HOGG ROBINSON GROUP PLC

July 2014

2

CONTENTS

Pages

Introduction to Hogg Robinson Group 3-10

Business model and competitive advantages 3

Strategy 4

Financial performance 5

KPIs 6

Clients and contracts 7

Target markets 8

Actions in FY14 9

Investment case summary 10

Appendices 11-34

3

BUSINESS MODEL AND COMPETITIVE ADVANTAGES

B2B – no retail

Fee-based, outsourced services

Multi-year contracts

No principal risk on travel products

Client-focused culture

Focus on multinational corporates

and large national organisations

HRG is an international corporate services company specialising in travel,

expense and data management underpinned by proprietary technology

HELPING CLIENTS GAIN BETTER VALUE FROM THEIR

TRAVEL AND RELATED EXPENDITURE

Size and scope

Proprietary technology

Flexible service offering

People

BUSINESS MODEL COMPETITIVE ADVANTAGES

AN EVOLVING BUSINESS, AN EVOLVING STRATEGY

Managed travel – To grow our managed travel business by

Increasing our business from existing clients with new service offerings

Entering new markets

Winning new business by leveraging our technology and service delivery

Software as a Service (SaaS) – To develop a SaaS business focused on

providing travel, expense and payment solutions to existing and new clients,

either direct or through third party travel and payment providers

4

5

Revenue (£m) Underlying profit before tax (£m) 1,2

Underlying operating profit margin (%) 2

Years ended 31 March

(1) Underlying operating profit figure for 2013 is restated on adoption of the revised International Accounting Standard 19, Employee Benefits

(2) Before amortisation of acquired intangibles and exceptional items

(3) Return on capital employed is calculated by dividing underlying operating profit plus net share of the results of associates and joint ventures by average net assets

327 358 374 343 341

0

100

200

300

400

2010 2011 2012 2013 2014

28.4 32.9 38.2 34.9 35.8

0 10 20 30 40 50

2010 2011 2012 2013 2014

16.9% 19.4% 22.5% 22.3% 23.3%

0%

10%

20%

30%

2010 2011 2012 2013 2014

10.8% 11.7% 12.6% 14.2% 14.5%

0%

10%

20%

2010 2011 2012 2013 2014

Return on capital employed (%) 3

HRG FINANCIAL PERFORMANCE

77.5 61.1 61.0

87.0 65.3

0 20 40 60 80

100

2010 2011 2012 2013 2014

Net debt (£m)

1.20 1.50 2.00 2.10 2.21

0

1

2

3

2010 2011 2012 2013 2014

Dividend per share (p)

6

KEY PERFORMANCE INDICATORS

Grow revenue

Range 2-4% per annum

Reconfigure operational infrastructure

Lower cost base

Align with projected growth in online usage

Maintain underlying operating margins

Range 13-14.5%

Reduce net debt

Net debt / EBITDA in range 0.7-1.0x

Progressive dividend

Banking & Finance 17%

Manufacturing 12%

Pharma & Healthcare 10%

Retail & Consumer Goods

9% Government

9%

Energy (incl Oil & Gas) 7%

Consulting 5%

Media & Entertainment 3%

Engineering 3%

Other 14%

SME 11%

7

CLIENTS AND CONTRACTS (1)

Stable and diverse blue chip, multinational client portfolio

Multi-year contracts and long-term relationships

Good sector spread

Client portfolio includes:

Revenue by client sector (1)

(1) Data per 2014 Annual Report

Travel management

8

TARGET MARKETS

WTTC growth forecast for

global corporate travel spend

in CY2014-23 is 4% per

annum (1)

– Europe 3% per annum

– North America 3% per

annum

Expense management market

predicted to grow by in

CY2014-23 6% per annum (2)

(1) World Travel & Tourism Council, March 2014

(2) HRG estimate

Expense management

Lower cost base to reinvest in operations

Targeted annualised savings £6.5m

– Cost to achieve: FY14 £7.0m as an exceptional item

Reduce locations

Streamline back office functions

Optimise call centre and online services

Closure of UK defined benefit pension scheme to future accrual

Reduces volatility of scheme

Positive benefit as economic cycle changes

Continue net debt reduction

Target 0.7-1.0x net debt / EBITDA

At 31 March 2014, 1.1x

£21.7m reduction in net debt during FY14

Progressive dividend

Dividend increased by 5%

9

FINANCIAL ACTIONS IN FY14

INVESTMENT CASE SUMMARY

High quality earnings

– 5-year track record of improved profit margins, against revenue headwinds

– Cash backed

Cyclical recovery for revenues in prospect / underway

– With more positive economic indicators in North America and UK; RoW still too

early to call

Technology mix (SaaS) adding potential for revenue and profit growth

– Timeline is 2+ years away

Reducing leverage – cash flow being used to reduce debt

Pension liability being addressed

Progressive dividend policy, backed by healthy cover ratio

10

Appendices

Extracts from FY14 results presentation

ROBUST FINANCIAL RESULTS DELIVERED BY

GLOBAL PORTFOLIO

13

Revenue

£340.8m

-1%

Underlying operating

profit margin (2)

14.5%

+0.3 pp

Underlying PBT (1) (2)

£35.8m

+3%

Underlying EPS (1) (2)

7.8p

unchanged

Free cash inflow (3)

£24.8m

+£35.3m

Net debt

£65.3m

-£21.7m

Dividend per share

2.21p

+5%

Dividend cover

3.5 times

-0.2 times

Good progress made towards strategic goals

Momentum building in key focus markets

Balance sheet deleveraging accelerated

New long-term financing in place

Growth in underlying PBT despite flat revenue; client travel activity up 8%; travel spend up 5% at

constant currency

(1) Profit before tax and earnings per share figures are restated on adoption of the revised International Accounting Standard 19, Employee Benefits

(2) Before amortisation of acquired intangibles and exceptional items

(3) Free cash flow is the change in net debt before acquisitions and disposals, Employee Benefits Trust purchases, dividends and the impact of foreign exchange movements

CASH FLOW

Years ended 31 March 2014 £m

2013 £m

EBITDA(1) 60.2 60.1

Cash outflow from exceptional items (3.0) -

Working capital movements

- Normal trading 6.2 (5.4)

- Active management - (31.4)

Interest(2) (5.3) (6.4)

Refinancing costs (1.7) -

Tax (4.2) (5.7)

Capital expenditure (14.3) (9.7)

Additional pension contributions (10.3) (9.8)

Other movements (2.8) (2.2)

Free cash inflow/(outflow) 24.8 (10.5)

Acquisitions and disposals 1.3 -

Employee Benefits Trust purchases - (8.1)

Dividends (6.7) (6.2)

Currency translation 2.3 (1.2)

Decrease/(increase) in net debt 21.7 (26.0)

(1) Earnings Before Interest, Taxation, Depreciation and Amortisation (EBITDA) is before exceptional items

(2) Includes dividends received from associates and joint ventures

25% reduction in net debt

Other working capital

changes due to normal

trading patterns

Dividends are the final 2013

and interim 2014 payments

14

NET DEBT DOWN

REFINANCING COMPLETED SUCCESSFULLY

£150m RCF committed to May 2018

Used for loans, letters of credit

and guarantees

Interest based on inter bank for

appropriate currency plus a

margin

£30m fixed rate loan repayable by

2018 – 7.239% fixed rate

Covenants compliance is secure

15 (1) Earnings before interest, tax, depreciation and amortisation (EBITDA) is before exceptional items

(2) The definition for EBITDA for covenant purposes is not materially different to the definition used in the financial statements

1.7

1.2 1.1

1.4

1.1

0.0

0.5

1.0

1.5

2.0

2010 2011 2012 2013 2014

Net debt : EBITDA(1)

77.5 61.1 61.0

87.0

65.3

34.9

31.1 31.4

0

20

40

60

80

100

120

2010 2011 2012 2013 2014

Net debt at 31 March

Net debt (£m) Active working capital management (£m)

BALANCE SHEET

As at 31 March 2014 £m

2013 £m

Goodwill and other intangible assets 238.0 245.0

PPE and investments 12.6 12.7

Working capital (56.4) (50.4)

Current tax liabilities (net) (5.8) (5.2)

Deferred tax assets (net) 41.5 42.8

Net debt (65.3) (87.0)

Pension liabilities (pre-tax) (180.4) (159.4)

Provisions and other items (5.1) (3.6)

Net liabilities (20.9) (5.1)

Major net asset changes

from:

Pension liabilities -£21.0m

Working capital -£6.0m

Net debt +£21.7m

Pension deficit:

£147.2m after tax (2013:

£126.4m)

UK pre-tax deficit up

£19.8m

16

CONTINUING PROGRESS

– Providing a strong platform for growth

New clients added in FY14

include

Recently renewed and expanded contracts

include

17

18

STRATEGIC PRIORITIES – PROGRESS UPDATE

Grow our managed travel business

Strategic focus areas Result FY14

Progress

Increase our business with existing clients

through new service offerings

Meetings, Groups and Events (MGE)

• Tesco

• Thomson Reuters

• Vodafone

• Willis

Entering new markets Specialised travel logistics serving marine,

offshore and energy sectors

• ConocoPhillips

• DOF Marine

• Statoil

• Tullow Oil

Winning new business by leveraging our

technology and service delivery

• Government of Canada

19

STRATEGIC PRIORITIES – PROGRESS UPDATE cont’d

Develop a Software as a Service (SaaS) business

Strategic focus areas Result FY14

progress

Direct route to market

• Corporates

• National organisations

• Launch new end-to-end travel and

expense management products

• Government of Canada

Planned increase in investment in sales

and marketing during FY15

Indirect route to market through third-party

travel and payment providers

• Global Distribution Service (GDS)

providers

• Financial services organisations

Provision of Spendvision expense

management tools on a white-label basis

• Lloyds Banking Group

Financial services client revenue grew 17%

year-on-year at constant currency

Good progress made on strategic priorities

Grown our managed travel business through new service offerings, entering new markets

and leveraging our technology

Successful implementation for Government of Canada

Underlying PBT (1) (2) up 3%; growth in margin despite lower revenue

25% reduction in net debt

Full-year dividend up 5% - progressive dividend policy

Outlook

Good progress against strategic priorities provides base for accelerated growth

Expect to make further progress through the rest of the year

20

SUMMARY & OUTLOOK

(1) Profit before tax and earnings per share figures are restated on adoption of the revised International Accounting Standard 19, Employee Benefits

(2) Before amortisation of acquired intangibles and exceptional items

PENSION PLANS

Group-wide deficits of £180.4m – up £21.0m

UK deficit up £19.8m

– Discount rate reduction of 0.3% added £25.3m

– No changes to mortality assumptions

– 54% investment in equities

– Defined benefit section closed to future accrual

(30 June 2013), replaced by a defined

contribution section

Next triennial valuation effective April 2014

– Anticipated to be completed in FY15

21

48.1

65.3

126.4

114.7

145.8

159.4

180.4

4.0%

4.5%

5.0%

5.5%

6.0%

6.5%

7.0%

7.5%

0

20

40

60

80

100

120

140

160

180

200

2008 2009 2010 2011 2012 2013 2014

Group pre-tax deficit (£m) (1)

Pre-tax pension deficits (£m) UK scheme discount rate

(1) At 31 March

Strategic priorities and SaaS model

Increase our business with existing clients through new service offerings

Increase share of meetings, groups and events

Data analytics

Consulting

Payment card

Entering new markets

Logistics

Winning new business by leveraging our technology and service delivery

Government sector

Launch new end-to-end travel and expense management products

23

STRATEGIC PRIORITIES – NEXT THREE YEARS

Grow our managed travel business

Direct route to market

Corporates

National organisations

Launch new end-to-end travel and expense management products

Indirect route to market through third-party travel and payment providers

GDSs

Financial services organisations

24

STRATEGIC PRIORITIES – NEXT THREE YEARS cont’d

Develop a SaaS business

FROM a portfolio of separate products TO an integrated platform, while maintaining a modular, independent service offering.

SOFTWARE AS A SERVICE (SAAS)

25

Contract structures

CONTRACT STRUCTURES

Transaction Fee

27

CL

AS

SIC

FE

E

ON

LIN

E

FE

E

HRG’s revenue is directly related to client activity

Closed book agreement

Important for HRG to manage its cost base in line with client

activity

Move from dedicated to shared service structure gives more

scope to flex costs in line with changes to client activity

Increasingly, HRG is taking control of service location

decision

Lower manpower proportion of cost base reduces risk

associated with changes in client travel activity

All client contracts have a transaction fee element

86% of client revenue is predominantly transaction fee

based; growing trend

CONTRACT STRUCTURES

Cost Plus / Management Fee

28

MA

NA

GE

ME

NT

FE

E

TR

AN

SA

CT

ION

FE

E

Smaller proportion of HRG’s revenue related to client activity

Open book agreement

Partnership approach with client

Lower risk to HRG as costs are always covered

12% of client revenue generated from a cost plus / management

fee arrangement; declining trend

Profit on the management fee may be agreed on basis of, for

example:

% of costs

Per transaction

% of spend

Fixed amount

Value activity linked to an SLA

Profit earned from outset

CONTRACT STRUCTURES

Savings / Incentive Agreement

29

CL

AS

SIC

OP

ER

AT

ING

CO

ST

ON

LIN

E F

EE

Profit element is extracted and isolated, and partly based on, for

example:

Supplier savings targets

Business plan objectives

Service level agreement

Percentage reduction in overall travel expenditure

Closed book

2% of client revenue on basis of savings/incentive agreement – a

growing trend

Suits the larger client

HRG aims to increase the proportion of its clients on this style of

contract

HRG has competitive advantage with this style of contract

Miscellaneous

31

THEN AND NOW

Founded in 1845 by brothers-in-law Francis Hogg, a wine merchant, and

Augustus Robinson, an insurance broker

Previously a very diversified Plc - travel, transport and financial services

Taken private in 2000 and re-listed in 2006

Today – a focused international corporate services company specialising

in travel, expense and data management underpinned by proprietary

technology

Senior management team has average of over 20 years’ individual

experience in the corporate travel management industry

32

BOARD COMPOSITION

Non-Executive Chairman: John Coombe

– Formerly CFO at GlaxoSmithKline

– Non-Executive Director at HSBC Holdings and Chairman of Home Retail Group

Chief Executive: David Radcliffe

– At HRG since 1978, CEO since 1997

– Non-Executive Director of Wincanton

Group Finance Director: Philip Harrison

– Formerly Group FD at VT Group; senior international finance roles at Hewlett Packard, Compaq, Rank Xerox and

Texas Instruments

Chief Operating Officer: Kevin Ruffles

– Joined HRG in 1972

Non-Executive Director: Tony Isaac

– Formerly CEO at BOC and Non-Executive Director at HRG until the MBO

– Non-Executive Chairman of Schlumberger

Non-Executive Director: Paul Williams

– Formerly responsible for HR at NCR, Heinz, Glaxo, Rolls-Royce and Smith & Nephew

– Member of the Senior Salaries Review Body (SSRB) and a member of the Governing Council of Aston University

33

CONTACT DETAILS

HOGG ROBINSON GROUP PLC

Global House

Victoria Street

Basingstoke

Hampshire

RG21 3BT

UK

+44 (0)1256 312 600

www.hoggrobinsongroup.com

Angus Prentice Head of Investor Relations

34

DISCLAIMER

This presentation is being made only to and directed at (a) persons who have professional experience in

matters relating to investments falling within Article 19 (1) of the Financial Services and Markets Act 2000

(Financial Promotion) Order 2005 (the “FPO”) or (b) high net worth entities, and other persons to whom it

may otherwise lawfully be communicated, falling within Article 49 (1) of the FPO (all such persons together

being referred to as “relevant persons”). Any person who is not a relevant person should not act or rely on

this presentation or any of its contents.

This presentation may contain forward-looking statements with respect to certain of the plans and current

goals and expectations relating to the future financial conditions, business performance and results of Hogg

Robinson Group plc (HRG). By their nature, all forward-looking statements involve risk and uncertainty

because they relate to future events and circumstances that are beyond the control of HRG, including

amongst other things, HRG’s future profitability, competition with the markets in which the Company

operates and its ability to retain existing clients and win new clients, changes in economic conditions

generally or in the travel and airline sectors, terrorist and geopolitical events, legislative and regulatory

changes, the ability of its owned and licensed technology to continue to service developing demands,

changes in taxation regimes, exchange rate fluctuations, and volatility in the Company’s share price. As a

result, HRG’s actual future financial condition, business performance and results may differ materially from

the plans, goals and expectations expressed or implied in these forward-looking statements. HRG

undertakes no obligation to publicly update or revise forward-looking statements, except as may be required

by applicable law and regulation (including the Listing Rules). No statement in this presentation is intended

to be a profit forecast or be relied upon as a guide to future performance.