Investor Presentaiton

Number of visas Strong growth in non-resident PHI Key future growth pillar Non-resident market is recovering and growing Strong growth in student, worker and visitor market segments Working visas exceed pre-COVID levels Strong rebound in student and visitor visas Factors supporting continued growth Australia's continued immigration strategy Recovery in international student arrivals, particularly from China and India Visitor arrivals expected to surpass pre-COVID levels by 2025 Primary visa holder data' shows a recovery in international students and workers coming to Australia 1,000,000 800,000 600,000 400,000 200,000 0 Students Workers 03/19 06/19 09/19 12/19 03/20 06/20 09/20 12/20 03/21 06/21 09/21 12/21 03/22 06/22 09/22 12/22 03/23 1 Workers segment includes key contestable visa categories eligible for Medibank's Overseas Workers Health Covers. Bridging visa holders in Australia excluded from all segments. Source Data.gov.au, accessed May 2023 We will continue to invest for growth Policy unit growth accelerating since June 2022 medibank . • FYTD policy unit growth of 62.0k to 258.5k (at 31 Mar 23) о 3-month growth of 28.6k policies vs. 1H23 growth of 33.4k . On track for FY23 to have the highest joins in 5 years Strong growth in international student policies Underpinned by university account wins о ° Supports future growth as customers transition to other visa subclasses . We now expect FY23 non-resident gross profit to approximately double from FY22, which • Uplift in workers and visitors segments with strong digital joins will result in a similar benefit to PHI gross margin as the first half Well positioned to grow beyond FY23 • Continue to differentiate our products and services and improve product value through integrated health offerings and additional investment Opportunity to win share in workers segment where under indexed Policy units 300,000 250,000 200,000 150,000 100,000 50,000 28.6k increase since Dec 22 04/19 Q1/20 Q2/20 Q3/20 Q4/20 Q1/21 Growth in non-resident segment Q2/21 Q3/21 Q4/21 Q1/22 Q2/22 Q3/22 Q4/22 Q1/23 Q2/23 Q3/23

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