AUB GROUP LIMITED — AGM Information 2022

Nov 2, 2022

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ASX Announcement

3 November 2022

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

Annual General Meeting Presentation

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

• Annual General Meeting Presentation.

The release of this announcement was 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 (ASX: AUB) is an ASX200 listed group of retail & wholesale insurance brokers and underwriting agencies operating in ~540 locations globally. Over 4,000 team members work with ~950,000 clients to place more than AUD 8bn in insurance premiums with local and foreign insurers.

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AUB Group Limited Annual General Meeting

3 November 2022

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AUB GROUP 2022 AGM

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3 Chair’s Address

Agenda

4 CEO’s Address 14 Formal Business

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Chair’s Address

David Clarke Chairman

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CEO’s Address

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Mike Emmett CEO and Managing Director

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CONSISTENT TRACK RECORD OF GROWTH

(CONTINUING OPERATIONS[4] )

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Premium Client Count Underlying Revenue [1,4] Underlying EBIT [1,4] Underlying EBIT Margin [1,4]
+11.2% CAGR +14.2% CAGR +12.0% CAGR +17.7% CAGR +470bps
+10.0% +4.3% +12.2% +20.8% +240bps
FY19 FY20 FY21 FY22 FY19 FY20 FY21 FY22 FY19 FY20 FY21 FY22 FY19 FY20 FY21 FY22 FY19 FY20 FY21 FY22
Underlying NPAT [2,4] Underlying NPAT [2] (not adj for Underlying EPS [3,4] Underlying EPS [3 ] (not adj, used for Dividend
JobKeeper and ceased operations) executive incentive measurement)
+17.1% CAGR +16.6% CAGR +14.3% CAGR +13.7% CAGR +6.1% CAGR
+22.2% +13.3% +21.1% +12.3% 0.0%
FY19 FY20 FY21 FY22 FY19 FY20 FY21 FY22 FY19 FY20 FY21 FY22 FY19 FY20 FY21 FY22 FY19 FY20 FY21 FY22
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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. Excludes AUB Group Corporate Revenue and Expenses

2. 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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3. Underlying EPS calculation = (Underlying NPAT) / (weighted average number of shares). The Underlying EPS in prior periods have been adjusted by the theoretical ex-rights price factor (TERP) resulting from the number of new shares issued following a non-renounceable entitlement offer. The TERP adjustment factor applied to the EPS values previously reported is 0.9794 4. Excludes JobKeeper receipts and Health & Rehab (sold)

KEY MESSAGES

AUB performing strongly; Tysers performing ahead of expectations with synergies reaffirmed

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• 1 2 3 4 5 6

• Strong financial Australian BizCover Agencies Mixed New FY23 Guidance performance Broking revenue and strategy Zealand momentum profit growth delivering ahead performance continues of plan

• ▪ Strong results from ▪ Australian Broking ▪ The business grew ▪ Revenue growth of ▪ Growth in revenue ▪ FY23 Underlying continuing EBIT grew 16.2%[1] revenues by 21.0%, 41.0% and EBIT up 0.5%, margin 170bps NPAT guidance (excl. operations[1] : ▪ Operational while benefits of by 63.8% year on and EBIT 5.6% (excl. Tysers) upgraded due scale enabled EBIT

• o 12.2% growth in performance improving year tech investment) to strong Q1 trading o revenueUnderlying EBIT with further 250bpsmargin expansion[1] ▪ growth of 26.2% Direct channel [1] ▪ 510bps improvement in margin as benefits of ▪ BWRS core to ▪ Forecast AUD 90-92mn, up from AUD 86-91mn underperformance with

• margin 34.0% (up ▪ Bolt-on acquisitions performance remains operational scale remediation underway ▪ Guidance represents 240bps) continue to expand strong with revenue deliver value growth of 21.6% to

• o 22.2% growth in UNPAT scale and capability while strategic equity growing 26.9%, offset by slower growth in Intermediated ▪ Acquisitions, as well as expanding capability ▪ Other businesses delivering on target ▪ 24.3% vs FY22Underlying NPAT step-ups in existing via new launches is guidance has been channels

• o 10.0% growth in businesses provide driving growth ▪ Substantial tech updated to include GWP to AUD 4.4bn access to future growth ▪ EBIT performance in investment in Project Tysers. UNPAT now expected to be AUD

• AU on-track, offset by Lola provides future investment in revenue and margin 107.5 to 115.0mn , representing a 45.2% -

• international expansion opportunities 55.4% growth vs FY22

▪ FY23 Underlying NPAT guidance (excl. Tysers) upgraded due to strong Q1 trading

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1. Excludes JobKeeper receipts and Health & Rehabilitation Services (sold). 2. EPS accretion is based on UNPAT on a pro forma CY22 basis. Includes full run rate synergies of AUD 25mn. Based on 100% acquisition of Tysers, and does not include the impact of the Tysers UK Retail JV

FINANCIAL HIGHLIGHTS (CONTINUING OPERATIONS[4] , EXCLUDING TYSERS)

Continued momentum in Revenue growth and Margin expansion delivering strong UNPAT and EPS growth

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FY22 FY214 FY204 Performance Highlights	FY22 FY214 FY204 Performance Highlights	FY22 FY214 FY204 Performance Highlights	FY22 FY214 FY204 Performance Highlights	FY22 FY214 FY204 Performance Highlights
Underlying Revenue1	$689.5mn (+12.2%)	$614.8mn (+16.3%)	$528.6mn (+7.8%)	▪Growth in Underlying revenue of 12.2% in FY22, CAGR of 12.0% since FY19
Underlying EBIT Margin1	34.0% (+240bps)	31.6% (+260bps)	29.0% (-30bps)	▪Strategic Initiatives have supported continued strong expansion in EBIT margin, an increase of 240bps in FY22
Underlying NPAT2	$74.0mn (+22.2%)	$60.5mn (+23.6%)	$49.0mn (+6.4%)	▪Revenue growth and margin expansion enabling Underlying NPAT growth of 22.2% in FY22,17.1% CAGR since FY19
Underlying Earnings per Share3	96.70 cents (+21.1%)	79.85 cents (+22.7%)	65.09 cents (+0.5%)	▪Underlying EPS growth in FY22 of 21.1% with 14.3% CAGR since FY19
Dividend per Share	55 cents (0.0%)	55.0 cents (+10.0%)	50.0 cents (+8.7%)	▪Dividend per share flat in light of the potential Tysers acquisition. Payout ratio above the mid-point of the 50% to 70% policy payout ratio

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. Excludes AUB Group Corporate Revenue and Expenses

2. 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

3. Underlying EPS calculation = (Underlying NPAT) / (weighted average number of shares). The Underlying EPS in prior periods have been adjusted by the theoretical ex-rights price factor (TERP) resulting from the number of new shares issued following a non-renounceable entitlement offer. The TERP adjustment factor applied to the EPS values previously reported is 0.9794

4. Excludes JobKeeper receipts and Health and Rehab (sold)

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FY22 DIVISIONAL PERFORMANCE Strong performance achieved across Operating Businesses with growth in underlying revenue, margin and profitability

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Vs. FY21 comparative period	AUSTRALIAN BROKING4	BIZCOVER4	AGENCIES2	NEW ZEALAND BROKING	OPERATING BUSINESSES3,4
Underlying1 Revenue	$457.2mn	$69.7mn	$103.7mn	$58.9mn	$689.5mn
	7.6%	21.0%	41.0%	0.5%	12.2%
Underlying1 EBIT Margin	33.7%	37.8%	37.0%	26.2% 34.9% Excl. NZ Tech Inv5	34.0%
	250bps	150bps	510bps	+170bps Excl. NZ Tech Inv5 (270bps)	240bps
Underlying1 EBIT	$154.2mn	$26.4mn	$38.4mn	$15.4mn $20.5mn Excl. NZ Tech Inv5	$234.4mn
	16.2%	26.2%	63.8%	+5.6% Excl. NZ Tech Inv5 (9.0%)	20.8%
_PBT_attributable to equity holders of parent company	$86.1mn	$10.5mn	$22.8mn	$9.0mn $13.5mn Excl. NZ Tech Inv5	$128.4mn
	23.4%	24.7%	53.5%	(15.3%) +5.7% Excl. NZ Tech Inv5	23.8%

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

3. Excludes AUB Group Corporate Revenue & Expenses

4. Excludes prior period JobKeeper receipts (Australian Broking and BizCover) and Altius (Sold)

5. Represents FY22 and FY21 Project Lola costs incurred to transform the NZ broking experience via a new platform

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FY23 EXECUTION PRIORITIES

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FY23 Priority

Overview

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IMPROVE AND ENHANCE NEW ZEALAND PERFORMANCE

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LEVERAGE TYSERS
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OPTIMISE OUR NETWORK
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EXECUTE ON STRATEGICALLY ALIGNED ACQUISTIONS

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ENHANCE PARTNER PROPOSITION
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• Successful pilot implementation of Project Lola including interfaces to select Insurers and commencement of roll-out to NZbrokers network

• Accelerated revenue and profit growth for AUB’s portfolio of brokers in New Zealand

• Leverage Tysers capability for AUB Group risk placement

• Deliver on key outcomes related to broker retention and performance, Tysers Retail, regulatory projects and acquisition synergies

• Continue to optimise our portfolio of businesses to outperform by consolidating into more efficient operating entities or to expand specialisation

• Disciplined and targeted approach to acquisitions, either bolt-ons that deliver synergy benefits or to expand capabilities and footprint

• Investment in current network businesses to aid consolidation/optimisation

• Enhancement of member arrangements with external partners especially for Premium Funding, Technology, Insurance

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AUB GROUP – BUSINESS MODEL Building our insurance broking capabilities across key regions

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AUB Group Business Model / Capability Retail Broking (Incl. support service businesses in Loss Direct & Platforms Agencies & MGAs Wholesale Broking Adjusting and Claims) Lola Australia New Zealand UK International

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TYSERS UPDATE

Business is performing well delivering 9% revenue growth (9 months to Sep’22 vs pcp) with robust performance across all divisions

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Tysers Income Mix (12M to 30Sep22)

Wholesale Broking Income Mix Client Geography (12M to 30Sep22)

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Client Geography (12M to 30Sep22)
18%
28%
28%
5%
39%
3%
4%
14%
15%
46%
Wholesale Marine & Aviation
Broking
Non-Marine North America AU & NZ
Reinsurance United Kingdom Rest of the World
Europe
MGA
Retail
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Business Update (9 months to Sep’22 vs pcp)

• Overall revenue growth of 9% including an FX benefit of ~5%

• Strong growth in most parts of the business

• Weak performance in some areas of Specialty (particularly Management Risk and Bloodstock)

• International Property & Casualty negatively impacted predominantly due to withdrawal from jurisdictions like Colombia and Ecuador and sanctions in Russia

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TYSERS - DELIVERING SYNERGIES, BENEFITS REAFFIRMED The transaction is expected to deliver AUD 25m in margin enhancement and cost synergies, on a run-rate basis, by end of FY24

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Revenue Levers

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Increased placement of AUB client
risks with Tysers
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• Tysers to benefit from ~AUD 200m of AUB GWP available for placement into the Lloyd’s market

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Expand Agency portfolio
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• Leverage existing 800+ Tysers MGA binders, capacity, product design and capability to expand AU & NZ Agency portfolio

Initiatives implemented in FY24, with benefits realised from implementation

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~AUD
25m
AUD AUD
estimated total
10m 15m
pre-tax
synergies
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Cost Levers

• Optimise Tysers & AUB operating structure & governance Lorem

• • Restructure operating and business model to reduce duplication, simplify operating layers, Ipsum improve focus and enhance governance

Deliver efficient operations

• Redesign and optimise processes, technology and operational footprint Lorem

• • Leverage our consolidated scale and new Ipsum operational design to enhance commercial arrangements with external suppliers

Initiatives implemented in FY23, with run-rate benefits realised in FY24

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FY23 OUTLOOK

AUB UNPAT guidance upgraded to AUD 90 - 92mn (from AUD 86 to 91mn) due to strong Q1 trading. Tysers contribution ahead of expectations

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FY22 to FY23 Underlying NPAT[1] Breakdown $mn AUD

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45.2% - 55.4%
45.0 - 52.5 -27.5
21.6% - 24.3%
107.5 – 115.0
3.0 - 3.5 85.0 - 86.0 5.0 - 6.0 90.0 - 92.0
8.0 – 8.5
74.0 6.8% - 8.1%
4.0% - 4.7%
10.8% - 11.5%
Interest benefit
from the use of
capital raise
proceeds to repay
corporate debt in
full in May’22
FY22 Organic Acquisition FY23 Revised Improved FY23 Revised Tysers from Corporate FY23 incl
Growth Growth ex ex Capital net interest [3] ex Tysers 1 Oct’22 Net Interest [4] Tysers
Tysers [2] Raise & Tysers
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Assumptions

Underlying EPS[1] FY22-FY23

• Revised guidance for AUB (excl Tysers and cost of debt) includes 1Q23 results and assumes continued strong premium rate rises for Australia and moderate but accelerating rate rises in New Zealand.

~~12.1% - 19.9%~~

• Renewals for New Zealand Broking in March and Australian Broking in June 2023 are assumed to perform in line with past performance.

• Tysers’ profit contribution and AUB Group debt cost are included from 1 October 2022.

108.40 – 115.97 cps

• Nothing is included for unknown or unanticipated acquisitions.

• The impact of the PSC Retail JV is assumed from 1 January 2023.

96.70 cps

• FX Rates for the 9 months to 30 June 2023: GBP:AUD 1.76, GBP:USD 1.1355.

• Tax in the UK increases from 19% to 25% on 1 April 2023, 21% used for the 9 months to 30 June 2023

FY22 FY23 Guidance

Notes

• Outperformance in Q1FY23 from strong organic growth and contribution from acquisitions

• FY23 weighted average number of shares increased by 22.7mn to 99.2mn, including issue of Tysers vendor equity on 1 October 2022

Debt

• 5 year AUD 675mn facility with additional accordion feature to fund Tysers earnout.

• Cash and debt headroom at 31 October ‘22 AUD 100mn.

• Leverage at 31 October ‘22 was 2.67x

• Leverage Ratio Covenant of 5.25x (till Mar 23) gradually reducing to 4.0x by Jun 25

1. Underlying NPAT and Underlying EPS 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. Excludes major acquisitions

3. Reflects interest earned on excess cash from the May’22 capital raising, with corporate debt fully repaid in May’22

4. Includes the draw-down of Tysers and non-Tysers debt on 30 September 2022, attracting an average interest rate of 7.71% (BBSY + 4.5%) for the 9 months to 30 Jun’23. Includes arrangement and unused facility fees

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Thank You

David Clarke

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Chair 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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