AUB GROUP LIMITED — AGM Information 2020

Nov 9, 2020

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10 November 2020

The Manager Market Announcements Office Australian Securities Exchange Ltd Level 6, Exchange Centre 20 Bridge Street Sydney NSW 2000

FOR RELEASE TO THE MARKET

Annual General Meeting Presentation

Please find attached for immediate release in relation to AUB Group Limited ( ASX: AUB) the following document:

• Annual General Meeting Presentation.

ENDS

This release has been authorised by the AUB Board.

For further information, contact David Franks, Joint Company Secretary, on +61 2 8098 1169 or davidf@aubgroup.com.au

About AUB Group

AUB Group Limited is Australasia’s largest equity-based insurance broker network driving approximately A$3.4 billion GWP across its network of 94 businesses, servicing 700,000 clients and over one million policies across more than 450 locations.

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AUB Group Limited Annual General Meeting

10 November 2020

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1

AUB GROUP FY20 AGM

3 Chair’s Address 6 CEO’s Address 16 Appendices

Agenda

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2

AUB Group FY20 | Proxy Advisor Update

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Chair’s Address

David Clarke Chairman

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FY20 OVERVIEW – KEY MESSAGES

Pleasing result and momentum positioning AUB Group for sustained growth

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1 2 3 4 A strong FY20 Executed Resilient Strong progress result, strongest acquisition of a business against FY20 UNPAT growth 40% stake in performance inExecution since FY13 BizCover light of COVID-19 Priorities Underlying NPAT of Since acquisition, Increasing premium Launch of ExpressCover $53.4mn, up 15.2% from performance in-line with retention and income and enhanced insurer FY19, exceeding reinstated expectations and added yields vs prior year, arrangements, improving guidance $1.8mn to FY20 Underlying underpinned by a the Group’s long-term NPAT (pre corporate diversified client portfolio earnings potential funding costs and excl JobKeeper)

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During this time of uncertainty, AUB Group continues to prioritise customer well-being and employee security

4

CORPORATE SOCIAL RESPONSIBILITY

In FY20, the Group has increased its focus on our ESG reporting including key metrics on our emissions and our efforts to promote diversity in the workforce

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Our Statement of Values

Aspirational Partnership & Relationship Driven We are progressive, explore opportunities for growth and We are respectful, collaborative and seek to amplify continually raise the bar potential

Genuine

We are easy to deal with, honest and fair

Resourceful We are creative and agile in our delivery of the best outcome

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▪ Monitor and reduce water and energy consumption
▪ Minimise waste, and encourage the reuse and recycling of waste
items
Environment ▪ Promote sustainable transport to employees, clients and suppliers
▪ Support sustainable procurement and other sustainable work
practices
▪ Strive to create an inclusive workplace where individuals can
reach their full potential
▪
Diversity & Support recruitment, retention and development of the most
Inclusion diverse talent
▪ FY20 included a review and update of our recruitment, selection
and succession processes.
▪ Delivering on our Environmental and Social Governance Policy is
integral to safeguarding a stronger future for our clients, partners,
Corporate employees and shareholders.
Governance ▪ Our Corporate Governance Statement is founded on the ASX
Corporate Governance Council’s Principles and
Recommendations and periodically reviewed
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Workforce AUB Board Members Emissions Factors
Scope 2 Emissions tCO2-
0.06
e/sqm
33%
41%
59%
67% Scope 1 & 2 Emissions tCO2-
1.22
e/employee
Promotions Resignations Emissions (Composition)
12%
34%
17%
45%
55%
66%
71%
Scope 1 - Diesel (Transport)
Scope 1 - Petrol (Transport)
Scope 2 - Electricity from National Grid
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• Scope 1 emissions are direct emissions relating to our business operations. In AUB Group’s case this covers emissions from car fleets, and

• Scope 2 emissions are indirect emissions relating to our business operations, such as the emissions generated by power we purchase from the electricity grid.

• Scope 1 and 2 emissions are prepared according to the National Greenhouse and Energy Reporting Act 2007 (‘NGER Act’). Following the NGER Act’s guidelines, we report on emissions where the AUB Group has operational control over the facility, thus excludes Scope 3 emissions. Emissions reported includes both Australia and New Zealand.

5

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CEO’s Address

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Mike Emmett CEO and Managing Director

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FY20 FINANCIAL PERFORMANCE: OVERVIEW Performed above guidance and delivered an Underlying NPAT of $53.42mn, an increase of 15.2% from FY19 – our best year-on-year growth since FY13

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FY19 to FY20 Underlying NPAT[1] Breakdown ($mns)

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15.2%
1.5 0.8 1.3 1.8 53.4
1.0
(1.7%) 2.8%
3.6 (2.2%) 3.2% (3.9%)
▪ Procare: $0.7mn
7.8% ▪ BizCover: $0.3mn
▪ Other Austbrokers: $0.3mn ▪ Redundancies: - $0.9mn
4.1 ▪ Increased Lapse
46.4 BizCover, acquired in Provision: - $0.9mn
February, contributing
8.8% $1.8mn (excl JobKeeper)
Includes:
▪ Reduced Interest Rates: -$1.1mn
▪ AASB16 Leases: - $1.1mn
▪ Increased STI: - $1.9mn
FY19 Organic Growth [2] Acquisition Growth [3] Financing costs Profit Improvement Technology JobKeeper [7] FY20 One-offs [8] FY20
of Acquisitions [4] program benefits [5] Investment [6]
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1. Underlying NPAT is used by management and the board to assess operational performance and excludes non-operational items, such as profits and losses on sale of equity interests, fair value adjustments to carrying values on ownership changes, changes to estimates or payments of deferred contingent consideration amounts, impairment adjustments and amortisation of intangible assets.

2. Organic growth excludes FY20 acquisitions growth, financing costs of acquisitions, profit improvement program benefits, technology investment, JobKeeper and FY20 one-offs..

3. Acquisition growth includes the net effect of acquisitions, divestments, bolt-ons and increased equity stakes in FY20 vs FY19.

4. Represents the interest paid on borrowings to fund acquisitions and interest received on proceeds from divestments.

5. Profit Improvement program benefits reflect staff leavers in FY20 vs FY19.

6. Technology Investment includes Austbrokers Express Cover and NZ Javln spend.

7. JobKeeper receipts were excluded from the calculation of Staff and Executive Bonuses.

8. FY20 One-offs include an increased lapse provision and redundancies FY20 vs FY19.

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FY20 FINANCIAL PERFORMANCE: DIVISIONAL Strong results in Australian Broking and New Zealand, a significant turnaround in Health and Rehabilitation and reduced revenue in Australian Agencies

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Vs. FY19 comparative period	AUSTRALIAN BROKING2	NEW ZEALAND3	AUSTRALIAN AGENCIES	HEALTH AND REHABILITATION2	OPERATING BUSINESSES4
Underlying1,3 Revenue	$409.1mn	$58.5mn 15.6 %	$59.3mn	$51.4mn 0.5 %	$578.4mn
	8.1 %		(3.4 %)		6.8 %
Underlying1,3 EBIT Margin	29.2 %	32.6 % (100bps)	32.0 % (180bps)	14.2 % 970bps	28.5 %
	130bps				160bps
PBT attributable to equity holders of parent company_1,3_	$62.1mn	$12.1mn	$13.6mn	$4.2mn	$92.0mn
	14.6 %	31.9 %	(12.2 %)	330.3 %	15.2 %

1. Underlying Results: In order to give a more comprehensive view of performance, figures include results from ‘associates’ (not consolidated in the financial statements) at an aggregate 100% of all business revenues, expenses and profits with those of the consolidated businesses before deducting outside shareholder interests.

2. The Risk Services division has been restructured with Procare moving to Australian Broking and the remaining businesses servicing the Health & Rehabilitation market. Comparative information has been restated to conform with the presentation in the current period. The cost of AUB Corporate staff overseeing Australian Broking and Health & Rehabilitation was previously captured in Corporate Expenses. These costs have been reclassified to the respective divisions. Refer to Appendix - A5.0.

3. Includes benefits of acquisitions announced in FY19 and FY20, mainly 40% of BizCover effective 1 February 2020 and 50% of BWRS (NZ) effective 1 January 2019.

4. Excludes AUB Group Corporate Revenue & Expenses.

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FY20 CORPORATE CASHFLOW Generated an operating cash flow of $50.6m, as strong dividend receipts resulted in an improved cash position in comparison to prior year

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AUB Corporate Entity Cash Movement ($mns)

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Operating cash generation of $50.6m
137.5
148.6
14.0
20.6 36.1
64.6
17.2
FY20 Opening Increased Borrowing M&A Investment [1] Dividends Received Net Corporate Expenses Dividends Paid FY20 Closing
Cash Balance Cash Balance [2]
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• Operating cash generation of $50.6mn

• Total Corporate entity cash and undrawn facilities of $94.0mn

• The Corporate debt facility increased by $100mn to $250mn

• Payment of the FY20 interim dividend ($10.7mn) was deferred and paid on 3 September 2020

9

1. Net of FY20 acquisitions and disposals

2. Payment of the FY20 interim dividend ($10.7mn) was deferred and paid on 3 September 2020.

FY20 EXECUTION PRIORITIES PROGRESS Strong progress with execution priorities identified at the start of FY20 has built momentum in the business

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1 2 3 4 5 6	EXECUTE ON STRATEGICALLY ALIGNED ACQUISTIONS
	DELIVER MARKET LEADING TECHNOLOGY CAPABILITIES
	REDUCE COSTS AND STREAMLINE HEAD-OFFICE
	OPTIMISE OUR PORTFOLIO
	REDEFINE RISK SERVICES STRATEGY
	ENHANCE PARTNER PROPOSITION

EPS accretive acquisition Expanded market share and scale through of 40% of BizCover multiple bolt-ons across the network Sentinel agency system launched in 3 Launched ExpressCover with >25 agencies brokerages now processing policies online Multiple Core Broking System enhancements delivered Programs that deliver full year savings of Restructured operating model to simplify ~$2.8mn after tax management layers and improve focus Merged multiple strategically aligned Launched several Specialist broking businesses & portfolios; target to reduce capabilities from 94 to 75 businesses by end of FY21 Transformed Altius and re-aligned Procare Successfully exited Allied Health into Australian Broking to support core Claims proposition 6 new ExpressCover insurer agreements Renewed AMS mandate 2 refreshed Austbrokers major insurer Enhanced analytics support for network agreements

10

FY21 FOCUS – STRAGIC THEMES AND PRIORITIES In FY21, we will expand our focus to exploit our portfolio’s potential for organic growth while strategically leveraging M&A to accelerate growth

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Strategic Themes

FY21 Strategic Priorities

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Leverage the scale of our portfolio

• Optimise portfolio to create additional scale, increase market share and drive cost efficiency

• Align specialty expertise to deliver market-leading client offerings

• Leverage our scale to drive improved product offering and outcomes for our clients

• Create partner alignment to deliver enhanced commercial outcomes with insurers

1

2

EXECUTE ON STRATEGICALLY ALIGNED ACQUISTIONS

Includes increased investments in current network businesses, new complementary bolt-ons as well as the potential for material strategic investments

DELIVER MARKET LEADING TECHNOLOGY CAPABILITIES

Drive adoption of ExpressCover and Sentinel in Australia as well as commencing implementation of technology solution for New Zealand

REDUCE COSTS AND STREAMLINE HEAD-OFFICE

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Uplift our agency proposition

• Enhanced support for AUB network partners

• Expand and supplement our Specialty capabilities

• Better leverage our position in the Strata industry

3

4

Increase focus on business improvement initiatives at network businesses to drive stronger organic growth and efficiency

OPTIMISE OUR PORTFOLIO

Execute on consolidation plans currently underway

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Continue to make technology a priority

• Continued investment in technology to drive enhanced client and partner experience

• Leverage technology to support the cost-agenda

5

REINVIGORATE INSURANCE AGENCIES

Restructure the Insurance Agencies Division to enhance value proposition for customers and improve profitability

Disciplined capital allocation

▪ Continued focus on M&A opportunities that accretively supplement our strategic growth agenda (new acquisitions as well as bolt-ons)

6

ENHANCE PARTNER PROPOSITION

Continue to enhance our partner and client value proposition working with Insurer Partners, insource and outsource providers and our network partners

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FY21 GUIDANCE: UPGRADE

Underlying NPAT for FY21 in the range of $60 - $62mn (upgraded from 25 Aug 20 of 58.5mn - $61.0mn), representing growth of 12.3% to 16.1% over FY20

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AUB Group Underlying NPAT[1 ] $mns

12.3% to 16.1%

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60.0 – 62.0
58.5 – 61.0
53.4
46.4
44.6
FY18 FY19 FY20 FY21 Guidance FY21 Guidance
(Original - Aug20) (Upgraded -
Nov20)
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• AUB Group’s strong momentum from FY20 has continued into the first quarter of FY21

• On 25 August 2020, AUB Group announced that it expected to achieve Underlying Net Profit After Tax (UNPAT) for FY21 in the range of $58.5mn to $61mn

• Our strong performance in early FY21 means we now expect to deliver UNPAT in the range of $60mn to $62mn representing growth on FY20 UNPAT of $53.4mn in the range of 12.3% to 16.1%

• In providing this upgraded guidance AUB Group notes macro conditions remain volatile and uncertain and that it is relatively early in the financial year

…we exited FY20 with strong momentum and are seeing evidence of this continuing in FY21

1. Underlying NPAT is used by management and the board to assess operational performance and excludes non-operational items, such as profits and losses on sale of equity interests, fair value adjustments to carrying values on ownership changes, changes to estimates or payments of deferred contingent consideration amounts, impairment adjustments and amortisation of intangible assets.

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Questions?

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Thank You

David Clarke Chairman

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Mike Emmett CEO and Managing Director

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NOTICE

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SUMMARY INFORMATION

This document has been prepared by AUB Group Limited (ABN 60 000 000 715) (AUB). It is a presentation of general background information about AUB’s activities current at the date of the presentation. It is information in a summary form and does not purport to be complete. It is to be read in conjunction with AUB’s other announcements released to ASX (available at www.asx.com.au). It is not intended to be relied upon as advice to investors or potential investors and does not take into account the investment objectives, financial situation or needs of any particular investor. These should be considered, with professional advice, when deciding if an investment is appropriate.

TERMINOLOGY

This presentation uses Underlying NPAT to present a clear view of the underlying profit from operations. Underlying NPAT comprises consolidated profit after tax adjusted for value adjustments for the carrying value of associates, after tax profits on the sale of portfolios, interests in associates and controlled entities, contingent consideration adjustments, and income tax credits arising from the recognition of deferred tax assets. It is used consistently and without bias year on year for comparability. A reconciliation to statutory profit is provided in the appendix to this Presentation.

FORWARD LOOKING STATEMENTS

This document contains certain “forward-looking statements”. The words “anticipate”, “believe”, “expect”, “project”, “forecast”, “estimate”, “likely”, “intend”, “should”, “could”, “may”, “target”, “plan” and other similar expressions are intended to identify forward-looking statements. Indications of, and guidance on, future earnings and financial position and performance are also forward- looking statements. Due care and attention has been used in the preparation of forecast information. Such forward-looking statements are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors, many of which are beyond the control of AUB, that may cause actual results to differ materially from those expressed or implied in such statements. There can be no assurance that the actual outcomes will not differ materially from these statements. Neither AUB nor any other person gives any representation, warranty, assurance or guarantee that the occurrence of the events expressed or implied in any forward-looking statements in this document will actually occur. Except as required by applicable law or the ASX Listing Rules, AUB disclaims any obligation or undertaking to publicly update any forward looking statements, whether as a result of new information or future events.

Statements about past performance are not necessarily indicative of future performance.

NOT AN OFFER

This document does not constitute an offer, invitation, solicitation, recommendation, advice or recommendation with respect to issue, purchase, or sale of any shares or other financial products in AUB. This document does not constitute an offer to sell, or the solicitation of an offer to buy, any securities in the United States or to any “US person” (as defined in Regulation S under the US Securities Act of 1933, as amended (Securities Act) (US Person)). Securities may not be offered or sold in the United States or to US Persons absent registration or an exemption from registration. AUB shares have not been, and will not be, registered under the Securities Act or the securities laws of any state or jurisdiction of the United States.

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Appendices

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OUR BOARD OF DIRECTORS Profiles

David Clarke

Robin Low

Non-Executive Chairman, Chair of the Nomination

Non-Executive Director, Chair of the Audit & Risk Management Committee

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▪ Former PwC partner with over 30 years experience in financial services

▪ 40 years experience in investment banking, funds management, property and retail banking

• Chairman of Charter Hall Group, Resolution Life Australia and Fisher Funds Management Limited

• Director of Appen, IPH, Marley Spoon, The Australian Reinsurance Pool Corporation, Gordian Runoff, Guide Dogs NSW/ACT, Public Education Foundation and Primary Ethics

▪ Former CEO of Investec Bank, Allco Finance Group and MLC Limited ▪ Former director of AMP Limited and Westpac's Wealth Management Business, BT Financial Group

• Former Deputy Chair of the Auditing and Assurance Standards Board

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Cath Rogers

Non-Executive Director

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• Previously held senior roles in leading investment and financial services organisations in Sydney and overseas including AirTree Ventures, Anchorage Capital Partners, Masdar Capital and Credit Suisse

• Director of Digital Wallet (Beem It)

• Director and co-founder of Digital Receipt Exchange Limited

• Former Director of McGrath Limited and Heart Research Institute

• Former director of CSG Limited

Mike Emmett CEO & Managing Director

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• Previously held senior roles in Australia as Group CEO for Cover-More, previously an ASX-listed global travel insurer and now part of the Zurich Group, at QBE as Group Executive, Operations and at EY leading the Financial Services Advisory business.

• ▪ International roles include leading Insurance and Banking consulting teams at IBM, Accenture and PwC in London and South Africa

▪ Mike is also currently a Non-Executive Director of 1stGroup (ASX:1ST) and the Gold Coast Suns FC

Ray Carless

Non-Executive Director

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▪ Over 40 years’ experience in the insurance industry experience based in Australia, but with management responsibilities throughout the Pacific rim

• Former Managing Director of reinsurance brokers Benfield Greig in Australia, involved in the Australian insurance industry

Paul Lahiff

Non-Executive Director, Remuneration & People Committee

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▪ Former Managing Director of Mortgage Choice, Executive Director of Heritage Bank and Permanent Trustee and held senior roles in Westpac in Sydney and London.

• Director of NESS Super, Sezzle Ltd, 86400 Holdings

• Member of the Enterprise Ireland Business Advisory Panel

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AUB GROUP

An Overview

• 64 broking partner businesses.

• AUSTRALIAN ▪ Established complementary capabilities in Life Insurance Broking, Premium Funding, Claims

• BROKING Management, Legal Services, Loss Adjustment, and Investigations.

• ▪ 9 partner businesses including 7 major broker partners, an underwriting agency, and the largest

• NEW ZEALAND broking management group in NZ, with presence in 151 locations.

AUSTRALIAN ▪ Design, distribute and manage specific niche insurance products and portfolios via 18 agencies AGENCIES on behalf of locally licensed insurers and Lloyd’s.

• Delivering to our partners’ product, capacity, technology and claims needs through AMS.

• GROUP SERVICES ▪ Provision of partner services through AMS Finance and Accounting.

• HEALTH AND ▪ Adjacent market equity investments in businesses

• REHABILITATION with capabilities in health and rehabilitation services.

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$3.4B+ GWP

17 STRATEGIC INSURANCE PARTNERSHIPS

INSURANCE BROKING OF $3.0B VIA EQUITY AND NETWORK PARTNERS | SPECIALIST AGENCIES $375M

~700K ~1.4MN >450 CLIENTS POLICIES LOCATIONS

94 BUSINESSES

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LARGEST EQUITY BASED
BROKING GROUP IN
AUSTRALASIA
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34YRS OF ACTIVE PARTNERSHIP EXPERIENCE

3,000

STAFF

Helping our clients to safeguard a stronger, protected future…

18

As at June 2020

AUSTRALIAN BROKING

Divisional Overview

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• Our Australian broking business encompasses some of Australia’s largest and most reputable brokerage business, with specialist expertise, market penetration and quality client portfolios.

• The portfolio consists of ~ 2,100 staff with capabilities across a broad spectrum of insurance and risk management services.

• Our business model is driven by a partnership mindset, and we work to build and expand on partnership that will drive sustainable growth and profitability for the benefit of the Group and our broker network.

• The division encompasses 64 ‘brands’ in the market and generates over $2.3bn in premium across the network.

• With more than 30 years in the industry and a national footprint, Australian Broking is uniquely placed to provide clients with market leading insurance broking and risk management services.

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64
~$2.3bn 71% partner businesses ~450,000
contribution to
in premium with equity clients
group revenue [1]
ownership
~800,000 ~336 ~2,100 ~22% GI SME
Market Share
policies locations staff
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1. Excludes AUB Group Corporate Revenue

NEW ZEALAND BROKING Divisional Overview

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• AUB Group New Zealand has grown significantly since commencement in 2015, providing a key source of growth opportunities for the Group.

• AUB Group New Zealand, selectively invests in high-performing broking and underwriting agency businesses and also owns NZbrokers Management, serving a network of independent brokers consolidating to achieve scale.

• AUB Group's holdings include:

• 7 Broking companies including Insurance Advisernet NZ

• The NZbrokers network

• An underwriting agency

• NZbrokers is New Zealand’s largest insurance broking collective, representing over 88 independent businesses across the country. Each member leverages the strength and capability of our national group, while retaining their successful formula of local knowledge and long-standing relationships.

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10% ~
~$770mn 190,000
contribution to 9 entities
in premium clients
group revenue [1]
88 businesses
~500,000 ~151 ~900 within NZbrokers
network
policies locations staff
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1. Excludes AUB Group Corporate Revenue

AUSTRALIAN AGENCIES Divisional Overview

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• Our Australian Agencies division comprises some of Australia’s leading specialist underwriters who distribute and manage niche insurance products on behalf of domestic and internationally licensed insurers, including Lloyd’s.

• The business includes 18 partner agencies, driving ~$340mn in premium, ~40,000 policies to ~40,000 clients.

• The business consists of organically developed industry-led capabilities under the SURA brand as well as reputable and established businesses including Millennium, Longitude, Fleetsure, AustRe and Tasman Underwriting.

• Our agency partner underwriters are experts in their chosen domain and hence are able to build, tailor and supply purpose-built insurance cover that caters to the specific and bespoke needs of our broad client-base.

• The business also include relevant support services, particularly in claims, to provide an unparalleled end-to-end client service.

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~$340mn 10% 18 ~40,000
contribution to Partner agencies
in premium clients
group revenue [1]
Centralised
~40,000 ~8 ~190 specialist claim
policies locations staff capabilities
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1. Excludes AUB Group Corporate Revenue

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End

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