1. penna.com Penna Consulting Plc Interim Results Six Months to 30 September 2015

2. penna.com Disclaimer 2 This presentation has been prepared by Penna Consulting plc (the "Company“ or “Penna”) solely in connection with providing information on the Company and to certain institutional and professional investors in the United Kingdom. Although reasonable care has been taken to ensure that the facts stated in this presentation are accurate and that the opinions expressed are fair and reasonable, the contents of this presentation have not been formally verified by Penna or any other person. Accordingly, no representation or warranty, express or implied, is made as to the fairness, accuracy, completeness or correctness of the information and opinions contained in this presentation, and no reliance should be placed on such information or opinions. Further, the information in this presentation is not complete and may be changed. Neither the Company nor any of its respective members, directors, officers or employees nor any other person accepts any liability whatsoever for any loss howsoever arising from any use of such information or opinions or otherwise arising in connection with this presentation. Forward looking statements This presentation may contain statements about Penna that are or may be forward looking statements. All statements other than statements of historical facts included in this Announcement may be forward looking statements. Without limitation, any statements preceded or followed by or that include the words "targets", "plans", "believes", "expects", "aims", "intends", "will", "may", "anticipates", "estimates", "projects" or words or terms of similar substance or the negative thereof, are forward looking statements. Forward looking statements include statements relating to the following: (i) future capital expenditures, expenses, revenues, earnings, synergies, economic performance, indebtedness, financial condition, dividend policy, losses and future prospects; (ii) business and management strategies and the expansion and growth of Penna’s operations; and (iii) the effects of government regulation on Penna’s business. Such forward looking statements involve risks and uncertainties that could significantly affect expected results and are based on certain key assumptions. Many factors could cause actual results to differ materially from those projected or implied in any forward looking statements. Due to such uncertainties and risks, readers are cautioned not to place undue reliance on such forward looking statements. Penna disclaim any obligation to update any forward looking or other statements contained herein, except as required by applicable law.

3. penna.com Who we are 3 A global people management business with 40 years’ experience of partnering with organisations to improve performance through their people

4. penna.com Overview of Penna 4  Only HR services provider able to offer solutions across the entire employment lifecycle  Recruitment Solutions: recruitment advertising, managed volume recruitment, executive search, interim and permanent staff to clients in the public and private sector  Talent Practice: leading business in leadership development, assessment and coaching  Career Services: UK’s largest provider of career advisory services including market leading outplacement consultancy  Uniquely positioned with exposure to both up and down employment cycles  High reputation in HR with >90% brand recognition and strong client retention rates  Diversified across HR services in the employment lifecycle, with 1566 clients (2014: 1388)  Diversified across sectors  Agile and flexible cost structure using an associate model  Cash generative, no debt  Progressive dividend policy – 100% increase in interim dividend to 4p (2014: 2p)

5. penna.com Our services 5 Recruitment Solutions Talent Practice Career Services

6. penna.comPenna Presentation title6 Our clients include… 60 of the FTSE 100 and more than half of the Sunday Times Top 25 Best Big Companies to Work For All of the 10 largest retail banks in the UK 6 out of the 8 largest UK retailers 3 out of the top 5 professional services firms of revenue from contracts of a recurring nature over 3 years of clients would recommend Penna to a colleague 50%

7. penna.com7 A blue chip client list

8. penna.com Financials

9. penna.com Financial highlights 9  Gross revenue +15% to £47.1m (2014: £41.1m)  Net revenue +20% to £25.0m (2014: £20.9m)  Pre-tax profits +34% to £2.8m (2014: £2.1m)  Diluted earnings per share +32% to 8.65p (2014: 6.53p)  Net cash at period end £4.2m (31 March 2015: £2.3m)  Interim dividend +100% to 4.0p (2014: 2.0p)  Net cash generated by operating activities £3.7m (2014: £1.0m)

10. penna.com Five year history (pre-exceptionals) 10 £’m

11. penna.com Overview – financial performance 11 Revenue £47.1m +15% Net revenue £25.0m +20% Profit before tax £2.8m +34% Interim dividend per share 4p (2014 2p) Diluted EPS 8.65p (2014 6.53p) Net cash £4.2m (Mar 15 £2.3m)

12. penna.com Penna’s service offering Profit Contribution (£’m) 12 Net Revenue by Service Group Recruitment Solutions Career Services Talent Practice

13. penna.com Service Group breakdown 13 £’mFirst half 2015/16First half 2014/15% change Revenues GrossNetProfitGrossNetProfitGrossNetProfit Recruitment Solutions 32.3811.151.5628.638.891.34+13%+25%+16% Career Services 11.3310.431.779.899.651.75+15%+8%+1 % Talent Practice 3.133.110.002.392.15(0.34)+31%+45%n/a Spain 0.29 (0.05)0.20 (0.14)+45% n/a Unallocated Central costs --(0.53)--(0.54)--- Total 47.1324.982.7741.1120.892.07+15%+20%+34%

14. penna.com Summary balance sheet 14 At 30 Sep 2015At 31 Mar 2015 £’m Goodwill19.819.2 Property, plant, equipment & other intangibles3.53.0 Total fixed assets23.322.2 Trade receivables16.917.1 Other current assets1.51.7 Trade payables(3.0)(4.5) Media and associate accruals(11.2)(9.2) Overhead accruals(1.5)(1.6) Other accruals(2.0)(1.6) Deferred income(2.0)(2.6) VAT & PAYE(1.8)(2.1) Corporation tax(0.4)(0.2) Deferred tax(0.6) Provisions(1.0) Cash4.22.3 Net assets22.419.9

15. penna.com Summary cash flow 15 Period to 30 Sep 2015 £’m Year to 31 Mar 2014 £’m Operating profit2.84.6 Depreciation and amortisation0.51.0 Working capital movements0.4(1.2) Net cash from operations3.74.4 Taxation paid(0.2)(0.8) Dividends paid-(0.9) Capital expenditure(0.8)(1.1) Purchase of own shares-(0.4) Shares issued0.20.1 Acquisitions(0.9)- Net change in cash2.01.3

16. penna.com16 Service Group Highlights

17. penna.com Recruitment Solutions Highlights 17 Example Clients  Increase in net fee income 25%  Margins maintained at 14% (2014: 15%)  Resourcing revenues from larger long-term projects increased 35% to £7.7m (2014: £5.7m)  Ongoing major long-term contracts with Security Services, Met Police, Aldi  Commercial sector wins ASDA, Aldi, Bank of England, Waitrose, BMW  Growth in local authority “transformation recruitment” e.g. Haringey, Rotherham  Growth in infrastructure investment projects e.g. rail, broadband, technology  Digital services increasing  Two acquisitions: Career Café (360) - higher education recruitment and CIPFA Recruitment - finance professionals Penna Recruitment Solutions £11.2m

18. penna.com18 Net revenue by sector Recruitment Solutions

19. penna.com

20. Talent Practice Highlights  Clients increasingly want integrated solutions  Leadership Development now a top global priority for leaders (estimated $50 billion global spend)  Talent assessment and development attracting attention  Korn Ferry buys Hay Group ($452m)  Deloitte buys Kaisen  Capita bidding for Xchanging  Clients investing in longer programmes (typically combining assessment, teaching, coaching and e-learning)  Combines well with the other Service Groups  246 clients (2014: 224) 20 Example Clients Penna Talent Practice £3.1m

21. penna.com21 Net revenue by sector Talent Practice

22. penna.com Our client’s challenges 22 We want to identify those with potential but are concerned it will create a ‘them’ and ‘us’ culture We are losing too many women as we get to our senior levels We are going through an organisational change and need to support our leaders to manage this change effectively We have had poor feedback from candidates in our assessment process We need to understand which of our senior leaders is ready for promotion We want to get a retain our best people We want to create a coaching culture to empower our people and grow their capability They’re looking for a quick and effective manner to screen out large candidate numbers We need to streamline our graduate process

23. penna.comPenna Presentation title23

24. penna.com Career Services Highlights  Net revenue grew 8% from retail (supermarkets), oil & gas and financial services  Growth of international network (Career Star Group) now in 75 countries  Penna currently referring in to 22 countries  £1.27m referred in six months to September  Continued progress with retail sector at Tesco, Sainsbury, Asda, John Lewis Partnership, Lidl, Primark  Increasing interest in virtual services with over 30,000 individuals receiving outplacement via “Sunrise” (Penna’s digital support tool)  783 clients in six months (2014: 765) 24 Penna Career Services £10.4m Example Clients

25. penna.com Net Revenue by Sector Career Services 25

26. penna.com Penna Career Services April 2014 – March 2015 of individuals supported by Penna land a new role on a higher salary get a new role within 3 months – twice as quick as the national average 88% 60% supported more than people going through outplacement into new careers 74 countries

27. penna.com Strategy & Outlook

28. penna.com Strategy & opportunities 28 Scope for high organic growth  Growing digital services in recruitment, development and transition  Recruitment Solutions growing by providing consulting led and transformative recruitment  Currently have 30% of outplacement market  Potential to leverage existing client base to cross-sell services (12% already buying multiple services)  Innovate new services – combining transactional HR services into talent solutions (e.g. Met Police, Aldi) Buy and build  Focus on ‘bolt-on’ strategic acquisitions and teams

29. penna.com  Growing profitability across all cycles  A uniquely balanced business with exposure to both sides of the employment cycle  Strength across many sectors – public, financial services, retail, professional services  High margin consulting led businesses in recruitment, development and transition  Flexible delivery models with high operational gearing  Transforming traditional delivery strategies into virtual service models with higher value multiples  Cash generative and no debt  Consistent and progressive dividend track record over 8 years  Clear and ambitious growth strategy through:  Acquisitions – proven track record: Savile 2013, Barkers 2009, CIPFA and Career Café (360) 2015  Organic growth with proven cross-selling  Strong divisional management team in place  Market leading HR brand established The investment case 29

30. penna.com Outlook  UK recruitment markets continue to evolve and expand  Demand for consulting services in recruitment  Dominant market leader in UK outplacement market  Demand for ‘Talent’ services outperforming traditional recruitment markets  Strong client focus on leadership, retention and assessment  Penna ideally placed to capitalise on ongoing restructuring with retail, financial, oil and gas and pharma sector  Changing labour markets underpinning near term growth opportunities  Greater need for ‘one stop shop’ approach to HR solutions  Current year trading even stronger than expected 30

31. penna.com Appendix

32. penna.com Market size / shareKey competitionTrendsCompetitive advantage Outplacement  Career transition in UK £80m - £130m+  (Penna 30% = no 1)  Right, LHH  Multi smaller private co’s / individuals e.g. Renovo, CDS, Cepec, Connor  Working Transitions, Hays, Chiumento, Capita, 10Eighty  Randstadt  Stork & May, Rialto  Long term investment in people  Public sector cost saving  Outsourcing HR  Virtual delivery models  Brand leader  Associate model  Bespoke Solutions  Cross selling Attraction & Communications  £16bn billings  £500m NFI  Number 1 in UK  TMP, AiA  Pink Squid  Capita  SMRS  Havas People  Transition from traditional media to digital  Public sector recruitment freeze  Social media and mobile  Scale, reliability and flexibility  Part of a diversified and strong financial group  Brand strength in HR  Cross-selling Executive Recruitment & Interim  Permanent recruitment £1.1bn  Executive Interim £500m  Penna Interim No 1 in UK  Hays, Harvey Nash, Hoggett Bowers, Green Park, Veredus, Gatenby Sanderson  Alium, Interim Partners, Berwick/Odgers/Boyden  Corporate sector jobless recovery  Interim managers being used more in a recession  Public sector recruitment freeze  International dimension  Public sector frameworks  Link with other Penna services (e.g. coaching) Managed Recruitment & Assessment  Staffing £20bn  Contingent recruitment  AMS  Hays  Spring  Capita Resourcing  TMP  Cost reduction esp. public sector  Focus on ‘direct sourcing’  Outsourcing of recruitment  Bespoke solutions  Links with other Penna services  Penna client base Coaching & Assessment  Coaching £500m in UK  Assessment £500m in UK  Praesta, SHL, Accenture, Kenexa, Cubiks, A&DC, YSC, Deloitte, Kiddy & Partners  War for talent  Price pressure  Increasing use of technology and simulation  Retention a key issue  93 top exec coaches  Frameworks  Scale in fragmented markets Leadership Development  £2.5bn (total spend £20bn)  Cirrus, Mind Gym, Deloitte  Business schools – Ashridge, Henley  Lane 4  Leadership remains a pervasive issue  Reinvest in talent critical  High potential/senior level risks  Mobile learning  Integrated coaching in development offer  Management and leadership development Market overview

33. penna.com Group revenue by sector 33

34. penna.com History 34 197319962002200420052006200720092011201320142015 Sanders & Sidney established in 1973. Founded the outplacement market in UK Listed on USM then full list Established Executive Interim Business Steve Rowlinson appointed Chairman and Gary Browning Chief Executive Return to profitability and the dividend list Structure simplified to 2 service groups HR consulting and Recruitment Solutions Structure into three service groups: Recruitment Solutions Talent Practice Career Services Name changed to Penna in 1996 and diversifies into recruitment and HR Consultancy through acquisitions Lee Hecht Harrison alliance to increase international coverage of outplacement Cost restructuring Divestment of Knightsbridge AIM Listing and £3.5m placing Barkers Acquisition Group restructured into four service groups Savile Group Plc Acquisition Career Café (360) & CIPFA Acquisitions

35. penna.com Shareholders 35 Shareholder Private/ institution Percentage Stephen Rowlinson – ChairmanPrivate30.0% Jeremy HoskingPrivate18.0% Suzie MummePrivate12.0% LiontrustInstitution10.0% Helium Special Situations FundInstitution8.0% ArtemisInstitution3.5% MitonInstitution2.9% OthersPrivate/institution (c. 180)15.6% TOTAL100.0%

36. penna.com 3 year share price 36 As of 9 November 2015 Jan 13 May 13 Jan 14 May 14 Sep 14 Jan 15 May 15 Sep 15 262.50 213.90 165.30 116.70 68.10 19.50