3 q15 presentation final

Aon plc
Third Quarter 2015 Results
October 30, 2015

1
Greg Case
Chief Executive Officer
Christa Davies
Chief Financial Officer

2
Safe Harbor Statement
This communication contains certain statements related to future results, or states our intentions, beliefs and expectations or predictions for the future which are forward-looking
statements as that term is defined in the Private Securities Litigation Reform Act of 1995. These forward-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 we expect or
anticipate may occur in the future, including such things as our outlook, future capital expenditures, growth 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, growth of our business and operations, plans
and references to future successes, are forward-looking statements. Also, when we use the words such as “anticipate”, “believe”, “estimate”, “expect”, “intend”, “plan”, “probably”,
“potential”, “looking forward”, or similar expressions, we are making forward-looking statements.
The following factors, among others, could cause actual results to differ from those set forth in the forward looking statements: general economic and political conditions in different
countries in which Aon does business around the world; 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; rating agency actions that could affect Aon's
ability to borrow funds; the effect of the change in global headquarters and jurisdiction of incorporation, including differences in the anticipated benefits; 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 lawsuits 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 with, legislation and regulation in the jurisdictions
in which Aon operates, particularly given the global scope of Aon’s businesses and the possibility of conflicting regulatory requirements across jurisdictions in which 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 with the U.S.
Foreign Corrupt Practices Act and non-U.S. anti-corruption laws and with U.S. and non-U.S. trade sanctions regimes; failure to protect intellectual property rights or allegations that
we 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 with Aon’s global operations; the effect or natural or man-made disasters; the potential of a system or network 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 preform aspects of our business operations and client services; the extent to which Aon manages certain risks
created in connection with the various services, including fiduciary and investments and other advisory services and business process outsourcing services, among others, that Aon
currently provides, or will provide in the future, to clients; Aon’s ability to grow, develop and integrate companies that it acquires or new lines of business; changes in commercial
property and casualty markets, commercial premium rates or methods of compensation; changes in the health care system or our relationships with insurance carriers; and Aon’s
ability to implement initiatives intended to yield cost savings, and the ability to achieve those cost savings.
Any or all of Aon’s forward-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 which 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 with the SEC. See Aon’s Annual Report on Form 10-K and its Quarterly
Reports on Form 10-Q 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, whether
as a result of new information, future events or otherwise.
Explanation of Non-GAAP Measures
This communication includes supplemental information related to organic revenue, free cash flow, adjusted operating margin, adjusted earnings per share, and adjusted effective tax
rate that exclude the effects of restructuring charges, intangible asset amortization, capital expenditures, transaction and integration costs and certain other noteworthy items that
affected results for the comparable periods. Organic revenue excludes from reported revenues the impact of foreign exchange, acquisitions, divestitures, transfers between business
units, reimbursable expenses and unusual items. 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 are provided in the attached schedules. Supplemental organic revenue information and additional measures that exclude the effects of the
restructuring charges and certain other items do not affect net income or any other 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 with expenses for legacy litigation. 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 viewed 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.

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Key Metrics1 – Solid Performance Against Macroeconomic Challenges
Q3 Organic Revenue
 Organic revenue growth of +1% in Risk Solutions and +5% in HR
Solutions
 Delivered solid organic revenue growth of +4% in the Americas in
Retail Brokerage, +3% HR Consulting and +5% in HR Outsourcing
Q3 Operating Margin
 Risk Solutions increased +50 bps, and excluding the impact from
foreign currency translation operating margin increased +10 bps
 HR Solutions increased +90 bps, and excluding the impact from
foreign currency translation operating margin increased +80 bps
Q3 EPS
 Includes a $0.09 unfavorable impact from changes in foreign currency
exchange rates. The prior year quarter included a $0.07 gain on the
sale of a business.
 Excluding the impact of foreign exchange and the one-time item in the
prior year quarter, EPS grew +9%, driven by solid operational
improvement and effective capital management in the quarter
 Repurchased approximately $600 million of ordinary shares
YTD Free Cash Flow
 22% growth in cash flow from operations primarily reflects working
capital improvements, underlying operating performance and a
decline in cash paid for pension contributions and restructuring
 Free cash flow reflects 22% growth in cash flow from operations,
partially offset by a $46 million increase in capital expenditures
1 The results presented above are non-GAAP measures that are reconciled in the appendix of this presentation.
2 Organic revenue excludes the impact of foreign exchange, acquisitions, divestitures, transfers, reimbursable expenses and other unusual items. Change
in organic revenue, a non-GAAP measure, is reconciled to the corresponding U.S. GAAP change in revenue in Appendix A of this presentation.
3 Certain noteworthy items impacted operating margin and earnings per share in the third quarter of 2015 and 2014. A reconciliation of non-GAAP
measures for operating margin and diluted earnings per share to the corresponding U.S. GAAP measure is in Appendix B of this presentation.
4 Free cash flow is defined as cash flow from operations less capital expenditures. This non-GAAP measure does not imply or represent a precise
calculation of residual cash flow available for discretionary expenditures. A reconciliation of free cash flow to the corresponding
U.S. GAAP measure can be found in Appendix A of this presentation.

4
Organic Revenue1 – Continued Growth in Both Segments
Q3 Risk Solutions
 Americas: Growth across all regions and product lines,
including strong new business generation in US Retail
and Canada, and management of the renewal book
portfolio in Latin America
 International: Strong growth in New Zealand and solid
growth across Asia
 Reinsurance: An unfavorable market impact globally, a
modest decline in facultative placements, and
unfavorable timing was partially offset by record new
business growth in treaty placements
Q3’14 Q3’15
Risk Solutions
Americas 2% 4%
International 2% 1%
Retail 2% 2%
Reinsurance -4% -4%
Total Risk Solutions +1% +1%
HR Solutions
Consulting 14% 3%
Outsourcing 3% 5%
Total HR Solutions +7% +5%
Total Aon +3% +2%
Q3 HR Solutions
 Consulting: Solid growth in compensation consulting
and continued growth in retirement solutions,
particularly for investment consulting
 Outsourcing: Solid growth in benefits administration for
discretionary services, new client wins in HR BPO for
cloud-based solutions and growth in health care
exchanges for off-cycle enrollments on the retiree
exchange
1 Organic revenue excludes the impact of foreign exchange, acquisitions, divestitures, transfers, reimbursable expenses and other unusual items. Change
in organic revenue, a non-GAAP measure, is reconciled to the corresponding U.S. GAAP change in revenue in Appendix A of this presentation

5
Investing in the Business to Position the Firm for Long-Term Growth
“Aon has a truly impressive track record of developing innovative solutions to help solve problems and create differentiated value
in response to specific client needs. Solid long-term operating performance, combined with expense discipline and strong cash
flow, continues to enable substantial investments that position the firm for long-term growth.”
Risk Solutions HR Solutions
 Roll-out of the Revenue Engine internationally and Aon
Client Promise firm-wide to drive greater retention and
rollover rates
 Global Risk Insight Platform (GRIP), which is the world’s
leading global repository of risk and insurance placement
information providing insight into $139 billion of global
premium flow
 Aon Broking initiative to better match client needs with
insurer appetite for risk and to identify structured portfolio
solutions
 Further development of data and analytics capability at
Aon Benfield to strengthen our already industry-leading
value proposition and client serving capability
 Aligning our global health and benefits platform to
capitalize on our global distribution channel and deep
brokerage capabilities in a high growth area
 Expansion of content and global footprint through tuck-in
acquisitions that increase scale in emerging markets or
expand capability to better serve clients
 Focusing on innovative solutions to de-risk pension
plans and support increasing needs for delegated
investment and defined-contribution solutions to fulfill
clients’ needs for effective execution of their investment
and retirement benefit strategies
 Providing the broadest set of health, retirement and
talent advisory, technology and advocacy solutions to
our clients’ employees and retirees to enable greater
transparency, choice and informed decision-making
 Expanding our industry-leading suite of private health
care exchange solutions for active employees and
retirees; enabling clients to transition their participants to
a market-based, defined contribution model for
healthcare, while addressing unsustainable healthcare
cost increases and decreasing population health
 Further development of our industry-leading benefits and
HR operations solutions and consumer technology
platforms, including extensive mobile solutions and
cloud-based outsourcing solutions
 Expansion of our international footprint to support a
global workforce, with investments in key talent and
capabilities across emerging markets

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$383
$353
Net Income
EPS1 – Earnings Growth Impacted by FX and Prior Year Gain
($ millions) Q3’14 Q3’15
Net Income2 $383 $353
Y-o-Y change -8%
Earnings Per Share2 $1.29 $1.24
Y-o-Y change -4%
1 The results presented are non-GAAP measures that are reconciled in the appendix of this presentation.
2 Certain noteworthy items impacted net income and earnings per share in the third quarter of 2015 and 2014. A reconciliation of non-GAAP measures for
net income and diluted earnings per share to the corresponding U.S. GAAP measure is in Appendix B of this presentation.
$1.29 $1.24
EPS
Q3’14 Q3’15
“Our results in the quarter reflect organic growth and operating margin improvement across both Risk
and HR Solutions, substantial free cash flow growth and effective capital management. Included in the
results was a $30 million, or $0.09 per share unfavorable impact related to foreign currency translation,
while the prior year quarter included a $25 million, or $0.07 per share, gain related to the sale of a
business.”
2 2

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Operating Margins1 – Strong Margin Improvement in Both Segments
Q3 Risk Solutions
Positive Impact
 Return on investments in data and
analytics
 Favorable impact of +40 bps from changes
in foreign currency exchange rates
Negative Impact
 Unfavorable FX impact of -$25 million
 Increase in expense to support organic
revenue growth
Q3’14 Q3’15
Risk Solutions
Operating Income2 $372 $351
Y-o-Y change -6%
Operating Margin2 20.3% 20.8%
Y-o-Y change +50 bps
HR Solutions
Operating Income2 $174 $185
Y-o-Y change +6%
Operating Margin2 16.5% 17.4%
Y-o-Y change +90 bps
Q3 HR Solutions
Positive Impact
 Organic revenue growth of +5%
 Return on investments
 Expense discipline
Negative Impact
 Investment to support future growth
 Unfavorable FX impact of -$5 million
($ millions)
1 The results presented are non-GAAP measures that are reconciled in the appendix of this presentation.
2 Certain noteworthy items impacted operating income and operating margin in the third quarter of 2015 and 2014. A reconciliation of non-GAAP measures for
operating income and operating margin to the corresponding U.S. GAAP measure is in Appendix B of this presentation.

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Long-Term Operating Margin Targets & Primary Drivers
Risk Solutions Operating Margin1
HR Solutions Operating Margin1
16.6%
18.2%
18.7%
21.6%
22.4%
21.6% 21.7%
22.5% 22.9%
26.0%
2006 2007 2008 2009 2010 2011 2012 2013 2014 Target
Drivers Within Our Control:
1. Return on investments in data and analytics,
including Aon Broking and GRIP related initiatives
2. Continued rollout of Revenue Engine internationally
3. Expense discipline and optimization of global cost
structure, including IT and Real Estate costs
Upside Opportunity:
1. Increases in short-term interest rates
2. Improvements in global GDP or insurance pricing
5.8%
11.7%
14.9% 15.2% 15.3%
17.6%
16.6% 16.7% 17.1%
22.0%
2006 2007 2008 2009 2010 2011 2012 2013 2014 Target
Drivers Within Our Control:
1. Growth in the core business and return on
incremental investments, including health care
exchanges and investment consulting
2. Improvement in HR Business Process Outsourcing
3. Expense discipline and optimization of global cost
structure, including IT and Real Estate costs
1 The results presented represent non-GAAP measures. See Appendix C for a reconciliation of non-GAAP measures for operating margin to the corresponding
U.S. GAAP measure.

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Unallocated Expenses & Non-Operating Segment Financials
Q3’14 Q3’15
Quarterly
Guidance
Unallocated Expenses ($39) ($45) ($45)
Interest Income $3 $3 $2
Interest Expense ($65) ($72) ($68)
Other Income (Expense) $35 $8 -
Effective Tax Rate1 17.8% 16.0% -
Minority interest ($6) ($8) ($9)
Actual common shares
outstanding at 9-30-15
N/A 273.9 -
 Interest expense increased $7 million due to
the overlap of $600 million of notes placed in
May with notes due in September. Going
forward, the expected run rate is approximately
$68 million per quarter
 Adjusted effective tax rate, excluding the
applicable tax impact associated with expenses
related to legacy litigation, was 16.0% compared
to 17.8% in the prior year quarter
 Actual common shares outstanding on
September 30th were 273.9 million, and there
were approximately 7 million additional dilutive
equivalents. The Company repurchased 6.3
million ordinary shares for approximately $600
million in the first quarter. Estimated Q4’15
beginning dilutive share count is ~281 million
subject to share price movement, share
issuance and share repurchase
($ millions)
1 The effective tax rates used in the U.S. GAAP financial statements were 14.0% and 19.1% for the three months ended September 30, 2015 and 2014,
respectively, and 15.8% and 18.5% for the nine months ended September 30, 2015 and 2014, respectively. Reconciling items are generally taxed at the
effective tax rate. However, after adjusting to exclude the applicable tax impact associated with expenses for legacy litigation, the adjusted effective tax
rates for the third quarter and first nine months of 2015 were 16.0% and 17.8%, respectively

10
YTD 2014 YTD 2015
$883
$1,075
Solid Balance Sheet and Strong Free Cash Flow Generation
Jun 30,
2015
Sep 30,
2015
Cash $367 $398
Short-term
Investments
$484 $385
Total Debt $6,061 $6,126
Total Aon
Shareholders’
Equity
$6,398 $5,883
Debt to EBITDA 2.5x 2.6x
Balance Sheet
($ mil)
1 Free cash flow is defined as cash flow from operations less capital expenditures. This non-GAAP measure does not imply or represent a precise
calculation of residual cash flow available for discretionary expenditures. A reconciliation of free cash flow to the corresponding U.S. GAAP
measure can be found in Appendix A of this presentation.
Cash Flow from Operations
($ mil)
Free Cash Flow 1
($ mil)
Cash Flow Commentary:
 22% growth in cash flow from operations primarily reflects working capital
improvements, underlying operational improvement, and a decline in cash
paid for pension contributions and restructuring
 Free cash flow reflects significant growth in cash flow from operations,
partially offset by a $46 million increase in capital expenditures
 We expect to deliver double-digit free cash flow growth for the full year
2015, despite a significant cash outlay related to the settlement of legacy
litigation incurred in the second quarter and unfavorable FX translation
YTD 2014 YTD 2015
$704
$850

11
$256 $270 $245 $252
$316
$220
$212 $160
$82
$31
$21
$12
2014 2015e 2016e 2017e
Capital Expenditures Pension Contributions Restructuring - Cash
Significantly Increasing Free Cash Flow1 Generation
Declining Required Uses of Cash ($ millions)
$654
$521
$478
$424
1 Free cash flow is defined as cash flow from operations less capital expenditures. This non-GAAP measure does not imply or represent a precise calculation
of residual cash flow available for discretionary expenditures.
2 Estimate based on current actuarial assumptions as of December 31, 2014 measurement date.
Free Cash Flow ($ millions)
$360
$603
$777
$1,150
$1,404 $1,386
$2,300
2009 2010 2011 2012 2013 2014 2017
Target
Key Drivers:
1. Operational improvement as the firm continues to
deliver growth and make progress towards its long-
term operating margin targets
2. Declining required uses of cash for pensions and
restructuring
3. Lower cash tax payments reflecting the lower
effective tax rate
4. Working capital improvements as the firm focuses
on closing the gap between receivables and
payables
Anticipated increase of $230
million annually to FCF
2

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Summary – Continued Long-Term Value Creation
 Positioned for sustainable long-term growth in both Risk Solutions and HR Solutions
 Significant leverage to an improving global economy, interest rates and insurance pricing
 Investing in colleagues and capabilities around the globe to better serve clients
 Opportunity for long-term operating margin improvement with increased operating leverage in the business
 Strong balance sheet with opportunity for additional leverage while maintaining current credit ratings
 Positioned to significantly increase free cash flow generation going forward
 Increased financial flexibility and effective capital allocation is expected to drive significant shareholder value

14
Appendix A: Reconciliation of Non-GAAP Measures – Organic Revenue
and Free Cash Flow

15
Appendix B: Reconciliation of Non-GAAP Measures – Operating Margin
and Diluted Earnings per Share

16
Appendix C: Reconciliation of Non-GAAP Measures 2006-2009
Full Year ended December 31, 2006 Full Year ended December 31, 2007 Full Year ended December 31, 2008 Full Year ended December 31, 2009
(millions)
Risk
Solutions
HR
Solutions Unallocated Continuing
Risk
Solutions
HR
Risk
Solutions
HR
Risk
Solutions
HR
GAAP Disclosures
As Reported
Total revenue 5,855 892 (59) 6,688 6,403 860 (29) 7,234 6,728 825 (25) 7,528 6,835 737 23 7,595
Compensation and benefits 3,521 610 41 4,172 3,704 576 61 4,341 3,969 553 59 4,581 4,038 493 66 4,597
Other general expenses 1,527 246 (17) 1,756 1,652 197 41 1,890 1,812 165 30 2,007 1,794 144 39 1,977
Total operating expenses 5,048 856 24 5,928 5,356 773 102 6,231 5,781 718 89 6,588 5,832 637 105 6,574
Operating income (loss) 807$ 36$ (83)$ 760$ 1,047$ 87$ (131)$ 1,003$ 947$ 107$ (114)$ 940$ 1,003$ 100$ (82)$ 1,021$
Operating margin 13.8% 4.0% 11.4% 16.4% 10.1% 13.9% 14.1% 13.0% 12.5% 14.7% 13.6% 13.4%
Reclassifications
Other general expenses
Foreign currency remeasurement gains (losses) $ 1 $ 1 $ - $ 2 $ 14 $ (3) $ 2 $ 13 $ 38 $ 2 $ - $ 40 $ (30) $ (1) $ 5 $ (26)
Other income (expense)
Foreign currency remeasurement gains (losses) $ 2 $ 13 $ 40 $ (26)
Restated
Total revenue 5,855 892 (59) 6,688 6,403 860 (29) 7,234 6,728 825 (25) 7,528 6,835 737 23 7,595
Compensation and benefits 3,521 610 41 4,172 3,704 576 61 4,341 3,969 553 59 4,581 4,038 493 66 4,597
Other general expenses 1,528 247 (17) 1,758 1,666 194 43 1,903 1,850 167 30 2,047 1,764 143 44 1,951
Total operating expenses 5,049 857 24 5,930 5,370 770 104 6,244 5,819 720 89 6,628 5,802 636 110 6,548
Operating income (loss) 806$ 35$ (83)$ 758$ 1,033$ 90$ (133)$ 990$ 909$ 105$ (114)$ 900$ 1,033$ 101$ (87)$ 1,047$
Non-GAAP Disclosures
As Reported
Revenue - as adjusted $ 5,840 $ 892 $ (59) $ 6,673 $ 6,403 $ 860 $ (29) $ 7,234 $ 6,728 $ 825 $ (25) $ 7,528 $ 6,835 $ 737 $ 23 $ 7,595
Operating income (loss) - as reported 807 36 (83) 760 1,047 87 (131) 1,003 947 107 (114) 940 1,003 100 (82) 1,021
Restructuring charges 139 17 3 159 75 10 - 85 239 15 - 254 381 31 - 412
Amortization of intangible assets 38 - - 38 38 1 - 39 63 2 - 65 93 - - 93
Hewitt related costs - - - - - - - - 2 - - 2 - - - -
Legacy receivables write-off - - - - - - - - - - - - - - - -
Transaction related costs - proxy - - - - - - - - - - - - - - - -
Headquarter relocation costs - - - - - - - - - - - - - - - -
Pension curtailment/adjustment - - - - - - - - 6 1 1 8 (54) (20) (4) (78)
Anti-bribery and compliance initiatives - - - - - - - - 42 - - 42 7 - - 7
Resolution of U.K. balance sheet
reconciliation difference - - - - - - 15 15 - - - - - - - -
Benfield integration costs - - - - - - - - - - - - 15 - - 15
Reinsurance litigation - - - - 21 - - 21 - - - - - - - -
Gain on sale of Cambridge preferred stock
investment - - - - - - - - - - - - - - - -
Endurance - - - - - - - - - - - - - - - -
Contingent commissions (15) - - (15) - - - - - - - - - - - -
Operating income (loss) - as adjusted $ 969 $ 53 $ (80) $ 942 $ 1,181 $ 98 $ (116) $ 1,163 $ 1,299 $ 125 $ (113) $ 1,311 $ 1,445 $ 111 $ (86) $ 1,470
Operating margin - adjusted 16.6% 5.9% 14.1% 18.4% 11.4% 16.1% 19.3% 15.2% 17.4% 21.1% 15.1% 19.4%
Restated
Revenue, as adjusted $ 5,840 $ 892 $ (59) $ 6,673 $ 6,403 $ 860 $ (29) $ 7,234 $ 6,728 $ 825 $ (25) $ 7,528 $ 6,835 $ 737 $ 23 $ 7,595
1 1 - 2 14 (3) 2 13 38 2 - 40 (30) (1) 5 (26)
Reclassification - Foreign currency
remeasurement gains (losses)

17
Appendix C: Reconciliation of Non-GAAP Measures 2010-2013
Full Year ended December 31, 2010 Full Year ended December 31, 2011 Full Year ended December 31, 2012 Full Year ended December 31, 2013
(millions)
Risk
Solutions
HR
Risk
Solutions
HR
Risk
Solutions
HR
Risk
Solutions
HR
GAAP Disclosures
As Reported
Total revenue 6,989 1,545 (22) 8,512 7,537 3,781 (31) 11,287 7,632 3,925 (43) 11,514 7,789 4,057 (31) 11,815
Compensation and benefits 3,939 1,041 117 5,097 4,179 2,286 102 6,567 4,260 2,360 4,385 2,455
Other general expenses 1,743 383 63 2,189 1,944 1,147 23 3,114 1,879 1,276 1,864 1,284
Total operating expenses 5,682 1,424 180 7,286 6,123 3,433 125 9,681 6,139 3,636 6,249 3,739
Operating income (loss) 1,307$ 121$ (202)$ 1,226$ 1,414$ 348$ (156)$ 1,606$ 1,493$ 289$ (186)$ 1,596$ 1,540$ 318$ (187)$ 1,671$
Reclassifications
Other general expenses
Foreign currency remeasurement gains (losses) $ (21) $ - $ 3 $ (18) $ 1 $ 12 $ (3) $ 10
Other income (expense)
Foreign currency remeasurement gains (losses) $ (18) $ 10
Restated
Total revenue 6,989 1,545 (22) 8,512 7,537 3,781 (31) 11,287
Compensation and benefits 3,939 1,041 117 5,097 4,179 2,286 102 6,567
Other general expenses 1,722 383 66 2,171 1,945 1,159 20 3,124
Total operating expenses 5,661 1,424 183 7,268 6,124 3,445 122 9,691
Operating income (loss) 1,328$ 121$ (205)$ 1,244$ 1,413$ 336$ (153)$ 1,596$
Operating margin 19.0% 7.8% 14.6% 18.7% 8.9% 14.1%
As Reported
Revenue - as adjusted $ 6,989 $ 1,545 $ (22) $ 8,512 $ 7,537 $ 3,781 $ (31) $ 11,287 $ 7,632 $ 3,925 $ (43) $ 11,514 $ 7,789 $ 4,057 $ (31) $ 11,815
Operating income (loss) - as reported 1,307 121 (202) 1,226 1,414 348 (156) 1,606 1,493 289 (186) 1,596 1,540 318 (187) 1,671
Restructuring charges 115 57 - 172 65 48 - 113 35 66 - 101 94 80 - 174
Amortization of intangible assets 114 40 - 154 129 233 - 362 126 297 - 423 115 280 - 395
Hewitt related costs - 19 21 40 - 47 - 47 - - - - - - - -
Legacy receivables write-off - - - - 18 - - 18 - - - - - - - -
Transaction related costs - proxy - - - - - - 3 3 - - - - - - - -
Headquarter relocation costs - - - - - - - - - - 24 24 - - 5 5
Pension curtailment/adjustment - - 49 49 - - - - - - - - - - - -
Anti-bribery and compliance initiatives 9 - - 9 - - - - - - - - - - - -
Resolution of U.K. balance sheet
reconciliation difference - - - - - - - - - - - - - - - -
Benfield integration costs - - - - - - - - - - - - - - - -
Reinsurance litigation - - - - - - - - - - - - - - - -
Gain on sale of Cambridge preferred stock
investment - - - - - - - - - - - - - - - -
Endurance - - - - - - - - - - - - - - - -
Contingent commissions - - - - - - - - - - - - - - - -
Operating income (loss) - as adjusted $ 1,545 $ 237 $ (132) $ 1,650 $ 1,626 $ 676 $ (153) $ 2,149 $ 1,654 $ 652 $ (162) $ 2,144 $ 1,749 $ 678 $ (182) $ 2,245
Restated
Revenue, as adjusted $ 6,989 $ 1,545 $ (22) $ 8,512 $ 7,537 $ 3,781 $ (31) $ 11,287
Operating income (loss) - as adjusted $ 1,545 $ 237 $ (132) $ 1,650 $ 1,626 $ 676 $ (153) $ 2,149
(21) - 3 (18) 1 12 (3) 10
Operating income (loss) - as adjusted $ 1,566 $ 237 $ (135) $ 1,668 $ 1,625 $ 664 $ (150) $ 2,139
Operating margin - adjusted 22.4% 15.3% 19.6% 21.6% 17.6% 19.0%
Reclassification - Foreign currency
remeasurement gains (losses)

18
Full Year ended December 31, 2014
(millions)
Risk
Solutions
HR
GAAP Disclosures
As Reported
Total revenue 7,834 4,264 (53) 12,045
Compensation and benefits 4,396 2,518
Other general expenses 1,790 1,261
Total operating expenses 6,186 3,779
Operating income (loss) 1,648$ 485$ (167)$ 1,966$
Operating margin 21.0% 11.4% 16.3%
As Reported
Revenue - as adjusted $ 7,834 $ 4,264 $ (53) $ 12,045
Operating income (loss) - as reported 1,648 485 (167) 1,966
Amortization of intangible assets 109 243 - 352
Legal settlement 35 - - 35
Operating income (loss) - as adjusted $ 1,792 $ 728 $ (167) $ 2,353
Operating margin - adjusted 22.9% 17.1% 19.5%
Appendix C: Reconciliation of Non-GAAP Measures 2014

19
Appendix D: Intangible Asset Amortization Schedule
Intangible Asset Amortization by Segment
($ millions) 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
Risk Solutions $93 $114 $129 $126 $115 $109 $111 $100 $91 $78
HR Solutions - $40 $233 $297 $280 $243 $206 $172 $137 $91
Total $93 $154 $362 $423 $395 $352 $317 $272 $228 $169

Investor Relations
Scott Malchow
scott.malchow@aon.com
Office: +44 (0) 20 7086 0100
Erika Shouldice
erika.shouldice@aon.com
Office: 312-381-5957
Steven Krall
steven.krall@aon.com
Office: 312-381-3353

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