Aldel Financial : Capital Markets Showcase

Capital Markets Showcase

November 17, 2021

Disclaimer - Safe Harbor Statement

This presentation ("Presentation") is provided for informational purposes only and has been prepared in connection with the transactions (the "Business Combination") contemplated by that certain Business Combination Agreement, dated as of August 17, 2021 (the "Business Combination Agreement"), by and among Aldel Financial, Inc. ("Aldel"), Aldel Merger Sub LLC, a Delaware limited liability company and wholly owned subsidiary of Aldel, and The Hagerty Group, LLC, a Delaware limited liability company ("Hagerty"). . The contents of this presentation should not be considered to be legal, tax, investment or other advice. The information in this Presentation was obtained from Aldel, Hagerty and other sources and does not purport to be exhaustive or to necessarily contain all of the information relevant to Aldel, the Company or the Business Combination. All information presented in this Presentation with respect to the existing business and historical operating results of Hagerty and estimates and projections as to future operations are based on material prepared by the management of Hagerty and involve significant elements of subjective judgment and analysis which may or may not be correct. There can be no assurances that management's judgment and analysis is correct. Past performance is not an indication or guarantee of future results. Further, industry and market data used in this presentation have been obtained from sources including third-party industry publications and sources as well as from research reports prepared for other purposes. The Company has not independently verified the data obtained from these sources and cannot assure you of the data's accuracy or completeness. 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 the Company or the Business Combination. Viewers of this presentation should each make their own evaluation of the Company and of the relevance and adequacy of the information and should make such other investigations as they deem necessary

Forward-Looking Statements

Certain statements included in this Presentation are not historical facts but are forward looking statements. Forward looking statements generally are accompanied by words such as "believe," "may," "will," "estimate," "continue," "anticipate," "intend,"" expect," "should," "would," "plan," "predict," "potential," "seem," "seek," "future," "outlook," and similar expressions that predict or indicate future events or trends or that are not statements of historical matters, but the absence of these words does not mean that a statement is not forward looking. These statements are based on various assumptions, whether or not identified in this Presentation, and on the current expectations of Hagerty'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 person 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 and will differ from assumptions. These forward looking statements are subject to a number of risks and uncertainties, including risks related to competition in Hagerty's industry, the concentration of Hagerty's distribution relationships, potential fraudulent activities, Hagerty's ability to attract and retain talent to support its growth, the regulatory environment in which Hagerty operates, potential cyberattacks and data breaches, the ability of the Company and Aldel to consummate the Business Combination on the expected timing or at all, and the other risks and uncertainties identified in Aldel's definitive Proxy Statement on From 14A, dated as of November 10, 2021, under the heading "Risk Factors." If any of these risks materialize or our assumptions prove incorrect, actual results could differ materially from the results implied by these forward looking statements.

Financial Projections

This Presentation contains projected financial information with respect to the Company, namely revenue, adjusted gross profit, loss ratio, retention, and insurance revenue. Such projected financial information constitutes forward looking information, and is for illustrative purposes only and should not be relied upon as necessarily being indicative of future results. The projections, estimates and targets in this Presentation are forward looking statements that are based on assumptions that are inherently subject to significant uncertainties and contingencies, many of which are beyond the Company's control. The assumptions and estimates underlying the projected, expected or target results are inherently uncertain and are subject to a wide variety of significant business, economic, regulatory, competitive and other risks and uncertainties that could cause actual results to differ materially from those contained in such projections, estimates and targets. Neither the independent auditors of Aldel nor the Company have 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. Further, the financial information and data contained in this presentation is unaudited and may not conform to Regulation S-X. Accordingly, such information and data may not be included in, may be adjusted in or may be presented differently in, any proxy statement/prospectus or registration statement to be filed by Aldel with the SEC, and such differences may be material.

The information in this Presentation is provided as of the date of its preparation, and there is no obligation for the Company or Aldel to update or otherwise revise this Presentation, and this Presentation shall not be construed to indicate that there has not been any change in the financial condition, business operations or other affairs of the Company since the date of its preparation.

Non-GAAP Financial Measures

Some of the financial information and data contained in this Presentation have not been prepared in accordance with United States generally accepted accounting principles ("GAAP"). These non-GAAP measures, and other measures that are calculated using such non-GAAP measures, are in addition to, and not a substitute for or superior to, measures of financial performance prepared in accordance with GAAP and should not be considered as an alternative to revenue, operating income, profit before tax, net income or any other performance measures derived in accordance with GAAP. The Company believes these non-GAAP measures of financial results, including on a forward-looking basis, provide useful information to management and investors regarding certain financial and business trends relating to the Company's financial condition and results of operations. The Company's management believes that the use of these non-GAAP financial measures provides an additional tool for prospective investors to use in evaluating projected operating results and trends in and in comparing Hagerty's financial measures with other similar companies, many of which present similar non-GAAP financial measures to investors. Management of the Company does not consider these non-GAAP measures in isolation or as an alternative to financial measures determined in accordance with GAAP.

However, there are a number of limitations related to the use of these non-GAAP measures and their nearest GAAP equivalents. For example, other companies may calculate non-GAAP measures differently, or may use other measures to calculate their financial performance, and therefore Hagerty's non-GAAP measures may not be directly comparable to similarly titled measures of other companies. See the footnotes on the slides where these measures are discussed for definitions of these non-GAAP financial measures and the reconciliations of these non-GAAP financial measures to the most directly comparable GAAP measures.

Important Information and Where To Find It

In connection with the proposed Business Combination, Aldel has filed with the SEC and has mailed the definitive proxy statement and a proxy card to each stockholder entitled to vote at the Special Meeting relating to the transaction. INVESTORS AND STOCKHOLDERS OF ALDEL ARE URGED TO READ THESE MATERIALS (INCLUDING ANY AMENDMENTS OR SUPPLEMENTS THERETO) AND ANY OTHER RELEVANT DOCUMENTS IN CONNECTION WITH THE TRANSACTION THAT ALDEL WILL FILE WITH THE SEC WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT ALDEL, HAGERTY AND THE BUSINESS COMBINATION. The definitive proxy statement and other relevant materials in connection with the transaction (when they become available), and any other documents filed by Aldel with the SEC, may be obtained free of charge at the SEC's website (www.sec.gov) or by directing a request to: Aldel Financial Inc., 105 S. Maple Street, Itasca, Illinois 60143.

Participants in the Solicitation

Aldel and its directors and executive officers may be deemed participants in the solicitation of proxies from Aldel's stockholders with respect to the Business Combination. A list of the names of those directors and executive officers and a description of their interests in Aldel is included in the proxy statement for the proposed Business Combination and is available at www.sec.gov. Additional information regarding the interests of such participants is contained in the proxy statement for the proposed Business Combination. Information about Aldel's directors and executive officers and their ownership of Aldel common stock is set forth in Aldel's prospectus, dated April 12, 2021, as modified or supplemented by any Form 3 or Form 4 filed with the SEC since the date of such filing. Other information regarding the interests of the participants in the proxy solicitation is included in the proxy statement pertaining to the proposed Business Combination. These documents can be obtained free of charge from the sources indicated above.

Hagerty and its directors and executive officers may also be deemed to be participants in the solicitation of proxies from the stockholders of Aldel 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 is included in the proxy statement for the proposed Business Combination.

No Solicitation

This communication does not constitute the solicitation of a proxy, consent or authorization with respect to the Business Combination. This communication shall not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any states or jurisdictions in which such offer, solicitation, or sale 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, or an exemption therefrom.

2

Presenting Today

McKeel Hagerty

Founder & Chief Executive Officer

Favorite car:

1967 Porsche 911S - owned since 1980

Fred Turcotte

Chief Financial Officer

Favorite car:

2021 Chevrolet Corvette C8 - owned since 2021

3

Agenda

Company Overview and Purpose	McKeel
Hagerty Membership Ecosystem
Hagerty's Unique Business Model

Deal Update	Fred
Financial Performance Highlights
Capital Allocation

Future Growth Priorities

McKeel

Q+A McKeel, Fred &

Rob Kauffman

4

Hagerty is guided by our purpose & mission

Our Purpose

Save driving and car culture for future generations.

Our Mission

Build a global business to fund our purpose, create a space where team members thrive; and drive positive impact in the world.

5