2022 Annual Letter

A Unique Opportunity

BRP operates a meaningfully differentiated business, in one of the best industries on the planet, in what we think is the best country in the world to do business. The opportunity this presents us is immense, and why we are only at the beginning of the BRP story.

A highly differentiated business

Nothing validates the differentiation of our business model and strategy more than the consistency of our Organic Revenue Growth results. Over a 12-year period dating to our inception in 2011, in what is thought of as a "GDP+ rate" industry, BRP has generated double- digit Organic Revenue Growth every year, including 2022, when we eclipsed $1bn in Pro Forma Revenue and generated 23% Organic Revenue Growth. That track record spans good times and bad, including numerous macro-economic headwinds over our short life as a public company.

Financially, we have enabled these results by investing heavily in the business and our colleagues. Watching so many of my colleagues at BRP grow into leaders along the way has been one of the most gratifying aspects of our growth journey. I am particularly excited for the opportunity and momentum that continues to build for our colleagues; for those with goals and aspirations of career growth and upward mobility, there is no better place in the industry to build a lasting, meaningful, and rewarding career. This is supported by my view that many of our most attractive investment opportunities are still within the business, where investments should drive operating leverage, Revenue Growth, and Cash Flow years into the future.

Strategically, we have focused on building a balanced business capable of thriving across the economic and insurance rate cycle. You will see this throughout our firm at all levels of the macro/micro spectrum - the symbiotic differentiation across our three segments, broad geographic diversification, an out-indexed exposure to the most resilient and high-growth industry sectors, and a growing balance in the mix and risk profile of our MGA products.

As a result, I firmly believe the business is positioned to grow consistently, generate differentiated returns, and be a destination for top talent for years to come.

Insurance: an industry with a remarkable combination of attractive investment attributes and an important purpose beyond profits

Insurance is an essential component of a high- functioning economy and society. It provides a vital backstop for businesses and individuals. Insurance enables innovation and growth and allows individuals and families to pursue their passions. As the world continues to get more complex, the need for a trusted insurance advisor is becoming even more valuable. My colleagues and I at BRP take this role seriously and are committed to delivering the platform, capabilities, and expertise for individuals and businesses to best navigate this complexity.

The insurance distribution sector has structural elements that often afford durable growth and highly recurring cash flow streams. In the majority of cases, the products we distribute are mandatory due to regulatory or contractual requirements and must be renewed each year. This dynamic affords us the opportunity to grow in most economic environments.

In addition to these structural elements, a number of strategic organizational attributes place BRP in an advantaged position to thrive, attract new clients and talent, and capture market share. Our adoption and advancement of technology is a competitive advantage enabling us to elevate the role of insurance professionals while best positioning ourselves to strengthen our position as the destination employer in our industry. The breadth and depth of our business expertise and offerings provide a variety of solutions to a wide range of commercial and personal clients who are navigating economic turbulence alongside a rapidly evolving and complex risk landscape.

Growth and opportunity in the most attractive global marketplace

While news headlines and political polarization can make it easy to lose perspective, the U.S. remains the best country in which to live and do business by a wide margin, and we are grateful for the opportunity that it provides us.

We all benefit from a robust marketplace and economy predicated on democratic principles of a constitutional republic that promotes freedom, security, commerce, and accountability. Our capitalist economic system fosters entrepreneurialism and innovation that is

unmatched anywhere else. Put simply, it is the greatest system for wealth creation in the world, and we feel privileged to be building our firm in so many markets across the country.

Capital Deployment & Value Creation

We take our capital allocation role seriously. During our time as a public company, we have found many internal and external opportunities to deploy capital at strong rates of return.

Externally, we have established a track record as the home for our industry's highest quality and fastest- growing independent firms. Since our IPO, we have Partnered with 35 firms, eight of which were among the Top 100 firms in the country at the time they decided to join us. We have deployed capital into Partnerships with fast-growing firms at ~3-5x revenue, generating what we believe will be tremendous returns for years to come. Relative to internal organic investments, Partnerships have provided immediate benefits via new capabilities, expertise, incremental Organic Revenue Growth, and Cash Flow. Prior to our IPO and during most of our time as a public company, we viewed Partnerships as somewhat existential to thrive in an increasingly competitive environment where scale matters. However, we have now reached "escape velocity" and can effectively compete against the most mature companies in our industry nationally while continuing to grow at double-digit rates from investments funded with internally generated Free Cash Flow.

From an organic standpoint, we have invested heavily in people and technology, contributing to our superior Organic Revenue Growth results to date. We believe these rates can continue well into the future. Internal investments tend to be meaningfully less capital intensive than Partnerships (~0-3x revenue), with shorter payback periods, and may offer substantially higher returns on invested capital when successful.

In the current environment, we plan to overwhelmingly direct our capital at internal Organic Revenue Growth opportunities, given our expectation that returns will be highest there, while continuing to evaluate M&A opportunities that bring unique capabilities, expertise, and geography that might otherwise be difficult to replicate solely through internal investment. Competition in the M&A environment has continued largely unabated, and while interest rates have increased, demand has not yet meaningfully

diminished, resulting in still-buoyant private market valuations that we believe will generate lower returns for equity holders. With such attractive opportunities to invest inside BRP, only a few external prospective Partner firms can chin the bar at today's prices and costs of capital.

Moreover, we believe the best recipe for value creation over the next ten years will look meaningfully different from what many industry participants have relied on in the last decade. Generating returns via multiple arbitrage was straightforward when high leverage was largely available, and borrowing was cheap. Going forward, building lasting franchise value will depend on integration, Organic Revenue Growth, and prudent capital structures that enable continued investment in growth infrastructure. We feel incredibly well- positioned to thrive in this new environment.

Insurance Capacity

We currently find ourselves in the most challenging insurance capacity environment in recent memory, driven by a sustained and heightened period of natural catastrophe loss activity and social and economic inflation. Poor underwriting profitability has led to some insurance company failures in the state of Florida and a more difficult reinsurance capacity environment for most participants. The importance of insurance distributors' (both agencies and MGAs) ability to deliver profitable underwriting results over time for their (re)insurance trading partners is returning to the forefront and will prove an essential ingredient to those intermediaries who are able to deliver stable and welcome capacity to their clients. We have often shared our perspective that at BRP, our ability to deliver superior underwriting results over time will provide BRP with a differentiated competitive advantage. Events such as Hurricane Ian and the challenging (re)insurance market continue to remind us of this dynamic. We look forward to leveraging our track- record of responsible trading with risk capital partners to deliver much needed capacity to our clients during this difficult market, enabling us to solve problems for clients, bring unique solutions, and ultimately take meaningful share from our competitors.

Additionally, higher interest rates, less liquidity, and increased loss costs have left capacity providers eager for partners who are capable of delivering consistently profitable business and programs. We feel very well positioned to benefit from this dynamic and how that