E $665.3 ($201.5) $463.7 ($157.0) ($14.5) $292.2 $14.5 $306.8 $45.5 $0.5 $14.5 $23.0 $83.5 $5.6 -- $89.1 (1) Retained premiums and fees and adjusted gross profit are reconciled to gross profit in accordance with GAAP; Adjusted EBITDA is reconciled to net loss in accordance with GAAP (2) Includes direct labor expense, provision for claims, and other direct expense. (3) We expect our income tax liability for 2021 through 2023 to be largely offset by our deferred tax assets. (4) Attributable to measures taken in response to the COVID-19 pandemic. 35#36Summary of Risks References in this "Summary of Risks" to "we," "us," "our" and "the Company" generally refer to Doma in the present tense or the combined business of Capitol and Doma from and after the business combination. We have identified the following risks and uncertainties that may have a material adverse effect on our business, financial condition, results of operations or reputation. The risks described below are not the only risks we face. Additional risks not presently known to us or that we currently believe are not material may also significantly affect our business, financial condition, results of operations or reputation. Our business could be harmed by any of these risks. In making your decision to invest in the Company, you have relied solely upon independent investigation made by you. You acknowledge that you are not relying upon, and have not relied upon, any of the following summary of risks or any other statement, representation or warranty made by any person, firm or corporation, other than the statements, representations and warranties of the Company explicitly contained in any Subscription Agreement you enter into in connection with an investment in the Company or any Investor Presentation prepared in connection with such investment. You have such knowledge and experience in financial and business matters as to be capable of evaluating the merits and risks of an investment in the Company, and you have sought such accounting, legal and tax advice as you have considered necessary to make an informed investment decision. All information provided in this summary of risks is as of the date hereof and the Company undertakes no duty to update this information except as required by law. 36#37Summary of Risks (cont'd) Risks Related to Doma's Business COVID-19 has adversely affected our business and may continue to adversely affect our business. ● · ● ● . ● . ● . ● . ● We have a history of net losses and could continue to incur substantial net losses in the future. Our future growth and profitability depend in part on our ability to successfully operate in the highly competitive real estate and insurance industries. Our success and ability to grow our business depend on retaining and expanding our S&EA partner base. If we fail to add new S&EA partners or retain current S&EA partners, our business, revenue, operating results and financial condition could be harmed. Our success depends to a significant extent on the timely roll out of our machine intelligence technology across our centralized operations and branch footprint. Our brand may not become as widely known or accepted as incumbents' brands or our brand may become tarnished. We have a limited operating history and a novel business model. This makes it difficult to evaluate our current business performance and growth prospects. Acquisitions or investments could disrupt our business and harm our financial condition. If we are unable to expand our product offerings, our prospects for future growth may be adversely affected. Our product development cycles are complex, and we may incur significant expenses before we generate revenues, if any, from new products. We may require additional capital to support business growth or to satisfy our regulatory capital and surplus requirements, and this capital might not be available on acceptable terms, if at all. We collect, process, store, share, disclose and use consumer information and other data and are subject to stringent and changing privacy laws, regulations and standards, policies and contractual obligations. Our actual or perceived failure to protect such information and data, respect consumers' privacy or comply with data privacy and security laws and regulations and our policies and contractual obligations could damage our reputation and brand and harm our business and operating results. Adverse changes in economic conditions, especially those affecting the levels of real estate and mortgage activity, may reduce our revenues. If the security of the personal information that we (or our vendors) collect, store or process is compromised or is otherwise accessed without authorization, or if we fail to comply with our commitments and assurances regarding the privacy and security of such information, our reputation may be harmed and we may be exposed to significant liability and loss of business. Technology disruptions or failures, including a failure in our operational or security systems or infrastructure, or those of third parties with whom we do business, could disrupt our business, cause legal or reputational harm and adversely impact our results of operations and financial condition. We must comply with extensive government regulations. These regulations could adversely affect our ability to increase our revenues and operating results. Litigation and legal proceedings filed by or against us and our subsidiaries could have a material adverse effect on our business, results of operations and financial condition. Our exposure to regulation and residential real estate transaction activity may be greater in California, where we source a significant proportion of our revenue. Our expansion within the United States will subject us to additional costs and risks, and our plans may not be successful. We rely on highly skilled and experienced personnel and if we are unable to attract, retain or motivate key personnel or hire qualified personnel, our business may be seriously harmed. In addition, the loss of key senior management personnel could harm our business and future prospects. . . . . . . . . ● • Our title and escrow business relies on data from consumers and unaffiliated third parties, the unavailability or inaccuracy of which could limit the functionality of our products and disrupt our business. . We expect a number of factors to cause our results of operations to fluctuate on a quarterly and annual basis, which may make it difficult to predict our future performance. Performance of our investment portfolio is subject to a variety of investment risks that may adversely affect our financial results. Failures at financial institutions at which we deposit funds could adversely affect us. Our actual incurred losses may be greater than our loss and loss adjustment expense reserves, which could have a material adverse effect on our financial condition and results of operations. There are risks associated with our indebtedness that is expected to remain outstanding following the Business Combination. Changes in tax law could adversely affect our business and financial conditions. Our ability to utilize our net operating loss carryforwards and certain other tax attributes may be limited. Unfavorable economic or other business conditions could cause us to record an impairment of all or a portion of our goodwill, other intangible assets and other long-lived assets. Denial of claims or our failure to accurately and timely pay claims could materially and adversely affect our business, financial condition, results of operations, and prospects. We may be unable to prevent, monitor or detect fraudulent activity, including policy acquisitions or payments of claims that are fraudulent in nature. Unexpected increases in the volume or severity of claims may adversely affect our results of operations and financial condition. Our use of third-party agents could adversely impact the frequency and severity of title claims. Reinsurance may be unavailable at current levels and prices, which may limit our ability to underwrite new policies. Furthermore, reinsurance subjects us to counterparty risk and may not be adequate to protect us against losses, which could have a material effect on our results of operations and financial condition. As a private company, we were not required to document and test our internal controls over financial reporting nor was management required to certify the effectiveness of our internal controls or have our auditors opine on the effectiveness of our internal control over financial reporting. Failure to maintain effective internal control over financial reporting could result in material weaknesses, which could lead to errors in our financial reporting. Risks Related to Doma's Intellectual Property Our intellectual property rights are valuable, and any inability to obtain, maintain, protect or enforce our intellectual property could reduce the value of our products, services and brand. Third parties may allege that we infringe, misappropriate or otherwise violate their intellectual property rights, and we may become subject to intellectual property disputes, which are costly and may subject us to significant liability and increased costs of doing business. If we are unable to protect the confidentiality of our trade secrets, our business and competitive position would be harmed. We employ third-party licensed software for use in our business, and the inability to maintain these licenses, errors in the software we license or the terms of open source licenses could result in increased costs or reduced service levels, which would adversely affect our business. If our trademarks and trade names are not adequately protected, we may not be able to build name recognition in our markets of interest and our competitive position may be harmed. 37#38Doma is architecting the future of real estate transactions. We deliver instant, digital home ownership experiences. 2016-2021 states title May 2021+ doma 38