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Investor Presentaiton

Appendix 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
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