Distinctive. Choice. Interim Results for the six months ended 30 th June th JULY 2010

2010 Interims Organic turnover growth of 6% –Market leading growth Employee Benefits –Successful integration of HSBC Actuaries & Consultants and iimia Wealth Management acquisitions Business Transformation Programme –On track Adding power to the JLT international brand –Building the JLT International Network capabilities, international roll-out of specialisms, Thistle, Employee Benefits Continuing investment to maintain strategic momentum

Total revenue* %13%6% Underlying trading profit** %3% Trading margin18.7%18.5% Underlying PBT** % Reported PBT % Underlying EPS (diluted)**23.6p19.3p22% Reported EPS (diluted)27.0p19.9p36 % Dividend per share8.8p8.5p 2010 Interim highlights * Total revenue comprises fees and commissions and Investment Income * *Underlying results exclude exceptional and non-recurring items CRE is constant rates of exchange Organic growth is on fees and commissions excluding acquisitions, disposals and the impact of currency ActualCREOrganic Growth Six months to June (£M)

Retail %11%9% %24%20% London Market %4%5% %23%25% Risk & Insurance %7%7% %23%23% Employee Benefits64.850%50%4% %14%15% Thistle Insurance Services %11%-(0.8)(0.8)(0.1)(5%)(5%)(1%) Central Costs----(12.8)(12.8)(6.1) %13%6% %17%18% Total RevenueTrading ProfitTrading Margin 2010GrowthCREOrganic2010CRE CRE2009 Total revenue & trading profit Six months to June (£M)

Australasia56.124%2%2% %31%28% Asia29.714%12%11% %21%24% Latin America19.957%42%22% %30%16% Canada13.917%7%7% %14%6% Continental Europe10.420%22%24%1.31.3(0.4)12%12%(5%) Insurance Management2.3(4%)(2%)(2%)(0.1)(0.1)(0.1)(4%)(4%)(4%) %11%9% %24%20% Total RevenueTrading ProfitTrading Margin 2010GrowthCREOrganic2010CRE CRE2009 Retail Six months to June (£M)

Jardine Lloyd Thompson Ltd89.610%4%6% %24%25% Lloyd & Partners34.812%3%4% %24%24% JLT Re39.712%4%5% %18%24% %4%5% %23%25% Total RevenueTrading ProfitTrading Margin 2010GrowthCREOrganic2010CRE CRE2009 Jardine Lloyd Thompson Limited Six months to June (£M)

Jardine Lloyd Thompson Ltd89.610%4%6% %24%25% Lloyd & Partners34.812%3%4% %24%24% JLT Re39.712%4%5% %18%24% %4%5% %23%25% Total RevenueTrading ProfitTrading Margin 2010GrowthCREOrganic2010CRE CRE2009 Lloyd & Partners Six months to June (£M)

Jardine Lloyd Thompson Ltd89.610%4%6% %24%25% Lloyd & Partners34.812%3%4% %24%24% JLT Re39.712%4%5% %18%24% %4%5% %23%25% Total RevenueTrading ProfitTrading Margin 2010GrowthCREOrganic2010CRE CRE2009 JLT Re Six months to June (£M)

Total Revenue Employee Benefits Employee Benefits64.850%4% %15% Six months to June (£M) Trading Profit Trading Margin 2010 GrowthOrganic

Thistle is an underwriting and distribution company –Writing small-ticket high-volume business –It is a marketing led organisation focusing on the design, underwriting and distribution of Thistle branded products –It distributes direct, through affinities, via third party brokers and online The Group’s balance sheet is not used to underwrite risk

2010 Growth Total Revenue Trading Profit Trading Margin Six months to June (£M) Thistle Insurance Services16.611%(0.8)(0.1)(5%)(1%) Trading Profit Trading Margin 2010 Growth Total Revenue

Distinctive. Choice. Jim Rush Group Finance Director Financial Review for the six months ended 30 th June 2010

Underlying trading profit Associates after tax Net underlying finance costs(0.6)(1.0)0.4 Underlying PBT Net exceptional (costs)/gains(3.6)1.6(5.2) PBT Underlying tax expense(20.4)(17.7)(2.7) Non-recurring tax credit11.0(0.1)11.1 Minority interests(2.0)(1.0)(1.0) PAT (after minorities) Underlying PAT (after minorities) Diluted EPS 27.0p19.9p7.1p Underlying diluted EPS23.6p19.3p4.3p Interim dividend per share8.8p8.5p0.3p 1H 20101H 2009Change Profit and Loss Six months to June (£M)

Underlying diluted EPS Pence 17.3p + 8% 19.3p + 12% p + 22% Interim dividend per share increased to 8.8p in 2010 from 8.5p in 2009 Six months to June

Business Transformation Programme Twelve months to December (£M) Actual F’castF’cast F’cast Cost savings: Additional benefit achieved in the year 383 Recurring benefit Exceptional one-off costs: Cost in the year (7) (8) (3) Cumulative cost(7)(15)(18) Full Year

Fees and commissions %310100%66 Operating costs: Staff costs % %37 Premises 205.3%185.8%2 IT costs 133.5%113.5%2 Travel & entertainment133.4%113.6%2 Other operating costs %3411.1% % %52 Six months to June (£M) Underlying operating cost ratio Change

Retail %55% London Market %77% Employee Benefits %1951% Thistle Insurance Services %216% Central Costs %7108% %4016% 2010 Underlying operating costs by business Actual Change Actual CRE 2009 Change Actual CRE Six months to June (£M)

Breakdown of exceptional and non-recurring items Six months to June (£M) Net exceptional costs: Business Transformation Programme costs(2.9) Integration of acquisitions (2.7) Other exceptional and non-recurring items2.0 (3.6) Exceptional and non-recurring tax credits: Tax saving on net exceptional and non-recurring costs0.7 Tax settlement credit

USD/GBP achieved FX rates Actual Hedging rates achieved as at 30 June 2010$1.54$1.72 Revenue % hedged85%85% Average market rates$1.53$1.59 Revenue % unhedged15%15% Actual achieved rates after hedging$1.54$1.72 Revenue % hedged + unhedged100%100% Value of $135m revenue in £M£88m£78m Approx YOY revenue impact in £M£10m 1H 20101H 2009 Six months to June

USD/GBP hedging positions Forward rates Average market rates Hedging rates achieved as at 27 July 2010$1. 72$1.55$1.51$1.53 Revenue % hedged100%85%80%70% Market forward rates as at 27July 2010$1.55$1.55$1.54 Revenue % unhedged15%20%30% Blended rates after hedging$1.55$1.52$1.54 Revenue % hedged + unhedged100%100%100% Actual achieved rates after hedging $1.72$1.55$1.52$1.54 Value of $260M revenue in £M£152m£168m£171m£169m Approx YOY revenue impact in £M£16m£3m(£2m) Actual Full Year Projections Twelve months to December

EBITDA 8673 Net interest & other(4)(12) Net working capital (84)(47) Tax paid(9)(15) Normal capex(14)(10) Acquisitions(8)(10) Dividends paid(28)(25) Foreign exchange1(6) Net cash outflow(60)(52) Underlying EBITDA90 73 Less: exceptional items paid(4)- Cash flow Six months to June (£M)

Change 30 June 2009 Goodwill and intangibles Fixed assets Associates and investments Net working capital and other Hedging contracts after deferred tax (2) 13(15) 8(10) Net pension deficit after deferred tax(83)(62)(21)(67)(16) Other deferred net tax assets Net debt (102) (61)(41)(42)(60) Net assets Balance sheet (£M) Change 31 Dec June 2010

Distinctive. Choice. Dominic Burke Group Chief Executive

Adding power to our international brand

Industry specialisation - a global principle UK Australasia Canada Asia ‘Creating the world’s leading specialty broker’ Adding power to our international brand

Thistle Insurance Services –Underwriting & distribution of branded, uniform products, targeting high volume, lower value risks. –Broad distribution through affinity marketing, direct, via third party brokers and online. –Thistle originated in the UK and is now being established in Australia, Canada and Asia ‘Managed locally but collaborating internationally’ Sharing processes, operating platforms and underwriting procedures and disciplines established in the UK Adding power to our international brand

Internationalisation of Employee Benefits Employee Benefits solutions for multi-national companies Adding power to our international brand

The JLT International Network

Market Update The general property and casualty market remains very soft with excess capacity continuing to chase market share. The exception being off-shore energy market which is seeing increases of 10% to 50%.

Outlook Trading activity in the first half of 2010 continued to be encouraging and this, coupled with the increasing benefits from the broad range of investments being made, comprising key hires, acquisitions and systems developments, gives us the confidence that we will continue to make financial progress for the full year. The momentum at JLT is continuing to build “ “

Distinctive. Choice. Interim Results for the six months ended 30 th June th July 2010

print as notes page! Additional financial info contents page

Total revenue growth components Organic Growth Six months to June (%) Risk & Insurance Retail: Australasia2%-22%-24% Asia11%2%2%(1%)14% Latin America22%19%15%1%57% Canada7%-10%-17% Continental Europe24%-(2%)(2%)20% Insurance Management(2%)-(2%)-(4%) 9%3%13%(1%)24% London Market: JLT Limited6%-6%(2%)10% Lloyds & Partners4%-9%(1%)12% JLT Re5%-8%(1%)12% 5%-7%(1%)11% Risk & Insurance growth7%1%9%(1%)16% Employee Benefits growth4%47%-(1%)50% Thistle Insurance Services growth-12%-(1%)11% 6%8%8%(1%)21% Acquisition Growth Currency Impact Investment Income & Other Total Revenues

Underlying EBITDA calculation Underlying trading profit Add-back: Amortisation of staff share options Depreciation and other amortisation Profit from associates Underlying EBITDA Six months to June (£M)

Cash and investments: Cash and cash equivalents Available-for-sale cash deposits: Non-current-5 Current Less: fiduciary cash (insurance creditors)(516)(527) Own funds5754 Borrowings: Committed borrowings(157)(113) Uncommitted/other borrowings(2)(2) (159)(115) Net debt(102)(61) Net debt £M 30 June June 2009

Currency impact on underlying PBT (A) Transactional impact UK subsidiaries (mainly USD) Overseas subsidiaries(0.3) (B) Translational impact (mainly AUD, CAD & EUR) Total exchange effect Six months to June (£M)

Foreign exchange exposure sensitivity 2010 To US Dollar income earned in the UK As at 27th July Full Year Projections Hedging positions85%80%70%40% Potential achieved rate if balance sold forward based off a spot rate of: (current rate)

Achieved interest rates on investment income Sterling 0.5%1.3% US Dollars0.2%0.9% months to 30 th June