425 1 ea139590-425_capitolinvest5.htm FORM 425

Filed by Capitol Investment Corp. V

Pursuant to Rule 425 under the Securities Act of 1933

and deemed filed pursuant to Rule 14a-12

of the Securities Exchange Act of 1934

Subject Company: Doma Holdings, Inc.

Commission File No. 001-39754


D o m a i s a r chi t ec t ing t h e futu r e o f r ea l e s t a t e transactions. — We deliver instant, digital home ownership experiences. 20 1 6 – 2021 M a y 202 1 +



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 Holdings, Inc. ("Doma") and Capitol Investment Corp. V ("Capitol") and related transactions (the "Transactions"), and for no other purpose. This presentation and the related oral commentary is confidential and is to be maintained in strict confidence. In addition, this presentation is intended solely for investors that are, and by proceeding to participate in this presentation you confirm that you are, qualified institutional buyers or institutions that are accredited investors (as such terms are defined under the rules of the U.S. Securities and Exchange Commission ("SEC")). 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. F o r w a rd L oo k i ng S t a t e me n ts 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 communication, 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 (File No. 333 - 249297) and the registration statement on Form S - 4 (File No. 333 - 254470) filed with 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 communication. 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 communication. Accordingly, undue reliance should not be placed upon the forward - looking statements. U se o f Pro j e c tio ns This presentation contains projected financial information with respect to Doma, including Retained Premiums & Fees (including gross and net), Cost of Goods Sold, Adjusted Gross Profit, EBITDA and Adjusted 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. D i scla i m e r



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, EBITDA and Adjusted 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, EBITDA and Adjusted 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 and Where to Find It This presentation relates to a proposed transaction between Doma and Capitol. This communication does not constitute an offer to sell or exchange, or the solicitation of an offer to buy or exchange, any securities, nor shall there be any sale of securities in any jurisdiction in which such offer, sale or exchange would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offering of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended. Capitol has filed a registration statement on Form S - 4 with the U.S. Securities and Exchange Commission (the “SEC”), which includes a document that serves as a prospectus and proxy statement of Capitol, referred to as a proxy statement/prospectus. A proxy statement/prospectus will be sent to all Capitol stockholders. Capitol also will file other documents regarding the proposed transaction with the SEC. Before making any voting decision, investors and security holders of Capitol are urged to read the registration statement, the proxy statement/prospectus and all other relevant documents filed or that will be filed with the SEC in connection with the proposed transaction as they become available because they will contain important information about the proposed transaction. Investors and security holders may obtain free copies of the registration statement, the proxy statement/prospectus and all other relevant documents filed or that will be filed with the SEC by Capitol through the website maintained by the SEC at www.sec.gov. The documents filed by Capitol with the SEC also may be obtained free of charge at Capitol’s website at https:// www.capinvestment.com/ or upon written request to 1300 17th Street North, Suite 820, Arlington, Virginia 22209. Pa r t ic i p a n ts i n S o li c i t a tio n Capitol and Doma and their respective directors and executive officers may be deemed to be participants in the solicitation of proxies from Capitol’s stockholders in connection with the proposed transaction. A list of the names of such directors and executive officers and information regarding their interests in the business combination is contained in the proxy statement/prospectus. You may obtain free copies of these documents as described in the preceding paragraph. D i scla i m e r ( con t ’ d)



B u s i n e ss O v e r v i e w M a x Simk o f f F o u n de r a n d C h i e f E x e cuti v e O ff i ce r Pr o d u c t a n d T e c h n o l o g y Ha s an R i z vi C h i e f T e c hno l o g y O ff i c e r A n d y M a h d avi C h i e f D ata Sci e n ce O ff i ce r Operations C h r i s t o p h e r M o rr i so n Ch i e f O p e ra t i n g Off i c e r Go - t o - M a r k e t S t r a t e g y M in i P eiris Ch i e f M a rk e t i n g Off i c e r F ina n c ia l O v e r vi e w N o ama n A h m a d Ch i e f F i n a n c i a l Off i c e r M ult iple V e c t o rs f o r G r o w th M a x Simk o f f F o u n de r a n d C h i e f E x e cuti v e O ff i ce r Analyst Day 2021 Agenda



K e y I n ve s t me n t H i g h l i g h t s Disrupting a Large, Antiquated Market dominated by commoditized products S t r o n g M a r k e t T r ac t i o n i n trod u c e d i n 2 0 1 8 a n d a l r e a dy f u e l e d by m a r q u ee c li e n ts A C l e a r Pa th t o S u s t a i n e d G r o w th and social impact by expanding access to home ownership L eg a c y I nc u m b ents C ateg o r y - L ead i ng L end e rs B r oad Ma r k et A cc ess A F u ll S t a c k P l a t f o r m with a permanent first - mover advantage Mac h i ne I nte l li g enc e A W o rld - C l a s s T e am o f e x e c u ti v e & b o a r d l e ade r s h i p T e ch - F i r st E xe c ut i ve T eam $190M  $464M Projected retained premiums and fees, with 66% projected adjusted gross profit as a percentage of retained premiums and fees $65M+ Invested in R&D through '21 with top talent in machine intelligence driving 3 issued U.S. patents since 2019 and over 5 pending U.S. patent applications $23B  $318B Large and expanding addressable market Extraordinary I n d u s tr y l u m i n a r i e s o n t h e B o a r d i n c l u d e L a rr y S u mm er s , K a r en Richardson; Advisors include Sarah Friar, John Kanas T O D A Y 2 0 2 3 E + 8 ot h e r to p ti e r l e nd ers



Technical and Operational Expertise We are building with the right mix of N o ama n A h m a d C h i e f F i n an c i al Offi c e r M a x Simk o f f Chief Executive Officer Ha s an R i z vi Chief Technology Officer C h r i s t o p h e r M o rr i so n Chief Operating Officer M in i P eiris C h i e f M a r ket i n g O ff i c er A n d y M a h d avi Chief Data Science Officer E r i c W a tso n G en er a l C oun s el K irk W ells S VP , S tr a te g i c & E n ter p r i s e J erry J en k in s C h i e f Peo p l e O ff i c er



World - Class Board Members T o p - T ie r A d v i so rs Matthew E. Zames Former COO J . P . M o rg a n C h a s e & C o . Larry Summers Former Treasury Secretary U . S . T re a s u ry Max Simkoff Chief Executive Officer Doma Karen Richardson Board Member B r i t i s h Pe t r o le u m Charles Moldow General Partner F o un d a t i o n C ap i t al Stuart Miller Ex e c u t i v e C ha i r m a n Le nn a r C o rp o ra t i o n Sarah Friar Adrienne Harris John Adam Kanas Adrian Jones CEO, Nextdoor Frmr. Special Asst. Pres. Obama Vice Chairman, Carlyle Global Managing Director, HSCM Ben Lawsky Emil Michael Prakash Ramamurthy Shannon Warren CEO, The Lawsky Group Frmr. CBO, Uber CPO, Freshworks Owner, SSW Consulting LLC Mark Ein C hai r m an & C E O C ap i t o l I n v e s t m e n t C o rp . C h ai r m an



Home Ownership Market T i t l e & E s c r o w r e p r e se n t s a T A M o f $ 2 3 B 1 NEAR - TERM OPPORTUNITIES Appraisal E scr o w C l o se Warranty Home Search $86B Market 2 Loan $66B Market 3 Home I n s u ra n ce $100B Market 4 $8B Market 5 Title $16B Market $7B Combined Market $3B Market 6 Servicing $32B Market 7 T O D A Y



B oo k N o w Hospitality O r d e r N o w B u y i t N o w Consumers Expect Instant Digital Experiences Entertainment R eta i l Dining F in a nce I n v e s t N ow S t r e am N o w



R e s i d e nt i a l R e a l Esta t e i s Just Now Joining this Revolution Get Pre - A pp r o v e d Ins t a n t ly Get I ns u r e d Ins t a n t ly Get an Offer Ins t a n t ly Close the T r a n s a ctio n Instantly



Manual County Database Manual Preliminary Order Investigation Underwriting Report Lender & Title Co Fee Balancing Closing Document Nego tiat i o n & Payo ff s Docu ment s Nota riza t ion TITLE IN 3 – 5 DAYS CLOSING IN 30 – 50 DAYS A Process from the 1890 S W e r e b u W i l E t A i R t E a R l E l P f L r A o C I m N G s c ra t c h



From 3 – 5 Days F r o m 3 0 – 5 0 D a y s Millions of Historical Transactions O v e r 1 00 Public Data Sources E x ce pti o n H a n dl i n g Centralized Operations Ops. Team F e e B a l a n c in g D o c u m e n t QC P O W E R E D B Y N L P Title M L - D ri v e n I n s tant Underwriting Algorithm P O W E R E D B Y M L W e r e - i n ve n t e d i t al l f r o m sc r a t ch TO 1 M i n u t e 1 7 D a ys TO Communications E s c r o w Close Digital Closing O n lin e N o t a riz a t ion Funds Transfer Intelligence P L A T F O R M



Our technology has shown it is capable of (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. 21 % 100% Wallet Share 1 Since January ‘21 1 5 % 2X Wallet Share Since October ‘20 H i g h e r Pul l - T h r ou gh R a t e 2 Faster C lo s i ngs 8X Wallet Share Since September ‘20 3X Wallet Share Since December '20 50% Fewer Touches 84% U nde r w r i tt e n Instantly T op 1 0 N on - B a nk O r igin a t or Top 3 Mortgage Originator Top 5 Mortgage Originator N a t i on a l M o r t g a ge B r ok e r



Product & T e c h n o l o gy






Doma Intelligence replaces large portions of the Title & Closing process with Data Science technology DO M A E S C R O W Steps Re m o v ed DO M A C L O S E 1 5+ 1 0+ Steps Re m o v ed DO M A T I T L E INSTANT Clear to Close O r d e r T i t l e Platform Components U n d e r wri t i n g Collaboration D o c u m en t s M o n e y Fl o w DO M A I N T E LL I G E N C E A u t o n o m ou s W ork f l o w



Data science & machine learning capabilities drive core areas of Doma Intelligence Platform Co m po n e n t s U n d e r w r i t i n g Collaboration Documents C o mi n g S oon Money Flow Decision science and ML algorithms instantly underwrite ~80% of refi orders using hundreds of title & property data points 1 Deep Neural Networks are trained on 1 00 K + t i t l e a n d e s c r o w emails to instantly comprehend customer requests Deep Neural Networks create specialized Optical Character Recognition algorithms to reconcile fees and certify the correctness of legal terms Sophisticated algorithms predict the likelihood of identity and wire fraud and then flag for extra scrutiny Data S c ie n c e Predictive Risk Model Suite Transformer – based Natural Language Processing Transformer – based Computer Vision Predictive Fraud Model Suite DO M A I N T E LL I G E N C E



Dom a Ti t l e d e l i ve r s s p e e d & machine learning - enabled decision - making Do m a Ti t le 3 – 5 D a y s < 1 D a y T r a d i t i o n a l T i t le • Long wait times for search package • Search Package often contains unnecessary information that can delay the search • Curative work is required, including adding exceptions to the commitment • Commitment generation and getting to clear - to - close takes longer Automated, intelligent decision making to know when instant makes sense and when a traditional search is required Instant commitment delivery Instant clear - to - close pending payoffs Curative - free with no exceptions



What Data Science Transformers did for Google's Search product ... 2 0 1 9 b ra z i l tr a v ele r t o U S ne e d a v i s a Before Google's search function only examined individual words without comprehending the relationship amo n g t h e m Af t e r Google's search function can comprehend the intrinsic meaning of words and the relationship between them Washington Post> 2019/03/21 U.S citizens can travel without the red tape of a visa … M a r 2 1 , 2 01 9 – S t a r t i n g o n J u n e 1 7 , y o u can go to Brazil without a visa and … Aus t r al i a, J apa n , C a n ada w ill n o l o n ge r n ee d a v i s a to … w a s h i n g t o n p o s t . c o m ; © 1996 - 2019 The Washington Post … US E mb ass y . g o v > br > V i sa s T o u r i s m & V i s i t o r | U . S . E m b a ss y & C o n s u la t e s i n B r a z il In general, tourists traveling to the United States require valid B - 2 visas. That is unless they are eligible to travel visa …



… w e ’ r e doi ng f o r T i t l e & Esc r o w T r a d i t i o n a l E s c r o w Human - powered, error - prone process with significant duplication D o ma I n t e llig e n ce Instant closing disclosure Automatically Recognizes each fee Automatically Categorizes and corrects Instantly Sends back to lender customer R e s u l t o f c re a t i n g a T r a n s f o r m e r m o d e l t ra in e d o n 1 00 k + loan p r o ce s s in g f ees i n i t s knowledge base



The closer those numbers to each other, the closer the meaning Allow gigantic training corpus (Wikipedia) to determine what numbers should be If machines only understand numbers… How can they "get" meaning? We must assign each word a set of scores Each set is called a “vector” 1 2 3 4 1 2 3 4 4 3 2 1 Recording (0,2,4) C l o s i n g (0,3,3) D i s bu r se m ent (0,4,2) M or tg ag e (2,0,4) P ay o f f (3,0,3) Deed (3,0,2) Notarization (1,1,1) Tr T a r n a s n f s o f r o m rm er e s rs use an extension of this concept to allow better interpretation of meaning D i m e n s i o n 3 Fees D o c u m en t s D i m e n s i o n 1 Events D i m e n s i o n 2






“Industry standard” operating models Both with drawbacks “ Si ng l e Sea t ” Unscalable model reliant on a sole professional to manage the life of a closing “ A ssem b l y L i ne ” Inflexible model dictating the same customer experience for every closing



An industry first - of - its - kind, centralized operations model We take a fundamentally different approach Do m a T echn o lo g y Removes significant portions of work entirely and intelligently routes any complex exceptions Inn o v a t i v e C us t o m e r D eli v e r y M o d els tailored to the needs of the customer and allows for associate specialization R ig o r o u s , M et r ics - B ase d Management e na b l es rea l - t i m e opt i m i z a t i on a nd continuous improvement N a ti v ely R es ilie n t to ensure business continuity and drive operating flexibility O P E R A T I O N S Better Customer Experiences Better Place to Work M o r e Ef f ic i e n t



Machine intelligence + operations Drastically reduces minutes per file across every activity in the process… Minutes Per File metric on Doma Intelligence 1 00% 4 6 % 22% J u n e 20 2 0 D e c 2 0 20 Q 4 2 0 2 3 E 78% D E C R E A S E E ff i c ie n c y w i t h q u a li t y a n d s c a la b ili t y As volume increases, customer experiences also continually improve through Doma Intelligence C o n s i s t e n t g a i n s a c r o ss p r o c e ss p o i n t s Validates broad applicability and value of Doma Intelligence across the entire transaction F e e d i n g t h e f l y w h eel Increasing volumes of data lead to improved machine intelligence - powered efficiency Represents processing time per order



G o - t o - M a r k e t Approach



(1) 2020 forecasts from American Land Title Association, Mortgage Bankers Association and internal estimates. Incumbents distribute their antiquated offering in an undifferentiated way $23 B Ma r k et $7B Refinance + $16B Purchase 1 L e g a c y I n c u m b e n t s with 80% market share T r aditio n a l G o - t o - M ar k e t Relationship - based Selling Do n u t - led M a r k et in g $ $ S t a t i c P ri c in g D i r e c t A g e n ts A M ass i v e A m ount of Sp e nd



C o m p e t it i v e Pricing V a l u e - b a s e d Selling Digital D ist ri b u t ion * P r oje c t e d 4 Q 23 g r o s s p r e miums & f ee s p e r or de r Our technology and products re - define the entire go - to - market approach... A F as t e r C l ose E N A B L E S A T ech - F i r s t App ro a ch E N A B L E S L e ss M anua l W o r k E N A B L E S vs. $1,800 f o r i nc u m b e n t s



L o c a l R e f ina nc e 2 En t e r p r i se R e f ina nc e L o c a l Pu r c h as e 1 En t e r p r i se Pu r c h as e and the opportunity to transition customers to higher - volume relationships ...with a solution for every market segment 1 1 . 4 K R e a l t o r s 8 . 5 K L o a n O ff ice rs + 8 m o r e top - t ie r len d ers + iB u y er s , H o m e B u ild er s , and Tech Enabled Brokerages



Addressing the various market segments with a D u a l Go - t o - M ar k e t App r oach ? ? ! $$$ Local Lead - based Enterprise Account - based Identify E xpa n d Engage Advocate Educate Nurture Qualify Transact



• W e lc om e K it • Personalized Resource Center • Gamification to drive adoption • Account - specific newsletter • Account Day for r e giona l e x pa n s ion • Technical evaluation of integration options • Customer Advisory Board participation • Case studies shared across regions & teams • Quo t e s f r o m in t e r na l champions Examples of activities across the customer journey. Value messaging is aligned to the audience at each stage. E N T E R P R I S E C H A N N E L : Account targeting & wallet share expansion • T houg h t - l e a d e r s h ip digi t a l e v e n t s e r i e s • 1 : 1 o r 1 : F e w cu s to m o u t r e a ch • "Always on" digital T ar g e t i ng 0 – 3 M on t h s 3 – 9 M o n ths 9 + M o n t h s



L O C A L C H A N N E L : Growth fueled by deepening , e x pand i ng , & i nn o v ati ng market approach Deepen sales capacity to capture share in e x i s t ing m a r k e t s 1 Expand into new geographic markets, specifically high - growth urban areas 2 3 Innovate go - to - market strategy in new and existing markets with next - gen c u s t o m e r a c q u i s ition & sa l e s m ot i on ⌃



E d u c a t e p r o s pe cts t h r o ugh d ig it a l i nte r a cti o ns -- > d r i v e t o m i c r o s i t e a n d / o r p o w e r r e ta r ge ti n g Di gi t a l O u t r e a c h Microsite interaction to secure c o n t a ct c o mmit men t & d et a ils fo r sales outreach Microsite: Education Simple d ig it a l o r d er f orm to secure intent and key order details; facilitates BDR follow - up Microsite: O r d e r I n t a k e ⌃ B D R (n e w f u n c t i o n ) r e c e i v e s automated notification of prospect and works deal directly with Escrow Officer support B D R T eam ⌃ ⌃ Digital Physical L O C A L C H A N N E L : Using proven playbook from tech sector to innovate customer acquisition



5 7 % G W P 2 > 99% G W P 2 , 3 Planned expansion will accelerate organic growth and unlock market share potential in key strategic geographies for all segments G r o wi n g ac r os s t h e map... E O Y 2023 EOY 2020 3 S tra te g i c a n d e n t e r p ri s e licensed and operational Lo c a l sa l e s offices 1



Financial Overview



O u r T e chnolog y Wi ll Drive Our Margin Advantage Segment EBITDA as % of Retained Premiums and Fees² Pre - Corporate Support EBITDA as % of Retained Premiums and Fees² ³ 23% Traditional T it l e I n s u r e rs Average 1 42% Q 4 2 0 23 E M a c h i n e int e llig e nc e d r i v e s reduction in direct costs Allows for significant in v e st m e nt t o d r i v e g r o w t h R e s ul t s i n in d u st r y - l e a d in g m a rgin pr o f ile



S u pe r io r T echn o lo g y D r i v es O p e r a t i ng L e v e r a ge Doma solutions reduce minutes spent per file, significantly decreasing direct labor expense, dr i v i n g ma r g i n e x p a n s io n Order V o l u m e s R eta i n e d P r e m i u m s a n d F ees D i r ec t F u l f ill m e n t E x p e n s e Economics of Our Business Adjusted G r os s Pr of i t 3 So u rces o f O r d er V o lu mes S tr at e g i c & E n t erpri s e A cc o u n t s Large, centralized lenders Loc a l Mar k e t s Loan officers and real estate agents I n d epe n d e n t A g e n c i es Underwrite with Doma



(1) Direct non - labor expenses, which include provision for claims, excludes a one - time reserve release benefit of $1.6M in March 2021 (2) Reflects expenses per order associated with mature clients. Actual direct labor expenses, including costs of new customers being onboarded, was $383 per order in March 2021. Note: Represents total direct business unit economics on direct orders, including premiums and fees earned through both of Doma’s segments, distribution and underwriting. The strategic and enterprise account channel includes primarily refinance orders. Local channel unit economics represents a blend of all orders within that channel, including purchase, refinance and a small number of commercial orders. For the avoidance of doubt, unit economics presented in the investor presentation filed on March 2, 2021 were based on the distribution segment only, with strategic and enterprise unit economics reflective of Doma’s largest national customer and local unit economics excluding commercial orders. Our unit economics will continue to improve dramatically Strategic & E n t erp ri s e Loc a l R eal t o r s / Lo a n O f f i c ers Mar 21 Mar 21 4Q2 3 E 4Q2 3 E Reta in e d Pr e miums & Fee s $691 $736 Reta in e d Pr e miums & Fee s $1,745 $2,102 Direct Non - Labor Expenses 1 $170 $174 Direct Non - Labor Expenses 1 $263 $293 Direct Labor Expenses 2 $217 $127 Direct Labor Expenses $550 $195 A d just e d G r o ss Pr o fit $303 $435 A d just e d G r o ss Pr o fit $932 $1,613 a s a % o f Re t a in e d Pr e miums & Fees 44% 59% a s a % o f Re t a in e d Pr e miums & Fees 53% 77%



A d j. C lo s e d O r d er s 1 , 2 Clear path for accelerated growth 136,880 88,616 58,875 212,199 33 0 , 4 7 3 2 0 19 2020 20 21 20 22 20 23 5 4 % C A G R (1) Direct order volume (2) Between January 2019 and December 2020, Doma 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 been adjusted for branch closures (3) Reflects direct business only. Based on November 2020 Mortgage Bankers Association closed order forecast. E s t i m at e d Mar k e t S h ar e 3 <1% <1% < 2 % < 3 % < 5 %



Performance Highlights Excludes Net Proceeds from Transaction $ 226 $3 19 $ 464 2 0 21 E 2 0 22E 2 0 23 E 4 3% C A G R $ 8 9 $ 17 1 $3 07 39.5% 5 3 . 5 % 6 6 . 2 % 2 0 21 E 2 0 22E 2 0 23 E $M $M ( 2 9 . 4 % ) ( 3 . 3 % ) 1 9 . 2 % 2 0 21 E 2 0 22E 2 0 23 E 35% 5 - Year Target R e t ai n e d P r e m i u m s a n d F ee s A djus t e d G r oss P r ofit As % of Retained Premiums and Fees A djus t e d EBI T D A As % of Retained Premiums and Fees I n v e s t m ent i n p l a t f or m a n d sales force is expected to accelerate growth but im p a c t 2 0 2 1 p r o f i t a bi li t y



Unaudited S u mma r y Fi nanc i a l an d O t h e r In f ormation ($ in millions) 2019A 2020A 2021E 2022E 2023E C lose d O rders 1 74,017 92,389 136,880 212,199 330,473 Av g R eta in e d Prem i um s & Fee s Pe r Or d e r 1 $1,921 $1,547 $1,360 $1,306 $1,272 GAA P R evenue $358.1 $409.8 $416.4 $514.6 $665.3 Prem i um s Retaine d b y Thir d Part y Agent s ($178.3) ($220.1) ($190.0) ($195.7) ($201.5) R etaine d Premium s an d F ees 1 $179.8 $189.7 $226.4 $318.9 $463.7 D i rec t Fulf i l l men t Expense 2 ($93.3) ($98.0) ($137.0) ($148.2) ($157.0) Adjuste d Gros s Profi t $86.5 $91.6 $89.5 $170.7 $306.8 A s % o f R e tain e d Prem i um s an d Fee s ( % ) 48.1% 48.3% 39.5% 53.5% 66.2% Cust o me r Acqu i s i tio n C o s t ($35.2) ($34.5) ($48.0) ($69.3) ($99.0) Othe r Expen s e 3 ($65.2) ($76.1) ($108.0) ($111.9) ($118.6) Adjuste d EBI T DA ($13.9) ($19.0) ($66.6) ($10.4) $89.1 A s % o f R e tain e d Prem i um s an d Fee s ( % ) (7.7%) (10.0%) (29.4%) (3.3%) 19.2% (1) Closed orders and average retained premiums and fees per order represent direct orders. 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 adjusted to exclude closed local branches totaled 58,875 in 2019, and 88,616 in 2020. Retained Premiums and Fees at closed branches totaled $27.7 million in 2019, and $7.2 million in 2020. Financial results have not been adjusted for branch closures. (2) Includes direct labor expense and direct non - labor expense inclusive of provision for claims. (3) Includes corporate support and other operating expense.



Multiple Vectors for Growth



Substantial Untapped Growth Potential I n o r g a n ic acq u i s itio n o pp o r t u n ities Acquisition of independent title agencies to meaningfully expand market share I n v e st m e nt i n e x i st i ng c h ann el s Invest in salesforce expansion, geographic expansion and marketing to drive continued organic growth H o r i z o n ta l p r o d u ct e x pa ns io n Broaden Doma’s products through acquisition of natural adjacent businesses



F u e l M o r e O r g a n i c G r o w t h i n 2 0 22 & B e y o n d w i th i n c r e a s e i n s al e s a n d m ar k e ti n g i n v e s tm e n t A c qu i r e T i t l e A g e n c i es and integrate them into the Doma Platform Accelerating Growth of Our Core Title Business Organic and Inorganic Strategies 50+ Target Companies w / $ 50 M – $ 1 00 M i n r e t a i n e d premiums and fees $ 9 4M $ 4 00M 2022 Plan With $25M Added Investment X Y Z T i t le A D OM A COM P A N Y X Y Z T i t le Co . E S T . 1 9 5 6 $50M Retained Premiums and Fees $50M+ Retained Premiums and Fees 10% EBITDA Margin 35% LT EBITDA Margin as a % of Retained Premiums and Fees +$81M Retained Premiums and Fees $319M Retained Pr e m i u m s a n d Fe e s $ 69M Acqui s i ti on Cost



An Instant Closing Experience Accelerating Delivery of Our Vision An “afterthought” with a pai nf u l u s e r e x p er i e n c e $ 3 B Ma r k e t 2 H om e W a r r a nt y $ 8 B Ma r k e t 1 Appraisal Wi t h Doma : Seamless Today: Broken Appraisal process is separate from Title and can derail the closing + $ 400 i n F ees p e r D ir ec t O r d er + $9 00 i n F ees p e r D ir ec t O r d er L o w e r R i s k G r ea t e r C e r t a i n ty A si n g le i ns t a n t e x p e r i e n c e f o r both lenders and homeowners F re e D i s t r i b ut i o n C o m p e t i t i v e Adv a n t a g e A convenient “add - on” with a m od e r n c ust o m e r e x pe r i e n c e



Existing self - funded plan assumes moderate capture with significant opportunity with SPAC proceeds Doma’s Revenue Market Share of the Title and Escrow Market 1 Illustrative Growth Levers from Transaction Proceeds Cl ea r pa t h t o $ 1 . 5 B + o f R e t ai n ed P r e m i u m & F ee s w i t h S P A C p ro c e e d s Illustrative Doma Retained Premiums & Fees ($M) 5.5x 4.2x 3.0x 1 . 0 x R e t a i n e d P r em . & F e e s / C A C 0. 8 % 2 .4 % 7. 1 % 2 0 20 2 0 23 E S elf - F un d ed Plan 2 0 25 E Op p o r t u n i t y ~ 1 ,5 00 SPAC Upside Appraisal / H o m e W a rr a n t y



O u r v isi o n i s t o r e v o l u ti on i z e the homeownership experience From our reimagination of the title, escrow, and closing experience O u r p a t h t o mar k e t d o m i n an ce B e c o m e a c at e g o r y lea d er i n $ 2 3B t i t l e a n d e s c r o w m a r k e t De li v e r i n s t a n t v a l u a t io n i n $ 8B a pp r a i s a l m a r k et D el i v e r (a c t u al ) v al u e in $3B home warranty market



Ap p en dix



Reconciliation of (Unaudited) non - GAAP Metrics Historical Projected ( $ i n millions ) 2019A 2020A 2021E 2022E 2023E R evenu e (GAAP ) $358.1 $409.8 $416.4 $514.6 $665.3 Less : Prem i um s Retaine d b y Thir d Part y Agent s ($178.3) ($220.1) ($190.0) ($195.7) ($201.5) R etaine d Premium s an d Fee s 1 $179.8 $189.7 $226.4 $318.9 $463.7 Less : D i rec t Fulf i l l men t Expen s e 2 ($93.3) ($98.0) ($137.0) ($148.2) ($157.0) Less : Depr e ciatio n & Am o rt i zation ($1.9) ($5.8) ($12.2) ($14.5) ($14.5) Gros s Profi t (GAAP ) $84.6 $85.8 $77.3 $156.2 $292.2 P l us : Depr e c i at i o n & Am o rt i zation $1.9 $5.8 $12.2 $14.5 $14.5 Adjuste d Gros s Profi t $86.5 $91.6 $89.5 $170.7 $306.8 Ne t Incom e / (Loss ) (GAAP ) ($27.1) ($35.1) ($103.1) ($51.9) $45.5 P l us : Incom e Taxes 3 $0.4 $0.8 $0.5 $0.5 $0.5 P l us : Depr e c i at i o n & Am o rt i zation $1.9 $5.8 $12.2 $14.5 $14.5 P l us : Interes t Ex p ens e $9.3 $5.6 $18.2 $21.0 $23.0 EBITDA ($15.6) ($22.9) ($72.2) ($15.8) $83.5 P l us : S t o ck - B ase d C ompe n sat i on $0.9 $2.5 $5.6 $5.4 $5.6 P l us : Transact io n Re l ate d C o st s $0.8 -- -- -- -- P l us : One - T i m e S ever anc e C o st s 4 -- $1.4 -- -- -- Adjuste d EBI T DA 1 ($13.9) ($19.0) ($66.6) ($10.4) $89.1