AUL HY2023 Investor Presentation

Gearing Ratio Gearing analysis and interest cover Covenant gearing ratio 60.0% 800 700 50.0% 40.0% 30.0% 20.0% 10.0% 600 500 400 300 200 100 0.0% 0 Jun 19 Dec-19 Jun-20 Dec-20 Jun-21 Dec-21 Jun-22 Dec-22 Debt Capacity to covenant limit ($m) (RHS) Bonds Covenant Gearing Ratio (LHS) Debt Capacity ($m) 7.00 6.00 Interest cover ratio¹ 5.00 4.00 3.00 2.00 1.00 Dec-19 Jun-20 Dec-20 Interest cover ratio Jun-21 Dec-21 Australian Unity Real Wellbeing Jun-22 - Interest cover ratio (excluding AASB16 impact) Dec-22 Ratios at 31 December 2022 Bonds covenant gearing ratio 28% based on covenant gearing calculations. The AUL MCI issuance contributes towards equity in the calculation, increasing debt capacity under the covenant. • Interest cover ratio 3.23 times, including the impact of AASB16 Leasing. Excluding the impact of AASB16 the interest cover ratio is 6.05 times. AUL HY2023 Investor presentation 1 Interest cover ratio is not a debt covenant and is included for illustrative purposes, the value is calculated on a rolling 12-month basis. 16

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