Distinctive. Choice.

Interim Resultsfor the six months ended 30th June 2010

30th 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* 377.8 313.0 21% 13% 6%

Underlying trading profit** 70.7 57.8 22% 3%

Trading margin 18.7% 18.5%

Underlying PBT** 73.6 59.7 23%

Reported PBT 70.0 61.3 14%

Underlying EPS (diluted)** 23.6p 19.3p 22%

Reported EPS (diluted) 27.0p 19.9p 36 %

Dividend per share 8.8p 8.5p

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 exchangeOrganic growth is on fees and commissions excluding acquisitions, disposals and the impact of currency

2010 2009 Actual CRE Organic

GrowthSix months to June(£M)

Retail 132.3 24% 11% 9% 32.5 28.9 21.3 25% 24% 20%

London Market 164.1 11% 4% 5% 42.7 35.0 36.5 26% 23% 25%

Risk & Insurance 296.4 16% 7% 7% 75.2 63.9 57.8 25% 23% 23%

EmployeeBenefits 64.8 50% 50% 4% 9.1 9.1 6.2 14% 14% 15%

Thistle InsuranceServices 16.6 11% 11% - (0.8) (0.8) (0.1) (5%) (5%) (1%)

Central Costs - - - - (12.8) (12.8) (6.1) - - -

377.8 21% 13% 6% 70.7 59.4 57.8 19% 17% 18%

Total Revenue Trading Profit Trading Margin2010 Growth CRE Organic 2010 CRE 2009 2010 CRE 2009

Total revenue & trading profit

Six months to June(£M)

Australasia 56.1 24% 2% 2% 17.5 14.4 12.8 31% 31% 28%

Asia 29.7 14% 12% 11% 6.3 6.1 6.2 21% 21% 24%

Latin America 19.9 57% 42% 22% 5.7 5.4 2.1 28% 30% 16%

Canada 13.9 17% 7% 7% 1.8 1.8 0.7 13% 14% 6%

ContinentalEurope 10.4 20% 22% 24% 1.3 1.3 (0.4) 12% 12% (5%)

InsuranceManagement 2.3 (4%) (2%) (2%) (0.1) (0.1) (0.1) (4%) (4%) (4%)

132.3 24% 11% 9% 32.5 28.9 21.3 25% 24% 20%

Total Revenue Trading Profit Trading Margin

2010 Growth CRE Organic 2010 CRE 2009 2010 CRE 2009

Retail

Six months to June(£M)

Jardine LloydThompson Ltd 89.6 10% 4% 6% 24.2 20.5 20.6 27% 24% 25%

Lloyd & Partners 34.8 12% 3% 4% 9.4 7.9 7.5 27% 24% 24%

JLT Re 39.7 12% 4% 5% 9.1 6.6 8.4 23% 18% 24%

164.1 11% 4% 5% 42.7 35.0 36.5 26% 23% 25%

Total Revenue Trading Profit Trading Margin

2010 Growth CRE Organic 2010 CRE 2009 2010 CRE 2009

Jardine Lloyd Thompson Limited

Six months to June(£M)

Jardine LloydThompson Ltd 89.6 10% 4% 6% 24.2 20.5 20.6 27% 24% 25%

Lloyd & Partners 34.8 12% 3% 4% 9.4 7.9 7.5 27% 24% 24%

JLT Re 39.7 12% 4% 5% 9.1 6.6 8.4 23% 18% 24%

164.1 11% 4% 5% 42.7 35.0 36.5 26% 23% 25%

Total Revenue Trading Profit Trading Margin

2010 Growth CRE Organic 2010 CRE 2009 2010 CRE 2009

Lloyd & Partners

Six months to June(£M)

Jardine LloydThompson Ltd 89.6 10% 4% 6% 24.2 20.5 20.6 27% 24% 25%

Lloyd & Partners 34.8 12% 3% 4% 9.4 7.9 7.5 27% 24% 24%

JLT Re 39.7 12% 4% 5% 9.1 6.6 8.4 23% 18% 24%

164.1 11% 4% 5% 42.7 35.0 36.5 26% 23% 25%

Total Revenue Trading Profit Trading Margin

2010 Growth CRE Organic 2010 CRE 2009 2010 CRE 2009

JLT Re

Six months to June(£M)

Total Revenue

Employee Benefits

EmployeeBenefits 64.8 50% 4% 9.1 6.2 14% 15%

Six months to June(£M)

Trading Profit Trading Margin

2010 Growth Organic 2010 2009 2010 2009

• 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 usedThe Group’s balance sheet is not usedto underwrite riskto underwrite risk

2010 Growth 2010 2009 2010 2009

Total Revenue Trading Profit Trading Margin

Six months to June(£M)

Thistle Insurance Services 16.6 11% (0.8) (0.1) (5%) (1%)

Trading Profit Trading Margin

2010 Growth 2010 2009 2010 2009

Total Revenue

Distinctive. Choice.

Jim RushGroup Finance Director

Financial Reviewfor the six months ended 30th June 2010

Underlying trading profit 70.7 57.8 12.9

Associates after tax 3.5 2.9 0.6

Net underlying finance costs (0.6) (1.0) 0.4

Underlying PBT 73.6 59.7 13.9

Net exceptional (costs)/gains (3.6) 1.6 (5.2)

PBT 70.0 61.3 8.7

Underlying tax expense (20.4) (17.7) (2.7)

Non-recurring tax credit 11.0 (0.1) 11.1

Minority interests (2.0) (1.0) (1.0)

PAT (after minorities) 58.6 42.5 16.1

Underlying PAT (after minorities) 51.2 41.1 10.1

Diluted EPS 27.0p 19.9p 7.1p

Underlying diluted EPS 23.6p 19.3p 4.3p

Interim dividend per share 8.8p 8.5p 0.3p

1H 2010 1H 2009 Change

Profit and Loss

Six months to June(£M)

Underlying diluted EPS

10

15

20

25

30

Pence

17.3p+ 8%

19.3p+ 12%

2008 20102009

23.6p+ 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)

2009 2010 2011Actual F’cast F’cast

F’cast

Cost savings:

Additional benefit achieved in the year 3 8 3Recurring benefit 3 11 14

Exceptional one-off costs:

Cost in the year (7) (8) (3)

Cumulative cost (7) (15) (18)

Full Year

Fees and commissions 376 100% 310 100% 66

Operating costs:

Staff costs 218 58.1% 181 58.4% 37

Premises 20 5.3% 18 5.8% 2

IT costs 13 3.5% 11 3.5% 2

Travel & entertainment 13 3.4% 11 3.6% 2

Other operating costs 43 11.5% 34 11.1% 9

307 81.8% 255 82.4% 52

Six months to June(£M)

Underlying operating cost ratio

2010 2009 Change

Retail 100 90 85 15 17% 5 5%

London Market 121 119 112 9 9% 7 7%

Employee Benefits 56 56 37 19 51% 19 51%

Thistle InsuranceServices 17 17 15 2 16% 2 16%

Central Costs 13 13 6 7 108% 7 108%

307 295 255 52 20% 40 16%

2010

Underlying operating costs by business

ActualChange

Actual CRE2009 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 items 2.0

(3.6)

Exceptional and non-recurring tax credits:

Tax saving on net exceptional and non-recurring costs 0.7

Tax settlement credit 10.3

11.0

2010

USD/GBP achieved FX rates

Actual

Hedging rates achieved as at 30 June 2010 $1.54 $1.72

Revenue % hedged 85% 85%

Average market rates $1.53 $1.59

Revenue % unhedged 15% 15%

Actual achieved rates after hedging $1.54 $1.72

Revenue % hedged + unhedged 100% 100%

Value of $135m revenue in £M £88m £78m

Approx YOY revenue impact in £M £10m

1H 2010 1H 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 $1.53Revenue % hedged 100% 85% 80% 70%

Market forward rates as at 27July 2010 $1.55 $1.55 $1.54Revenue % unhedged 15% 20% 30%

Blended rates after hedging $1.55 $1.52 $1.54Revenue % hedged + unhedged 100% 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 2009 2010 2011 2012

Full Year Projections

Twelve months to December

EBITDA 86 73Net 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 exchange 1 (6)

Net cash outflow (60) (52)

Underlying EBITDA 90 73Less: exceptional items paid (4) -

Cash flow

2010 2009

Six months to June(£M)

Change30 June

2009

Goodwill and intangibles 267 224 43 252 15

Fixed assets 29 25 4 28 1

Associates and investments 44 42 2 44 -

Net working capital and other 93 32 61 7 86

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 14 11 3 9 5

Net debt (102) (61) (41) (42) (60)

Net assets 260 224 36 239 21

Balance sheet

(£M)

Change31 Dec 2009

30 June 2010

Distinctive. Choice.

Dominic BurkeGroup 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

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 Resultsfor the six months ended 30th June 2010

30th July 2010