#1AON Aon plc Fixed Income Investor Presentation September 22, 2023#2AON Paul Hagy Senior Vice President, Global Corporate Treasurer Rob Lee Vice President, Assistant Treasurer Nicole Hendry Senior Director, Investor Relations 豆豆圖) loa#3AON Safe Harbor Statement This communication contains certain statements related to future results, or states Aon's intentions, beliefs and expectations or predictions for the future, all of which are forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from either historical or anticipated results depending on a variety of factors. These forward-looking statements include information about possible or assumed future results of Aon's operations. All statements, other than statements of historical facts, that address activities, events or developments that Aon expects or anticipates may occur in the future, including such things as its outlook, future capital expenditures, growth in commissions and fees, changes to the composition or level of its revenues, cash flow and liquidity, expected tax rates, expected foreign currency translation impacts, business strategies, competitive strengths, goals, the benefits of new initiatives, growth of its business and operations, plans, and references to future successes, are forward- looking statements. Also, when Aon uses words such as "anticipate", "believe", "continue", "could", "estimate", "expect", "forecast", "intend", "looking forward", "may", "might", "plan", "potential" "probably", "project", "should", "will", "would" or similar expressions, it is making forward-looking statements. The following factors, among others, could cause actual results to differ from those set forth in or anticipated by the forward looking statements: changes in the competitive environment, due to macroeconomic conditions (including impacts from instability in the banking or commercial real estate sectors) or otherwise, or damage to Aon's reputation; fluctuations in currency exchange, interest, or inflation rates that could impact our financial condition or results; changes in global equity and fixed income markets that could affect the return on invested assets; changes in the funded status of Aon's various defined benefit pension plans and the impact of any increased pension funding resulting from those changes; the level of Aon's debt and the terms thereof reducing Aon's flexibility or increasing borrowing costs; rating agency actions that could limit Aon's access to capital and our competitive position; volatility in Aon's global tax rate due to being subject to a variety of different factors, including the adoption and implementation of OECD tax proposals; changes in Aon's accounting estimates or assumptions on Aon's financial statements; limits on Aon's subsidiaries' ability to pay dividends or otherwise make payments to Aon; the impact of legal proceedings and other contingencies, including those arising from acquisition or disposition transactions, errors and omissions and other claims against Aon; the impact of, and potential challenges in complying with, laws and regulations in the jurisdictions in which Aon operates, particularly given the global nature of Aon's operations and the possibility of differing or conflicting laws and regulations, or the application or interpretation thereof, across jurisdictions in which Aon does business; the impact of any regulatory investigations brought in Ireland, the U.K., the U.S. and other countries; failure to protect intellectual property rights or allegations that Aon infringes on the intellectual property rights of others; general economic and political conditions in different countries in which Aon does business around the world; the failure to retain, attract and develop experienced and qualified personnel; international risks associated with Aon's global operations, including impacts from military conflicts or political instability, such as the ongoing Russian war in Ukraine; the effects of natural or man-made disasters, including the effects of the COVID-19 and other health pandemics and the impacts of climate change; any system or network disruption or breach resulting in operational interruption or improper disclosure of confidential, personal, or proprietary data, and resulting liabilities or damage to our reputation; Aon's ability to develop, implement, update and enhance new systems; the actions taken by third parties that perform aspects of Aon's business operations and client services; the extent to which Aon is exposed to certain risks, including lawsuits, related to actions Aon may take in being responsible for making decisions on behalf of clients in Aon's investment businesses or in other advisory services that Aon currently provides, or may provide in the future; Aon's ability to continue, and the costs and risks associated with, growing, developing and integrating acquired business, and entering into new lines of business or products; Aon's ability to secure regulatory approval and complete transactions, and the costs and risks associated with the failure to consummate proposed transactions; changes in commercial property and casualty markets, commercial premium rates or methods of compensation; Aon's ability to develop and implement innovative growth strategies and initiatives intended to yield cost savings, and the ability to achieve such growth or cost savings; the effects of Irish law on Aon's operating flexibility and the enforcement of judgments against Aon; and adverse effects on the market price of Aon's securities and/or operating results. Any or all of Aon's forward-looking statements may turn out to be inaccurate, and there are no guarantees about Aon's performance. The factors identified above are not exhaustive. Aon and its subsidiaries operate in a dynamic business environment in which new risks may emerge frequently. Accordingly, you should not place undue reliance on forward-looking statements, which speak only as of the dates on which they are made. In addition, results for prior periods are not necessarily indicative of results that may be expected for any future period. Further information concerning Aon and its businesses, including factors that potentially could materially affect Aon's financial results, is contained in Aon's filings with the SEC. See Aon's Annual Report on Form 10-K for the year ended December 31, 2022 for a further discussion of these and other risks and uncertainties applicable to Aon and its businesses. These factors may be revised or supplemented in subsequent reports filed with the SEC. Aon is not under, and expressly disclaims, any obligation to update or alter any forward-looking statement that it may make from time to time, whether as a result of new information, future events or otherwise. 2#4Aon is in the business of better decisions Aon exists to shape decisions for - the better to protect and enrich the lives of people around the world. Our colleagues provide our clients in over 120 countries and sovereignties with advice and solutions that give them the clarity and confidence to make better decisions to protect and grow their business. 50,000 colleagues around the world 120+ countries and sovereignties with Aon clients Through our experience, global reach and state-of-the-art analytics, we are better able to help clients meet rapidly changing, increasingly complex and interconnected challenges across four areas of need: Navigating new forms of volatility Rethinking access to capital Building a resilient workforce Commercial Risk Solutions Shifts in technology, economics and geopolitics are creating unprecedented volatility. We help clients identify, measure and manage their risk exposure. $110B+ of bound premium placed annually Health Solutions Health is declining, costs are rising and workers have vastly different needs. We help companies improve employee health and wellbeing while managing costs. $35B of bound premium placed annually Addressing the underserved Reinsurance Solutions Businesses, governments and communities need to become more resilient. Our expertise and insight help (re)insurers navigate uncharted territories and create more relevant solutions. Wealth Solutions Global business is becoming increasingly difficult to navigate. We help employers, fiduciaries and investment officers optimize results and provide a more secure future for their stakeholders. $3.8T $50B+ of bound premium placed annually of assets under advisement 12 AON 1 2 Includes approximately $55 billion of captive premium As of 6/30/2022, includes non-discretionary assets advised by Aon and its global affiliates which includes retainer clients and clients in which Aon and its global affiliates have performed project services for over the past 12 months. Project clients may not currently engage Aon at the time of the calculation of assets under advisement as the project may have concluded earlier during preceding 12-month period. 3#5Diversified Revenue Base Mitigates Risk and Provides Stability Revenue by Solution Line Health 18% Reinsurance 17% Wealth 11% Revenue by Geography Commercial Risk 54% EMEA 20% Asia Pacific 12% UK 13% US 46% Other Americas 9% AON Revenue base is highly diversified across solution line and geography, with clients well-diversified across industry, size and geography#6Franchise Position + Strong Operating Performance, Substantial Free Cash Flow and Track Record of Managing Credit Profile Consistently Strong Operating Performance... Committed to Mid-Single-Digit or Greater Organic Revenue Growth Over the Long-Term Strong core business is largely recurring, and often regulatorily required, with 95%+ retention rates on average across the portfolio • Track record of +4% average annual organic revenue growth from 2010-2022, with +6% organic revenue growth in 2022 。 Resilient top-line performance during challenging economic environments, with -1% organic revenue in 2009 (GFC), and +1% organic revenue in 2020 (Covid) Driven by three areas: Delivering client value with continued improvement in core businesses, portfolio mix-shift towards areas of faster growing client demand and data- driven solutions, and net new opportunities that increase our total addressable market Sustainable Operating Margin Expansion Net of Investment in Long-Term Growth From 2010-2022, increased adjusted operating margin by 1,120 bps or over 90 bps per year on average Consistently strong operating performance through economic cycles, as operating model enables strong expense discipline and flexibility to reduce certain discretionary expenses, if necessary Driven by three areas: Top-line growth, portfolio mix-shift to higher contribution margin businesses, and increased operating leverage from ongoing productivity improvements from our Aon Business Services platform ...With Substantial Free Cash Flow and Strong Balance Sheet Reinforces Financial Stability and Resilience Substantial free cash flow with continued focus on optimizing the translation of revenue into cash Generated over $3.0B of free cash flow in 2022, with free cash flow CAGR of +13% from 2010- 2022 Expect to deliver double-digit free cash flow growth in 2023 and over the long-term, driven by growth in operating income and ~$500 million long-term improvement opportunity in working capital Have taken steps to reduce structural uses of cash, including from pension contributions Significant financial flexibility driven by strong free cash flow generation and balance sheet strength Strong liquidity from multiple sources: free cash flow generation, $1.2B of cash on the balance sheet as of Q2'23, $1.75B of available committed credit, and access to commercial paper programs Conservative debt profile with $11.3B of debt as of Q2'23 о о Debt maturities well laddered with manageable maturity towers (<~$1.0B) All term debt is fixed rate, with a weighted average maturity of ~11 years Have taken steps to reduce the size and volatility of lease and pension liabilities through smaller lease footprint aligned with our Smart Working strategy, pension contributions, lump-sum pension settlements, and closing pension plans to new entrants Committed to maintaining a strong investment grade credit profile Aon is rated A- by S&P, BBB+ by Fitch and Baa2 by Moody's; S&P's and Fitch's ratings have a stable outlook; Moody's rating has a positive outlook History of effectively managing credit profile under various macroeconomic conditions and while executing a range of strategic initiatives underscores this commitment Maintained credit ratings through significant acquisitions and divestitures (Hewitt, Alight) AON 1 Certain results presented on this page are non-GAAP measures that are reconciled to their corresponding U.S. GAAP measures in the Appendices of this presentation. 50#7AON Aon United Blueprint How we shape decisions for the better and drive sustainable growth-working together as one firm Aon is in the business of better decisions Delivering Aon United Our Delivering Aon United strategy defines how Aon colleagues work together to deliver value to clients and sets a new standard for client leadership. Delivering Aon United is brought to life through our common client value creation model which scales strategies from across the firm that have helped teams bring the best of the firm to clients. Inclusive People Leadership Our Inclusive People Leadership strategy ensures that all colleagues - at every stage of their journey - are equipped and motivated to model our Aon United values and behaviors. In doing so, it creates a culture where Aon colleagues engage one another in a manner that enables all of us to achieve our full professional potential. Delivering Aon United Inclusive People Leadership Aon United Innovation at Scale Aon Business Services Innovation at Scale Our Innovation at Scale strategy applies a common content and capability development methodology and set of global standards in three areas of innovation: within our solution lines, across solution lines, and making net new enterprise-level big bets through Aon Growth Ventures that expand our addressable market. Aon Business Services Our Aon Business Services strategy creates globally scaled operational and technology capabilities and connects them to our clients. Aon Business Services makes Aon easy to work with, delivering differentiated client service, supporting colleagues and enabling rapid solution development and innovation. 6#8AON Drivers of Sustainable Organic Revenue Growth¹ Delivering Client Value in the Core Portfolio Shift to High-Growth Areas of Demand Distributed Innovation to Unlock Net New When we bring the best of the firm through our Aon United strategy, we can win more, retain more, and do more with clients Our strong core business is largely recurring, non- discretionary, and with retention rates of ~95% on average across the portfolio Disproportionally investing organically and inorganically to differentiate our value proposition in targeted businesses with attractive growth and margin characteristics Priority areas are growing organically at higher rates than the overall portfolio, with significant long-term opportunity Proven history of portfolio management demonstrates ability to focus and prioritize areas of greatest client need Strong track record of developing innovative, first-to- market solutions that unlock new addressable markets Creating net new solutions for long-term challenges like climate, intellectual property, cyber, wellbeing and workforce resilience Low-single- digit growth Organic Revenue Growth 9% 6% 5% 4% 1% 7% 6% '10 '17 '18 '19 '20 '21 '22 YTD'23 In 2017, established Aon United, our one-firm strategy, to drive long-term growth Expect mid-single-digit or greater organic revenue growth in 2023 and over the long-term 1 Organic revenue growth is a non-GAAP measure that is reconciled to its corresponding U.S. GAAP measure for historical periods in Appendix A of this presentation. 7#9Aon Business Services - Ongoing Evolution of How We Operate Operating principles and track record of progress... Efficiency and Operating Leverage Service Delivery Excellence +1,120 bps Innovation → 30.8% • . ...are the foundation for our next stage of value creation Standardized Platforms Investing in standardizing, digitizing and connecting platforms and technology across our ABS ecosystem Enhances analytics and insight, creating better solutions for our colleagues and our clients in the core and new areas of demand Standardized Operations Investing in standardization of common processes across our firm, enabling us to optimize client outcomes and scale best practices Enables ongoing efficiency and enhancements, including through the use of tools like automation, machine learning, and Al Annual Adjusted Operating Margin¹ 19.6% 1 AON 2010 2022 New Products at Scale . Standardized platforms and operations combined with expertise and analytics enable the development of scalable, data-driven solutions across the firm Enables rapid scale of content and capability, including from organic investments and acquisitions The results presented on this page are non-GAAP measures that are reconciled to their corresponding U.S. GAAP measures in the Appendices of this presentation. 00 8#10Our Annual Long-Term Track Record on Key Financial Metrics¹ Driving Top and Bottom-Line Improvement FY 2010 FY 2022 12-Year Change Organic Revenue Growth +0% +6% +4% avg / year Adjusted Operating Margin 19.6% 30.8% +1,120 bps ~90 bps / year Adjusted Earnings Per Share $3.48 $13.39 +12% CAGR Free Cash Flow $0.7B $3.0B +13% CAGR +1,600 bps Free Cash Flow Margin 8.2% 24.2% ~130 bps/year Shares Outstanding2 332.3M 205.4M ~38% Net Reduction Return on Invested Capital (ROIC) AON 2 +1,890 bps ~160 bps / year The results presented on this page are non-GAAP measures that are reconciled to their corresponding U.S. GAAP measures in the Appendices of the presentation. Calculated as the change in actual shares outstanding from December 31, 2010 to December 31, 2022. 11.7% 30.6% 6#11Balance Sheet Strength and Financial Flexibility Support Strong Investment Grade Credit Profile • Committed to maintaining a strong investment grade credit profile • Significant financial flexibility driven by strong free cash flow generation and balance sheet strength • History of effectively managing leverage within current ratings • $1.2B of cash and short-term investments on balance sheet as of June 30, 2023, and access to additional liquidity via $1.75B in committed credit and USD and EUR commercial paper programs Well-laddered debt maturities through 2052 with weighted average maturity of ~11 years Balance Sheet ($ millions) Cash Dec 31, 2021 Dec 31, 2022 Jun 30, 2023 Investment Grade Credit Ratings $544 $690 $952 S&P Global A- (Stable) Short-term $292 $452 $200 Investments MOODY'S Baa2 (Positive) Total Debt $9,392 $10,770 $11,327 Shareholders' Equity $1,061 ($529) $65 (Deficit)¹ Fitch Ratings BBB+ (Stable) Debt to EBITDA2 2.3x3 2.7x 2.8x 1 AON 23 Aon reported total Aon shareholders' deficit as of December 31, 2022 and June 30, 2023, compared to prior periods for which Aon reported total Aon shareholders' equity. The reporting of total Aon shareholders' deficit does not impact the manner in which Aon calculates Return on Invested Capital (ROIC). Earnings before interest, taxes, depreciation and amortization (EBITDA) is a non-GAAP measure. A reconciliation can be found in Appendix F. EBITDA for the twelve-month period ended December 31, 2021, has been adjusted to exclude the impact of $1,436 million of charges incurred in 2021 to terminate the combination with Willis Towers Watson. A reconciliation can be found in Appendix F. 10#12Well-Laddered Debt Maturities with Enhanced Liquidity Support from Committed Credit Facilities • $11.3B of debt outstanding as of June 30, 2023 • о Includes $0.4B of commercial paper and $10.9B of long-term debt Debt maturities are well laddered out to 2052; weighted average maturity (WAM) of ~11 years Debt Maturity Profile¹ ($ millions) Maturity towers are manageable as no more than $1.0B of debt comes due in any given year (relative to $3.0B of reported free cash flow for FY'22) Enhanced liquidity support from $1.75B in committed credit between $750M credit facility due Oct 2024 and $1.0B credit facility due Sep 2026; full availability under both facilities as of June 30, 2023 1,200 Will evaluate incremental debt issuances beyond refinancing needs as EBITDA grows while maintaining a strong investment grade credit profile 521 800 400 о 750 600 350 Q4 2024 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 2025 545600 350 2026 2027 2028 Senior Notes AON 1 1,000 900 750 750 500 300 2029 2030 2031 2032 2033 2040 2041 2042 256 250 2043 2044 600 550 600 2045 2046 2047 2048 2049 2050 2051 2052 Does not include commercial paper outstanding on June 30, 2023 ($0.4B); debt stacks reflect notional amounts outstanding; EUR 500M senior notes due 2026 converted to USD at 1.09 FX rate. Jr. Sub Notes 11 900#13Unconditional and Irrevocable Cross Guarantee Structure Ensures Debt Securities Rank Pari Passu¹ • • Issuers and Guarantors of Debt Securities as of June 30, 2023 Entity Aon plc Aon Global Limited Aon Global Holdings plc Aon North America, Inc. Aon Corporation Jurisdiction of Incorporation Ireland UK UK US US Aon plc is the Irish-domiciled publicly traded parent company of the Aon group There are three Aon entities with outstanding debt securities: Aon Global Limited ("AGL"), Aon Global Holdings plc ("AGH"), and Aon Corporation о Each of these entities is an indirect wholly owned subsidiary of Aon plc and has senior unsecured ratings consistent with those of Aon plc (Baa2/A- /BBB+) Outstanding senior notes rank pari passu due to unconditional and irrevocable cross guarantee structure Aon Global Limited Notes ($3.9B) 4.000% USD 350M Senior Notes due 2023 3.500% USD 600M Senior Notes due 2024 3.875% USD 750M Senior Notes due 2025 2.875% EUR 500M Senior Notes due 20263 4.250% USD 256M Senior Notes due 2042 4.450% USD 250M Senior Notes due 2043 4.600% USD 550M Senior Notes due 2044 4.750% USD 600M Senior Notes due 2045 Aon Corporation Notes ($2.9B) Guarantor Issuer Guarantor Guarantor Guarantor 8.205% USD 521M Junior Sub Notes due 2027 4.500% USD 350M Senior Notes due 2028 3.750% USD 750M Senior Notes due 2029 2.800% USD 1000M Senior Notes due 2030 6.250% USD 300M Senior Notes due 2040 Guarantor Guarantor Guarantor Guarantor Issuer Aon Corporation and Aon Global Holdings plc Notes ($4.3B) 2.850% USD 600M Senior Notes due 2027 2.050% USD 400M Senior Notes due 2031 2.600% USD 500M Senior Notes due 2031 5.000% USD 500M Senior Notes due 2032 5.350% USD 750M Senior Notes due 2033 2.900% USD 600M Senior Notes due 2051 3.900% USD 900M Senior Notes due 2052 Guarantor Guarantor Co-Issuer Guarantor Co-Issuer Aon moved its parent company headquarters to the UK in 2012 and Ireland in 2020, and as a result, has issued term debt from multiple legal entities, however, our cross-guarantee structure ensures debt securities rank pari passu AON 1 2 AGL 2.875% EUR 500M Senior Notes due 2026 converted to USD at 1.09 FX rate. 12#14AON Solutions for Clients Our Own Impact ESG at Aon - Better Decisions for a Better World is at the core of what we do. At Aon, helping clients manage risk - including ESG risk We see significant opportunity in enhancing our impact and delivering innovative client solutions. Environmental Progressing on our commitment to be Net-Zero by 2030, enabled by Aon Business Services: . • Managing direct operations emissions through thoughtful travel, Smart Working and moves to smaller and greener real estate. Managing Scope 3 through our supplier sustainability strategy. 4% emissions reduction from 2021, and total reduction of 16% from 2019 baseline.* Climate solutions help clients assess and quantify risk, build resiliency, accelerate their transition and unlock growth opportunities: Leading expertise in current and future climate and catastrophe modeling. • Innovative solutions such as catastrophe bonds, green captives, parametric covers and intellectual property solutions - address risk and reduce volatility through our continuous innovation on behalf of our clients. Smart Working Social Colleagues work in-office, remotely, or both - wherever they're most effective - which improves engagement and wellbeing and reduces travel and commuting. Supplier Diversity and Sustainability Our centralized purchasing through Aon Business Services enables our ESG goals. Aon Diversity Solutions helps clients achieve their own goals. Our Aon United strategy, which defines our culture, including how we hire, retain, develop, reward and support our people: Frequent colleague feedback and surveys enable responsive action to drive engagement. • • Smart Working and Inclusive People Leadership strategies designed to support our colleagues. • Focus on resilience and wellbeing with our Chief Wellbeing Officer. 2022 Colleague Engagement of 80%, consistent with record-high 2021 levels. Aon's Health, Wealth, and Talent¹ Solutions enable clients to protect and grow their organizations and their people: • • Global or local offerings help clients mitigate rising healthcare costs and improve employee health and physical wellbeing. Our solutions drive workforce resilience, aligned with our clients² strategic and cultural goals. Enables organizations to improve financial wellbeing and provide a more secure future for their people. Governance Risk mitigation and governance through firm-wide policies and processes: Inclusive People Leadership is essential to Aon United culture: Board of Directors Inclusion & Diversity (I&D) sub-committee 20% of executive discretionary incentive compensation is based on I&D goals Global Inclusive Leadership Council embeds I&D strategy and actions at local and regional levels Gender diversity at every level with women representing: 52% of the Aon Executive Committee, 43% of managers and 51% of new hires in 2022 Diverse representation and talent attraction through programs such as our global Apprenticeships and partnerships with historically Black colleges and universities in the U.S. • Board review of ESG within Enterprise Risk Management. Executive ESG Committee comprised • of senior leadership drives strategy. • Strong cyber security, compliance and data privacy programs. • New Board director with significant experience in cyber security and data privacy. We help clients navigate change and complexity, with structure and processes that lead to better decisions: • • ESG risk assessments, advice, and diagnostics, such as our Digital Business Insight Monitor, help clients understand risk and address with Aon solutions. Tools like CyQu help quantify, mitigate and transfer cyber security risk. • Expertise in optimizing D&O cover, with consideration of ESG factors. 1 Human Capital Solutions was renamed Talent in Q2 2023. 2 Information and data presented in this report with respect to Aon's greenhouse gas emissions is not subject to a third party audit. Aon's 2022 greenhouse gas emissions data is preliminary and subject to ongoing internal data verification. Aon expects to publish final 2022 greenhouse gas emissions data in its 2023 CDP disclosures. Update March 2023 13#15Appendices AON#16AON 2023 U.S. GAAP Financials Q2'23 YTD'23 Total Revenue Growth +7% +6% Operating Margin Earnings Per Share Cash Flows from Operations 26.5% 32.8% $2.71 $7.79 $1,131M Explanation of Non-GAAP Measures This communication includes supplemental information not calculated in accordance with generally accepted accounting principles in the United States ("U.S. GAAP"), including organic revenue growth, free cash flow, free cash flow margin, return on invested capital, adjusted operating income, adjusted operating margin, adjusted earnings per share, adjusted net income attributable to Aon shareholders, adjusted net income per share, and adjusted effective tax rate that exclude the effects of intangible asset amortization and impairment, pension settlements, capital expenditures, and certain other noteworthy items that affected results for the comparable periods. Organic revenue growth includes the impact of intercompany activity and excludes foreign exchange rate changes, acquisitions, divestitures, transfers between revenue lines, fiduciary investment income, and gains or losses on derivatives accounted for as hedges. Currency impact represents the effect on prior year period results if they were translated at current period foreign exchange rates. Reconciliations to the closest U.S. GAAP measure for each non-GAAP measure presented in this communication are provided in the attached appendices. Supplemental organic revenue growth information and additional measures that exclude the effects of certain items noted above do not affect net income or any other U.S. GAAP reported amounts. Free cash flow is cash flows from operating activity less capital expenditures. The adjusted effective tax rate excludes the applicable tax impact associated with expenses for estimated intangible asset amortization and impairment, and certain other noteworthy items. Management believes that these measures are important to make meaningful period-to-period comparisons and that this supplemental information is helpful to investors. Management also uses these measures to assess operating performance and performance for compensation. Non-GAAP measures should be viewed in addition to, not in lieu of, Aon's Consolidated Financial Statements. Industry peers provide similar supplemental information regarding their performance, although they may not make identical adjustments. 15#17Commercial Risk Solutions • Shifts in technology, economics and geopolitics are creating unprecedented volatility. We help clients identify, measure and manage their risk exposure. Retail Brokerage: Our dedicated teams of risk professionals utilize comprehensive analytics capabilities and global expertise to provide clients with insights and risk advice for their organizations. We utilize Aon's differentiated capabilities in industry sector- and segment-specific approaches, like Digital Client Solutions, to risk transfer options and deliver them through a variety of channels including bespoke solutions for complex needs, structured solutions for mid-market and SME clients, and digital distribution including CoverWallet Specialty Solutions: • • • Through our specialty-focused organizational structure, colleagues around the world dive deep into their areas of proficiencies including financial and professional lines, cyber, surety and trade credit, crisis management, transaction liability, and intellectual property. They develop market leading insights on the most efficient risk transfer vehicles for clients in today's complex and integrated risk environment to enable clients to make better decisions Global Risk Consulting & Captive Management: Aon risk consulting and captive management professionals are global leaders in supporting better management of companies' risk profiles by identifying and quantifying the risks they face, mapping out optimal risk mitigation, retention, and transfer solutions and thus enabling them to be more informed to make better decisions for their businesses Affinity Programs: Development, marketing and administration of customized and targeted insurance programs, facilities and other structured solutions, including Aon Client Treaty Collaboration with sponsors and other privileged distribution channels through which Aon can deliver differentiated, highly targeted and highly valuable solutions for unique risk solutions Place over $110B of bound premium each year¹ Retention rates +90% on average in Retail Brokerage +300 associations and organizations benefit from Aon's affinity solutions Q2'20 Total Revenue ($M) $1,400 Q3'20 $1,320 Q4'20 1,664 FY'20 Q1'21 $5,861 $1,640 Q2'21 $1,643 Q3'21 Q4'21 $1,505 $1,847 FY'21 Q1'22 $6,635 $1,719 Q2'22 Q3'22 $1,692 $1,482 Q4'22 $1,822 FY'22 Q1'23 Q2'23 $6,715 $1,778 $1,774 AON Organic Growth² (%) (1)% 0% 1% 1% 7% 13% 13% 12% 11% 9% 7% 5% 4% 6% 6% 5% 16 1 Includes approximately $55 billion of captive premium. 2 Organic revenue is a non-GAAP measure that is reconciled to its corresponding U.S. GAAP measure in Appendix A.#18• • Reinsurance Solutions Businesses, governments and communities need to become more resilient. Our expertise and insight help re/insurers navigate uncharted territories and create more relevant solutions. Treaty: • Addresses underwriting and capital objectives on a portfolio level, allowing our clients to more effectively manage the combination of premium growth, return on capital and rating agency interests. This includes the development of more competitive, innovative and efficient risk transfer options Facultative: • Empowers clients to better understand, manage, and transfer risk through innovative facultative solutions and the most efficient access to the global facultative markets Strategy and Technology Group: Our global platform combines strategic advice with data-driven consulting, analytics, and modeling tools, including Tyche, ReMetrica, and PathWise, to help clients deploy capital efficiently and effectively • Highly customized solutions help clients drive growth and operational efficiency, improve balance sheet strength and resiliency, and comply with regulatory and operational requirements, including through the execution of re/insurance transactions Capital Markets: Global investment bank with expertise in M&A, capital raising, strategic advice, restructuring, recapitalization services, and insurance-linked securities • Works with insurers, reinsurers, investment firms, banks, and corporations to manage complex commercial issues through the provision of corporate finance advisory services, capital markets solutions, and innovative risk management products Place over $50B of bound premium each year #1 issuer of insurance-linked securities Q2'20 Total Revenue ($M) $448 Q3'20 Q4'20 FY'20 Q1'21 $321 $197 $1,814 $922 Q2'21 $500 Q3'21 Q4'21 FY'21 Q1'22 Q2'22 $353 $222 $1,997 Q3'22 Q4'22 $976 $537 $396 $281 FY'22 Q1'23 Q2'23 $2,190 $1,077 $607 AON Organic Growth1 (%) 9% 13% 12% 10% 6% 9% 8% 13% 8% 7% 9% 7% 9% 8% 9% 9% 17 1 Organic revenue is a non-GAAP measure that is reconciled to its corresponding U.S. GAAP measure in Appendix A.#19Health Solutions • . . • . Healthcare costs are skyrocketing and workers have vastly differing needs. We help companies improve employee health and wellbeing while managing costs. Consulting & Brokerage: • Develops and implements innovative, customized health and benefits strategies for clients of all sizes across industries and geographies to manage risk, drive engagement, and increase accountability Partners with insurers and other strategic partners to develop and implement new and innovative solutions Delivers global expertise and world-class analytics and technology to help clients make informed decisions and manage healthcare outcomes Advises multinational companies on Global Benefits including program design and management, financing optimization, and enhanced employee experience, and assists in navigating global regulatory and compliance requirements in countries in which they operate Talent²: Our team delivers human capital data, analytics and advice to business leaders so they can make better workforce decisions and align their business and people strategies We support clients across the full employee lifecycle, including talent assessment and selection, compensation benchmarking and plan design, people analytics, performance benchmarking, total rewards strategy, human capital integration in transaction situations, Corporate Governance, ESG consulting and strategic employee communication Consumer Benefit Solutions: • • Designs and delivers innovative voluntary consumer benefits that improve an employer's total rewards strategy and positively impacts their employees' financial wellbeing Multi-channel and targeted communications solutions increase consumer benefit knowledge and enhance engagement Place $35B of bound premium each year Compensation database with 25M roles incorporated • Leverages our proprietary digital platform to provide efficient enrollment strategies through an effective combination of data, analytics, and tailored products Total Revenue ($M) Q2'20 Q3'20 Q4'20 $321 $423 FY'20 Q1'21 Q2'21 Q3'21 $751 $2,067 $615 $391 $497 Q4'21 $651 FY'21 $2,154 Q1'22 Q2'22 Q3'22 Q4'22 FY'22 Q1'23 Q2'23 $638 $414 $494 $678 $2,224 $671 $447 AON Organic Growth1 (%) (16)% (3)% 1% (2)% 4% 17% 16% 7% 10% 8% 11% 5% 7% 8% 8% 10% 18 1 Organic revenue is a non-GAAP measure that is reconciled to its corresponding U.S. GAAP measure in Appendix A. 2 Human Capital Solutions was renamed Talent in Q2 2023.#20Wealth Solutions • • • • Global business is becoming increasingly difficult to navigate. We help employers, fiduciaries, and investment officers optimize results to provide a more secure future. Retirement Consulting & Pension Administration: • Utilizes our deep pension expertise to deliver high-quality integrated retirement services. Our customized services include outsourcing, co-sourcing and in-sourcing options. We also help organizations execute pension de-risking projects to maximize shareholder value Manages defined benefit plans with people in mind. We believe in the power of connecting participants to experts to make better informed and smarter decisions about their Wealth. Our partnership-driven model is powered by deep pension experience and enabled with smart technology Retirement Consulting specializes in providing clients across the globe with strategic design consulting on their retirement programs, actuarial services, and risk management - including pension de-risking, governance, integrated pension administration and legal and compliance consulting Investments: Provides public and private companies and other institutions with advice on developing and maintaining investment programs across a broad range of plan types, including defined benefit plans, defined contribution plans, endowments and foundations Our delegated investment solutions offer ongoing management of investment programs and fiduciary responsibilities either in a partial or full discretionary model for multiple asset owners. We partner with clients to deliver our scale and experience to help them effectively manage their investments, risk, and governance and potentially lower costs $4.0T+ of pension liabilities valued $3.8T of assets under advisement 3M retirement participants supported Total Revenue ($M) $330 AON Organic Growth² (%) 1% (3)% Q2'20 Q3'20 Q4'20 $327 $357 (1)% FY'20 $1,341 (1)% Q1'21 $355 Q2'21 $356 Q3'21 $351 Q4'21 FY'21 $364 $1,426 Q1'22 $345 Q2'22 Q3'22 $343 $326 Q4'22 $353 FY'22 Q1'23 Q2'23 $1,367 $350 $352 4% 1% 4% 1% 2% 0% 3% 2% 6% 3% 6% 2% 1 As of 6/30/2022, includes non-discretionary assets advised by Aon and its global affiliates which includes retainer clients and clients in which Aon and its global affiliates have performed project services for over the past 12 months. Project clients may not currently engage Aon at the time of the calculation of assets under advisement as the project may have concluded earlier during preceding 12-month period. 2 Organic revenue is a non-GAAP measure that is reconciled to its corresponding U.S. GAAP measure in Appendix A. 19#21Appendix A: Reconciliation of Non-GAAP Measures - Organic Revenue Growth Aon Organic Revenue Reconciliation Commercial Risk Current period revenue Prior year period revenue Q2'20 Q3'20 Q4'20 FY 20 Q1'21 Q2'21 Q3'21 Q4'21 FY'21 Q1'22 Q2'22 Q3'22 Q4'22 FY'22 Q1'23 Q2'23 1,400 1,320 1,664 5,861 1,640 1,643 1,505 1,847 6,635 1,719 1,692 1,482 1,822 6,715 1,778 1,774 1,453 1,328 1,622 5,857 1,477 1,400 1,320 1,664 5,861 1,640 1,643 1,505 1,847 6,635 1,719 1,692 % Change -4% -1% 39 0% 11% 17% 14% 11% 13% 5% 3% -2% -1% 1% 3% 5% (1) Less: Currency Impact -2% (2) Less Fiduciary Investment Income -1% Less: Acquisitions, Divestitures & Other 0% Organic Revenue Growth (3) -1% Reinsurance Current period revenue 448 Prior year period revenue 420 % Change 7% (1) Less: Currency Impact 0% Health Less Fiduciary Investment Income Less: Acquisitions, Divestitures & Other (31 (2) -1% -1% Organic Revenue Growth 9% Current period revenue Prior year period revenue 321 389 % Change -17% Less: Currency Impact' (1) -4% (2) Less Fiduciary Investment Income 0% Less: Acquisitions, Divestitures & Other 3% Organic Revenue Growth (3) -16% Wealth Current period revenue 330 Prior year period revenue % Change 347 -5% (1) Less: Currency Impact -2% Less Fiduciary Investment Income Less: Acquisitions, Divestitures & Other (2) 0% -4% (3) Organic Revenue Growth Total Company Current period revenue Prior year period revenue % Change Less: Currency Impact (1) (2) Less: Acquisitions, Divestitures & Other Organic Revenue Growth (3) 1% 2,497 ***ཊཧྨམྦོ*******8 དྷོ ྂ 2% 0% 5% 5% 2% -1% 2% 0% 0% 0% 0% 0% 0% 0% 09 -1% -1% -1% -1% 0% 0% 1% 1% 7% 13% 13% 12% 11% 197 1,814 922 500 353 222 1,997 187 1,686 848 448 321 197 1,814 5% 8% 9% 12% 10% 13% 10% 0% 0% 3% 1% 1% -1% 2% -3% -1% -1% 0% 0% 0% 0% -4% -1% 1% 2% 1% 1% 0% 12% 10% 6% 9% 8% 13% 8% 751 2,067 615 391 497 651 2,154 724 2,104 572 321 423 751 2,067 4% -2% 8% 22% 17% -13% 4% 0% -1% 3% 5% 2% -1% 2% 09 0% 0% 0% 0% 09 0% 3% 1% 1% 0% -1% -19% -8% 1% -2% 4% 17% 16% 7% 10% 357 1,341 355 356 351 364 1,426 355 1,380 327 330 327 357 1,341 1% -3% 9% 8% 7% 2% 6% 2% 0% 4% 6% 3% 0% 3% 0% 0% 0% 0% 0% 0% 0% 0% -2% 1% 1% 0% 1% 1% -1% -1% 4% 1% 4% 1% 2% 2,385 2,965 11,066 3,525 2,886 2,702 3,080 12,193 གྷོཎྜཝཱ གྷོ ༄ཛོ ཿཎྜནྟཎྜནྡྷདྷབྷ**⌘ཝཱཊྛི -4% -5% -4% -4% -3% -1% 0% 1% 1% 1% 2% 2% 0% -3% -2% -2% -2% -1% 7% 5% 4% 6% 6% 5% 537 396 281 2,190 1,077 607 500 353 222 1,997 976 537 7% 12% 27% 10% 10% 13% -5% -4% -3% -3% -29 -1% 0% 3% 7% 1% 2% 5% 3% 6% 14% 4% 1% 0% 9% 7% 9% 8% 9% 9% 414 494 678 2,224 671 447 391 497 651 2,154 638 414 6% -1% 4% 3% 5% 8% -3% -4% -3% -3% -3% -1% 0% 0% 09 0% 0% 0% -2% -2% 0% -2% 0% -1% 11% 5% 7% 8% 8% 10% 343 326 353 1,367 350 352 356 351 364 1,426 345 343 -4% -7% -3% -4% 1% 3% -5% -6% -6% -5% -4% 0% 0% 0% 0% 0% 0% 0% -2% -3% -3% -2% -1% 1% 3% 2% 6% 3% 6% 2% 2,983 2,696 3,130 12,479 3,871 3,177 2,606 2,379 2,885 11,013 3,219 2,497 2,385 2,965 11,066 3,525 2,886 2,702 3,080 12,193 3,670 2,983 -4% 0% 3% 0% 10% 16% 13% 4% 10% 4% 3% 0% 29 2% 5% 7% -2% 0% 1% 0% 4% 4% 2% -1% 2% -3% -4% -5% -4% -4% -3% -1% Less Fiduciary Investment Income -1% -1% 0% 0% 0% 0% 0% 0% 0% 0% 0% 1% 1% 1% 1% 2% 0% 1% 0% -1% 0% 1% -1% -5% -1% -1% -1% -1% 0% -1% 0% 0% -1% 0% 2% 1% 6% 11% 12% 10% 9% 8% 8% 5% 5% 6% 7% 6% AON (1) (2) (3) Currency impact represents the effect on prior year period results if they were translated at current period foreign exchange rates. Total fiduciary investment income for the three months ended June 30, 2023 and March 31 was $64 million and $52 million, respectively, for the three months ended March 31, June 30, September 30, and December 31, 2022 was $2 million, $7 million, $26 million, and $41 million, respectively, for the three months ended March 31, June 30, September 30, and December 31, 2021 was $2 million, $2 million, $2 million, and $2 million, respectively, for the three months ended March 31, June 30, September 30, and December 31, 2020 was $15 million, $5 million, $3 million, and $4 million, respectively, and for the twelve months ended December 31 for the years 2022, 2021, 2020 was $76 million, $8 million, and $27 million, respectively. Organic revenue growth includes the impact of intercompany activity and excludes the impact of changes in foreign exchange rates, fiduciary investment income, acquisitions, divestitures, transfers between revenue lines, and gains or losses on derivatives accounted for as hedges. 20 20#22AON Appendix A: Reconciliation of Non-GAAP Measures - Organic Revenue Growth (Cont'd) Aon Organic Revenue Reconciliation Total Revenue Current period revenue Prior year period revenue % Change (1) Less: Currency Impact Less Fiduciary Investment Income (2) Less: Acquisitions, Divestitures & Other Organic Revenue Growth (3) 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 YTD'23 8,512 11,287 11,514 11,815 12,045 11,682 11,627 9,998 10,770 11,013 7,595 8,512 11,287 11,514 11,815 12,045 11,682 9,409 9,998 10,770 11,066 12,193 12,479 11,013 7,048 11,066 12,193 6,653 12% 33% 2% 3% 2% -3% 0% 6% 8% 2% 0% 10% 2% 6% 1% 2% -1% -1% -1% -6% -2% 0% 1% -3% 0% 2% -4% -2% -1% 0% -1% 0% 0% 0% 1% 0% 0% 0% 0% 0% 1% 2% 12% 29% 1% 1% 0% 0% -2% 2% 2% -1% -1% -1% -1% -1% 0% 2% 3% 3% 3% 3% 3% 4% 5% 6% 1% 9% 6% 7% (1) Currency impact represents the effect on prior year period results if they were translated at current period foreign exchange rates. (2) Fiduciary investment income for the six months ended June 30, 2023, was $116 million, and for the twelve months ended December 31 for the years 2022, 2021, 2020, 2019, 2018, 2017, 2016, 2015, 2014, 2013, 2012, 2011, and 2010 was $76 million, $8 million, $27 million, $74 million, $53 million, $32 million, $22 million, $21 million, $26 million, $28 million, $38 million, $52 million and $55 million, respectively. (3) Organic revenue growth includes the impact of intercompany activity and excludes the impact of changes in foreign exchange rates, fiduciary investment income, acquisitions, divestitures, transfers between revenue lines, and gains or losses on derivatives accounted for as hedges. 21#23Appendix B: Reconciliation of Non-GAAP Measures - Operating Income and Diluted Earnings Per Share Aon ple Reconciliation of Non-GAAP Measures - Operating Income, Operating Margin, and Diluted Earnings Per Share (Unaudited) (¹) (millions, except percentages) Revenue Operating income Amortization and impairment of intangible assets Legal settlements (2) Operating income - as adjusted Operating margin Operating margin as adjusted Three Months Ended June 30, Six Months Ended June 30, 2023 $3,177 2022 $2,983 % Change 2023 7% $7,048 % 2022 $6,653 Change 6% $ 842 $ 700 20% $2,315 25 25 50 $2,067 53 12 % - 58 58 $ 867 $ 783 11% $2,365 $2,178 9% 26.5 % 27.3 % 23.5% 26.2 % 32.8 % 31.1 % 33.6 % 32.7 % Three Months Ended June 30, Six Months Ended June 30, (millions, except percentages) 2023 2022 % Change Operating income - as adjusted $ 867 $ 783 2023 11% $2,365 2022 $2,178 % Change 9 % Interest income 5 5 -% 10 8 25% Interest expense (130) (102) 27 % (241) (193) 25 % Other income (expense): Other income (expense) - pensions - as adjusted (3) (16) (3) 433 % (33) (6) 450 % Other income (expense) - other (16) 33 (148)% (24) 61 (139)% Total Other income (expense) (32) 30 (207)% (57) 55 (204)% (4) Income before income taxes - as adjusted Income tax expense Net income as adjusted Less: Net income attributable to noncontrolling interests 710 716 (1)% 2,077 2,048 1 % 125 138 (9)% 393 400 (2)% 585 578 1 % 1,684 1,648 2 % 15 13 15% 44 38 16 % Net income attributable to Aon shareholders - as adjusted Diluted net income per share attributable to Aon shareholders - as adjusted $ 570 $ 565 1% $1,640 $1,610 2% $ 2.76 $ 2.63 Weighted average ordinary shares outstanding - diluted Effective Tax Rates (4) 206.3 214.7 5 % $ 7.93 (4)% 206.7 $ 7.47 6% 215.6 (4)% U.S. GAAP 12.6 % 17.6 % 18.8 % 19.3 % 17.3 % 18.9 % 19.4 % 19.5 % AON Certain noteworthy items impacting operating income in the three months ended June 30, 2023 and 2022 are described in this schedule. The items shown with the caption "as adjusted" are non-GAAP measures. Non-GAAP (1) (2) (3) In connection with certain legal settlements reached, a $58 million charge was recognized in the second quarter of 2022. To further its pension de-risking strategy, the Company settled certain pension obligations in the Netherlands through the purchase of annuities, where certain pension assets were liquidated to purchase the annuities. A non-cash settlement charge totaling $27 million was recognized in the second quarter of 2023 which is excluded from Adjusted Other income (expense) -as adjusted. (4) Adjusted items are generally taxes at the estimated annual effective tax rate, except for the applicable tax impact associated with certain assets and liabilities classified as held for sale and certain legal settlements, which are adjusted at the related jurisdictional rate. 22#24AON Appendix B: Reconciliation of Non-GAAP Measures - Operating Income and Diluted Earnings Per Share¹ (Cont'd) Twelve Months Ended December 31. (millions, except per share data) Operating income - as adjusted Interest income Interest expense Hewitt related costs Interest expense - as adjusted Other (expense) income - as adjusted Income from continuing operations before income taxes - as adjusted Income taxes (2) Income from continuing operations - as adjusted Less: Net income attributable to noncontrolling interests Income from continuing operations attributable to Aon stockholders - as adjusted Diluted earnings per share from continuing operations as adjusted - Weighted average common shares outstanding - diluted 2010 (as revised) $ 1,650 15 (182) 14 (168) 1,497 433 1,064 26 1,038 $ 3.48 298.1 (1) (2) Certain noteworthy items impacting operating income in 2010 are described in this schedule. The items shown with the caption "as adjusted" are non-GAAP measures. The effective tax rate for continuing operations is 28.4% for the twelve months ended December 31, 2010. All adjusting items are generally taxes at the effective tax rate. However, the twelve months ended December 31, 2010 U.S. GAAP effective tax rate was adjusted to 28.9% to exclude the impact of the 40% tax rate applied t the $49 million U.S. pension expense adjustment for prior year recorded in the second quarter 2010. 23#25Appendix C: Adjusted Operating Income and Margin and Reconciliation of Return on Invested Capital (ROIC) Return on Invested Capital (ROIC) is a non-GAAP measure calculated as adjusted net operating profit after tax (NOPAT) divided by average invested capital (short-term debt, + long-term debt + total equity) and represents how well we are allocating our capital to generate returns. The metric for the historical periods shown below was calculated using financial results for total consolidated Aon, and therefore includes discontinued operations in connection with the sale of the outsourcing business completed on May 1, 2017, which will not be included on a going forward basis. Aon Corporation Continuing Operations - Externally Reported Financial Metrics Cont. Ops Cont. Ops Cont. Ops Cont. Ops Cont. Ops Cont. Ops (millions) FY'10 as reported Revenue Consolidated operating income as reported Consolidated operating margin - as reported Restructuring Pension adjustment Hewitt related costs Transactions/Headquarter relocation costs Legacy receivable write-off Anti-bribery, regulatory and compliance initiative Legacy Litigation 14.6% 14.1% 172 244 113 FY'11 FY'12 FY'13 FY'14 FY'15 FY'16 8,512 11,287 11,514 11,815 12,045 11,682 11,627 1,244 1,596 1,596 1,671 1,966 1,848 1,906 13.9% 14.1% 16.3% 15.8% 16.4% 101 174 FY'17 FY'18 FY'19 FY'20 9,998 10,770 11,013 11,066 12,193 979 1,544 2,169 2,781 2,090 9.8% 14.3% 19.7% 25.1% 17.1% 497 485 451 FY'21 FY'22 12,479 3,669 29.4% 49 40 47 3 18 24 5 15 123 1,436 28 35 55 Pension settlement 176 220 128 75 75 13 Legal settlement Amortization of Intangible Assets 58 154 362 Total Adjustments 424 543 423 548 395 574 352 387 314 490 277 704 593 512 1,357 1,153 392 856 246 147 113 369 1,583 171 Consolidated operating income - as adjusted $ 1,668 AON Consolidated operating margin - as adjusted Adjusted Effective tax rate (%) NOPAT (Adj. Ol*(1-Adj. Tax Rate)) Short-term debt and current portion of long-term debt Long-term debt Total Debt Total Shareholder's Equity Noncontrolling interest End of Period Total Invested Capital Average Total Invested Capital ROIC (NOPAT/Average Total Invested Capital) 10,126 12,712 12,291 12,277 12,399 11,986 19.6% $ 2,139 $ 2,144 $ 2,245 $ 2,353 $2,338 $ 2,418 $2,336 $2,697 $ 3,025 $ 3,150 $3,673 $ 3,840 19.0% 18.6% 19.0% 19.5% 20.0% 20.8% 23.4% 25.0% 27.5% 28.5% 30.1% 30.8% 28.9% 27.3% 26.1% 25.4% 18.9% 17.9% 16.8% 14.9% 15.6% 17.5% 17.6% 18.4% 16.7% $ 1,186 $ 1,555 $1,584 $1,675 $ 1,908 $ 1,919 $2,012 $1,988 $ 2,276 $2,496 $ 2,596 $2,997 $3,199 492 337 452 4,014 4,155 3,713 703 3,686 783 4,799 562 336 299 251 712 448 5,138 5,869 5,667 5,993 6,627 7,281 1,164 8,228 945 9,825 4,506 4,492 4,165 4,389 5,582 5,700 6,205 5,966 6,244 7,339 7,729 8,251 8,078 7,762 8,145 6,571 6,002 5,475 4,583 4,151 3,375 55 42 43 50 60 57 57 65 68 74 3,495 88 9,392 10,770 1,061 97 (529) 100 12,812 12,612 11,970 12,584 12,213 11,759 11,737 10,614 10,463 10,788 11,312 10,550 10,341 11,748 11,176 10,539 10,626 11,050 10,931 10,446 11.7% 12.2% 12.9% 13.6% 15.4% 16.0% 17.1% 17.8% 21.6% 23.5% 23.5% 27.4% 30.6% 24 14#26AON Appendix D: Other Income (Expense) Under Pension Accounting Standard Effective 1/1/2018 (ASU No. 2017-07) With the exception of service cost, all financial components of net periodic pension cost and net periodic postretirement benefit cost shifted from above the line in compensation and benefits expense to below the line in other income / expense. Based on current assumptions, our best estimate is approximately $66 million of non-cash pension expense in 2023 spread evenly throughout each quarter as part of other income / expense, excluding all other items we do not forecast that could be favorable or unfavorable in any given period. (millions) Q1'23 Q2'23 Other income (expense) - Pension - Non-GAAP $(17) $(16) Other income (expense) – Other - $(8) $(16) Total Other income (expense) - Non-GAAP $(25) $(32) Pension Settlements (27) Gain on Sale of Business Total Other income (expense) - U.S. GAAP $(25) $(59) 25#27AON Appendix E: Reconciliation of Free Cash Flow & Free Cash Flow Margin Free Cash Flow Margin is a non-GAAP measure calculated as Free Cash Flow (defined as Cash Flows from Operations less Capital Expenditures) / Total Revenue and represents our conversion rate of revenue into cash. The metric for the historical periods shown below was calculated using financial results for total consolidated Aon, and therefore includes discontinued operations in connection with the sale of the outsourcing business completed on May 1, 2017, which will not be included on a going forward basis. ($ millions) FY'10 FY'11 FY'12 Revenue as reported 8,512 11,287 11,514 FY'13 11,815 FY'14 12,045 FY'15 FY'16 FY'17 11,682 11,627 9,998 FY'18 10,770 FY'19 11,013 FY'20 FY'21 FY'22 11,066 12,193 12,479 Cash Provided by Operating Activities¹ Capital Expenditures 876 (180) 1,112 (241) 1,534 1,753 1,812 2,009 2,326 (269) (229) (256) (290) (222) 669 (183) 1,686 (240) 1,835 (225) 2,783 (141) 2,182 3,219 (137) (196) Free Cash Flow - as Reported 696 871 1,265 1,524 1,556 1,719 2,104 486 1,446 1,610 2,642 2,045 3,023 Free Cash Flow Margin 8.2% 7.7% 11.0% 12.9% 12.9% 1 24.2% In Q4'15, we reclassified certain cash flows related to employee shares withheld for taxes. This resulted in reclassifying $94M and $115M for the FY'11 and FY'12, respectively, from "Accounts payable and accrued liabilities" and "Other assets and liabilities" within Cash Flows From Operating Activities, to "Issuance of shares for employee benefit plans" within Cash Flows From Financing Activities. Free Cash Flows (Unaudited) 14.7% 18.1% 4.9% 13.4% 14.6% 23.9% 16.8% Six Months Ended June 30, (millions) 2023 2022 % Change Cash Provided by Operating Activities $ 1,131 $ 1,131 -% Capital Expenditures (145) (68) 113 % Free Cash Flows (¹) $ 986 $ 1,063 (7)% 1 Free cash flow is defined as cash flows from operations less capital expenditures. This non-GAAP measure does not imply or represent a precise calculation of residual cash flow available for discretionary expenditures. 26#28Appendix F: Reconciliation of Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA) (millions) Income (loss) before income taxes - as reported Interest Depreciation Amortization EBITDA Adjustments: Transaction costs and other charges related to the combination and resulting termination Non-cash settlement charge related to pension de-risking strategy EBITDA - as adjusted Short-term debt and current portion of long-term debt Long-term debt Total Debt AON Debt to EBITDA - as adjusted FY'21 1,931 FY'22 3,156 Twelve Months Ended Jun 30, 2023 3,219 322 406 454 179 151 150 147 113 110 2,579 3,826 3,933 1,436 4,015 170 3,996 170 4,103 December 31, 2021 December 31, 2022 June 30, 2023 1,164 945 1,338 8,228 9,392 9,825 10,770 9,989 11,327 2.3x 2.7x 2.8x 27 27