Conifer : CNFR 2Q23 Webcast Presentation

Q2 2023 INVESTOR CONFERENCE CALL

August 10, 2023

Nasdaq: CNFR

Fulfilling the Unique

Specialty Insurance Markets

a Long-Term Partner

SAFE HARBOR STATEMENT

This presentation contains "forward-looking" statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, that are based on our management's beliefs and assumptions and on information currently available to management. These forward- looking statements include, without limitation, statements regarding our industry, business strategy, plans, goals and expectations concerning our market position, product expansion, future operations, margins, profitability, future efficiencies, and other financial and operating information. When used in this discussion, the words "may," "believes," "intends," "seeks," "anticipates," "plans," "estimates," "expects," "should," "assumes," "continues," "potential," "could," "will," "future" and the negative of these or similar terms and phrases are intended to identify forward-looking statements.

Forward-looking statements involve known and unknown risks, uncertainties, inherent risks and other factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Forward-looking statements represent our management's beliefs and assumptions only as of the date of this presentation. Our actual future results may be materially different from what we expect due to factors largely outside our control, including the occurrence of severe weather conditions and other catastrophes, the cyclical nature of the insurance industry, future actions by regulators, our ability to obtain reinsurance coverage at reasonable rates and the effects of competition. These and other risks and uncertainties associated with our business are described under the heading "Risk Factors" in our most recently filed Annual Report on Form 10-K and our earnings press release for the quarter ended March 31, 2023, which should be read in conjunction with this presentation. The company and subsidiaries operate in a dynamic business environment, and therefore the risks identified are not meant to be exhaustive. Risk factors change and new risks emerge frequently. Except as required by law, we assume no obligation to update these forward-looking statements publicly, or to update the reasons actual results could differ materially from those anticipated in the forward-looking statements, even if new information becomes available in the future.

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CONIFER'S INFRASTRUCTURE

Conifer Holdings, Inc. provides niche market insurance programs through Conifer Insurance Company and White Pine Insurance Company on both an admitted and E&S basis.

Conifer Insurance Company

PROGRAM PORTFOLIO

• Founded in 2009

•	Licensed & Admitted in 4 States (MI, IL, IN, SD)	Hospitality
•	E&S in 49 States (Exc. NY)
		Liquor Liability
White Pine Insurance Company	Security Guards, Alarm Contractors &
Private Investigators

• Founded in 2010

• Licensed & Admitted in 44 States & DC	Workers' Compensation

Cannabis

Specialty Homeowners

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Q2 2023 HIGHLIGHTS

TOP LINE GROWTH IN	EXPENSE RATIO CONTINUES	BOOK VALUE OF
KEY VERTICALS	TO IMPROVE	$1.38 PER SHARE
GWP Q2 2023: $44.7M	Q2 2023 Expense Ratio: 37.9%	Excludes $22.7M of DTAs
+19.4% over Q2 2022	110 bps improvement	($1.86 per share)
Focus is on expanding
compared to Q2 2022	Total adjusted book value of
profitable core premium within	Approaching near-term target	$3.24 as of quarter ended
select key verticals	June 30, 2023
	expense ratio of 35%

STRATEGIC INITIATIVES CONTINUE TO DRIVE GROWTH

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INVESTMENT THESIS

1	Focused Expertise in Niche
	Specialty Insurance Markets

2	Operating Strategy

3	Attractive Entry Point Valuation
Based on Operating Trajectory

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