$H$ UB²⁴

23 FEB 2021

1HFY21 RESULTS PRESENTATION

At HUB24 we make a difference in our customers' lives by connecting them to innovative solutions that create better investment outcomes

HUB24 - AWARDED BEST OVERALL PLATFORM INVESTMENT TRENDS 2020¹

HUB24 average monthly Platform net flows \$BN

Average monthly net inflows Large transition

HUB24 FUA \$BN

POSITIONED FOR SCALE & GROWTH

Record net flows

A strong pipeline and continued momentum

Launch of new institutional private labels
Finalising strategic transactions
Entering new segments

Disciplined expense management has offset low interest rate environment resulting in EBITDA increase

Best platform overall, Investment Trends Competitive Analysis and Benchmarking report 2020 2. Five and a half year monthly average net flows CAGR from FY16 – 1HFY21 3. FUA CAGR refers to Platform FUA on the custodial portfolio 4. PARS is Portfolio Administration and Reporting Services

ANDREW ALCOCK Managing Director

GROUP FINANCIAL HIGHLIGHTS 1HFY21

Comparisons are from 1HFY20, unless stated otherwise
Underlying NPAT is a non-IFRS measure which is used to assess the operating performance of the business. Underlying NPAT represents Net Profit After Tax excluding abnormal items. See the HUB24 Analyst Pack for a reconciliation

3.Underlying EBITDA represents earnings before interest, tax, depreciation, amortisation and other significant items. See HUB24 Analyst Pack for a reconciliation to Statutory EBITDA.

Fully franked
As at 19 February 2021. Platform FUA is custodial FUA. Portfolio Administration & Reporting Services (PARS) FUA is non-custodial FUA. Excludes Xplore 6

AUSTRALIA'S BEST OVERALL PLATFORM¹

Results from Investment Trends 2020 Platform Competitive Analysis and Benchmarking Report. 2. Strategic Insights Analysis of Wrap, Platform and Master Trust Managed Funds at September 2020 3. Wealth insights Platform Service report 2020
As at 31 December 2020
Comparisons are from 1HFY20, unless stated otherwise

GROWING FUA AND MARKET SHARE

Platform FUA, PARs FUA & net flows per quarter²

HUB24 market share has grown from 1.6% to 2.3%¹

Now in 9th position up from 11th ¹

Maintaining our No.2 position for annual net inflows¹
Platform FUA 2-year CAGR 48%

FINANCIAL RESULTS

KITRINA SHANAHAN Chief Financial Officer

GROUP FINANCIAL RESULTS

	1H21	1H ₂₀	Change
	\$m	\$m\$	%
Group operating revenue	62.1	52.7	18%
Interest income	0.4	0.3	41%
Direct costs	(26.0)	(24.9)	(4%)
Gross profit	36.4	28.0	30%
Gross profit margin (%)	59%	53%	6%
Operating expenses	(20.0)	(16.4)	(22%)
Underlying EBITDA¹	16.4	11.7	41%
Underlying EBITDA margin (%)	26%	22%	4%
EBITDA	13.5	10.6	27%
Underlying NPAT ²	7.5	5.4	39%
Statutory NPAT	6.1	6.0	1%

OPERATING REVENUE (\$m)

UNDERLYING EBITDA (\$m)

Underlying EBITDA represents earnings before interest, tax, depreciation, amortisation and other significant items. See HUB24 Analyst Pack for a reconciliation to Statutory EBITDA.
Underlying NPAT is a non-IFRS measure which is to assess the operating performance of the business. Underlying NPAT represents Net Profit After Tax excluding non-recuming items. See HUB24 Analyst Pack for a reconciliati HUB

Underlying NPAT includes the statutory tax value. If the tax value was normalised for the abnormal items the Underlying NPAT is \$7.0m 1HFY21, \$5.6m 1HFY20 is 25% growth.

PLATFORM SEGMENT RESULTS Strong FUA growth driving increased profitability

PLATFORM	1HFY21	1HFY20	change
	\$m	$\mathsf{sm}$	%
Total FUA (Now 33b ¹ )	31.3 _b	16.0 _b	95%
Platform FUA (Now 24b ¹ )	22.0 _b	15.8 _b	39%
Platform Net Flows	3.1 _bn	2.5 _b	24%
Revenue	43.8	35.0	25%
Direct costs	(10.8)	(9.2)	18%
Gross profit	33.0	25.8	28%
Gross profit margin (%)	75%	74%	1%
Operating expenses	(15.6)	(12.1)	30%
Underlying EBITDA²	17.4	13.8	26%
Underlying EBITDA margin (%)	40%	39%	1%
Profit before tax	14.8	11.4	29%
Total platform expenses ²	(26.4)	(21.2)	24%

PLATFORM FUNDS UNDER ADMINISTRATION (\$b)

AVERAGE MONTHLY NET INFLOWS (\$m)

Unaudited as at 19 February 2021

HUB²⁴

$\mathbf{Z}$ Underlying EBITDA represents earnings before interest, tax, depreciation, amortisation and other significant items. See HUB24 Analyst Pack for a reconcilation to statutory EBITDA

PLATFORM REVENUE

Revenue increase driven by 39% FUA Growth on PCP¹

Platform revenue increased by 25% to \$43.8 million driven by record net flows and strong equity markets leading to growth in FUA balances
Market volatility saw increased trading volumes resulting in higher transaction fee income
Average account balances continue to grow leading to increased revenue but at a lower margin
The margins have been negatively impacted by the RBA official cash rates cuts to 10bps in 1HFY21 which reduced cash margin income²

PLATFORM REVENUE PERFORMANCE (\$m)

The RBA reduced interest rates by 50bps to 25bps in March 2020 and then reduced by 15bps to 10bps in November 2020.

PLATFORM SEGMENT RESULTS FUA GROWTH DELIVERING SCALE BENEFITS

Profit	Gross profit & underlying EBITDA as % of revenue
Lines	1HFY18	2HFY18	1HFY19	2HFY19	1HFY20	2HFY20	1HFY21
Gross profit	69%	74%	74%	76%	74%	76%	75%
Underlying EBITDA2	26%	33%	31%	35%	39%	38%	40%

Investment for growth expected given business momentum and confidence

Disciplined expense management has offset low interest rate environment resulting in expanded EBITDA

Investment made in prior years driving momentum in net flows and revenue growth

Record net flows driving revenue

Platform expenses are the total of direct and operating expenses relating to the Platform Segment. From 1HFY20 includes impact of AASB 16 Leases. See HUB24 Analyst Pack for further details. 2. Underlying EBITDA represents earnings before interest, tax, depreciation, amortisation and other significant items. See HUB24 Analyst Pack for further details.

OPERATING EXPENSES

Group operating expenses held flat to 2HFY20. Disciplined focus on expense management.
Investment in IT infrastructure to support Platform growth has increased 1HFY21.
As a result of the strategic review of IT Services the cost base for this business has reduced.
Headcount increased 7% to 281 FTE at the 31 December 2020, with the associated costs largely reflected in direct expenses.

OPERATING EXPENSES (\$m)

UNDERLYING NPAT

IMPACTED BY ONE OFF ITEMS POSITIONING THE BUSINESS FOR GROWTH

Share based payments increased by \$3.0m including the Special LTI grants in 2018 and December 2020
Amortisation and depreciation includes \$0.9m of lease depreciation in accordance with AASB16 and \$1.3m Platform IT development
Release of Agility deferred consideration of \$1.6m is offset by \$1.1m of share based payment expense (with \$0.5 to be booked in future periods), reflecting shares issued in Oct-20 to replace the deferred consideration for the purchase of Agility¹
Transaction and due diligence costs of \$1.7m are in respect of strategic transactions announced at the end of Oct-20

UPDATE ON STRATEGIC TRANSACTIONS

ANDREW ALCOCK Managing Director

M&A TRANSACTIONS UPDATE

Acquisition of XPL for \$60m FUA \$16.6bn (as at 31 December 2020)

Acquisition of PARS for \$10.5m FUA \$9.1bn (as at 31 December 2020)

Investment of up to 40% in EAS including divestment of Paragem to EAS

Progress	Next Steps Q3/Q4
All necessary approvals received Completion on track for 2nd Mar 21	Engage with XPL team and transition to HUB24 Embed interim operating model Customer engagement Define growth opportunities leveraging enhanced group capabilities Commence integration
Transaction completed & PARS team onboarded	Determine future product development Ord Minnett system separation Grow market share
Easton Investment: • Offer closed 22nd February 31.18% holding as at 19th • February 2020 Paragem Divestment: • Completion of the Share Sale Agreement • Paragem team & business transfer to Easton	Identify market opportunities under Technology Partnership & Distribution Agreement and finalise scope of key deliverables Finalise 2nd new director recommendation

FINALISING STRATEGIC TRANSACTIONS

LEADING PROVIDER OF INTEGRATED PLATFORM, DATA AND TECHNOLOGY SERVICES

Total FUA: \$48bn¹

Strong combined proposition for retail and High Net Worth clients serviced by stockbrokers, private banks, boutiques and mid-tier licensees

Platform FUA \$33bn²

Market leading Platform #1 Platform Overall⁴ #1 Managed Portfolio solution⁴ Broad investment choice Innovative capability that unlocks value for advisers & their clients

Technology solutions & other services

Market leader in non-custodial administration services with

FUA \$15bn^³

Data integration & technology services for stockbrokers, licensees, advisers and other market participants

Strategic transactions positioning HUB24 for ongoing success:

Strengthening our market leadership as Specialist Platform Provider
Enhanced capabilities for high-net-worth client segment
New key strategic client relationships
Extending "single view of wealth" capabilities
Creating a leadership position in Portfolio Administration & Reporting Services (PARS)
Significant revenue and scale to support ongoing investment and secure further growth
Investing in the evolution and enablement of low-cost financial advice
1. Total FUA (Platform and PARS) once XPL transaction completed (using XPL& PARS data as at 31 Dec 2020)
1. Total Platform FUA once Xplore transaction completed (Using XPL data as at 31 Dec 2020) 3. Total PARS FUA once Xplore transaction completed (Using PARS data as at 31 Dec 2020)

STRATEGY AND OUTLOOK ANDREW ALCOCK Managing Director

KEY INDUSTRY TRENDS PRESENTING OPPORTUNITIES FOR HUB24

Increasing demand for managed portfolios solutions¹

Increasing retirement savings⁴

Continued shift to specialist platforms driven by product innovation & WEXIT

Cost of advice increasing creating advice gap⁵

Growing high-net-worth & affluent segment²

Increasing demand for integrated solutions and single view of wealth

Cost of core Licensees functions continue to rise³

Evolution of adviser and licensee business models⁶

Managed Portfolios growing 11% YOY IMAP Managed Account Census June 2020 2. Affluent/HNW segment estimated to grow at 4.9% CAGR p.a.NMG Research 2020 3. Compliance burden is the #1 challenge faced by advisers – Investment Trends 2020 Planner Tech report
1. Average super balance grow to \$541,000 2040 Rice Warner'sSuperannuation Market Projections 2019 report
1. Median advice fee per client rose to \$3240 2020 Financial advice benchmarking study, Adviser Ratings
Private licensee businesses forecast to grow from \$100m FUA per adviser to \$200m.

MAXIMISING OPPORTUNITIES AND POSITIONING FOR FURTHER GROWTH

Consolidating our market-leading platform position & expanding into new segments

Continuing to grow platform market share	• By leveraging current relationships, securing new clients and continued investment in platform capability and customer service excellence
Consolidating our managed portfolios market leadership position	• Through continued investment to deliver adviser and client benefits
Expanding our offer and targeting new segments	• Investing in new product solutions by leveraging group product capabilities to expand and build market share in new segments
Collaborating with licensees and advisers to deliver solutions that solve key advice delivery challenges	• Building integrated data and technology solutions leveraging AI and machine learning
Delivering an integrated view of wealth for licensees, stockbrokers, advisers and their clients	• Developing seamless transacting and reporting capability across both Platform and Portfolio Administration and Reporting Services

MOVING FORWARD CREATE CUSTOMER & SHAREHOLDER VALUE

Continued market share & FUA growth

Commence integration of acquisitions, leverage new product capability and transition to future operating model

Position HUB24 for ongoing success through innovation and customer service excellence

Continued growth in financial results

Platform FUA target increased to \$43b-\$49b for FY22¹

We are positioning HUB24 as the leading provider of integrated platform, data and technology services.

Includes HUB24 and Xplore custodial platform FUA. The company expects strong organic growth and increasing profitability moving forward subject to consistent and stable investment markets, HUB24 terms of business and further significant unexpected or ongoing impacts arising from the COVID-19 pandemic that may affect platform FUA & revenue.

SUMMARY INFORMATION

The material herein is a presentation of general background information about HUB24 Limited's ('HUB') activities current as at date of presentation. This information given in summary form does not purport to be complete and should be read in conjunction with previous ASX filings, Half Year Report and the audited Annual Report as applicable. Any arithmetic inconsistencies are due to rounding.

NOT INVESTMENT ADVICE

This presentation is not a prospectus or a product disclosure statement under the Corporations Act 2001 (Cth) and has not been lodged with ASIC. The information provided in this presentation 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 or without professional advice when deciding if an investment is appropriate.

RISK OF INVESTMENT

An investment in HUB shares is subject to investment and other known and unknown risks, some of which are beyond the control of HUB. HUB does not guarantee any particular rate of return or the performance of HUB nor does it guarantee the repayment of capital from HUB or any particular tax treatment.

FORWARD LOOKING STATEMENTS

This presentation contains certain forward-looking statements. The words 'anticipate', 'believe', 'expect', 'project', forecast', 'estimate', '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. 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 HUB, that may cause actual results to differ materially from those expressed or implied in such statements. There can be no assurance that actual outcomes will not differ materially from these statements. You should not place reliance on forward-looking statements and neither HUB nor any of its directors, employees, consultants, contractors, advisers or agents assume any obligation to update such information.

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