Free Cash Flow Margin2 (%)

Aon plc

First Quarter 2019 Results April 26, 2019 Greg Case Michael O’Connor Chief Executive Officer Co-President

Christa Davies Eric Andersen Chief Financial Officer Co-President

1 Safe Harbor Statement

This communication contains certain statements related to future results, or states our intentions, beliefs and expectations or predictions for the future w hich are forw ard-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. These forw ard-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from either historical or anticipated results depending on a variety of factors. These forward-looking statements include information about possible or assumed future results of our operations. All statements, other than statements of historical facts that address activities, events or developments that w e expect or anticipate may occur in the future, including such things as our outlook, future capital expenditures, grow th in commissions and fees, changes to the composition or level of our revenues, cash flow and liquidity, expected tax rates, business strategies, competitive strengths, goals, the benefits of new initiatives, grow th of our business and operations, plans and references to future successes, are forward-looking statements. Also, w hen w e use the w ords such as “anticipate”, “believe”, “estimate”, “expect”, “intend”, “plan”, “probably”, “potential”, “looking forw ard”, or similar expressions, w e are making forw ard-looking statements. The follow ing factors, among others, could cause actual results to differ from those set forth in the forw ard looking statements: general economic and political conditions in different countries in w hich Aon does business around the w orld, including the U.K.’s expected w ithdrawal from the European Union; changes in the competitive environment; fluctuations in exchange and interest rates that could influence revenue and expense; changes in global equity and fixed income markets that could affect the return on invested assets; changes in the funding status of Aon's various defined benefit pension plans and the impact of any increased pension funding resulting from those changes; the level of Aon’s debt limiting financial flexibility or increasing borrow ing costs; rating agency actions that could affect Aon's ability to borrow funds;; volatility in our tax rate due to a variety of different factors, including U.S. tax reform; changes in estimates or assumptions on our financial statements; limits on Aon’s subsidiaries to make dividend and other payments to Aon; the impact of law suits and other contingent liabilities and loss contingencies arising from errors and omissions and other claims against Aon; the impact of, and potential challenges in complying w ith, legislation and regulation in the jurisdictions in w hich Aon operates, particularly given the global scope of Aon’s businesses and the possibility of conflicting regulatory requirements across jurisdictions in w hich Aon does business; the impact of any investigations brought by regulatory authorities in the U.S., U.K. and other countries; the impact of any inquiries relating to compliance w ith the U.S. Foreign Corrupt Practices Act and non-U.S. anti-corruption law s and w ith U.S. and non-U.S. trade sanctions regimes; failure to protect intellectual property rights or allegations that w e infringe on the intellectual property rights of others; the effects of English law on our operating flexibility and the enforcement of judgments against Aon; the failure to retain and attract qualified personnel; international risks associated w ith Aon’s global operations; the effect or natural or man-made disasters; the potential of a system or netw ork breach or disruption resulting in operational interruption or improper disclosure of personal data; Aon’s ability to develop and implement new technology; the damage to our reputation among clients, markets or third parties; the actions taken by third parties that perform aspects of our business operations and client services; the extent to w hich Aon manages certain risks created in connection w ith the various services, including f iduciary and investments and other advisory services and business process outsourcing services, among others, that Aon currently provides, or w ill provide in the future, to clients; Aon’s ability to continue, and the costs and the costs and risks associated w ith, grow ing, developing and integrating companies that it acquir es or new lines of business; changes in commercial property and casualty markets, commercial premium rates or methods of compensation; changes in the health care sys tem or our relationships w ith insurance carriers; Aon’s ability to implement initiatives intended to yield cost savings, and the ability to achieve those c ost savings; risks and uncertainties in connection w ith the sale of our divested business; and our ability to realize the expected benefits from our restructuring plan. Any or all of Aon’s forw ard-looking statements may turn out to be inaccurate, and there are no guarantees about Aon’s performance. The factors identified above are not exhaustive. Aon and its subsidiaries operate in a dynamic business environment in w hich new risks may emerge frequently. Further information concerning Aon and its businesses, including factors that potentially could materially affect Aon’s financial results, is contained in Aon’s filings w ith the SEC. See Aon’s Annual Report on Form 10-K for the year ended December 31, 2018 and its Quarterly Report on Form 10-Q for the quarter ended March 31, 2019 for a further discussion of these and other risks and uncertainties applicable to Aon’s businesses. These factors may be revised or supplemented in subsequent reports. Aon is under no obligation, and expressly disclaims any obligation, to update or alter any forward-looking statement that it may make from time to time, w hether as a result of new information, future events or otherw ise.

2 2019 GAAP Financials From Continuing Operations

Q1’19 Total Revenue 2%

Operating Margin 27.7%

Earnings Per Share $2.70

Cash Flow from Operations $74M

Explanation of Non-GAAP M easures This communication includes supplemental information related to organic revenue grow th, free cash flow , adjusted operating margin, and adjusted earnings per share for continuing operations that exclude the effects of intangible asset amortization, restructuring, capital expenditures, and certain other notew orthy items that affected results for the comparable periods. Organic revenue grow th includes the impact of intercompany activity and excludes foreign exchange rate changes, acquisitions, divestitures, transfers betw een revenue lines, fiduciary investment income, and gains or losses on derivatives accounted for as hedges. The impact of foreign exchange is determined by translating last year’s revenue, expense or net income at this year’s foreign exchange rates. Reconciliations to the closest U.S. GAAP measure for each non-GAAP measure presented in this press release are provided in the attached appendices. Supplemental organic revenue grow th information and additional measures that exclude the effects of certain items noted above do not affect net income or any other U.S. GAAP reported amounts. Free cash flow is cash flow from operating activity less capital expenditures. The effective tax rate, as adjusted, excludes the applicable tax impact associated w ith expenses for estimated intangible asset amortization, restructuring, and certain other notew orthy items. Management believes that these measures are important to make meaningful period-to-period comparisons and that this supplemental information is helpful to investors. They should be view ed in addition to, not in lieu of, the Company’s Consolidated Financial Statements. Industry peers provide similar supplemental information regarding their performance, although they may not make identical adjustments.

3 Table of Contents

Page(s) Leading Global Professional Services Firm Enabled by Data & Analytics 5 The Power of Aon United at Scale 6 Management Summary Delivering Strong Operational Performance While Investing in Growth 8 Aon United Delivering Long-Term Momentum 9 Quarterly & Full Year (FY) Performance Performance Across Key Metrics: Q1 11 Organic Revenue Overall Performance: Q1 12 Organic Revenue Solution Line Summary: Q1 13 Operating Income & Margin Performance: Q1 14 Earnings Per Share (EPS) Performance: Q1 15 Non-Operating Segment Financials: Q1 16 Delivering Long-Term Growth Organic Growth: Investing in Innovation and Differentiated Capabilities 18 Inorganic Growth: Investing in High-Growth, High-Margin Client Needs 19 Shift to Single Operating Model Enables Growth and Productivity 20 Restructuring Program Creating Anticipated Savings Opportunities 21 Acceleration of Free Cash Flow (FCF) Financial Flexibility and Cash Generation Set Stage for Further Growth 23 Declining Uses of Cash Will Substantially Increase Capital Flexibility 24 Positioned for Long-Term Value Creation (ROIC + Free Cash Flow) 25 Appendices 26 - 38

4 Leading Global Professional Services Firm Enabled by Data & Analytics

Aon is the leading global professional services firm providing advice and solutions in Risk, Retirement and Health at a 120 50k time when those topics have never been more important to countries in Aon colleagues the global economy. Aon develops insights—driven by data w hich Aon around the and delivered by experts—that reduce the volatility our operates w orld clients face and help them maximize their performance

RISK RETIREMENT HEALTH Aon provides risk advisory, commercial Aon provides actuarial, investment and Aon provides consulting, global benefits risk and reinsurance solutions to help bundled retirement solutions to help clients and exchange solutions to help clients clients better identify, quantify and design and implement secure, equitable mitigate rising health care costs and manage their risk exposure and sustainable retirement programs improve employee health and well-being $125B $3.1T $180B risk premium in assets under of healthcare premium placed annually advisement1 directed annually

ENABLED BY DATA & ANALYTICS Aon combines proprietary data, technology, and advisory services to develop insights that help clients reduce volatility and improve performance

Continue to take steps that make it easier for our colleagues to bring the best of Aon to clients and help us deliver on the growth potential of our firm

▪ Leadership: established co-presidents overseeing global Aon Operating Committee, which reinforces movement to a single P&L; encourages Aon United decisions that accelerate growth by bringing the best of the firm to clients

▪ Single Brand: retired remaining business unit brands (Aon Risk Solutions and Aon Benfield), following similar steps with Aon Hewitt in 2017. 50,000 colleagues going to market as Aon to reinforce our priority to address client need with innovation and distinctive solutions

▪ Innovation: created leadership capacity to develop new Data & Analytics offerings and further integrate existing offerings, all designed to reinforce innovation agenda and increase long-term growth

▪ Client Value: formed New Ventures Group comprised of senior leaders from across the firm that will increasingly commit their time to identifying new sources of client value through the delivery of internal capabilities at scale

6 Management Summary

7 Delivering Strong Operational Performance While Investing in Growth

Strong Quarterly Performance Against Key Metrics1 ▪ Organic Revenue growth of +6% , reflecting an acceleration across all businesses ▪ Operating Margin expansion of +190 basis points and operating income growth of +8%; reflecting strong organic revenue growth and savings from restructuring, partially offset by incremental reinvestment of savings in long-term growth ▪ Earnings per Share (EPS) growth of +11%; reflecting strong organic revenue growth, operational strength, and effective capital management, partially offset by unfavorable FX ▪ Free Cash Flow (FCF) of -82%; reflecting approximately $85 million of net cash payments for legacy litigation, partially offset by strong operational performance and improved working capital in payables

Investing in Client Innovation and Increased Operating Leverage to Enable Acceleration of Long-Term Growth ▪ Organic Growth Investments: We are disproportionally investing in high-growth areas of client need across our portfolio and in creating more innovative and differentiated client solutions backed by our Aon United efforts ▪ Inorganic Growth Investments: Following the acquisition of 601West, we announced our first commitment to develop our innovation portfolio with Intellectual Property Solutions ▪ Productivity Improvements: We are driving greater operating leverage with investments in a single operating model and our Aon Business Services (ABS) organization; improving the effectiveness of our operations and enabling increased insight, connectivity, and scalability

1 Reflects performance from continuing operations. The results presented on this page are non-GAAP measures that are reconciled to their corresponding U.S. GAAP measures in the Appendices of this presentation.

8 Aon United Delivering Long-Term Momentum1

Driving Towards Mid-Single Digit Organic Revenue Growth or Greater Over the Long-Term ▪ Driven by three areas: continued improvement and market share gains in core businesses, portfolio mix shift towards faster growing areas of client demand and data & analytic driven solutions, and new opportunities under Aon United growth initiatives

Expected Long-Term Operating Margin Expansion Beyond Near-Term Restructuring Savings Initiatives ▪ Driven by three areas: accelerating top-line growth, portfolio mix-shift to higher contribution margin businesses, and increased operating leverage from on-going productivity improvements resulting from the Aon United operating model and our Aon Business Services organization

Expect to Deliver Double-Digit Free Cash Flow Growth Over the Long-Term ▪ Driven by three areas: operating income improvement, continued progress on working capital initiatives, and declining required uses of cash for pension, restructuring initiatives, and capital expenditures that are expected to free up over $620 million of discretionary cash by the end of 2020 ▪ Additional opportunity for increased debt driven by improvement in operational performance, restructuring charges winding down and improvement in the unfunded pension liability

Disciplined Capital Management Approach based on Return on Invested Capital (ROIC) ▪ All capital allocation decisions based on ROIC, noting share repurchase continues to be our highest return opportunity currently based on our strong free cash flow generation outlook ▪ Significant financial flexibility to deploy capital driven by strong free cash flow generation and opportunity for increased debt

Translating into a Significant Shareholder Value Creation Opportunity ▪ We believe double-digit free cash flow growth combined with an expected reduction in total shares outstanding represents a significant long-term shareholder value creation opportunity

10 Performance Across Key Metrics1

Q1’18 Q1’19

Organic Revenue +3% +6%

Operating Margin 31.8% 33.7%

Year-over-Year +190 bps

Earnings Per Share $2.97 $3.31

Year-over-Year +11%

Free Cash Flow $95M $17M

Year-over-Year -82%

11 Organic Revenue1 – Strong Growth Across the Portfolio in Q1

▪ Organic revenue growth of 6% overall in the first quarter, primarily driven by strong new business generation and management of the renewal book portfolio globally across our core portfolio ▪ Organic revenue growth of 6% is an acceleration across all businesses, reflecting improved portfolio mix and return on investment in high-growth areas; including strong growth in transaction liability, cyber solutions, and delegated investment management ▪ Reported revenue growth increased 2% in the first quarter, driven by strong organic revenue growth partially offset by an unfavorable FX impact

Q1’18 Q1’19

Commercial Risk Solutions +4% +6%

Reinsurance Solutions +6% +9%

Retirement Solutions 0% +2%

Health Solutions 0% +5%

Data & Analytic Services +1% +5%

Total Aon +3% +6%

1 Reflects performance from continuing operations. Organic revenue is a non-GAAP measure that is reconciled to its corresponding U.S. GAAP measure in Appendix A of this presentation.

12 Quarterly Summary of Organic Revenue Growth1 Across Solutions Lines

Commercial Risk Solutions ▪ Organic revenue growth of +6% reflects solid growth across every major geography, driven by strong new business generation, retention and management of the renewal book portfolio ▪ Results were highlighted by record new business generation in the U.S. and continued strong growth in transaction liability a nd cyber solutions, areas of investment to support increasing client demand ▪ We also saw double-digit growth in Latin America and strong growth across EMEA and Asia ▪ On average globally, exposures and pricing were both modestly positive; resulting in a modestly positive market impact overal l

Reinsurance Solutions ▪ Organic revenue growth of +9%, in its seasonally largest quarter, was primarily driven by strong net new business generation globally in treaty, as well as double-digit growth globally in facultative placements and in capital markets transactions ▪ Market impact was modestly positive on results in the first quarter, both in the U.S. and internationally

Retirement Solutions ▪ Organic revenue growth of +2% reflects solid growth in investment consulting and solutions, including double -digit growth in delegated investment management ▪ Results also reflect modest growth in our actuarial retirement businesses globally, and growth across Performance, Rewards, a nd Assessment

Health Solutions ▪ Organic revenue growth of +5% reflects solid growth globally in health and benefits brokerage; highlighted by particular strength internationally, including double-digit growth in China

Data & Analytic Services ▪ Organic revenue growth of +5% primarily reflects growth globally across our Affinity business, with particular strength acros s both business and consumer solutions across the U.S. and EMEA

1 Reflects performance from continuing operations. Organic revenue is a non-GAAP measure that is reconciled to its corresponding U.S. GAAP measure in Appendix A of this presentation. 13 Operating Margin1 – Improvement Reflects Increased Operating Leverage

Operating Income ($ millions) Q1 Commentary ▪ Organic revenue growth of +6%, including $1,060 $983 strong growth in areas of continued investment ▪ Incremental restructuring savings contributed +$45 million, or +140 basis points, before reinvestment

Q1 2018 Q1 2019 Operating results include the absorption of near-term reinvestment of savings in client-facing colleagues and capabilities to support long-term growth initiatives Operating Margin (%)

▪ FX translation had a -$38 million impact if the Company were to restate prior year results at 33.7% current quarter rates. 31.8%

Q1 2018 Q1 2019

1 Reflects performance from continuing operations. Operating income and operating margin are non-GAAP measures that are reconciled to their corresponding U.S. GAAP measures in Appendix B of this presentation.

14 EPS1 – Delivered Double-Digit Growth Despite Unfavorable FX

▪ Double-digit earnings growth primarily reflects strong organic revenue growth, significant operational improvement and effective capital management, partially offset by unfavorable FX

▪ Results include significant investments across the portfolio to support long-term growth initiatives

▪ FX had a net -$0.15 per share unfavorable impact in Q1 o -$0.13 related to the impact from foreign currency translation if the Company were to translate prior year results at current quarter foreign exchange rates o -$0.02 related to balance sheet revaluation of other assets and liabilities recorded in other expense o If currency were to remain stable at today’s rates, we would expect an unfavorable impact of approximately -$0.04 per share (-$12 million operating income) in the second quarter; -$0.01 per share (-$3 million operating income) in the third quarter and no impact in the fourth quarter ▪ Repurchased 0.6 million ordinary shares for approximately $100 million in Q1

EPS from Continuing Operations

$3.31 $2.97

Q1 2018 Q1 2019

1 EPS from continuing operations and EPS attributable to Aon shareholders are non-GAAP measures that are reconciled to their corresponding U.S. GAAP measures in Appendix B of this presentation.

15 Non-Operating Financials

($ millions) Q1’18 Q1’19 ▪ Interest income in the prior year quarter included additional income earned on the proceeds of the sale of the outsourcing business Interest Income $4 $2 ▪ Pension income is estimated to be approximately $5 million per quarter in 2019, based on current assumptions Interest Expense ($70) ($72) ▪ Other expense of $4 million primarily reflects net losses due to the unfavorable impact of exchange

1 rates on the remeasurement of assets and liabilities Pension Income (Expense) $9 $4 in non-functional currencies and losses on certain company owned life insurance plans, partially offset by the gain on sale of certain businesses

Other Income (Expense) ($17) ($4) ▪ Effective tax rate increased 40 basis points, as both periods included a net favorable impact for certain discrete items

Effective Tax Rate1 16.5% 16.9% ▪ Actual common shares outstanding increased to 240.9 million with approximately 3.2 million additional dilutive equivalents. The Company repurchased 0.6 million ordinary shares for Non Controlling Interest ($16) ($17) approximately $100 million in Q1. Estimated Q2’19 beginning dilutive share count is ~244 million subject to share price movement, share issuance Actual Common Shares and share repurchase n/a 240.9 Outstanding

1 Represents non-GAAP financials. See the Appendix B of this presentation for a reconciliation of non-GAAP numbers to their corresponding U.S. GAAP measures.

16 Delivering Long-Term Growth

17 Organic Revenue Growth1 – Investing in Innovation and Differentiated Capability

▪ Clients continue to navigate an increasingly volatile world Examples of Aon United solutions: as weather-related disasters, combined with economic, demographic, geopolitical forces and the exponential pace of technology change, are all converging to create a challenging new reality for businesses Delegated US Investment Mortgage ▪ We have a strong track record of developing innovative, Mngmnt Risk first-to-market solutions to help solve problems and create differentiated value in response to specific client needs

▪ Our global Aon operating committee and single P&L focuses us Cyber on working more collaboratively across and within our five Security primary solution lines and is further accelerating the delivery of more innovative and differentiated client solutions

FY Organic Revenue Growth Healthcare Intellectual Exchanges Property

5% 4% 4% 3% 3% Aon Client Treaty

2014 2015 2016 2017 2018

1 Reflects performance from continuing operations. Organic revenue is a non-GAAP measure that is reconciled to its corresponding U.S. GAAP measure in Appendix A of this presentation. 18 Inorganic Growth – Investing in High-Growth Areas of Client Need

▪ Identifying inorganic growth opportunities within primary solution lines, at their intersection and in adjacencies that are focused on areas of high client demand and further differentiate our integrated offering

▪ Strategically investing through M&A in high-growth, high- margin businesses across our portfolio, or in attractive geographies, driven by a ROIC decision-making process

▪ Driving shift in overall portfolio mix with a goal to accelerate long-term growth

FY Total Revenue Growth 8% 2% 1%

6% 5%

2015 2016 2017 2018 -1% -4% Organic1 FX M&A

1 Organic revenue includes the impact of intercompany activity and excludes the impact of foreign exchange rate changes, acquisitions, divestitures, transfers between revenue lines, and fiduciary investment income.

19 Shift to Single Operating Model Enables Growth and Productivity

▪ Creating a next generation global business services model that allows for better scalability, flexibility and enhanced colleague and client experience ▪ Driving one operating model across the firm to create additional operating leverage and deliver additional insight, connection and efficiency: o Information Technology – create greater insight from data center optimization, application management and strategic vendor consolidation o Real Estate – create greater connection through real estate portfolio optimization o People – create efficient scalability of operations and activity, including the use of centers of excellence and third-party providers ▪ Expect to deliver $500 million of estimated restructuring savings in 2019, or $140 million of incremental savings when comparing 2019 versus 2018, before any potential reinvestment ▪ Expect to invest an estimated $1,325 million in total restructuring cash1 over a three-year period (2017- 2019) o $1,125 million of cash charges1; with $1,073 million of expense incurred and $818 million of cash spent through Q1’19. Cash outlays peaked in 2018 and are expected to decline substantially by 2020 o $200 million of incremental capital expenditure investment; with $93 million incurred through the end of 2018, and approximately $100 million expected in 2019 ▪ Expect to deliver ROIC2 of 38% before any potential reinvestment, as these restructuring initiatives contribute to future operating leverage through improved productivity over the long-term

1 Excludes $100 million of non-cash charges. 2 Return on Invested Capital (ROIC) is a non-GAAP measure. A reconciliation can be found in Appendix E. 20 Restructuring Program Delivering Anticipated Savings Opportunities

▪ Incurred $91 million of restructuring related charges in Restructuring Savings ($ millions) the first quarter and a total of $1,073 million since $405 inception, primarily relating to workforce reduction and other costs associated with restructuring and separation initiatives, representing 88% of the total program estimate $84 $105 $108 $108 $44 $55 $56 $63 ▪ Recognized $108 million of total savings in the first $11 quarter, or an increase of $45 million year-over-year, and annualized savings of $405 million since Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 To 3 inception, before any potential reinvestment, 2017 2018 2019 Date representing 81% of the total program estimate Total Since % of Plan ($ millions) Q1’19 Inception Total Program1 Completed Workforce Reduction $24 $438 $450 97% Technology Rationalization $11 $91 $130 70% Lease Consolidation $9 $45 $65 69% Asset Impairments $0 $39 $50 78% Other Associated Costs $47 $460 $530 87% Total Restructuring Charges2 $91 $1,073 $1,225 88% Capital Expenditures $11 $104 $200 52% Cash Spend (excluding CapEx) $113 $818 $1,125 73% Total Savings $108 $4053 $5003 81%

1 Represents management’s estimates as of April 26, 2019, which are subject to change if and when underlying factors may change . 2 Includes $100 million of non-cash. Total cash charges are estimated at $1,325 million, including capital expenditures. 3 Represents annualized estimated savings. 21 Free Cash Flow (FCF) Drives Long-Term Shareholder Value

22 Financial Flexibility and Cash Generation Set Stage for Further Growth

Free Cash Flow1 Balance Sheet Dec 31 Mar 31 ($ millions) 2018 2019 ($ millions)

Cash $656 $600

Short-term Investments $172 $134

Total Debt $6,244 $6,416

Shareholders’ Equity $4,151 $4,775 $95 $17

2 Debt to EBITDA 2.7x 2.7x Q1'18 Q1'19

▪ Manage the balance sheet focused on current investment ▪ Strong operational performance and working capital grade ratings, which are important for the firm to maintain improvements in payables ▪ Includes approximately $85 million of net cash payments ▪ Debt to EBITDA is a key ratio used to evaluate related to legacy litigation opportunity for additional leverage, with the targeted range on a GAAP basis at 2.0 – 2.5x ▪ Also includes $15 million of incremental restructuring cash outflow and a $12 million increase in capital expenditures ▪ Over time, as restructuring charges wind down, EBITDA grows and unfunded pension liability declines, we will evaluate incremental debt, while focused on keeping the Debt to EBITDA ratio in our targeted range

1 Reflects performance from continuing operations. Free cash flow is non-GAAP measure that is reconciled to its corresponding U.S. GAAP measure, in Appendix A of this presentation. 2 Debt to EBITDA is calculated based on trailing twelve-month GAAP EBITDA for continuing operations. 23 Declining Uses of Cash1 Expected to Substantially Increase Capital Flexibility

Expected strong free cash flow growth in 2020+ is expected to support significant investments in long-term growth opportunities and the return of excess capital to shareholders 1 Accelerated Growth and Operational Improvement

2 Continued Progress on Working Capital Initiatives

3 Declining Required Uses of Cash to Free Up +$620 million by the end of 2020

$917 $772 240 $609 250 183 425 $296 280 380 165 252 14 146 142 117 1 2017 2018 20191 2020

Pension Restructuring CapEx

1 Reflects the Company’s best estimates as of April 26, 2019, and the Company disclaims any obligations to update whether a result of new information, future events, or otherwise. Actual results may differ materially.

24 Positioned to Unlock Significant Long-Term Shareholder Value Creation

Return on Invested Capital1 (%) 2018 Free Cash Flow3 21.6% of $1.45 billion

11.7% Declining uses of cash4 to contribute +$620 million before any growth

2010 2011 2012 2013 2014 2015 2016 2017 2018 Operating income growth + working capital improvements Free Cash Flow Margin2 (%)

18.0% Expected free cash flow growth of 10%+ annually while reducing share count

8.2%

Unlocks substantial long-term 2010 2011 2012 2013 2014 2015 2016 2017 2018 shareholder value creation

1 Return on Invested Capital (ROIC) is a non-GAAP measure. A reconciliation can be found in Appendix E. 2 Free Cash Flow Margin is a non-GAAP measure. A reconciliation can be found in Appendix F. 3 Reflects performance from continuing operations. 4 Reflects the Company’s best estimates as of April 26, 2019, and the Company disclaims any obligations to update whether a result of new information, future events, or otherwise. Actual results may differ materially. 25 Appendix

26 Commercial Risk Solutions

Retail Brokerage: ▪ Our dedicated teams of risk experts utilize the industry’s most comprehensive data and analytics capabilities to provide clients w ith distinctive risk advice that empow ers results for their organizations ▪ Through our specialty-focused organizational structure, colleagues in 120 Place over countries around the w orld dive deep into their areas of expertise to develop unparalleled insights around industry verticals and lines of business to best deliver value to clients in today’s complex and integrated risk environment $60B #1 Global Risk Consulting: primary insurance of bound premium ▪ World leading provider of risk consulting services supporting clients in better brokerage understanding and managing their risk profile through identifying and each year quantifying the risks they face by assisting them w ith the selection and implementation of the appropriate risk transfer, risk retention, and risk mitigation solutions, and by ensuring the continuity of their operations through claims consulting Cyber Solutions: Retention rates ▪ One of the industry’s premier resources in cyber risk management; our strategic focus extends to identifying and protecting critical digital assets supported by best-in-class transactional capabilities, enhanced coverage expertise, deep +90% carrier relationships, and incident response expertise on average in Retail Captives: Brokerage ▪ Leading global captive insurance solutions provider; managing +1,100 insurance entities w orldw ide including captives, protected segregated and incorporated cell facilities, as w ell as entities that support Insurance Linked Securities and specialist insurance and reinsurance companies

Q1'16 Q2'16 Q3'16 Q4'16 2016 Q1'17 Q2'17 Q3'17 Q4'17 2017 Q1’18 Q2’18 Q3’18 Q4’18 2018 Q1’19 Total Revenue 1 $969 $990 $884 $1,088 $3,931 $989 $1,041 $915 $1,218 $4,163 $1,184 $1,166 $1,029 $1,273 $4,652 $1,118 ($M) Organic Growth1 2% 2% (1%) 5% 2% 4% 6% 8% 4% 6% 6% (%)

1 Organic revenue is a non-GAAP measure that is reconciled to its corresponding U.S. GAAP measure for the above historical periods that have been restated on page 21 of the Company’s fourth quarter 2017 press release dated February 2, 2018, for the new revenue recognition accounting standard effective in the first quarter of 2018. 27 Reinsurance Solutions

Treaty: ▪ Addresses underwriting and capital objectives on a portfolio level, allowing our clients to more effectively manage the combination of premium growth, return on capital and rating agency interests. This includes the development of more Place over competitive, innovative and efficient risk transfer options. $30B$35B #1 Facultative: treaty and facultative of bound premium ▪ Empowers clients to better understand, manage and transfer risk brokerage through innovative facultative solutions and the most efficient each year access to the global facultative markets

Capital Markets: ▪ Global investment bank with expertise in M&A, capital raising, strategic advice, restructuring, recapitalization services, and insurance–linked securities +3023 consecutive ▪ Works with insurers, reinsurers, investment firms, banks, and quarters of net new corporations to manage complex commercial issues through the business in core provision of corporate finance advisory services, capital markets treaty solutions, and innovative risk management products

Q1'16 Q2'16 Q3'16 Q4'16 2016 Q1'17 Q2'17 Q3'17 Q4'17 2017 Q1’18 Q2’18 Q3’18 Q4’18 2018 Q1’19 Total Revenue 1 $667 $335 $234 $131 $1,367 $671 $345 $257 $153 $1,426 $742 $380 $279 $162 $1,563 $788 ($M) Organic Growth1 4% 6% 10% 20% 6% 6% 8% 8% 8% 7% 9% (%)

Retirement & Investment: ▪ The Retirement & Investment practice is dedicated to navigating the risk and opportunities associated w ith retirement and investing to optimize performance and financial security for institutions and individuals ▪ Retirement Consulting specializes in providing organizations across the globe Approximately w ith strategic design consulting on their retirement programs, actuarial services, 1 and risk management – including pension de-risking, governance, integrated +10,000 pension administration and legal and compliance consulting organizations trust $3.1T Talent, Rew ards & Performance: Aon’s advice and of pension assets ▪ We deliver advice and solutions that help clients accelerate business outcomes under independent by improving the performance of their people solutions advisory ▪ We support the full employee lifecycle from assessment and selection of the right talent, optimized deployment and engagement to the design, alignment and benchmarking of compensation to business strategy and performance outcomes Investment Consulting: Global leader with ▪ Provides public and private companies and other institutions w ith advice on developing and maintaining investment programs across a broad range of plan types, including defined benefit plans, defined contribution plans, endow ments +7,000 and foundations ▪ Our delegated investment solutions offer ongoing management of investment colleagues around programs and fiduciary responsibilities either in a partial or full discretionary the world model for multiple asset ow ners. We partner w ith clients to deliver our scale and experience to help them effectively manage their investments, risk, governance and potentially low er costs

Q1'16 Q2'16 Q3'16 Q4'16 2016 Q1'17 Q2'17 Q3'17 Q4'17 2017 Q1’18 Q2’18 Q3’18 Q4’18 2018 Q1’19 Total Revenue 2 $396 $405 $465 $441 $1,707 $385 $388 $492 $489 $1,754 $424 $431 $501 $509 $1,865 $420 ($M) Organic Growth2 2% 1% 6% 4% 3% - 3% 2% 4% 2% 2% (%)

1 As of 6/30/2018, includes non-discretionary assets advised by AHIC and its global affiliates which includes retainer clients and clients in which AHIC and its global affiliates have performed project services for over the past 12 months. Project clients may not currently engage AHIC at the time of the calculation of assets under advisement as the project may have concluded earlier during preceding 12 -month period. 2 Organic revenue is a non-GAAP measure that is reconciled to its corresponding U.S. GAAP measure for the above historical periods that have been restated on page 21 of the Company’s fourth quarter 2017 press release dated February 2, 2018, for the new revenue recognition account29ing standard effective in the first quarter of 2018. Health Solutions

Aon Health Solutions helps organizations confidently navigate the evolving health and benefits landscape while continuously adapting their approach and strategy to provide greater choice, affordability and wellbeing.

Consulting & Brokerage Place over ▪ Develops and implements innovative, customized health and benefits strategies for clients of all sizes across industries and geographies to #1 manage risk, drive engagement, and increase accountability $30B provider of fully and ▪ Partners with insurers and other strategic partners to develop and of health premium self-insured health implement new and innovative solutions. with a full set of ▪ Delivers specialized expertise and solutions across a range of areas care exchanges such as pharmacy, voluntary benefits, and regulatory solutions ▪ Leverages proprietary, world-class, analytics and technology to help clients make informed decisions and manage healthcare outcomes

Global Benefits More than ▪ Advises multinational companies on range of topics including program design and management, financing optimization, and enhanced employee experience 8,000 ▪ Assists employers in navigating and managing complex regulatory and Colleagues in 90 compliance requirements in countries in which they operate countries Healthcare Exchanges ▪ Helps transform how employers sponsor, structure, and deliver healthcare strategies for both active and retiree populations

Q1'16 Q2'16 Q3'16 Q4'16 2016 Q1'17 Q2'17 Q3'17 Q4'17 2017 Q1’18 Q2’18 Q3’18 Q4’18 2018 Q1’19 Total Revenue 1 $338 $253 $245 $522 $1,358 $428 $281 $277 $526 $1,512 $451 $309 $278 $558 $1,596 $486 ($M) Organic Growth1 15% 4% 4% 6% 7% - 7% 8% 8% 5% 5% (%)

Affinity: ▪ Specializes in developing, marketing and administering customized insurance programs and specialty market solutions for Affinity organizations and their members or Invest nearly affiliates +200 associations and organizations $400M Aon InPoint: benefit from Aon’s annually in data and ▪ Draws on Aon’s proprietary database (Global Risk Insight Affinity solutions analytics Platform) and is dedicated to making insurers more competitive through providing data, analytics, engagement and consulting Global Risk Insight Platform captures ReView: ▪ Draws on Aon’s proprietary database and broker market knowledge to provide advisory services analysis and +$215B benchmarking to help reinsurers more effectively meet the in bound premium needs of cedents through the development of more competitive, innovative and efficient risk transfer options

Q1'16 Q2'16 Q3'16 Q4'16 2016 Q1'17 Q2'17 Q3'17 Q4'17 2017 Q1’18 Q2’18 Q3’18 Q4’18 2018 Q1’19 Total Revenue 1 $263 $271 $260 $256 $1,050 $273 $281 $287 $299 $1,140 $294 $277 $263 $271 $1,105 $336 ($M) Organic Growth1 6% 4% 2% 12% 5% 1% -4% 5% 9% 3% 5% (%)

32 Appendix B: Q4 Reconciliation of Non-GAAP Measures – Operating Margin and Diluted Earnings per Share

33 Appendix C: Other Income/Expense Under New Pension Accounting Standard Effective 1/1/2018 (ASU No. 2017-07)

Beginning in Q1 of 2018, Aon adopted a new accounting standard that shifted the financial components of net periodic pension cost and net periodic postretirement benefit cost from above the line in compensation and benefits expense to below the line in other income / expense.

Based on current assumptions, our best estimate is approximately $5 million of non-cash pension income per quarter as part of other income / expense in 2019, excluding all other items we do not forecast that could be favorable or unfavorable in any given period.

(millions) Q1’19

Other income (expense) – Pension – Non-GAAP $4

Other income (expense) – Other ($4)

Total Other income (expense) – Non-GAAP $0

Pension Settlements ($0)

Total Other income (expense) – GAAP ($0)

34 Appendix D: Intangible Asset Amortization Schedule

35 Appendix E: Reconciliation of Return on Invested Capital (ROIC)

Return on Invested Capital (ROIC) is a non-GAAP measure calculated as adjusted net operating profit after tax (NOPAT) divided by average invested capital (short-term debt, + long-term debt + total equity) and represents how well the Company is allocating its capital to generate returns. The metric for the historical periods shown below was calculated using financial results for total consolidated Aon and therefore includes discontinued operations in connection with the sale of the outsourcing business completed on May 1, 2017, which will not be included on a going forward basis.

(millions) FY'10 FY'11 FY'12 FY'13 FY'14 FY'15 FY'16 FY'17 FY'18 Revenue - as reported 8,512 11,287 11,514 11,815 12,045 11,682 11,627 9,998 10,770 Consolidated operating income - as reported 1,244 1,596 1,596 1,671 1,966 1,848 1,906 979 1,544 Restructuring 172 113 101 174 - - - 497 485 Pension adjustment 49 ------Hewitt related costs 40 47 ------Transactions/Headquarter relocation costs - 3 24 5 - - 15 - - Legacy receivable write-off - 18 ------Anti-bribery, regulatory and compliance initiative 9 ------28 - Legacy Litigation - - - - 35 176 - - 75 Pension settlement ------220 128 - Amortization of Intangible Assets 154 362 423 395 352 314 277 704 593 Total Adjustments 424 543 548 574 387 490 512 1,357 1,153 Consolidated operating income - as adjusted $ 1,668 $ 2,139 $ 2,144 $ 2,245 $ 2,353 $ 2,338 $ 2,418 $ 2,336 $ 2,697

Adjusted Effective tax rate (%) 28.9% 27.3% 26.1% 25.4% 18.9% 17.9% 16.8% 14.9% 15.6%

NOPAT (Adj. OI*(1-Adj. Tax Rate)) $ 1,186 $ 1,555 $ 1,584 $ 1,675 $ 1,908 $ 1,919 $ 2,012 $ 1,988 $ 2,276

Short-term debt and current portion of long-term debt 492 337 452 703 783 562 336 299 251 Long-term debt 4,014 4,155 3,713 3,686 4,799 5,138 5,869 5,667 5,993 Total Debt 4,506 4,492 4,165 4,389 5,582 5,700 6,205 5,966 6,244 Total Shareholder's Equity 8,251 8,078 7,762 8,145 6,571 6,002 5,475 4,583 4,151 Noncontrolling interest 55 42 43 50 60 57 57 65 68 End of Period Total Invested Capital 12,812 12,612 11,970 12,584 12,213 11,759 11,737 10,614 10,463

Average Total Invested Capital 10,126 12,712 12,291 12,277 12,399 11,986 11,748 11,176 10,539

ROIC (NOPAT/Average Total Invested Capital) 11.7% 12.2% 12.9% 13.6% 15.4% 16.0% 17.1% 17.8% 21.6%

36 Appendix F: Reconciliation of Free Cash Flow Margin

Free Cash Flow Margin is a non-GAAP measure calculated as Free Cash Flow (defined as Cash Flow from Operations less Capital Expenditures) / Total Revenue and represents the Company’s conversion rate of revenue into liquidity. The metric for the historical periods shown below was calculated using financial results for total consolidated Aon and therefore includes discontinued operations in connection with the sale of the outsourcing business completed on May 1, 2017, which will not be included on a going forward basis.

1 1 1 (millions) FY'10 FY'11 FY'12 FY'13 FY'14 FY'15 FY'16 FY'17 FY'18 Revenue - as reported 8,512 11,287 11,514 11,815 12,045 11,682 11,627 9,998 10,770

Cash Flow from Operations 876 1,112 1,534 1,753 1,812 2,009 2,326 669 1,686 Capital Expenditures (180) (241) (269) (229) (256) (290) (222) (183) (240)

Free Cash Flow - as Reported 696 871 1,265 1,524 1,556 1,719 2,104 486 1,446

Adjustments: 2017 Restructuring initiatives (Cash + CapEx) 307 491 Transactions costs related to the divested business 45 Tax payments related to the divested business 940

Underlying Free Cash Flow - as Adjusted 1,778 1,937

Free Cash Flow Margin 8.2% 7.7% 11.0% 12.9% 12.9% 14.7% 18.1% 17.8% 18.0%

1 In the fourth quarter of 2015, the Company reclassified certain cash flows related to employee shares withheld for taxes. Thi s resulted in reclassifying $93 million, $94 million, $115 million for the years ended December 31, 2010, 2011,and 2012, respectively, from "Accounts payable and accrued liabilities" and "Other assets and liabilities" within Cash Flows From Operating Activities, to "Issuance of shares for employee benefit plans" within Cash Flows From Financing Activities. 37 Investor Relations

Scott Malchow [email protected]

Erika Shouldice [email protected] Office: 312-381-5957

Adam Klauss [email protected] Office: 312-381-1801