Press release

Root, Inc. Announces Launch of Initial Public Offering

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Root, Inc., the parent company of Root Insurance Company, today announced the launch of its initial public offering of 24,164,515 shares of its Class A common stock. The offering consists of 22,000,000 shares of Class A common stock offered by Root and 2,164,515 shares of Class A common stock to be sold by an existing stockholder. Root will not receive any proceeds from the sale of the shares by the selling stockholder.

The underwriters will have a 30-day option to purchase an additional 3,624,677 shares of Class A common stock from Root at the initial public offering price, less underwriting discounts and commissions. The initial public offering price is currently expected to be between $22.00 and $25.00 per share. Root intends to list its Class A common stock on the Nasdaq Stock Market under the ticker symbol ROOT.

Goldman Sachs & Co. LLC, Morgan Stanley, Barclays, and Wells Fargo Securities will act as lead bookrunners for the proposed offering. Deutsche Bank Securities, Truist Securities, Citigroup, Credit Suisse, Evercore ISI, and UBS Investment Bank will act as additional book runners, and Cantor Fitzgerald & Co., JMP Securities, Siebert Williams Shank and Huntington Capital Markets will act as co-managers of the proposed offering.

In addition to the shares of Class A common stock to be sold in the initial public offering, Root announced that funds affiliated with Dragoneer Investment Group, LLC and Silver Lake have each agreed to purchase $250.0 million of shares of Root’s Class A common stock, for an aggregate of up to $500.0 million, in private placements, in each case at a price per share equal to the initial public offering price. The sale of Class A common stock in the private placements will be contingent upon, and would close immediately subsequent to, the closing of the initial public offering.

The proposed offering will be made only by means of a prospectus. Copies of the preliminary prospectus, when available, may be obtained from: Goldman Sachs & Co. LLC, Attention: Prospectus Department, 200 West Street, New York, New York 10282, telephone: 1-866-471-2526, facsimile: 212-902-9316 or by emailing prospectus-ny@ny.email.gs.com; Morgan Stanley & Co. LLC, Attention: Prospectus Department, 180 Varick Street, 2nd Floor, New York, NY 10014; Barclays Capital Inc., c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717 or by emailing barclaysprospectus@broadridge.com or telephone at 1-888-603-5847; or Wells Fargo Securities, LLC, Attention: Equity Syndicate Department, 500 West 33rd Street, New York, New York, 10001, telephone: (800) 326-5897 or by emailing cmclientsupport@wellsfargo.com.

A registration statement relating to these securities has been filed with the U.S. Securities and Exchange Commission but has not yet become effective. These securities may not be sold, nor may offers to buy be accepted, prior to the time the registration statement becomes effective. This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

About Root, Inc.

Root, Inc. is the parent company of Root Insurance Company. We are a technology company revolutionizing personal insurance with a pricing model based upon fairness and a modern customer experience. Our modern, mobile-first customer experience is designed to make insurance simple.