Interim Results Presentation 2019

・・・・・・Mission: to be the leading global specialist professional recruitment group

Specialist professional Clerical recruitment Recruitment process recruitment Europe outsourcing

Principles Innovation, teamwork, integrity and passion – these principles Robert are the foundation stones of the activity of all staff worldwide. Walters Strategy Group The Group’s strategy for growth is centred on organic international expansion and discipline diversification; ensuring a balanced footprint covering mature and developing markets: ▪ International expansion – driving growth through expansion into new geographic locations ▪ Discipline diversification – driving growth through the building of scale in existing disciplines and the launch of new disciplines

▪ Net fee income up 9% (7%*) to £204.9m (2018: £188.6m) ▪ Operating profit up 6%** (4%*) to £21.9m** (2018: £20.7m) ▪ Profit before taxation up 5%** (4%*) to £21.7m** (2018: £20.6m) ▪ 74% (2018: 72%) of net fee income generated from international businesses ▪ Japan and France, the Group’s two largest businesses, both delivered double digit growth in net fee income ▪ Continued investment in growing Group’s international footprint – new country (Mexico) and four new offices (Cologne, Nantes, Thailand Eastern Seaboard, Utrecht) in existing markets ▪ Group headcount now stands at 4,323 (2018: 3,996)

Regional analysis ▪ Asia Pacific – net fee income up 10% (8%*), operating profit up 6%** (2%*) ▪ Europe – net fee income up 10% (11%*), operating profit up 5%** (6%*) ▪ UK – net fee income up 1%, operating profit down 1%** ▪ Other International – net fee income up 25% (20%*), operating profit up 172%** (146%*)

* Constant currency is calculated by applying prior year exchange rates to local currency results for the current and prior years. ** Adjusted figures exclude the impact of IFRS 16 Lease adjustments which only impact 2019 and respectively the statutory figures are £22.5m and £20.9m with the 5 specific adjustments disclosed in note 12.

Revenue 634.5 625.9 1% 1%

Gross Profit (Net Fee Income) 204.9 188.6 9% 7%

Operating Profit 21.9** 20.7 6%** 4%

Profit Before Taxation 21.7** 20.6 5%** 4%

▪ Basic earnings per share increased by 6%** to 22.5p** (2018: 21.2p) ▪ Interim dividend increased by 13% to 4.5p (2018: 4.0p) ▪ Strong balance sheet with net cash of £54.4m as at 30 June 2019 (30 June 2018: £24.8m)

Revenue1 634.5 625.9 1,233.2

Net Fee Income2 204.9 188.6 392.0

Operating Profit 22.5 20.7 49.7

Interest and Foreign Exchange (1.6) (0.1) (0.6)

Profit before Taxation 20.9 20.6 49.1

Taxation (5.7) (5.5) (13.5)

Profit for the Period 15.2 15.1 35.6

Basic EPS 21.7p 21.2p 50.4p

Dividend 4.5p 4.0p 14.7p

1Revenue is the total income from the placement of permanent and contract staff and therefore includes the remuneration costs of contract candidates and the total cost of advertising recharged to clients. It also includes outsourcing fees, consultancy fees and the margin derived from payrolling contracts charged by Resource Solutions to its clients.

2Net fee income is the total placement fees of permanent candidates, the margin earned on the placement of contract candidates and the margin from advertising. It also includes the outsourcing, consultancy and payrolling margin earned by Resource Solutions. 7

Goodwill 8.1 8.1 8.1

Tangible Assets and Computer Software 15.4 12.9 13.7

Right of use Asset 80.3 - -

103.8 21.0 21.8

Receivables 236.9 250.6 231.0

Lease Liabilities (82.7) - -

Payables and Provisions (169.9) (169.1) (179.6)

(15.7) 81.5 51.4

Current and Deferred Tax 5.4 5.9 5.3

Net Cash 54.4 24.8 74.3

Net Assets 147.9 133.2 152.8 8

© Robert Walters plc 6 months to 6 months to 12 months to £m 30 June 2019 30 June 2018 31 Dec 2018 Operating Profit 22.5 20.7 49.7 Depreciation and Amortisation 10.7 2.5 5.7 Share-based Payments and Other Non-cash Items 2.7 2.9 5.7 Working Capital Movements (13.7) (17.8) 12.3 Cash Generated by Operating Activities 22.2 8.3 73.4 Principal paid on Lease Liabilities (6.9) - - Taxation Paid (7.1) (4.6) (10.7) Capital Expenditure (4.7) (2.8) (6.3) Interest and Foreign Exchange Movements (1.3) (0.7) 1.3 Dividends Paid (7.5) (6.6) (9.5) Proceeds from Exercise of Share Options 0.4 0.1 0.1 Purchase of Shares (15.0) - (5.1) Movement in Net Cash (19.9) (6.3) 43.2 Net Cash at Year End 54.4 24.8 74.3

26% 28% UK (£52.6m) UK (£52.9m) 39% 39% Asia Pacific Asia Pacific (£73.1m) (£80.5m)

26% 26% Europe (£48.9m) Europe (£54.0m) 7% 9% Other International Other International (£14.0m) (£17.5m)

© Robert Walters plc APAC (39% of Group NFI) UK (26% of Group NFI) 20% Australia 2015: 26% London 2015: 82% 22% Hong Kong 2015: 12% 23% Regions 2015: 18% Japan 2015: 23% New Zealand 2015: 6% 9% Singapore 2015: 11% 12% Other 2015: 22% 77%

6% 31%

Europe (26% of Group NFI) Other International (9% of Group NFI) 6% 2% 3% 13% 2% 13% Belgium 2015: 15% 16% Canada 2015: N/A France 2015: 46% Chile 2015: N/A Germany 2015: 4% Middle East 2015: 13% Netherlands 2015: 21% 6% South Africa 2015: 17% Spain 2015: 6% USA 2015: 64% 22% Other 2015: 8% Other 2015: 6% 39% 71%

7% 11

© Robert Walters plc 4% 4% Commerce finance 2015: 32% 2% IT 2015: 15% 33% Banking finance 2015: 18% 4% Sales and Marketing 2015:11% HR 2015: 4% Engineering & Construction 2015: 4% 5% Support 2015: 5% Other 2015: 2% Legal 2015: 5% Procurement 2015: 4% 5%

11%

13% 19%

4,500

4,000

3,500

3,000

2,500

2,000

1,500

1,000

500

0 H1 2015 H1 2016 H1 2017 H1 2018 H1 2019

200,000 20,000

150,000 15,000

£000's 10,000 £000's 100,000

50,000 5,000

0 0 ** H1 2015 H1 2016 H1 2017 H1 2018 H1 2019 H1 2015 H1 2016 H1 2017 H1 2018 H1 2019

Operating Profit H1 2015 – 2019** Interim Dividend 2015 – 2019

25,000 5.00 4.50 20,000 4.00 3.50 15,000 3.00 2.50 2.00

£000's 10,000 Pences 1.50 5,000 1.00 0.50 0 0.00 H1 2015 H1 2016 H1 2017 H1 2018 H1 2019** 2015 2016 2017 2018 2019

** Adjusted figures exclude the impact of IFRS 16 Lease adjustments which only impact 2019 and respectively the statutory figures are £22.5m and £20.9m with the 14 specific adjustments disclosed in note 12.

34 * 17 *

TOBY FOWLSTON ANTOINE MORGAUT OLIVER HARRIS CEO CEO CEO Asia Pacific EMEA and Americas Resource Solutions

20 * 20 * 21 *

*denotes length of tenure

© Robert Walters plc Asia Pacific Permanent/contract 23% recruitment Contract ▪ Net fee income: £80.5m (2018: £73.1m) 2018: 23% ▪ Operating profit: £9.8m** (2018: £9.2m) 77% Permanent 2018: 77% Locations: Australia New Zealand Hong Kong Philippines India South Korea Indonesia Singapore Japan Taiwan Malaysia Thailand Mainland China Vietnam Recruitment net fee income by discipline 18% 17%

Commerce Finance 2018: 21% Banking Finance 2018: 13% Average Tenure 6% HR 2018: 5% 13% Sales and Marketing 2018: 17% 11 years 8 years 5 years Procurement 2018: 6% Directors Associate Managers Engineering 2018: 5% Directors IT 2018: 25% 27% Other 2018: 8% 19%

17 ** Adjusted figures have been calculated to eliminate the impact of the IFRS 16 Leases adjustments.

Japan ▪ Dominant international specialist professional recruitment player ▪ Prevailing shortage of bilingual professionals across all sectors and disciplines. Long-term structural demographic challenges ▪ Demand strong across both MNCs and Japanese businesses ▪ Visa restrictions softening to facilitate increased inflow of overseas talent ▪ Hyper-specialisation in existing disciplines (technology, digital, finance, HR, sales & marketing) and growth into newer disciplines such as healthcare and industrial ▪ Growing contractor base ▪ Investment in headcount to drive growth across both Tokyo and Osaka Korea ▪ First mover advantage. Limited competition ▪ Bilingual skill shortages across technology, digital and engineering disciplines

▪ Unrivalled footprint covering both established and fast-growing, emerging recruitment markets ▪ Bilingual talent shortages across all emerging markets ▪ International candidate management offering remains a key differentiator and source of competitive advantage ▪ Strong wage inflation and war for talent ▪ Technology and digital transformation are particular drivers of activity across the region ▪ Encouraging performance in Malaysia with double digit growth in both net fee income and operating profit despite challenging marketing conditions ▪ Hong Kong significantly impacted by political unrest in the second quarter ▪ Good growth in net fee income and operating profit in Mainland China ▪ Shenzhen emerging as a fast-developing technology hub

Australia ▪ Single digit* net fee income growth ▪ Mixed regional picture with Victoria and Sydney performing well. Western Australia, regional NSW and Queensland more muted ▪ Activity levels strongest across financial services (banking, regulatory, compliance), technology and engineering ▪ SME client base and continued focus on margin improvement

New Zealand ▪ Clear market leader across the public and private sector ▪ Technology and digital transformation are key hotspots of activity ▪ International candidate management offering remains a clear differentiator

20 * Constant currency is calculated by applying prior year exchange rates to local currency results for the current and prior years.

© Robert Walters plc UK Permanent/contract recruitment 34% ▪ Net fee income: £52.9m (2018: £52.6m) Contract 2018: 36% ▪ Operating profit: £4.1m** (2018: £4.2m) 66% Permanent 2018: 64% Locations: Birmingham Bracknell London Leeds Liverpool Manchester Recruitment net fee Milton Keynes St Albans income by discipline 16%

Commerce Finance 2018: 43% Banking Finance 2018: 20% Average Tenure 41% Legal 2018: 15% 12% IT 2018: 9% 9 years 4 years 3 years Other 2018: 13% Directors Associate Managers Directors 15% 16% 21 ** Adjusted figures have been calculated to eliminate the impact of the IFRS 16 Leases adjustments.

▪ Tough year-on-year comparatives ▪ Candidate and client confidence weakened as the year progressed against a backdrop of increasing political and economic uncertainty Regions ▪ Growth stronger outside of London ▪ Birmingham and Milton Keynes proved particular bright-spots driven by commerce finance and technology hiring London ▪ Financial services surprisingly active ▪ Risk, compliance, ops, regulatory and projects hiring strong across the buy-side ▪ Growth in fintech – London emerging as a global hub ▪ Technology market continues to be active and candidate short

© Robert Walters plc Europe Permanent/contract/interim 22% recruitment Interim ▪ Net fee income: £54.0m (2018: £48.9m) 2018: 20% ▪ Operating profit: £7.5m** (2018: £7.1m) 52% Permanent 2018: 55% Locations: Benelux Czech Republic 26% Contract France 2018: 25% Germany Ireland Portugal Recruitment net fee Spain Switzerland income by discipline 12%

7% Commerce Finance 2018: 59% Average Tenure Banking Finance 2018: 12% Support 2018: 8% 11% Engineering 2018: 7% 55% 9 years 8 years 5 years IT 2018: 5% Directors Associate Managers Other 2018: 9% Directors 7% 8% 23 ** Adjusted figures have been calculated to eliminate the impact of the IFRS 16 Leases adjustments.

▪ Good growth across the region underpinned by the breadth of our permanent, contract and interim recruitment offering ▪ Strong regional footprint covering 10 countries (including 6 of the largest European economies) ▪ Balanced regional blend of specialist disciplines – including commerce finance, legal, financial services, business support and technology ▪ Good bounce-back in France, the region’s largest market, following a gilet jaunes disrupted first quarter ▪ Ongoing investment in developing regional office network with the opening of a new office in Nantes ▪ Benelux continues to deliver good growth in both net fee income and operating profit ▪ Fourth Dutch office opened in Utrecht ▪ Strong growth in Germany, a long-term high-potential market for the Group ▪ New office opened in Cologne during the period. Now have four offices (Cologne, Dusseldorf, Frankfurt and Hamburg) ▪ Spain continues to go from strength to strength ▪ Growing both net fee income and operating profit in excess of 15%* year-on-year ▪ Remain well positioned to benefit from any pre or post Brexit relocations

24 * Constant currency is calculated by applying prior year exchange rates to local currency results for the current and prior years.

© Robert Walters plc Other International Permanent/contract recruitment ▪ Net fee income: £17.5m (2018: £14.0m) ▪ Operating profit: £0.5m** (2018: £0.2m) 100% Permanent 2018: 100% Locations: Brazil Canada Chile Mexico Middle East South Africa Recruitment net fee USA income by discipline 4% 22% 18% Commerce Finance 2018: 20% Average Tenure Banking Finance 2018: 42% Sales and Marketing 2018: 10% Legal 2018: 9% 10% 8 years 7 years 4 years IT 2018: 15% Directors Associate Managers Other 2018: 4% Directors 13% 33%

25 ** Adjusted figures have been calculated to eliminate the impact of the IFRS 16 Leases adjustments.

© Robert Walters plc Latin America ▪ Fledgling business in Chile has started well and is already profitable in its first year ▪ First office opened in Mexico (Mexico City) during the second quarter ▪ Market conditions in Brazil remain challenging

North America ▪ Silicon Valley boom continues unabated in California ▪ War for talent particularly across both technology and finance ▪ Huge opportunity to grow and diversify offering in New York

Middle East & Africa ▪ Record performance in the Middle East ▪ Developing client base outside of Dubai into Abu Dhabi, Bahrain and Saudi Arabia ▪ Good performance in South Africa despite a volatile economic and political backdrop

Market-leading recruitment process outsourcing business

Direct On-site Payroll recruitment staff

▪ Net fee income growth across both the UK and Asia Pacific ▪ Growth rates in Asia Pacific stronger as UK client confidence impacted by Brexit related uncertainty ▪ Appetite for Total Talent (temp and perm) and multi-geography solutions ▪ Clients in over 60 countries ▪ New product offerings – IR35 consultancy and audit, SOW, Lean Process Optimisation ▪ Six new client wins in financial services, professional services and entertainment sectors ▪ Global RPO market forecast to grow by 11.8% per annum through to 2021 (Source: Nelson Hall)