2019 PRELIMINARY RESULTS Sea Containers, London

Home , Blue State Digital, Ogilvy (agency)

27.2.2020 SAFE HARBOUR STATEMENT

In order to utilise the ‘safe harbour’ provisions of the United States Private Securities Litigation Reform Act of 1995 (the ‘PSLRA’), WPP plc is providing the following cautionary statement. This presentation contains certain forward-looking statements – that is, statements related to future, not past events and circumstances – which may relate to one or more of the financial conditions, results of operations and businesses of WPP plc and certain of the plans and objectives of WPP with respect to these items. These statements are generally, but not always, identified by the use of words such as ‘will’, ‘expects’, ‘is expected to’, ‘aims’, ‘should’, ‘may’, ‘objective’, ‘is likely to’, ‘intends’, ‘believes’, ‘anticipates’, ‘plans’, ‘we see’ or similar expressions. Actual results may differ from those expressed in such statements, depending on a variety of factors including the risk factors set forth in our most recent Annual Report and Form 20-F under “Risk factors” and in any of our more recent public reports. Nothing in this presentation is intended as a forecast, nor should it be taken as such. Our most recent Annual Report and Form 20-F and other period filings are available on our website at www.wpp.com, or can be obtained from the SEC by calling 1-800-SEC- 0330 or on its website at www.sec.gov.

2019 PRELIMINARY RESULTS 2 AGENDA

2019 FINANCIAL RESULTS PROGRESS ON STRATEGY CONCLUSION AND Q&A 2019: SOLID FOUNDATIONS BUILT, ON TRACK TO DELIVER 2021 TARGETS Strategic Financial

• Significant progress on simplification: • Delivered organic growth and margin fewer, stronger agency brands guidance set in December 2018 • Investments in technology, HR, client and • Organic growth improvement through the new business teams for growth year: H1 -2.5%, H2 -0.7% • Improved client performance with good • Strong working capital performance retention and important wins • Leverage reduced significantly: year-end • Successful completion of Kantar transaction net debt £1.5B • Renewed purpose and strengthened culture

2019 PRELIMINARY RESULTS 4 2019 FINANCIAL RESULTS FULL YEAR HIGHLIGHTS

• FY LFL revenue less pass-through costs -1.6% (-1.2% inc Kantar¹); Q4 -1.9% (-1.6% inc Kantar¹) • FY operating margin 14.4%, -1.2 margin points LFL. Reflects challenges faced by Specialist Agencies as well as investing for future growth • Investments in technology, HR, client and new business teams • Stronger balance sheet and share buy-back programme commenced • “First completion” of sale of c. 90% of Kantar for net cash proceeds to date $2.8B of total $3.1B, with debt to be reduced by $1.9B and share buy-back of $1.2B ($0.3B already completed)

1. Group including Kantar as if owned for whole year 2019 PRELIMINARY RESULTS 6 SUMMARY UNAUDITED IFRS INCOME STATEMENT

Δ CONSTANT YEAR TO 31 DECEMBER 2019 £M 2018¹ £M Δ REPORTED² CURRENCY³ Continuing operations Revenue 13,234 13,047 1.4% 0.2% Gross profit 2,409 2,488 -3.2% -3.9% Operating profit⁴ 1,296 1,238 4.7% 4.3% PBIT⁵ 1,311 1,268 3.3% 2.9% Profit before tax⁶ 982 1,258 -21.9% -22.3% Tax rate 28.0% 20.4% Profit from: Continuing operations 707 1,002 -29.4% -30.3% Discontinued operations 11 138 -92.2% -94.0% Total 718 1,139 -37.0% -38.0%

Total reported diluted EPS 49.5p 84.3p -41.3% -42.3%

1. 2018 figures re-presented in accordance with IFRS 5 : Non-Current Assets Held for Sale and Discontinued Operations 2. % change in reported sterling 3. % change at constant currency rates 4. Operating profit includes net exceptional loss £96m (2018 loss £27m) and goodwill/intangible charges £169m (2018 charges £386m) 5. PBIT includes net exceptional loss £143m (2018 loss £69m) and goodwill/intangible charges £169m (2018 charges £386m) 2019 PRELIMINARY RESULTS 7 6. PBT includes net exceptional loss £143m (2018 loss £69m), goodwill/intangible charges £169m (2018 charges £386m) and revaluation of financial instruments charge £69m (2018 credit £170m) SUMMARY UNAUDITED HEADLINE¹ RESULTS Δ CONSTANT Δ LIKE-FOR- YEAR TO 31 DECEMBER 2019 £M 2018² £M Δ REPORTED CURRENCY LIKE³ Continuing operations Revenue 13,234 13,047 1.4% 0.2% 0.0% Revenue less pass-through costs 10,847 10,876 -0.3% -1.5% -1.6%

Operating profit 1,561 1,651 -5.5% -5.6% PBIT 1,623 1,723 -5.8% -6.0% EBITDA 1,830 1,933 -5.3% -5.6% PBT 1,363 1,543 -11.7% -11.6%

Operating profit margin⁴ 14.4% 15.2% -0.8⁵ -0.6⁵ -1.2⁵ PBIT margin⁴ 15.0% 15.8% -0.8⁵ -0.7⁵ -1.2⁵

Tax rate 22.0% 20.7% n/a n/a

Diluted EPS: Continuing operations 78.1p 91.4p -14.6% -14.9% Discontinued operations 14.6p 16.6p -12.0% -14.8% Total 92.7p 108.0p -14.2% -14.9% Dividend per share 60.0p 60.0p - - 1 Figures before goodwill and intangibles charges, gains/losses on step-ups, gains/losses on disposals of subsidiaries 3 Like-for-like growth at constant currency exchange rates and excluding effect and investments, investment write-downs, share of exceptional gains/losses of associates, restructuring and of acquisitions and disposals transformation costs, litigation settlement, gain on sale of New York freehold property and revaluation of financial 4 Margin as % of revenue less pass-through costs instruments 5 Margin points 2019 PRELIMINARY RESULTS 8 2 2018 figures re-presented in accordance with IFRS 5 : Non-Current Assets Held for Sale and Discontinued Operations REVENUE LESS PASS-THROUGH COSTS GROWTH VS PRIOR YEAR

Q1 Q2 Q3 Q4 FULL YEAR Continuing Operations:

Reported -1.0% Reported 0.6% Reported 3.7% Reported -3.8% Reported -0.3%

FX 1.8% FX 1.9% FX 3.2% FX -1.5% FX 1.2%

Acquisitions 0.5% Acquisitions 0.4% Acquisitions 0.0% Acquisitions -0.4% Acquisitions 0.1%

LFL -3.3% LFL -1.7% LFL 0.5% LFL -1.9% LFL -1.6%

H1 LFL -2.5% H2 LFL -0.7% Including Kantar¹:

LFL -2.8% LFL -1.4% LFL 0.7% LFL -1.6% LFL -1.2%

H1 LFL -2.0% H2 LFL -0.5%

1. Group including Kantar as if owned for whole year 2019 PRELIMINARY RESULTS 9 IMPACT OF FX ON REVENUE LESS PASS-THROUGH COSTS¹

18/FY Act 19/Q1 Act 19/Q2 Act 19/Q3 Act 19/Q4 Act 19/FY Act 4%

• 2019 Q4 currency headwind 1.5% 2% 3.2% • 2019 full year currency 1.8% 1.9% tailwind 1.2% 1.2% 0% • 2020 full year headwind c. 3% at -1.5% budget exchange -2.8% rates² -2%

-4%

1. Continuing operations 2019 PRELIMINARY RESULTS 10 2.2020 budget exchange rates £:$1.325, £:€1.18 REVENUE LESS PASS-THROUGH COSTS BY QUARTER

CONTINUING OPERATIONS TOTAL INCL. KANTAR¹ Δ CONSTANT Δ REPORTED CURRENCY Δ LFL Δ LFL

Q1 -1.0% -2.8% -3.3% -2.8%

Q2 0.6% -1.3% -1.7% -1.4%

H1 -0.2% -2.0% -2.5% -2.0%

Q3 3.7% 0.5% 0.5% 0.7%

Q4 -3.8% -2.3% -1.9% -1.6%

H2 -0.3% -1.0% -0.7% -0.5%

FY -0.3% -1.5% -1.6% -1.2%

1. Group including Kantar as if owned for whole year 2019 PRELIMINARY RESULTS 11 REVENUE LESS PASS-THROUGH COSTS BY REGION

Δ CONSTANT YEAR TO 31 DECEMBER 2019 £M 2018 £M Δ REPORTED CURRENCY Δ LFL

North America 4,034 4,060 -0.6% -4.7% -5.7%

UK 1,390 1,394 -0.3% -0.3% 0.3%

Western Continental Europe 2,177 2,183 -0.3% 1.0% 0.7%

Asia Pacific, Latin America, Africa & Middle 3,246 3,239 0.2% 0.4% 1.4% East and Central & Eastern Europe

Total Continuing Operations 10,847 10,876 -0.3% -1.5% -1.6%

2019 PRELIMINARY RESULTS 12 REVENUE LESS PASS-THROUGH COSTS BY SECTOR

Δ CONSTANT YEAR TO 31 DECEMBER 2019 £M 2018 £M Δ REPORTED CURRENCY Δ LFL

Global Integrated Agencies 8,108 8,071 0.5% -0.7% -0.7%

Public Relations 898 880 2.1% -0.1% -1.0%

Specialist Agencies 1,841 1,925 -4.4% -5.6% -5.6%

Total Continuing Operations 10,847 10,876 -0.3% -1.5% -1.6%

2019 PRELIMINARY RESULTS 13 CHANGE IN HEADLINE¹ OPERATING MARGIN Continuing operations

-1.2%

1. Figures before goodwill and intangibles charges, gains/losses on step-ups, gains/losses on disposals of subsidiaries and investments, investment write-downs, 14 restructuring and transformation costs, litigation settlement and gain on sale of New York freehold property 2019 PRELIMINARY RESULTS HEADLINE¹ OPERATING PROFIT AND MARGIN By Region

OPERATING PROFIT £M OPERATING MARGIN²

YEAR TO 31 DECEMBER 2019 2018 2019 2018

North America 662 711 16.4% 17.5%

UK 188 180 13.6% 12.9%

Western Continental Europe 262 289 12.0% 13.3%

Asia Pacific, Latin America, Africa & Middle 449 471 13.8% 14.6% East and Central & Eastern Europe

Total Continuing Operations 1,561 1,651 14.4% 15.2%

1. Figures before goodwill and intangibles charges, gains/losses on step-ups, gains/losses on disposals of subsidiaries and investments, investment write-downs, restructuring and transformation costs, litigation settlement and gain on sale of New York freehold property 2019 PRELIMINARY RESULTS 15 2. Margin as % of revenue less pass-through costs HEADLINE¹ OPERATING PROFIT AND MARGIN By Sector

OPERATING PROFIT £M OPERATING MARGIN²

YEAR TO 31 DECEMBER 2019 2018 2019 2018

Global Integrated Agencies 1,220 1,228 15.0% 15.2%

Public Relations 141 139 15.7% 15.8%

Specialist Agencies 200 284 10.9% 14.7%

Total Continuing Operations 1,561 1,651 14.4% 15.2%

1. Figures before goodwill and intangibles charges, gains/losses on step-ups, gains/losses on disposals of subsidiaries and investments, investment write-downs, restructuring and transformation costs, litigation settlement and gain on sale of New York freehold property 2019 PRELIMINARY RESULTS 16 2. Margin as % of revenue less pass-through costs TRADE ESTIMATES OF ASSIGNMENT WINS/LOSSES SINCE Q3 TRADING UPDATE¹

WINS MEDIA (M)/ WPP AGENCY CREATIVE (C) ACCOUNT OFFICE BILLINGS $M Mediacom M Hasbro Global 225 Wavemaker M AXA Global 167 WPP C Mondelez - Milka Europe 140 Wavemaker M Perrigo Europe/ANZ 120 Mindshare M Lufthansa Global 100

LOSSES MEDIA (M)/ WPP AGENCY CREATIVE (C) ACCOUNT OFFICE BILLINGS $M WPP C J&J Global 180 Ogilvy C Kimberly-Clark Global 90 Wavemaker M Danone China 75

1. Third Quarter 2019 Trading Update released 25 October 2019 2019 PRELIMINARY RESULTS 17 Shaded wins announced in 2020 FREE CASH FLOW AND FREE CASH FLOW CONVERSION YEAR TO 31 DECEMBER 2019¹ £M 2018 £M Operating profit 1,580 1,431 - Continuing Operations 1,296 1,238 - Discontinued Operations 284 193 Depreciation & amortisation charges 734 728 - Depreciation & amortisation ex IFRS 16 416 728 - Depreciation of right-of-use assets 318 - Lease payments (including interest) (355) - Non-cash compensation 71 85 Working capital and provisions 350 166 Net interest paid & similar charges (190) (162) Tax paid (536) (384) Capital expenditure (394) (375) Earnout payments (130) (120) Other (86) (276) Free cash inflow 1,044 1,093

Headline profit attributable to shareholders 1,169 1,363 Free cash flow conversion 89% 80%

1. Cash flow presentation reflects definitions of free cash flow set out in 11 December 2018 Investor Day “Financial Outlook” presentation available on wpp.com 2019 PRELIMINARY RESULTS 18 USES OF CASH FLOW

YEAR TO 31 DECEMBER 2019 £M 2018 £M Free cash inflow 1,044 1,093

Net disposals/(acquisitions) ex earnout payments 2,221 570

- Disposal proceeds¹ 2,315 843

- Net initial payments² (94) (273)

Net cash inflow before distributions 3,265 1,163

Distributions to shareholders (794) (954)

- Dividends (750) (747)

- Share buy-backs (44) (207)

Net cash inflow 2,471 709

1. Includes proceeds from disposals of property, plant & equipment (£174m), and investments and subsidiaries (£2,468m) less cash on disposals (£327m) 2019 PRELIMINARY RESULTS 19 2. Net initial payments are net of cash acquired, and includes other investments and associates DISPOSAL PROCEEDS¹ 2019 £M Kantar “First Completion” 1,971

- Consideration received 2,352 - Less cash on disposal (325) - Less transaction costs (56) Property - 3 Columbus Circle, New York City 159 Chime 54 The Farm 27 Blue State Digital Tools 20 Other disposals 84 Total 2,315

INVESTMENTS ASSOCIATES/JV’S SUBSIDIARIES

2018 2018 2018

AppNexus Ooh!Media Big Idea Group Imagina (Return Grey Bulgaria OnCall CMC Content Raine Capital II Bruin Sports Capital of Capital) Grey Serbia Pace Domo Woven Inc/UpRoxx DASL OptimizeRx IEG PXP Fullscreen YouEarnedIt Globant Rediffusion JWT Mirum Miami Sudler & Hennessey India Fullsix Zappistore Teledirect Maxx Marketing TNS France CATI & F2F Imagine 2019 2019

2019 Artistree Etecture Action Line Brazil Mannov PR BCG2 Jan Kelley Blue State Digital Tools Ogilvy New Zealand BNTI IMAX Brandstage Planorama CEEOR WPP Manufacturing Wild Tangent Gimlet Captivate Group Richard Attias The Farm Refinery29 Information Resources UK Chime

2018 and 2019 Cash Inflow¹ £1.2B 2018 PBIT Contribution £19M

1. Total cash inflow of £344m in 2019 and £834m in 2018 excludes sale of property, plant & equipment, and includes cash on disposal 2019 PRELIMINARY RESULTS 21 KANTAR TRANSACTION Balance sheet strengthened, limited dilution

• Successfully executed: simplification and de-leverage • Proceeds $3.1B net of tax and disposal costs • “First Completion” 5 December 2019, (c. 90% of Kantar), net proceeds $2.8B • Subsequent completion(s) with expected further consideration $0.3B in 2020 • Will take leverage to low end of target range well ahead of plan with c. $1.9B of proceeds used to reduce debt • c. $1.2B to be returned to shareholders, expected to minimise earnings dilution • Potential value upside for WPP shareholders through retained 40% equity stake

2019 PRELIMINARY RESULTS 22 NET DEBT Continuing operations

YEAR TO 31 DECEMBER 2019 £M 2018 £M Δ £M Average net debt¹ on constant currency basis (4,282) (5,025) 743

Average net debt¹ on reportable basis (4,282) (4,966) 684

Net debt¹ at 31 December on constant currency basis (1,540) (3,853) 2,313

Net debt¹ at 31 December on reportable basis (1,540) (4,017) 2,477

Headline finance costs¹,² (160) (180)

Interest cover¹ on headline operating profit 9.7x 9.2x

Headline EBITDA¹ 1,830 1,933

Year end net debt/headline EBITDA¹ 0.8x 2.1x

1. Net debt, headline finance costs, interest cover, headline EBITDA, exclude impact of IFRS16 2019 PRELIMINARY RESULTS 23 2. Headline finance costs of £160m excludes £100m IFRS 16 impact of all leases USES OF FREE CASH FLOW

TARGET FY 2019 FY 2018 (Disposals)/acquisitions (excluding earnouts):

Acquisitions¹ c. £200M £94M £273M

Less disposals² c. £(200M) £(2,315M) £(843M)

Net (disposals)/acquisitions NEUTRAL £(2,221M) £(570M)

Share buy-backs: - £44M £207M % of issued share capital - 0.4% 1.3%

Balance Sheet

Headroom: Undrawn facilities & surplus cash - £4.8B £4.3B

Average net debt at 2019 exchange rates - £4.3B £5.0B

Year end net debt at 2019 exchange rates - £1.5B £3.9B

1. Acquisitions are initial payments, net of cash acquired, and include other investments and associates 2. Includes proceeds from disposals of property, plant & equipment (£174m, 2018 £10m), investments and subsidiaries (£2,468m, 2018 £849m), less cash on disposals 2019 PRELIMINARY RESULTS 24 (£327m, 2018 £16m) IFRS 16 : OVERVIEW

IFRS 16 effective 1 January 2019:

• All leases treated the same, no finance and operating designation

• Primarily real estate (97%)

• All leases on balance sheet except short-term and low value leases

• Balance sheet gross up at 31 December 2019 includes £1.7B right-of- use asset and £2.2B lease liabilities shown on balance sheet

• Right-of-use asset = lease liability + lease payments prior to commencement + direct costs + costs to restore the site or asset – incentives

• Lease liability = PV of future lease payments

• Higher total expense initially as interest front loaded

2019 PRELIMINARY RESULTS 25 IFRS 16: HEADLINE¹ P&L IMPACT Based on 1 January 2019 leases, continuing operations

2019 FY 2018 FY P&L IMPACT EX RIGHT- RIGHT-OF- AS £M EX IFRS 16 IFRS 16 OF-USE DEP’N USE DEP’N AS REPORTED REPORTED EBITDA 2,070 61 2,131 301 1,830 1,933 Operating profit 1,500 61 1,561 - 1,561 1,651 Operating margin² 13.8% 0.6% 14.4% - 14.4% 15.2% PBIT 1,562 61 1,623 - 1,623 1,723 Net finance costs (160) (100) (260) - (260) (180) Profit before tax 1,402 (39) 1,363 - 1,363 1,543 Diluted EPS 79.9p (1.8p) 78.1p - 78.1p 91.4p

NO CASH IMPACT

1. Figures before goodwill and intangibles charges, gains/losses on step-ups, gains/losses on disposals of subsidiaries and investments, investment write-downs, share of exceptional gains/losses of associates, restructuring and transformation costs, litigation settlement, gain on sale of New York freehold property and revaluation of financial instruments 2019 PRELIMINARY RESULTS 26 2. Margin as % of revenue less pass-through costs JOHN ROGERS CFO, WPP • Chief Executive Officer of Sainsbury’s Argos 2016-2019 – Oversaw digital transformation of one of the UK’s leading technology-driven businesses – Today around 65 percent of the company’s sales are online, via the UK’s third most visited retail website

• Chief Financial Officer of J Sainsbury plc 2010-2016 – Responsible for business strategy, new business development, Sainsbury’s Online, operational efficiency and Sainsbury’s Bank, in addition to core finance functions

• Previous roles with J Sainsbury plc include Property Director, Director of Group Finance and Director of Corporate Finance

• Group Finance Director of Hanover Acceptances Ltd

• Held senior positions with Monitor Company (now Deloitte) and Arthur Andersen

• Worked in China, India, Japan, South Africa, USA and throughout Europe

• Non-executive director of Travis Perkins plc and a member of The Prince’s Accounting for Sustainability Advisory Council

• Previously sat on the Retail Sector Council, which acts as a point 2019 PRELIMINARY RESULTS 27 of liaison between the UK Government and retail sector 2020 GUIDANCE

• Guidance made prior to any impact from the coronavirus outbreak. Too early to predict the full potential financial impact. Further information at our first quarter trading update • Like-for-like revenue less pass-through costs flat, with business performance improving during the year • Headline operating margin to revenue less pass-through costs flat

2019 PRELIMINARY RESULTS 28 MEDIUM-TERM FINANCIAL TARGETS

We are on track to deliver our financial targets by the end of 2021, which are: • Organic growth (defined as like-for-like revenue less pass-through costs growth) in line with peers • Headline operating margin (including the impact of IFRS 16: Leases but now excluding Kantar) of at least 15% • Free cash flow conversion of 80%-90%

2019 PRELIMINARY RESULTS 29 PROGRESS ON STRATEGY THE MARKET IN 2020: STRUCTURAL CHANGE CONTINUES

• Creativity, innovation and growth remain critical to our clients

• Technology disruption unabated: – Analogue media channels continue to decline – SVOD/AVOD growth (Netflix, Disney +, Peacock etc) – Retail growth all in ecommerce, DTC brands, Amazon, Alibaba

• Clients looking for simplicity, speed, cost efficiency, more flexible models

• Competitive landscape shifting: tech companies, consultants

• Privacy rises up the agenda

2019 PRELIMINARY RESULTS 31 VISION AND OFFER

CREATIVITY Radical evolution: A STRATEGY DATA AND TECHNOLOGY

FOR GROWTH SIMPLER STRUCTURE

CULTURE

2019 PRELIMINARY RESULTS 32 CREATIVE TRANSFORMATION COMPANY VISION AND OFFER STILL A MARKET WITH GROWTH OPPORTUNITIES FOR THE “NEW” WPP

COMMUNICATIONS EXPERIENCE COMMERCE TECHNOLOGY

• 52% of media in new • CX technology spend is • Global ecommerce <15% • MarTech >25% of channels a >$500bn market of retail sales marketing budgets • 3.9% ad spend growth in • 8% CAGR to 20222 • >20% growth3 • 22% growth in 2019 to 20201 >$120bn4

1. GroupM 2. IDC 2019 PRELIMINARY RESULTS 34 3. eMarketer 4. BDO/Warc VISION AND OFFER

CPG CLIENTS1

LUXURY/PREMIUM CLIENTS1 +3%

INDIA ENCOURAGING +15% GROWTH AREAS IN 2019 +10% +10% TECH CLIENTS1

BRAZIL +9%

1. Sector performance based on WPP top 200 clients, which represent in total 54% of 2019 PRELIMINARY RESULTS 35 2019 revenue less pass-through costs VISION AND OFFER SOLID WINS, REDUCED LOSSES IN 2019 Wins Losses MEDIA (M)/ BILLINGS MEDIA (M)/ BILLINGS WPP AGENCY CREATIVE (C) ACCOUNT $M WPP AGENCY CREATIVE (C) ACCOUNT $M M 360 M 300

C 350 C 180

M 350 M 130

M 250 M 110

M 145 C 90

M 140 M 75

C 120 C 60 M 60 M 100 M 30 C 100

M 80 C 17

2019 PRELIMINARY RESULTS 36 2019 INTERIM RESULTS 37 DATA AND TECHNOLOGY PUTTING TECHNOLOGY AT THE HEART OF OUR BUSINESS

ACQUISITION INTEGRATION TRANSFORMATION

2010 – 2015 2016 – 2019 2020 – onwards

Acquisition of specialist MarTech Integrating specialist businesses Transforming our technology and AdTech boutiques to fast- into the core offering of scaled offering through a coordinated track WPP capabilities. global networks. strategy and scaled global programmes. • AKQA (product & service design) • GroupM (Essence) • Essence (digital media) • WundermanThompson • Strategic partner programme • Salmon (ecommerce) (Salmon, Acceleration, • Scaled training & enablement • Cognifide (content) Cognifide) • Differentiated product • Acceleration (consulting) • Ogilvy (Verticurl) development • Verticurl (B2B CRM) • VMLY&R (Rockfish) • OPEN platform • Rockfish (ecommerce) • WPP AI

2019 PRELIMINARY RESULTS 38 DATA AND TECHNOLOGY DRIVING GROWTH WITH OUR STRATEGIC TECHNOLOGY PARTNERS

MEDIA & COMMERCE PLATFORMS A HOLISTIC PARTNER STRATEGY

1. Joint product & solution development

2. Preferential access to partner data & technology

3. Joint go-to-market initiatives

4. Globally scaled training & enablement programmes

MARKETING & ADTECH SOFTWARE & CLOUD

2019 PRELIMINARY RESULTS 39 DATA AND TECHNOLOGY OPTIMISING INNOVATION WITH A SINGLE TECHNOLOGY PLATFORM

• WPP OPEN combines the leading applications, data and solutions from across WPP and our partners in one platform

• Simplifies and consolidates scaled, global initiatives

• Stimulates and surfaces organic innovation

• Accelerates knowledge sharing and cross- agency collaboration

2019 PRELIMINARY RESULTS 40 SIMPLER STRUCTURE A SIMPLER WPP

INTEGRATION RATIONALISATION

• 100 local office mergers • Over 50 disposals • 80 business unit closures

2019 PRELIMINARY RESULTS 41 BUILDING CULTURE THROUGH PURPOSE To use the power of creativity to build better futures

PEOPLE CLIENTS COMMUNITIES

Attract, retain and develop the best Better people and great Drive change in the world around in a culture which is open, optimistic and extraordinary purpose delivers better work us with our people and clients

42 CULTURE BUILDING CULTURE THROUGH PURPOSE Recognition of our commitment and progress

2019 PRELIMINARY RESULTS 43 PROGRESS ON KEY METRICS

• Met all targets for closures, disposals SIMPLER WPP and mergers

• Delivered December 2018 guidance RETURN TO GROWTH • Improved in H2 over H1

• Reinvesting for growth MARGIN • Slower progress on shared services

• Leverage at low end of target a year LEVERAGE ahead of plan

2019 PRELIMINARY RESULTS 44 2020 PRIORITIES PRIORITIES FOR 2020

1 Continue to invest in client and new business teams for growth

2 Embed new creative talent and lead with ideas

3 Further strengthen collaboration and culture

4 Industrialise WPP Open

5 Begin to tackle duplication and inefficiency

2019 PRELIMINARY RESULTS 46 Q&A OTHER FINANCIAL INFORMATION Hard copy only UNAUDITED IFRS INCOME STATEMENT

Δ CONSTANT YEAR TO 31 DECEMBER 2019 £M 2018¹ £M Δ REPORTED CURRENCY Continuing operations Revenue 13,234 13,047 1.4% 0.2% Gross profit 2,409 2,488 -3.2% -3.9% Operating profit pre exceptional & goodwill/intangibles² 1,561 1,651 -5.5% -5.6% Net exceptional loss (96) (27) - - Goodwill/intangible charges (169) (386) 56.2% 56.2% Operating profit 1,296 1,238 4.7% 4.3% Income from associates 62 72 -13.4% -14.0% Share of associate exceptional loss (47) (42) -15.0% -15.9% PBIT 1,311 1,268 3.3% 2.9% Net finance (costs)/income (329) (10) - - Profit before tax 982 1,258 -21.9% -22.3% Tax (275) (256) -7.4% -9.5% Profit after tax 707 1,002 -29.4% -30.3% Non-controlling interests (79) (65) -21.7% -21.6% Profit attributable to shareholders: Continuing operations 628 937 -33.0% -33.8% Discontinued operations (4) 126 - - Total 624 1,063 -41.3% -42.4% Total reported diluted EPS 49.5p 84.3p -41.3% -42.3%

1. 2018 figures re-presented in accordance with IFRS 5 : Non-Current Assets Held for Sale and Discontinued Operations 2. Figures before goodwill and intangibles charges, gains/losses on step-ups, gains/losses on disposals of subsidiaries and investments, investment write- 49 downs, share of exceptional gains/losses of associates, restructuring and transformation costs, litigation settlement, gain on sale of New York freehold 2019 PRELIMINARY RESULTS property and revaluation of financial instruments NET EXCEPTIONAL LOSS

YEAR TO 31 DECEMBER 2019 £M Restructuring and transformation costs (153)¹

Gain on disposals of investments and subsidiaries 40¹

Litigation settlement 17¹

Net exceptional loss (96)¹

Share of associate exceptionals (47)¹

Net exceptional loss including associate exceptionals (143)¹

1. In 2019, the Group recorded £121m of restructuring and transformation costs in relation to this plan, in addition to the £212m in 2018. Of this £333m total, £220m relates to actions with a cash cost, with £158m paid to date – the balance to be paid in 2020 and beyond. Total restructuring and transformation costs in 2019 of £153m comprises the £121m above and £32m of other costs, primarily relating to the continuing global IT transformation programme. 2019 PRELIMINARY RESULTS 50 UNAUDITED HEADLINE¹ IFRS INCOME STATEMENT Continuing operations Δ CONSTANT Δ LIKE-FOR- YEAR TO 31 DECEMBER 2019 £M 2018² £M Δ REPORTED CURRENCY LIKE Revenue 13,234 13,047 1.4% 0.2% 0.0% Revenue less pass-through costs 10,847 10,876 -0.3% -1.5% -1.6% Operating profit 1,561 1,651 -5.5% -5.6% Income from associates 62 72 -13.4% -14.0% PBIT 1,623 1,723 -5.8% -6.0% Net finance costs (260) (180) -44.4% -41.1% Profit before tax 1,363 1,543 -11.7% -11.6% Tax at 22.0% (2018: 20.7%) (300) (320) 6.2% 8.3% Profit after tax 1,063 1,223 -13.1% 12.5% Non-controlling interests (79) (70) -12.9% -21.6% Profit attributable to shareholders 984 1,153 -14.7% -14.3% Diluted EPS 78.1p 91.4p -14.6% -14.9% Operating profit margin³ 14.4% 15.2% -0.8⁴ -0.6⁴ -1.2⁴ PBIT margin³ 15.0% 15.8% -0.8⁴ -0.7⁴ -1.2⁴ EBITDA 1,830 1,933 -5.3% -5.6%

1. Figures before goodwill and intangibles charges, gains/losses on step- 2. 2018 figures re-presented in accordance with IFRS 5 : Non-Current ups, gains/losses on disposals of subsidiaries and investments, Assets Held for Sale and Discontinued Operations investment write-downs, share of exceptional gains/losses of 3. Margin as % of revenue less pass-through costs associates, restructuring and transformation costs, and revaluation of 4. Margin points 2019 PRELIMINARY RESULTS 51 financial instruments UNAUDITED HEADLINE¹ IFRS INCOME STATEMENT Reconciliation of P&L from Continuing Operations to Total with 100% Kantar

With Kantar Total With Continuing Discontinued Held for Actual Kantar Post 100% FY 2019, £M Operations Operations Total² Sale Adj³ Ownership⁴ Completion⁵ Kantar⁶ Revenue less pass-through costs 10,847 1,806 12,653 - 12,653 168 12,821 Operating profit 1,561 308 1,869 (38) 1,831 46 1,877 Operating profit margin % 14.4% 17.0% 14.8% - 14.5% 27.4% 14.6% Income from associates 62 6 68 6 74 (8) 66 Net finance costs (260) (14) (274) - (274) (5) (279) PBT 1,363 300 1,663 (32) 1,631 33 1,664 Tax (300) (101) (401) - (401) (13) (414) Non-controlling interests (79) (15) (94) 2 (92) (2) (94) Profit attributable to shareholders 984 184 1,168 (30) 1,138 18 1,156 Diluted EPS 78.1p 14.6p 92.7p (2.4p) 90.3p 1.4p 91.7p LFL revenue less pass-through costs Δ -1.6% -1.3% -1.2% LFL operating margin Δ⁷ -1.2% -1.0% -0.9%

1. Figures before goodwill and intangibles charges, gains/losses on step-ups, gains/losses on 4. Total combined operations excluding held for sale adjustments with Kantar included as owned, disposals of subsidiaries and investments, investment write-downs, share of exceptional so for c. 90% of Kantar that was sold 5 December 2019 11 months as 100% subsidiary and 1 month gains/losses of associates, restructuring and transformation costs, and revaluation of financial as 40% associate instruments 5. Kantar post completion adjustment comprises for c. 90% of Kantar sold 5 December 2019 A. 2. Total combined operations per statutory P&L, including held for sale adjustments.Under IFRS 5, reversal of December associate income PBT -£10m; B. addition of December revenue less pass- non-current assets are not depreciated or amortised whilst classified as held for sale. In addition, through costs £168m, operating profit £46m, PBT £31m; C. reversal of Kantar December debt when an associate is classified as held for sale, equity accounting will cease. This means that interest net of WPP interest benefit PBT £12m there is no depreciation, amortisation or share of results of associates taken for the Kantar group 6. Total P&L for 2019 as if Kantar owned for whole year and with held for sale P&L adjustments 2019 PRELIMINARY RESULTS 52 from 9 July 2019 reversed 3. Reversal of held for sale adjustments included in statutory P&L 7. Margin points REVENUE LESS PASS-THROUGH COSTS GROWTH¹ BY REGION LIKE-FOR-LIKE %

C. & E. Europe % H1 H2 FY 5.3 5.2 5.2

UK % North America % H1 H2 FY H1 H2 FY 1.2 -0.5 0.3 -7.3 -4.0 -5.7 W. Cont. Europe % H1 H2 FY -0.2 1.5 0.7

Asia Pacific % H1 H2 FY -0.9 -1.3 -1.1

Africa & M. East % H1 H2 FY -3.6 6.6 1.6 Latin America % H1 H2 FY 9.5 8.1 8.8

% H1 H2 FY Mature Markets -3.8 -1.8 -2.8 Faster Growing Markets 1.1 1.8 1.4 Total -2.5 -0.7 -1.6 1. Continuing operations 2019 PRELIMINARY RESULTS 53 TOP 5 MARKETS¹

USA UK Germany Greater China³ India

Headcount 20,000 11,000 7,000 9,000² 8,000

REVENUE LESS PASS-THROUGH COSTS GROWTH² 2019 FY -6.0% 0.3% -0.3% -3.8% 9.7% 2019 H2 -4.4% -0.5% 2.0% -4.2% 7.3% 2019 H1 -7.5% 1.2% -2.7% -3.3% 12.4% 2018 FY -3.8% -0.2% 1.2% 2.0% 3.9%

1. Top 5 markets for continuing operations 2. Like-for-like growth vs prior year from continuing operations 2019 PRELIMINARY RESULTS 54 3. Includes Hong Kong and Taiwan BRIC MARKETS

Mainland China Greater China² Brazil India Russia

Headcount 7,000 9,000 5,000 8,000 1,000

REVENUE LESS PASS-THROUGH COSTS GROWTH¹ 2019 FY -4.0% -3.8% 9.3% 9.7% 7.9% 2019 H2 -4.5% -4.2% 6.5% 7.3% 11.1% 2019 H1 -3.3% -3.3% 12.6% 12.4% 3.9% 2018 FY 2.4% 2.0% 6.3% 3.9% 1.0%

1. Like-for-like growth vs prior year from continuing operations 2019 PRELIMINARY RESULTS 55 2. Includes Hong Kong and Taiwan EFFECTS OF CURRENCY

STERLING FULL YEAR 2019 2018 (WEAKER)/STRONGER US$ 1.28 1.34 -4%

€ 1.14 1.13 1% • Currency movements accounted for 1.2% Chinese Renminbi 8.8 8.8 0% increase¹ in revenue less pass-through costs Brazilian Real 5.03 4.87 3% • Reflects overall Australian $ 1.84 1.79 3% weakness of £ sterling, primarily against US$ Canadian $ 1.69 1.73 -2%

Indian Rupee 90 91 -1%

Singapore $ 1.74 1.80 -3%

South African Rand 18.4 17.6 5%

1. Effects of currency on continuing operations 2019 PRELIMINARY RESULTS 56 DEBT MATURITY PROFILE £M AT 31 DECEMBER 2019

£ TOTAL £ TOTAL CREDIT DRAWN

◼ £ bonds £400m (2.875% Sep ’46) 400 400 700 ◼ US bond $220m (5.625% Nov ’43) 165 165 600 ◼ US bond $93m (5.125% Sep ’42) 70 70 ◼ Eurobonds €600m (1.625% Mar ’30) 508 508 500 ◼ Eurobonds €750m (2.25% Sep '26) 635 635 400 ◼ Eurobond €500m (1.375% Mar ‘25)/£444m Swap1 444 444 ◼ US bond $750m (3.75% Sep '24) 565 565 300 Eurobonds €750m (3.0% Nov ’23) 635 635 ◼ 200 ◼ US bond $500m (3.625% Sep ’22) 377 377 ◼ Eurobond €250m (3m EURIBOR + 0.45% Mar ’22) 212 212 100

◼ Eurobonds €250m (3m EURIBOR + 0.32% May ’20) 212 212 0 Debt Facilities 4,223 4,223

Bank revolver2 WPP ($2,500m Mar’24) 1,885 -

Bank revolver2 WPP AUNZ (A$420m Jun’20/Jun ‘21) 222 102 Weighted Average Coupon 2.7% Net cash, overdrafts & other adjustments – (2,785) Weighted Average Maturity 8.2 years Total Borrowing Capacity / Net Debt 6,330 1,540 Available Liquidity £4,790M

Exchange Rates £/$ 1.326 £/€ 1.181 £/A$ 1.888 1. Swapped to £444m at 2.61% 2019 PRELIMINARY RESULTS 57 2. These instruments are subject to financial covenants REVENUE LESS PASS-THROUGH COSTS BY INDUSTRY¹

Travel & leisure Luxury & premium 4% 6% Financial services CPG 4% 25%

Other 5%

Retail 6%

Telecom, media & entertainment 7% Automotive 15%

Healthcare & pharma 12%

Tech 16%

1. % of total top 200 designated clients attributable to each industry for continuing operations. These comprise 58 54% of WPP total revenue less pass-through costs, and 80% of total designated clients for FY 2019 2019 PRELIMINARY RESULTS NET FINANCE COSTS/(INCOME)

YEAR TO 31 DECEMBER 2019 £M 2018 £M Δ £M Net debt interest 171 188 (17) Lease liabilities 100 - 100 Investment income (18) (15) (3) Pensions 7 7 - Sub-total 89 (8) 97 Headline finance costs 260 180 80 Financial instruments 69 (170) 239 Net finance costs 329 10 319

2019 PRELIMINARY RESULTS 59 PENSIONS DEFICIT

YEAR TO 31 DECEMBER £M 2019 2018 Deficit B/F (184) (206) Asset Allocation 2019 2018 Service cost (15) (16) Bonds & insured 84% 76% annuities Plan liabilities interest charge (26) (31) Equities 9% 9% Funding 37 45 Investment returns 39 (18) Other 7% 15% Δ valuation assumptions¹ (53) 53 Transfer to discontinued operations 37 - Other movements (1) (4) Movements excluding FX 18 29 Foreign exchange impact 7 (7) Deficit C/F (159) (184)

1. Primarily due to a 79 basis point decrease in discount rates in 2019 (2.44%) compared with 2018 (3.23%) 2019 PRELIMINARY RESULTS 60 EARNOUT ACCRUAL

YEAR TO 31 DECEMBER £M 2019 EXPECTED PAYMENTS £M Accrual B/F 415 2020 142 Earnouts paid (130) 2021 37 New acquisitions 10 2022 37 Revised estimates taken to goodwill (14) 2023 15 Revaluations of payments 1 2024 10

Transfer to discontinued operations (12) 2025+ 13

Excluding FX 270 Total 254 Foreign exchange impact (16) Accrual C/F 254

2019 PRELIMINARY RESULTS 61 ORDINARY SHARES - DILUTED

NUMBER SHARES MILLION 2019 2018 Δ

Average Basic 1,250 1,248 0.2%

Share Option Dilution - 1

Other Potentially Issuable Shares 11 12

Average Diluted 1,261 1,261 0.0%

2019 PRELIMINARY RESULTS 62 ORDINARY SHARES - BASIC

NUMBER SHARES MILLION 2019 2018 Δ 1 January 1,333 1,333

Share cancellation (5) -

31 December 1,328 1,333 -0.4%

Weighted Average 1,333 1,333 0.0%

ESOP, Treasury & Other (83) (85)

Average Basic 1,250 1,248 0.2%

2019 PRELIMINARY RESULTS 63 THANK YOU YOU