Investor Briefing Strategy Presentationopens in a New Window

Investor Strategy Day

12 May 2021 Important information

This presentation dated 12 May 2021 contains summary information arising in connection with it, including, without limitation, any liability looking statements or to advise of any change in assumptions on which about InvoCare Limited (ACN 060 060 031) and its related bodies from fault or negligence on the part of InvoCare or its directors, any such statement is based. corporate (together, InvoCare) and InvoCare's activities as at the date employees, contractors or agents. Non-IFRS financial information of this presentation. It is information given in summary form only and Certain market and industry data used in this Presentation may have does not purport to be complete. It should be read in conjunction with To support an understanding of comparable business performance, this been obtained from research, surveys or studies conducted by third InvoCare’s most recent financial report and other periodic corporate Presentation presents results on a statutory and Operating/Non parties, including industry or general publications. Neither InvoCare nor reports and continuous disclosure announcements filed with the Operating (non-IFRS) basis when presenting measures of profitability. its representatives have independently verified any such market or Australian Securities Exchange (ASX), available at www.asx.com.au InvoCare considers Operating EBITDA, EBIT and NPAT as key industry data provided by third parties or industry or general performance measures. These measures are adjusted earnings before The content of this Presentation is provided as at the date of this publications. interest, tax, depreciation and amortisation as applicable after excluding Presentation (unless otherwise stated). Reliance should not be placed Forward-looking statements the following items: on information or opinions contained in this Presentation and, subject only to any legal obligation to do so, InvoCare does not have any This presentation contains forward-looking statements in relation to - The financial impacts of the prepaid funeral business InvoCare, including statements regarding InvoCare’s intent, belief, obligation to correct or update the content of this Presentation. - Other non-operating activities, including asset sales gain/loss, goals, objectives, initiatives, commitments or current expectations with The distribution of this Presentation in jurisdictions outside Australia impairment loss and restructuring costs as applicable respect to InvoCare’s business and operations, market conditions, may be restricted by law and you should observe any such restrictions. results of operations and financial conditions, and risk management AASB 16 Leases, which was effective for the Group from 1 January Not financial product advice or offer practices. Forward-looking statements can generally be identified by the 2019, is reflected in both the current and prior periods presented in this use of words such as ‘forecast’, ‘estimate’, ‘plan’, ‘will’, ‘anticipate’, report and therefore no reference to ‘Underlying’, has been made as This presentation is for information purposes only and is not a ‘may’, ‘believe’, ‘should’, ‘expect’, ‘intend’, ‘outlook’ and ‘guidance’ and both periods presented are comparable. prospectus or product disclosure statement, financial product or other similar expressions. investment advice or a recommendation to acquire InvoCare shares or Balance sheet and cash flow information presented in this Presentation other securities. It has been prepared without taking into account the The forward-looking statements are based on InvoCare’s good faith is consistent with the information disclosed in the statutory presentation investment objectives, financial situation or needs of individuals. Before assumptions as to the financial, market, risk, regulatory and other in the Appendix 4E Full Year Financial Report. making an investment decision, prospective investors should consider relevant environments that will exist and affect InvoCare’s business and Due to rounding, numbers presented throughout this document may not the appropriateness of the information having regard to their own operations in the future. InvoCare does not give any assurance that the add up precisely to the totals provided and percentages may not investment objectives, financial situation and needs and seek legal, assumptions will prove to be correct. The forward-looking statements precisely reflect the absolute figures. taxation, business and/or financial advice appropriate to their involve known and unknown risks, uncertainties and assumptions and circumstances. Past performance is no guarantee of future other important factors, many of which are beyond the control of performance. InvoCare, that could cause the actual results, performances or achievements of InvoCare to be materially different to future results, No representation or warranty, express or implied, is made as to the performances or achievements expressed or implied by the statements. fairness, accuracy, completeness or correctness of the information, opinions and conclusions contained in this presentation. To the Readers are cautioned not to place undue reliance on forward-looking maximum extent permitted by law, none of InvoCare or its directors, statements, which speak only as at the date of the presentation. Except employees or agents, nor any other person, accepts liability for any loss as required by applicable laws or regulations, InvoCare does not arising from the use of this presentation or its contents or otherwise undertake any obligation to publicly update or revise any of the forward-

InvoCare | 2 Acknowledgement of Country

InvoCare wishes to acknowledge the traditional custodians of the land we are meeting on, the Ngunnawal people from whose language the name Canberra, was derived, appropriately for today meaning “Meeting place”. We acknowledge and respect their continuing culture and the contribution they make to this city and region. In the spirit of reconciliation and in keeping with the vision of InvoCare, we also wish to acknowledge, honour and celebrate the Traditional Custodians of country throughout Australia, and recognise the unique connection to the land, sea and relationships across communities of which we are privileged to be a part. We pay our respect to Elders, past, present and emerging, and extend that respect to all Aboriginal and Torres Strait Islander peoples today.

InvoCare | 3 Albany Creek, QLD The team presenting today

Chief Executive Officer Chief Financial Officer Executive General Manager Executive General Manager Olivier Chretien Adrian Gratwicke Funerals Cemeteries & Crematoria Lynne Gallucci Steve Nobbs

InvoCare | 4 Today’s objectives

1. Outline InvoCare today and key market trends

2. Explain the context for this strategic reset and our new strategic direction

3. Showcase our business units and key strategies

4. Provide an overview of our approach to financial discipline

5. Outline our ambition and measures of success

6. Address your questions

Tobin Brothers/White Lady | 5 InvoCare Belconnen, ACT 1. InvoCare Today & Market Trends Olivier Chretien

Photo: Nancy, Location Manager Allan Drew Funerals Castle Hill InvoCare today Leading provider in Australia, New Zealand and Singapore 45K +79 NPS Funerals cases annually An exceptional result for • 36K Australia any industry • 7K New Zealand Australia • 2K Singapore 82% $103M $613M FY20 Operating EBITDA In pre-paid funerals funds 333 under management Funerals Memorial Locations 58% Operating Parks • 282 Australia 42% $56M • 48 New Zealand EBITDA FY20 Operating EBIT • 3 Singapore $377M BV of cemetery land and other owned property NZ SING 8.6% 9% 9% c.1,800 FY20 ROCE Full Time Equivalent (FTE) $137M Employees property NBO and shared services spend to date on Pet our funeral facilities Cremations 0.3%

Pre-Need At-Need Funerals Post-Need Memorialisation Pet Cremations Pre-paid Funerals AUS | Cemeteries & Funerals: AUS, NZ & SIN | Cemeteries & Cemeteries & Crematoria: AUS & NZ Crematoria AUS Crematoria: AUS & NZ Support Office ______Numbers are 2020 actuals unless stated otherwise InvoCare | 7 More supportive long-term outlook Long-term industry dynamics supported by a growing and ageing population

Australia New Zealand

1.9%

1.6%

Source: Source: https://www.abs.gov.au/statistics/people/population/population- https://www.stats.govt.nz/information-releases/national-population projections- australia/2017-base-2066 projections-2020base2073

However, underlying growth remains at low single digit, requiring a focus on services and adjacencies to grow our Addressable Market, and Operating Leverage to deliver satisfactory returns

______InvoCare | 8 Note Projections pre-date COVID; The Singapore Government does not disclose annual projections Key trends Expanding opportunity set

Customer Demand Market

Sustained population Attitude shifts towards pre- Increasing role of digital growth planning, celebration and memorialisation of life Emerging ecosystem of Greater cultural Increased personalisation businesses & charities diversity of funerals and supporting services memorialisation

Regionalisation of the Growing demand for Rising scarcity of public ageing population ‘green solutions’ cemetery space

Growth in pet Emerging societal trend Increasing regulation 'lifting ownership and towards direct cremations the bar' for market humanisation of pets participants

InvoCare | 9 Uniquely positioned for sustained growth - strong investment case

InvoCare today Market drivers Extraordinary people, world class NPS Supportive long term industry dynamics • >1,800 dedicated employees with extraordinary service • Steady growth, supported by growing and ageing ethics population • Best practice NPS of +79 highlights our referral potential • In Australia, the growth rate in deaths over the next decade is projected to be 2x the previous 10 years

Leading brands and breadth of offering Demand for an expanded offering • Unique national brand portfolio • Regionalisation of the population makes new fragmented markets viable for expansion • Iconic local and inclusive brands, trusted by communities • Evolution in consumer preferences and greater • Pre, At and Post Need Care and Pet Cremation Offering multiculturalism enable an expanded service offering • Scale across three countries • Expanding set of value-add service opportunities

Best in class facilities Well placed to benefit from a ‘raised bar’ • Platform for growth, supported by referrals and return to • Welcoming increasing regulatory and stakeholder focus celebrations on the industry • Memorial parks assets with long useful lives • Opportunity to lift industry standards of care • Shared Services sites delivering scale efficiencies

InvoCare | 10 2. Strategy Reset Olivier Chretien

Photo: Pinegrove Memorial Park, NSW Resetting strategy

We can better leverage our core assets...... while shifting our business focus

Inspire our teams to drive engagement Simplify, standardise, control costs & service excellence

Prioritise 'share of value’ & profitable growth over ‘volume market share’ Realise the investment in our world class facilities and lift operational excellence Expand focus across lifetime customer journey

Maximise our technology investments to enable change Innovate through digital & engagement with the customer ecosystem

Reinvigorate our brands to modernise Lead the industry on safety & sustainability, offerings & enhance differentiation with more proactive stakeholder engagement

InvoCare | 12 Honouring life & celebrating memories for generations Enhancing the customer experience along the lifetime journey

Customer lifetime journey Pre-Need At-Need Post-Need

Customer & Individual Funeral Commissioner Memorialisation Commissioner their Needs or Carer/Family Individual’s Family/Friends//Community Individual’s Family/Friends//Community

• Information & options • Information & advice &support • Information, advice & ongoing • Peace of mind / control • A flexible customer experience support • Their wishes honoured • A seamless event • Committal & memorialisation meeting tastes and values • Smart financial solutions • Administration & co-ordination • Digital identity management • Keeping funeral and estate plans • Contemporary, meaningful farewells that reflect & honour the individual

Our role and • Pre-paid / pre-planned funerals • Single point of co-ordination to • Memorialisation options marking a opportunities to • Memorial / Plot Reservation streamline a meaningful farewell farewell and/or providing enduring meet their needs connection (physical & digital) • Balance of service vs. self- • Flexible brands & customer experience serve • Funeral service & event management • Locations that bring communities together in celebration of a life • Support to family/friends/community • Ongoing support & care

InvoCare | 13 Our Strategy to 2025

Our Strategy to 2025

Pillars Customer Led Operational Stronger New Growth Platforms Sustainable People Empowered Excellence Core Growth and Innovation Leadership

Objectives Be customer - centric Optimise our foundations Excel in serving customer Innovate & diversify Lead company & industry in everything we do to drive sustainable needs and grow share to expand addressable to more sustainable returns of market value market & meet future outcomes customer needs Outcomes • Customer advocacy & • Operating model efficiency, • Increased weight of • Higher growth rates • Increased community community trust standardised processes & value-add services • Earnings diversification contribution and brand optimised networks trust • Safe, rewarding and • Omni-channel customer (adjacencies) inclusive place to work • Positive operating leverage experience • Transactions at scale • Improved industry • Capital efficiency • Customer offering aligned (B2B & Communities) standards of clinical care & safety with community needs • Increased defensible • Growing contribution from characteristics • Recognised industry leader prepaid contracts • Partner of choice

Key Trusted by Client Families Great Recognised industry Creating value for Measures & Communities place to work leader & partner of choice all stakeholders

Outstanding NPS High Engagement & Retention Sustainability commitments EPS Growth & Satisfactory ROCE

InvoCare | 14 A drive to sustainable leadership

Environmental Sustainability Safety & Clinical Eco friendly operations and offerings Excellence Minimise environmental impact of our footprint Raise the bar for ourselves and the industry

Talent & Innovation

inclusiveness New offerings & digital tools Engage with the broader Engage, retain and eco-system develop a diverse team Support Centre of Excellence Stakeholder engagement

Proactive trusted relationships with our communities & key stakeholders

InvoCare | 15 3.1 Funerals Australia Lynne Gallucci

Photo: Julie, Funeral Director’s Assistant White Lady Funerals Kelvin Grove Australian Funerals overview

+79 NPS A world class result 254 985 Locations FTE 36K $8K 58 Funeral Funeral case case volume average 14% 21 Of At-Need Funerals pre-paid $292M 16 FY20 Operating Revenue c.10% 102 Of Funeral case volume from regional locations $63M 5 FY20 Operating EBITDA 3 National Brands 49 3

+ Portfolio of trusted regional, local brands # Location numbers ______Numbers are 2020 actuals unless stated otherwise InvoCare | 17 Customer New Growth Led Operational Stronger Platforms Sustainable Operating model – Australian Funerals People Excellence Core Growth and Leadership Empowered Innovation Cluster approach to allocating resources and improving value

Customer led Asset efficiency • Customer lifetime journey • Shopfronts (arrangements) • Local community engagement & • Chapels & reception rooms marketing Shopfront (shared) • Customer Care Centre • Shared Services Centre & Fleet • Brand Value Propositions optimisation Chapel/ Funeral • Standard Operating Procedures • Digital Portal/Websites Reception Home • Extended product/service range • Digitised records Shared Services

People empowered Chapel/ Funeral Support office value-add Reception Home • Strong local leadership • HR and Employee Value Proposition • Flexible workforce Shopfront • Safety & Sustainability • Recognised and valued career • Pricing & Procurement paths and training ______• Research and Innovation • Optimised workforce systems *Example of a Cluster Model, utilised where regional scale justifies investment • Finance/reporting/insights • Committed professional partners • IT Support (e.g., celebrants, caterers, etc.)

InvoCare | 18 Customer New Growth Led Operational Stronger Platforms Sustainable Best-in-class Shared Services centres People Excellence Core Growth and Leadership Empowered Innovation

Purpose-built facilities supporting a cluster of locations

Customer Experience • Dedicated facilities for families to wash and dress loved ones • Ensures space in funeral homes is dedicated to client service • Creates B2B opportunities

Employee Value Proposition • Modern mortuary facilities provide safe operating environment

Operational excellence • Consistent, high standards of care and efficiency • Logistical support • Fleet efficiency / protection • Inventory reductions in field

Shared Services Centre, Malaga WA InvoCare | 19 Customer New Growth Led Operational Stronger Platforms Sustainable People Excellence Core Growth and Leadership Reinvigorating our brand propositions Empowered Innovation

Strategic focus Premium Customers seek • Review of ranging and pricing expression & emotional engagement • Service value propositions and positioning White Lady & • Website, digital and collateral refresh Traditional Local Brands National Brands

Simplicity Funerals Traditional Regional Brands (Examples)

Culturally Significant Brands (Selection) Value Cremations

Value Classic/ Customers Contemporary seek utility Traditional

InvoCare | 20 Customer New Growth Led Operational Stronger Platforms Sustainable Lifting our focus on prepaid funerals People Excellence Core Growth and Leadership Empowered Innovation Sales and marketing excellence strategy

Overview Initiatives

Start of the customer lifetime journey, moving beyond a Dedicated pre-paid consultants embedded in transactional relationship locations

On-boards customer with an InvoCare brand, customer Product and Service offering review retains maximum flexibility Enhanced Training

$613M in funds under management Call centre support

Extends our product offering Digital engagement with customer

Meaningful underwrite to future case volume Updated marketing collateral & product enhancement

InvoCare | 21 Customer New Growth Led Operational Stronger Platforms Sustainable Inclusive Strategy underpinned by evolving People Excellence Core Growth and Leadership demography Empowered Innovation

We want to reflect our community We grow our capability by… and be the first choice for all Australians • Hiring and training our workforce • Targeted acquisition of specialised businesses Offerings that transcend issues of race, religion, • Forming partnerships and alliances ability, gender and other factors are increasingly important

• Case averages are comparably higher in multicultural funerals due to specific consumer taste and customs

• The 2016 Census showed that 49% of Australians were born overseas or have a parent born overseas

• 21% speak a language other than English at home

• Australians citing Chinese ancestry increased 2.3% on the previous ABS Census

• Migration accounts for more than half the population growth in Australia

Source: ABS Media Release ‘Census reveals a fast changing, culturally diverse nation’, 27 June 2017 InvoCare | 22 Customer New Growth Led Operational Stronger Platforms Sustainable Digital to improve customer experience People Excellence Core Growth and Leadership Empowered Innovation

Initial Focus Future Opportunities

Allowing customers to start ‘discovery’ online before Online e-commerce for pre-paid moving to a physical location to plan their funeral funerals

Assisting customers as they need to make Hosting of, and direction to decisions and recall information at a time when online grief support materials they are experiencing grief

Enabling access to amend the funeral plan, Access to third party services enabling reflection and revision between planning and the funeral

Harness data and analytics Providing one platform, to be used by customer and funeral arranger, avoiding double handling

InvoCare | 23 3.2 Cemeteries & Crematoria Australia Steve Nobbs

Allambe Memorial Park (Artist Impression), QLD Cemeteries & Crematoria Australia overview

+72 NPS And growing YoY 15 290 20K Memorial FTE 3K 5 Cremations Burials Parks $120M 29 FY20 Operating Revenue Crematoria 10 $58M FY20 Operating EBITDA

______# Location numbers 1 Includes impact of AASB 15 revenue recognition of approx. $16million (Memorial Parks) InvoCare | 25 Numbers are 2020 actuals unless stated otherwise Customer New Growth Led Operational Stronger Platforms Sustainable Operating model optimised at park level People Excellence Core Growth and Leadership Empowered Innovation Shared support platform

Memorials & Crematoria Lawn burials | Crypts | Crematoria | Range of mobile & fixed memorialisation

Maintenance Grounds maintenance & Landscaping | Monument installation & maintenance Northern Suburbs Memorial Park, NSW Planning Master plans | Community Engagement | Multi-cultural | Evolving Needs

Allambe Memorial Park, QLD

InvoCare | 26 Customer New Growth Led Operational Stronger Platforms Sustainable Unique portfolio of private memorial parks People Excellence Core Growth and Leadership Empowered Innovation

Disciplined and proactive maintenance approach fundamental to limiting remediation risk

Customer Experience • Consistent presentation of the parks is key to maintaining high NPS results Sustaining asset base • InvoCare’s Memorial Park portfolio has a long useful life • Site master planning ensures we keep pace with societal shifts and that all future considerations of the park are optimised for the best use of the available space

Allambe Memorial Park QLD , Impact of Remediation Works (artist impression) InvoCare | 27 Customer New Growth Led Operational Stronger Platforms Sustainable Positioning our parks for growth People Excellence Core Growth and Leadership Empowered Innovation

Castlebrook Memorial Park: Multi-Cultural Offerings Long term master plan for each park to ensure offering remains contemporary and keeps pace with changing demography

Customer Experience • Focus on the Memorial Park as a destination

• Space within each Memorial Park is crafted to cater to the specific tastes and cultural needs of the surrounding community

Growth opportunities Ga Fook Log Yuen 家福樂園 Crypts of Devine Mercy (Italian Community) • Increasing range of memorialisation options Northern Suburbs Memorial Park: Café / memorialisation options • Expanding existing chapel and function space • Cremator capacity - onsite and new locations • Enhance parks as a destination e.g. on-site retail with cafes, florists

Northern Suburbs - Image of Café & Skyline Memorial Garden InvoCare | 28 Customer New Growth Led Operational Stronger Platforms Sustainable New growth opportunities People Excellence Core Growth and Leadership Empowered Innovation

New product development opportunities Expansion of cremator network e.g. ‘Green’ memorialisation

Digital engagement and memorialisation Exploring ways to enter new territories that deliver sound economic returns

Growing B2B opportunity - forward Property options reservation engagement with communities

InvoCare | 29 3.3 Pet Cremations Steve Nobbs

Patch and Purr Kanahooka, NSW Pet Cremations overview National Leadership Platform

c.70k FY20 Proforma Case Volume 13 150 4 $316 Locations FTE 2 Pet Case Average 1

4 3 $5M Brands FY20 Proforma Operating EBITDA

# Location numbers ______Numbers are 2020 actuals unless stated otherwise InvoCare | 31 Customer New Growth Led Operational Stronger Platforms Sustainable Opportunity and integration agenda People Excellence Core Growth and Leadership Empowered Innovation

Opportunity Integration Agenda

Pet ownership rates continue to grow Best in class operating procedures

Pet owners own multiple pets throughout their lifetime – a multi-generational relationship Optimise memorialisation ranging

Increasing humanisation of pets System integration

Veterinary networks seeking seamless service Brand review

Highly fragmented industry Expansion of service and product offering

InvoCare | 32 3.4 International Adrian Gratwicke

Photo: Beth Shan Funerals, Taradale NZ New Zealand

+86 NPS Market Features A world class result 48 • Increasing long term mortality rate 220 • Regionalisation of population NZ Locations, FTE 7K $7K including two • Rise in multi-culturalism memorial parks Funeral Funeral case • Elevated price competition in traditional market case volume average Strategy NZ • Regional expansion following population trends $55M • Value-added services FY20 Operating Revenue • Memorial park expansion opportunities Network optimisation 27 NZ$9M FY20 Operating EBITDA

21 24 Traditional, local brands

______Numbers are 2020 actuals unless stated otherwise InvoCare | 34 Singapore

S Market Features $11K 3 60 • Mortality rate to double by 2040 2K Locations FTE Funeral Funeral case • Growing middle class case volume average • Increasing rates of direct cremation #1 Strategy Largest funeral parlour in • Focus on operational efficiencies and value added services S Singapore $18M • Consider participation in government tenders FY20 Operating Revenue S$9M FY20 Operating EBITDA S$8M FY20 Operating EBIT 2 Local brands

______Numbers are 2020 actuals unless stated otherwise InvoCare | 35 4. Financial Discipline Adrian Gratwicke

Photo: Allan Drew Funerals, Castle Hill NSW Strategy execution complemented by strong financial management

P&L Optimisation Cashflow Generation

Operating EBIT growth EPS & ROCE Recurring CAPEXgrowth = Core D&A

ROIC> risk adjusted WACC Portfolio Management Capital Management Preferred dividend payout ratio range

InvoCare | 37 P&L optimisation

Metrics and Monitoring OPEX/Sales %

1. OPEX/Sales % (through the cycle) 650.0 53% 55%

600.0 2. Operating leverage 50% 550.0

3. Operating EBITDA and EBIT growth 45% 500.0

4. Support office cost growth 450.0 476.2 40%

400.0 35% 350.0

Earnings enhancement 300.0$M 30% FY20 … … FY25

Statutory Operating Revenue OPEX/Sales % Pricing & ______COGS Flexible Chart illustrative only cost base Reporting transparency enhancements

Procurement • Prepaid funerals and deferred Cost memorialisation revenue Control • AASB15 and AASB16 forward looking expectations

InvoCare | 38 Portfolio management

Metrics and Monitoring Opportunity screening criteria 1. Investment screening criteria vs hurdles M&A 2. Portfolio diversification (to manage risk) • Strategic and capability fit 3. Asset lifecycle management • IRR and NPV • EPS accretive Platform growth Effective portfolio management • Individual business case for Enhance/ Growth sites

Profitability • 3-5 Year Horizon deep dives Regular • Profitability and capital returns business reviews measured on a cluster basis Projects Network strategy Asset • Individual business case Utilisation • IRR and payback

InvoCare | 39 Cashflow generation

Metrics and Monitoring Key actions 1. Increasing operating cash flows ✓ Optimised financial processes enabled by 2. Decreasing average working capital % of sales Compass 2.0 enhancements 3. Strong cash conversion % ✓ Sustained focus on debtor collections, linked to STI ✓ Inventory control/ realisation, particularly Cashflow enhancement memorials ✓ Disciplined CAPEX control (see next page)

Earnings ✓ Fixed and ‘revolver’ tenure financing growth ✓ Cashflow forecasting (internal discipline and P2P & O2C optimisation1 transparency)

Debtor Mgmt Proactive Treasury Mgmt

______InvoCare | 40 1 ‘Procure to Pay’ (P2P) and ‘Order to Cash’ (O2C) financial process optimisation Capital management

Metrics and Monitoring CAPEX 90.0 84 75-85 20.0% 1. Recurring CAPEX ~ Core D&A 18.0% 80.0  Growth 68 16.0% 2. Increasing enterprise level ROCE % 70.0 17.5% 65 Opportunity 14.0% 60.0 Driven 14.3% 3. Debt Leverage Ratio within preferred range 12.0% 50.0 48 13.1% 10.0% 4. Preferred dividend payout ratio range 40.0 10.0% 8.0% 30.0 6.0% 20.0 4.0% Disciplined capital management 25.9 10.0 20.3 23.3 18.8 2.0% -$M 0.0% FY17 FY18 FY19 FY20 FY21 FY22-FY25 avg Sustainable Recurring Growth - Platform Growth - Properties Returns Sustain Core D&A CAPEX/Sales % asset base

Invest • CAPEX profile in past 4 years dominated by NBO for Strong • COVID-driven deferred CAPEX spend in FY20 falling into FY21 growth Balance Sheet • Clear demarcation between recurring maintenance CAPEX vs platform investment & growth • ‘Refresh’-type projects to form part of recurring CAPEX

InvoCare | 41 Capital and returns – key metrics and ambitions

Measure Past 5 years 2025 Ambition

Sustaining our leading asset base Recurring CAPEX Range: Safe, fit-for-purpose operations to generate $20-25million Recurring CAPEX cash 1 in line with core D&A

Maintain strong balance sheet Leverage ratio Range: Balancing resilience and efficiency with 1.3x- 3.3x Preferred debt leverage range flexible access to capital 2 2 - 2.5x

Investment funds allocated for ROCE% Range: strategic benefit & returns 8.6% - 21.3% 3 Prioritising free cash flow for growth Group ROCE % >12%1

Sustainable and growing returns to Range: Low to mid teen shareholders Operating EPS growth (61%) - 14% Operating EPS growth1 Stable, predictable and growing returns 4 Dividend payout ratio Range: Preferred Dividend payout 61%-82% ratio of 60-80%

______

1 through the cycle (subject to fluctuations in the mortality rate in a given year) InvoCare | 42 5. Delivering on our ambition Olivier Chretien

Photo: White Lady Funerals and Le Pine Funerals Kew Victoria Disciplined and phased execution of our 5-year strategic plan Program of change supported by Enterprise Project Management Office (EPMO)

Diversify Grow Growth Around the core Reset Year 3+ ~18 Months For sustainable growth • Sustainable multi-pronged growth ~18 Months • New market positions • Grow share of value (value-add • M&A and partnerships (adjacencies) services) • Simplify & standardise • Industry leadership • Reinvigorate brand value • Grow pre-paid propositions • Increased innovation • Network optimisation plans • Expand digital platform • Targeted capability investment • Develop industry partnerships • Targeted growth investments • Support centre of excellence • Operating leverage focus • Balance sheet optimisation InvoCare | 44 Team accountable for successful execution Executive Leadership Team

CEO EGMLynne Funerals Gallucci EGM Human Resources Olivier Chretien Lynne Gallucci Amanda Tober Commenced 2021 Commenced 2018 Commenced 2017 Ex Ramsay, Wesfarmers, BCG New in role 2020 Ex UXC, iSentia Ex API

CFO EGM Cemeteries & Crematoria EGM??? Safety & Sustainability Adrian Gratwicke Steve Nobbs Grace Westdorp Commenced 2020 Commenced 2016 Commenced 2021 Ex Ruralco, Metcash, PWC New in role 2020 Ex Wesfarmers Ex Campus Living

Fergus Kelly Company Secretary EGM Customer EGM Stakeholder Engagement Heidi Aldred Victoria Doidge Fergus Kelly Commenced 2019 Commenced 2020 Commenced 2015 Ex Computer Power Group Ex Events, David Jones New in role 2021 Ex Qantas

InvoCare | 45 Targeted investment in capabilities to support field execution Customer led and people empowered organisation

Client Families and Frontline Teams

Marketing Pricing ◆ Digital Procurement ◆ Data Analytics Customer Experience

Talent Management ◆ Commercial & Finance Facilities Services ◆ IT ◆ Legal ◆ EPMO ◆ Risk and Compliance Core Business Platforms

Safety ◆ Sustainability ◆ Innovation ◆ Stakeholder Engagement Industry Platform & Ecosystem

InvoCare | 46 Measures of success

Operational Sustainable Customer Team Growth Excellence Leadership Operating Revenue NPS LTIFR OPEX/Sales % Sustainability Metrics Growth

Voice of the Customer TRIFR EBITDA% Case Volume Growth EPS Growth

Lead Conversion Rates Employee engagement Operating Leverage Case Average Growth Dividend growth

Diversity Group ROCE% EBITDA Growth Leverage ratio

Employee Turnover Cash Conversion % EBIT Growth

Avg working capital % sales

InvoCare | 47 Emerging view of what success looks like 2025 ambition

Service and Operational excellence Innovative new offerings, including digital • Best-in-class NPS and trusted brands • Contemporary suite of products and services e.g. digital memorialisation, sustainable committals, • Offerings inclusive to all families personalised offerings • Highly engaged and high performing workforce • A digital platform that drives lifetime engagement, • A safe, inclusive and rewarding workplace advocacy and generational relationships

A balanced earnings mix Recognised and trusted industry leader • Pre-need a stronger contributor to future volumes • Increased trust in InvoCare and the industry • Strengthened cemeteries & crematoria footprint • Proactive, positive interactions with stakeholders • Multiple adjacencies including fully integrated, • Lifted standards of safety, clinical care and upsized Pet Cremations business sustainability for the industry

Meaningful international earnings Consistent value creation to all stakeholders • Optimised investments in Singapore and NZ • Steady growth driving expanded value distribution • Stable platform for entry into selective markets where • Enterprise ROCE % > 12% InvoCare can capture a meaningful position • Low to mid teen EPS growth • Dividend growth

InvoCare | 48 6. Questions

Photo: White Lady Funerals and Guardian Funerals Belconnen ACT Appendices Further information - corporate reporting suite

InvoCare’s corporate reporting suite brings together the Group’s financial, non-financial, risk and sustainability performance for the financial year ended 31 December 2020, including:

2020 Investor Presentation 2020 Annual Report Scan QR Scan QR code on your code on your smart device smart device to download to download from InvoCare from InvoCare website website

2020 Sustainability Report

Scan QR code on your smart device to download from InvoCare website

Our corporate reporting documents are available for download on the InvoCare Investor Relations page: www.invocare.com.au/investor-relations/

InvoCare | 51 Glossary Term Definition Average capital employed Average of opening and closing Capital Employed Average working capital Average of opening and closing Working Capital Average working capital % of sales Average working capital divided by Operating Revenue for a 12 month period

B2B/B2C Business to business/Business to consumer CAGR Compound Annual Growth Rate CAPEX Capital expenditure Capital employed As used in ROCE % calculation. Calculated as Total Equity + Net Debt Cash conversion % Ungeared, tax free operating cash flows divided by Operating EBITDA

Core D&A Total Depreciation & Amortisation expense excluding the impact of AASB 16 lease accounting Dividend payout ratio Dividend per share divided by Operating EPS EBITDA Margin Operating EBITDA divided by Operating Revenue EGM Executive General Manager EPMO Enterprise Project Management Office EPS Earnings per share, calculated as Reported profit/(loss) divided by weighted average number of shares

ERP Enterprise Resource Planning, the main Oracle general ledger financial system used by the business FTE Full time equivalent Funeral Case Average Calculated as gross funeral revenue (including disbursements) divided by funeral case volume Funeral Case Volume Number of funeral services undertaken Growth CAPEX CAPEX undertaken to expand existing operations or further growth prospects

Leverage ratio Calculated for disclosure purposes as Net debt divided by Operating EBITDA. Leverage calculation used for bank covenant testing purposes uses an Adjusted EBITDA measure (primarily adjusted to include proforma earnings from acquisitions and costs arising from restructuring initiatives)

InvoCare | 52 Glossary Term Definition LTIFR Lost Time Injury Frequency Rate

Memorialisation revenue Revenue earned from the sale of memorials, plaques, burial plots etc. in the Memorial Parks business NBO Network & Brand Optimisation program of projects as part of Protect & Grow Strategy Net debt Cash and cash equivalents + Borrowings + Finance leases NPS Net Promoter Score, calculated based on customer feedback with Group score representative of Australia and New Zealand only O2C Order to Cash financial process

Operating Earnings After Tax Reported profit excluding non-operating items and associated tax Operating EBITDA Operating earnings before business acquisition costs, interest, tax, depreciation & amortisation Operating EBIT Operating earnings before interest and tax Operating EPS Operating net profit after tax divided by weighted average number of shares Operating leverage Means the percentage growth in Operating EBITDA divided by the percentage growth in Operating Revenue Operating Revenue Revenue for the Group excluding revenue earned from pre-paid funerals business

OPEX/Sales % Operating expenses (excluding finished goods, consumables and funeral disbursements) divided by Operating Revenue P2P Purchase to Pay financial process Pet case average Pet Cremation revenue divided by Pet cremation volume Pet cremation volumes The number of pets cremated Reported Profit/(loss) Net profit/(loss) attributed to shareholders of InvoCare Limited

Recurring CAPEX Annual maintenance CAPEX required to maintain facilities ROCE % Calculated as Operating EBIT divided by Average Capital Employed TRIFR Total Recordable Injury Frequency Rate Ungeared, tax free cash flows Calculated as operating cash flow excluding net finance costs paid and tax paid adjusted by net funds from prepaid contracts (Payments to funds under management for pre-paid contract sales and receipts from funds under management for pre-paid contracts performed) sourced from investing cash flows and other cash flows related to pre-paid contracts Working capital Inventories + Trade & Other Receivables + Trade & Other Payables

InvoCare | 53