William Blair & Company 36th Annual Growth Stock Conference June 14-16, 2016

Max Messmer

Keith Waddell

Chairman and CEO

Vice Chairman, President and CFO

Company Background

2

•

Originated in 1948 as boutique financial recruitment firm

•

In 1986, acquired the business from Bob Half; it had just two employees

•

Built corporate infrastructure, bought back franchises and opened new offices worldwide; launched new professional staffing divisions

•

Robert Half became the largest staffing firm specializing in accounting and finance positions, and the premier name in professional staffing

•

In 2002, entered the risk consulting and internal audit business through formation of Protiviti

© 2016 Robert Half International Inc. An Equal Opportunity Employer M/F/Disability/Veterans.

Awards and Recognition F O RT U N E ®

W ORLD’S MOST

ADMIRED C O M P A N I E S 2 0 1 6

“Most Admired Companies” (1998‒2016)

Barron’s 400 Index

Protiviti a “Best Company to Work For” (2016)

3

© 2016 Robert Half International Inc. An Equal Opportunity Employer M/F/Disability/Veterans.

Responsible Investment Index (2008‒2015)

“Best Places to Work” lists around the world

Global Operations More than 400 offices in 20 countries worldwide

North America

Europe

Middle East

Asia-Pacific

Canada United States

Austria Belgium France Germany Italy Luxembourg Netherlands Switzerland United Kingdom

UAE

Australia China India Japan New Zealand Singapore

South America Brazil Chile

4

© 2016 Robert Half International Inc. An Equal Opportunity Employer M/F/Disability/Veterans.

Robert Half Revenue Mix – By Geography

International United States

19% 81%

Q1 2016 Staffing Revenues 5

© 2016 Robert Half International Inc. An Equal Opportunity Employer M/F/Disability/Veterans.

Robert Half Revenue Mix – International Percentage of Global Staffing Revenues

Continental Europe 10%

19% United Kingdom 3% Canada 3%

81%

Asia-Pacific 3%

International United States

Q1 2016 Staffing Revenues 6

© 2016 Robert Half International Inc. An Equal Opportunity Employer M/F/Disability/Veterans.

Robert Half Revenue Mix – Continental Europe Percentage of Global Staffing Revenues

Germany 4% Belgium

3%

France 2% Other 1%

10%

Continental Europe 10% Continental Europe

Q1 2016 Staffing Revenues 7

© 2016 Robert Half International Inc. An Equal Opportunity Employer M/F/Disability/Veterans.

Robert Half Revenue Mix – Business Segments 2015 Global Revenue $5.1 Billion Temporary and Consulting

78% Permanent Placement

8% 14%

Risk Consulting and Internal Audit

Q1 2016 Segment Mix 8

© 2016 Robert Half International Inc. An Equal Opportunity Employer M/F/Disability/Veterans.

Our Brands

Recruiting

9

Specialized Staffing

© 2016 Robert Half International Inc. An Equal Opportunity Employer M/F/Disability/Veterans.

Project Skills

Project Management and Deliverables

Business Strategy

10

•

Value proposition: Only full-time jobs require full-time staff

•

Clients value specialization in professional segments

•

Middle-market accounts are smaller, less pricesensitive; clients are demanding, quality is key

• •

Internal staff possess specialized skills Protiviti provides consulting, project management, co-sourcing and outsourcing capabilities

© 2016 Robert Half International Inc. An Equal Opportunity Employer M/F/Disability/Veterans.

Accounting Staffing Demand •

U.S. job growth for financial analysts, accountants and auditors expected to outpace national average between 2014 and 2024*

•

Accountants and auditors among top 15 occupations with highest projected job growth between 2014 and 2024**

•

Low unemployment in many roles*** –

Financial analysts: 2.7%

–

Financial managers: 3.7%

–

Accountants and auditors: 4.1%

*BLS Occupational Outlook Handbook, 2016-2017 Edition ** BLS Employment Projections 2014-24 ***U.S. Bureau of Labor Statistics, Q1 2016 11

© 2016 Robert Half International Inc. An Equal Opportunity Employer M/F/Disability/Veterans.

Technology Staffing Opportunity •

IT staffing market is 3-4 times larger than accounting staffing

•

Low unemployment for IT positions*

– – –

•

Software developers, applications and systems software: 1.8% Computer and information systems managers: 2.3% Network and computer systems administrators: 2.8%

New application development demand at middle-market companies Growing need for customized software, websites, mobile and social media

*U.S. Bureau of Labor Statistics, Q1 2016 12

© 2016 Robert Half International Inc. An Equal Opportunity Employer M/F/Disability/Veterans.

Unique Robert Half/Protiviti Delivery Model

Staffing

Blended

Consulting

We provide

Global and regional consulting firms that compete with Protiviti lack the

Staffing competitors lack

world-class consulting and specialized staffing,

flexible resource capabilities

under one roof, at an attractive price.

13

© 2016 Robert Half International Inc. An Equal Opportunity Employer M/F/Disability/Veterans.

of our staffing operations.

in-house access to Big 4 consulting methodologies like those of Protiviti.

Marketing Approach • Positioned as quality leader through advertising and PR activities • Traditional media for broad brand awareness – Radio – Locally directed advertising and events

• Digital media for specific target audiences – Search — paid and natural – Digital advertising and retargeting – Email/direct marketing – Social media

14

© 2016 Robert Half International Inc. An Equal Opportunity Employer M/F/Disability/Veterans.

Marketing Approach •

Robert Half website – Gateway to expanded digital interaction – Localized microsites – Mobile friendly – Dynamic content – Optimized for natural search rankings

15

© 2016 Robert Half International Inc. An Equal Opportunity Employer M/F/Disability/Veterans.

20-Year Revenue History Compounded Annual Growth 20 years ended 12/31/15 $5.1B

11.0%

Other Services Robert Half F&A/ Accountemps

1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

16

© 2016 Robert Half International Inc. An Equal Opportunity Employer M/F/Disability/Veterans.

20-Year Cash Flow From Operations Compounded Annual Growth 20 years ended 12/31/15

$438.2M

12.4%

1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

17

© 2016 Robert Half International Inc. An Equal Opportunity Employer M/F/Disability/Veterans.

Return on Equity (20-Year Average & Q1 2016)

32.6%

24.7%

20-Year Average*

Q1 2016

*Through Mar. 31, 2016 18

© 2016 Robert Half International Inc. An Equal Opportunity Employer M/F/Disability/Veterans.

Recent Operating Performance

19

•

24 straight quarters of double-digit earnings-per-share percentage growth on year-over-year basis

• •

Secular shift to temporary jobs Macroeconomic stability

© 2016 Robert Half International Inc. An Equal Opportunity Employer M/F/Disability/Veterans.

Temporary and Consulting Revenue ($ in Billions) (2000 ‒ Q1 2016)

$3.9 $3.6

$3.3 $3.1

(same-day, constant-currency)

$3.4

$3.1

$2.6

$2.5

$2.4 $2.3

6.7% growth y/y

$3.7

$3.6

3 mos. 2016

$2.6

$2.2 $1.8

$1.7

$0.9

2000

20

2001

2002

2003

2004

2005

2006

2007

© 2016 Robert Half International Inc. An Equal Opportunity Employer M/F/Disability/Veterans.

2008

2009

2010

2011

2012

2013

2014

2015

$1.0

3 mos. 3 mos. 2015 2016

Temporary and Consulting Gross Margin % (2000 ‒ Q1 2016)

37.1%

36.6% 35.6%

36.0%

36.5%

37.0% 37.2% 36.7%

36.6% 36.0% 36.2%

37.2%

37.0% 37.1%

2015

3 mos. 3 mos. 2015 2016

35.2%

34.9% 34.1%34.1%

2000

21

2001

2002

2003

2004

2005

2006

2007

© 2016 Robert Half International Inc. An Equal Opportunity Employer M/F/Disability/Veterans.

2008

2009

2010

2011

2012

2013

2014

Temporary and Consulting Conversions % (2000 ‒ Q1 2016) 5.1%

4.0%

4.0%

4.1%

4.0%

3.6%

3.5% 3.1%

3.0% 2.8%

2.9%

2.9%

2.9%

2011

2012

2013

3.3%

3.3%

3.2%

2.5% 2.1%

2000

22

2001

2002

2003

2004

2005

2006

2007

© 2016 Robert Half International Inc. An Equal Opportunity Employer M/F/Disability/Veterans.

2008

2009

2010

2014

2015

3 mos. 3 mos. 2015 2016

Temporary and Consulting SG&A % (2000 ‒ Q1 2016)

32.9% 32.7% 29.8%29.9% 29.0%

28.9% 27.6%

2000

23

28.3% 27.0% 26.9% 27.0% 27.1%

2001

2002

2003

2004

2005

2006

2007

© 2016 Robert Half International Inc. An Equal Opportunity Employer M/F/Disability/Veterans.

2008

2009

2010

2011

27.7% 27.3%

2012

2013

26.8% 27.1%

2014

2015

27.1% 27.4%

3 mos. 3 mos. 2015 2016

Temporary and Consulting Operating Income % (2000 ‒ Q1 2016)

9.5%

9.5%

10.0% 10.2%

9.8%

9.6% 8.3%

7.6%

6.9%

10.2%

9.8% 9.7%

8.9%

6.9%

4.2% 4.2% 2.7%

2000

24

2001

2002

2.2%

2003

2004

2005

2006

2007

© 2016 Robert Half International Inc. An Equal Opportunity Employer M/F/Disability/Veterans.

2008

2009

2010

2011

2012

2013

2014

2015

3 mos. 3 mos. 2015 2016

Permanent Placement Revenue ($ in Millions) (2000 ‒ Q1 2016)

$444

$427

$421 $395

$336

$334

3 mos. 2016 8.6% growth y/y (same-day, constant-currency)

$348

$302 $252 $221

$219 $189

$182 $136

2000

25

2001

$100

$95

2002

2003

$98

2004

2005

2006

2007

© 2016 Robert Half International Inc. An Equal Opportunity Employer M/F/Disability/Veterans.

2008

2009

2010

2011

2012

2013

2014

2015

$106

3 mos. 3 mos. 2015 2016

Permanent Placement Revenue Mix (2000 ‒ Q1 2016)

10.8%10.5% 9.7%

9.4% 7.7%

9.0% 9.1% 9.4%

9.7% 9.7%

9.4% 9.5%

7.9%

7.7% 6.9% 5.4% 5.1%

2000

26

2001

2002

2003

5.8%

2004

2005

2006

2007

© 2016 Robert Half International Inc. An Equal Opportunity Employer M/F/Disability/Veterans.

2008

2009

2010

2011

2012

2013

2014

2015

3 mos. 3 mos. 2015 2016

Permanent Placement SG&A % (2000 ‒ Q1 2016)

106.8%

103.7%

97.3% 92.0%

89.2%

87.5%

27

88.2%

79.7% 77.8% 80.6%

74.7%

2000

85.8%

2001

2002

2003

2004

2005

2006

2007

© 2016 Robert Half International Inc. An Equal Opportunity Employer M/F/Disability/Veterans.

2008

2009

2010

2011

83.3% 84.3%

2012

2013

80.1% 79.7%

2014

2015

80.5% 79.6%

3 mos. 3 mos. 2015 2016

Permanent Placement Operating Income % (2000 ‒ Q1 2016)

25.3% 22.2% 20.3%

19.9%20.2%

19.4% 16.7% 14.1%

12.5%

10.8%

19.3%20.2%

15.6%

11.7% 7.9%

2.7%

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

-3.8% -6.8% 28

© 2016 Robert Half International Inc. An Equal Opportunity Employer M/F/Disability/Veterans.

2010

2011

2012

2013

2014

2015

3 mos. 3 mos. 2015 2016

Protiviti Revenue ($ in Millions) (2004 ‒ Q1 2016)

3 mos. 2016 13.7% growth y/y (same-day, constant-currency)

$743 $624 $543

$552

$547

$528

$479 $384

$352

2004

29

2005

2006

2007

2008

2009

© 2016 Robert Half International Inc. An Equal Opportunity Employer M/F/Disability/Veterans.

$386

2010

$424

2011

$453

2012

2013

2014

2015

$164

$187

3 mos. 2015

3 mos. 2016

Protiviti Gross Margin % (2004 ‒ Q1 2016)

37.8%

39.8% 36.6% 31.6% 28.3%

25.2% 26.8% 25.9%

31.0% 29.3% 29.4%

28.8% 27.4%

20.8%

2004

30

2005

2006

2007

2008

2009

2010

© 2016 Robert Half International Inc. An Equal Opportunity Employer M/F/Disability/Veterans.

2011

2012

2013

2014

2015

3 mos. 3 mos. 2015 2016

Protiviti SG&A % (2004 – Q1 2016)

19.9%

2004

31

21.6%

2005

27.8% 26.9% 28.9% 28.1% 25.6% 25.5%

2006

2007

2008

2009

© 2016 Robert Half International Inc. An Equal Opportunity Employer M/F/Disability/Veterans.

2010

2011

23.5%

2012

21.2% 19.7%

2013

2014

18.1%

2015

18.8% 19.6%

3 mos. 3 mos. 2015 2016

Protiviti Operating Income % (2004 – Q1 2016)

17.9% 18.1% 11.2%

8.1% 9.7% 3.8%

200 4

200 5

200 6

200 7

2009

2010

- 2.8% - 8.0% 32

9.9%

7.8%

1.2% 2.4%

1.3% 200 8

12.9%

© 2016 Robert Half International Inc. An Equal Opportunity Employer M/F/Disability/Veterans.

201 1

201 2

201 3

201 4

201 5

3 mos. 3 mos. 201 5 201 6

Strong Financial Position

As of 3/31/16

Cash

$214 million

Total assets

$1.7 billion

Virtually no debt

33

© 2016 Robert Half International Inc. An Equal Opportunity Employer M/F/Disability/Veterans.

Cash Returned to Shareholders ($ Millions)

1 Year Dividends

$108

32%

$459

37%

Share Repurchases

228

68%

782

63%

Total

$336

100%

$1,241

100%

Free Cash Flow

$320*

Amounts shown are through Dec. 31, 2015 *Cash flow from operations net of cash used for investing activities 34

5 Years

© 2016 Robert Half International Inc. An Equal Opportunity Employer M/F/Disability/Veterans.

$1,193*

35 © 2016 Robert Half International Inc. An Equal Opportunity Employer M/F/Disability/Veterans.

25-Feb-2010

25-May-2016

25-Feb-2016

25-Nov-2015

25-Aug-2015

22-May-2015

25-Feb-2015

25-Nov-2014

25-Aug-2014

23-May-2014

Compound Annual Growth Rate 11.4%

25-Feb-2014

26-Aug-2013

24-May-2013

25-Feb-2013

26-Nov-2012

24-Aug-2012

25-May-2012

24-Feb-2012

23-Nov-2011

25-Aug-2011

25-May-2011

25-Feb-2011

25-Nov-2010

25-Aug-2010

25-May-2010

$0.12

25-Nov-2009

25-Aug-2009

26-May-2009

25-Feb-2009

25-Nov-2008

25-Aug-2008

23-May-2008

25-Feb-2008

26-Nov-2007

24-Aug-2007

25-May-2007

26-Feb-2007

22-Nov-2006

25-Aug-2006

25-May-2006

27-Feb-2006

25-Nov-2005

25-Aug-2005

25-May-2005

25-Feb-2005

24-Nov-2004

25-Aug-2004

25-May-2004

Robert Half Quarterly Dividend History Since Inception $0.22

$0.20

$0.18

$0.15 $0.16

$0.13 $0.14

$0.11

$0.10

$0.07 $0.08

$0.06

Share Count Reduction 12/31/2015 Shares (millions)

36

%

3 years

6.5

4.7%

5 years

11.1

7.7%

10 years

41.5

23.8%

© 2016 Robert Half International Inc. An Equal Opportunity Employer M/F/Disability/Veterans.

Market Opportunity — Staffing Services

*BLS JOLTS report, June 2016 **BLS Employment Projections 2014-2024 37

© 2016 Robert Half International Inc. An Equal Opportunity Employer M/F/Disability/Veterans.

•

Annual global revenues for staffing industry approximately $400B USD

•

High number of U.S. job openings in professional/business services*

•

Employment services among the 10 U.S. industries expected to add the most jobs through 2024**

• • •

Long-term demographics — war for talent Temp penetration near all-time high We work with less than 10 percent of target prospects

Market Opportunity — Protiviti •

Solid base of recurring internal audit and financial controls demand

• •

PCAOB audit inspections

•

38

Growing suite of consulting services –

Financial services — regulatory risk and compliance

–

Technology privacy, security and controls

Protiviti/staffing blended solutions

© 2016 Robert Half International Inc. An Equal Opportunity Employer M/F/Disability/Veterans.

Thank You