AUB GROUP LIMITED — AGM Information 2021

Nov 9, 2021

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10 November 2021

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 Richard Bell, Group General Counsel and Company Secretary, on +61 2 9935 2222 or richardb@aubgroup.com.au.

About AUB Group

AUB Group Limited is an ASX200 listed group comprising insurance brokers and underwriting agencies operating in ~500 locations across Australia and New Zealand. Over 3,000 team members work with our 850,000 clients to place more than $4.0bn in insurance premiums with local and foreign insurers.

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AUB Group Limited Annual General Meeting

10 November 2021

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Chair’s Address

David Clarke Chairman

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Directors

David Clarke

Non-Executive Chair, Chair of the Nominations Committee

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

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

• 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

Paul Lahiff

Non-Executive Director, Chair of the 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 Inc, 86400 Holdings Pty Ltd and Harmoney Corp Limited

• Member of the Enterprise Ireland Business Advisory Panel

Mike Emmett

CEO & Managing Director

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Peter Harmer

Non-Executive 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 the Gold Coast Suns FC

• Mike is a former director of 1stGroup (ASX:1ST)

• Over 40 years’ experience in the insurance industry including reinsurance and insurance broking

• Previous CEO roles include IAG Limited, CGU, Aon Limited UK, Aon Risk Services Australia Pacific, and Aon Re Australia

• Non-Executive Director of Commonwealth Bank of Australia and nib Holdings Limited

• Member of Bain & Company’s Advisory Council

• Appointment of Peter Harmer confirmed by the Board of AUB Group Limited on 22 July 2021, after the reporting period, subject to shareholder approval at the Annual General Meeting in Nov 2021

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Robin Low

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

• Former PwC partner with over 30 years’ experience in financial services

• Director of Appen, IPH, Marley Spoon, The Australian Reinsurance Pool Corporation, Gordian Runoff, Guide Dogs NSW/ACT and Sax Institute

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• Former Deputy Chair of the Auditing and Assurance Standards Board

• Former director of CSG Limited

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

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CEO’s Address

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Mike Emmett CEO and Managing Director

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FY20 & 21 PERFORMANCE: INCLUDING SaaS IMPACT UNPAT adjusted for the Accounting Policy change for Software as a Service (SaaS) configuration costs

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FY20 to FY21 Underlying NPAT [1,6] Breakdown ($mns) Premium Retention [7,8] (%)
93
22.9%
92
1.4 67.1
0.1 90
5.8 (2.6%) 0.2% 1.8 65.3
(3.4%)
10.9%  Altius sold 1 Apr’21
 Allied sold 1 Apr’20
FY19 FY20 FY21
8.9  BizCover, acquired in Feb’20,
contributing $3.1mn (excl Strong Premium expansion
JobKeeper)
 Experien, acquired in Aug’20 (GWP $bn FY19-FY21)
53.2 0.5 contributing $1.6mn
16.9% 11%
0.9% Average Premium per client 3 year CAGR [7]
9%
 Includes BizCover growth 8% 17.6%
$1.0mn (excl JobKeeper) 4.0
6.3%
3.4
3.2
FY20 restated JobKeeper [2] Organic Growth [3] Acquisition Financing costs Health & Rehab FY21 before Accounting FY21
for accounting Growth [4] of Acquisitions [5] accounting Policy Change
policy change policy change - SaaS [6]
FY19 FY20 FY21
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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. JobKeeper receipts in FY21 and FY20 are excluded from the calculation of Staff and Executive Bonuses

3. Organic growth excludes acquisition growth, financing costs of acquisitions, JobKeeper receipts, Health & Rehab, and the Accounting Policy Change – SaaS

4. Acquisition growth includes the net effect of acquisitions, divestments, bolt-ons and increased equity stakes in FY21 vs FY20, excludes Health & Rehab

5. Represents the interest paid on borrowings to fund acquisitions net of interest received on proceeds from divestments

6. AUB Group has complied with IFRIC's latest change in accounting policy interpretation with respect to configuration costs of Software as a Service (SaaS) arrangements. FY21 impact -$1.8mn Underlying NPAT, FY20 impact -$0.2mn Underlying NPAT, YoY impact -$1.6mn Underlying NPAT 7. Analysis is based on available data from key Australian Broking businesses as at 30 June 2021

8. Premium retention is based on individual clients, regardless of policy size

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FY21 DIVISIONAL PERFORMANCE Excellent results in Australian Broking with a 360bps improvement in margins as benefits of strategic initiatives flow through

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Vs. FY20 comparative period Underlying_1,3 Revenue _Underlying EBIT Margin pre-SaaS Adj1,3,7 PBT attributable to equity holders of parent company pre- SaaS Adj1,3,7 PBT after SaaS impact1,3,7	AUSTRALIAN BROKING2	BIZCOVER2,3	AUSTRALIAN AGENCIES4	NEW ZEALAND	CONTINUING OPERATIONS	HEALTH AND REHABILITATION (Exited)5	OPERATING BUSINESSES6
	$429.2mn	$58.7mn	$73.5mn	$58.6mn	$620.0mn	$31.8mn	$651.8mn
	8.7%	*FY20: $19.6mn	24.0%	0.1%	16.5%	(38.2%)	11.6%
	31.9%	37.5%	33.0%	32.2%	32.6%	18.4%	31.9%
	360bps		100bps	(50bps)	300bps	420bps	360bps
	$72.0mn	$8.9mn	$15.6mn	$12.5mn	$109.0mn	$4.3mn	$113.3mn
	21.8%	*FY20: $3.1mn	15.0%	3.6%	24.1%	2.5%	23.1%
		Compared to prior partial* period after AUB investment in Feb 2020**	$14.8mn	$10.6mn	$106.2mn		$110.5mn

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. Australian Broking has been restructured with BizCover moving to a stand-alone operating business. Comparative information has been restated to conform with the presentation in the current period. Refer to Appendix – A4.0

3. The prior comparative period for BizCover reflects results effective from 1 February 2020

4. 360 Underwriting results are included within Australian Agencies from 1 December 2020

5. Altius sale effective 1 April 2021, Allied sale effective 1 April 2020

6. Excludes AUB Group Corporate Revenue & Expenses

7. AUB Group has complied with IFRIC's latest change in accounting policy interpretation with respect to configuration costs of Software as a Service (SaaS) arrangements. FY21 New Zealand impact -$1.9mn PBT reduction (FY20: $0.1mn PBT increase), FY21 Australian Agencies impact -$0.8mn PBT reduction (FY20: -$0.6mn PBT reduction)

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STRATEGIC PRIORITIES UPDATE

Significant driver for the acceleration of underlying revenue, margin, and profit growth

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FY19 – Total Partner Business Count

~105

Consolidate Portfolio Realignment Merge portfolios and Strategically ‘re-home’ businesses for scale, market underperforming portfolios leadership and efficiency across the network

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4 major portfolio realignments via a variety of transactions models including x-network sales, business model redesign including AR, portfolio leases

Specialty Segment and acquire expertise-driven portfolios to align, scale and expand expertise

Disposals / Exits Strategic disposals of noncore assets

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Entity Rationalisation Operational rationalisation of entities and licences

Multiple entity rationalisation and simplification transactions

to reduce / optimise portfolio management efforts, drive increased accountability and improve reporting transparency across the portfolio

FY21 – Total Partner Business Count

75

Fewer, bigger, better-run, more profitable operations

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STRATEGICALLY ALIGNED ACQUISITIONS

Accretive acquisitions are accelerating strategy

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Increase market-share
in core Broking and
Agencies
Expand capabilities in
specialist and/or
complementary
markets
Entry into growth
market segments
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• August 2020 November 2020 - Leading broker with scale in - Specialist accident specialist focus of life and management, assessment & general insurance for doctors, repair in heavy motor dentists and other professions - Opportunity to increase partnership with key Austbroker clients

• April 2021 - Led by 360 as a signal for growth and expansion in New Zealand

• • Enhances capability in the mobile plant and equipment segment

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• August 2020 December 2020 - - Acquired portfolio and 10 high-performing and leadership capability to drive market-leading agencies and growth in the newly merged established partner of Comsure business Austbrokers - Core to unlocking latent potential and drive growth in our wider-Agencies portfolio

• April 2021 - Managing large, complex claims requiring specialist legal, commercial, scientific, engineering, and surveying expertise

• • Opportunity to leverage across Austbrokers

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TECHNOLOGY INITIATIVES

The AUB technology landscape has rapidly transformed, delivering cost-effective solutions for clients and network partners

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Initiative		Uplift process and operational efficiency	**Improve sales effectiveness **	Enhance user experience (clients, brokers)
- Share system enhancements across the network CBS+	September 2019	✓
- Efficient quote to bind system	March 2020	✓	✓	✓
- Agency management platform	March 2020	✓	✓	✓
- Analytics tools and team to optimise partner performance	June 2020	✓	✓
- Simplify and automate low-value processes BOTS, AI & AUTOMATION	October 2020	✓
- Digital insurance platform ProjectLOLA	January 2021	✓	✓	✓

Targeted initiatives designed to implement best-practice data and technology solutions to uplift efficiency, drive sales effectiveness for our brokers and agencies, while improving client and broker experience for the benefit of our brokers, clients and underwriting partners

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DEFINING OUR STRATEGIC PRIORITIES

Grow networks of pre-eminent brokerages to maximise our share of income arising from the Risk Premiums placed through these networks in target geographies

Our overarching market focus…

Prioritising investment to deliver on growth ambitions…

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Leading group of Insurance Brokers and Agents…

1

Create a portfolio of Agencies offering risk products relevant to our clients and their insurance needs

…offering General and Specialist products and industry solutions…

2

Central services leveraging our scale and reach to optimise margins for network members

…to Commercial customers of all sizes…

3

Expand our portfolio of risk assessment and loss adjustment services that support clients and brokers

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…across all target geographies.

4

Partner with and/or invest in wholesale brokerages, to assist with complex placements (particular focus in relevant foreign jurisdictions)

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FY22 STRATEGIC PRIORITIES

Continue the momentum

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FY22 Priority
REINVIGORATE INSURANCE
1
AGENCIES
2 OPTIMISE OUR NETWORK
EXECUTE ON STRATEGICALLY
3
ALIGNED ACQUISTIONS
DELIVER MARKET LEADING
4
TECHNOLOGY CAPABILITIES
ENHANCE PARTNER
5
PROPOSITION
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Overview Capitalise on FY21 momentum in Agencies by increasing focus on expanded binder capacity, enhanced offering proposition, increased penetration into the Austbrokers network and leveraging synergies

Continue to optimise our network to deliver outperformance Disciplined approach to acquisitions, including increased investments in current network businesses, new complementary bolt-ons and new external investments Drive adoption of ExpressCover and Sentinel in Australia and implementation of technology solution for New Zealand Continue to enhance our partner and client value proposition by leveraging the Group’s scale and expertise to source market-leading offerings for our clients and allow our partners to ‘win’ in market

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FY22 OUTLOOK

Underlying NPAT for FY22 in the range of $70.0mn - $73.0mn, representing growth of 15.7% - 20.7% over FY21 continuing operations

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FY22 Underlying NPAT[1,3] growth on PY $mns

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7.2% - 11.8%
15.7% - 20.7%
1.5 – 2.5 70.0 – 73.0
8.0 – 10.0
65.3 1.8
3.0
60.5
FY21 restated FY21 JobKeeper Altius Sale FY21 continuing Organic Growth Acquisition FY22 Guidance
for accounting operations Growth [2]
policy change
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FY22 Underlying EPS growth on PY

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(cents per share)
7.2% – 11.8%
94.26 – 98.30
87.93
FY21 Actuals FY22 Guidance
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The EPS hurdle for the FY22 LTI grant will be measured by calculating the average annual growth rate of Underlying EPS from FY21 to the Underlying EPS for FY24. FY21 Underlying EPS was 87.93 cents per share.

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. Acquisition growth includes the net effect of acquisitions, divestments, bolt-ons and increased equity stakes in FY22 vs FY21. Excludes major acquisitions and the Altius Sale

3. AUB Group has complied with IFRIC's latest change in accounting policy interpretation with respect to configuration costs of Software as a Service (SaaS) arrangements. FY21 impact -$1.8mn Underlying NPAT, FY22 forecast impact -$1.8mn Underlying NPAT, YoY impact flat

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Questions?

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Thank You

David Clarke

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Chairman 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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