1. INTERIM RESULTS 2014

3. 2014 Interim Results Highlights  Organic revenue growth of 6%  Underlying PBT up by 15%  Strong performances from Asia, Latin America and International Employee Benefits  Good progress in Towers Watson Re integration  Continuing investment in the business through acquisitions in Hong Kong, Brazil and the UK and a start up operation in Argentina  Business Transformation Programme on track  Increased interim dividend

4. INTERIM RESULTS 2014 Growth 2014 Interim Financial Highlights 1Total revenue comprises fees, commissions and investment income 2Underlying results exclude exceptional items 3CRE = constant rates of exchange 4Organic growth is based on total revenue excluding the effect of currency, acquisitions, disposals and investment income 20142013ActualCRE 3 Organic 4 6 months to June (£m) Total revenue 1 559.6487.215%22%6% Underlying trading profit 2 110.592.819%31% Underlying profit margin 2 19.7%19.0% Underlying PBT 2 107.493.115% Reported PBT98.485.116% Underlying EPS (diluted) 2 33.6p29.7p13% Reported EPS (diluted)30.3p26.9p13% Dividend per share10.6p10.1p5%

5. INTERIM RESULTS 2014 Total Revenue and Trading Profit Risk & Insurance429.615%24%5%94.9104.682.722%23%22% Employee Benefits130.013%18%12%26.027.521.120%20%18% Central Costs --- -(10.4)(10.4)(11.0)--- 559.615%22%6%110.5121.792.819.7%20.4%19.0% Trading Margin 2014CRE2013 Total Revenue Trading Profit 2014CRE2013 6 months to June (£m) 2014GrowthCREOrganic

6. INTERIM RESULTS 2014 Trading Margin 2014CRE2013 Risk & Insurance Organic revenue growth of 4% Lower trading profit due to tougher trading conditions Notable new business wins and strong new business pipeline Intensifying insurance rating and FX headwinds 2014 full year overall financial performance anticipated to be broadly similar to 2013 JLT Specialty Highlights Total Revenue Trading Profit 2014CRE2013 JLT Specialty112.32%4%4%16.417.517.815%15%16% 6 months to June (£m) 2014GrowthCREOrganic

7. INTERIM RESULTS 2014 Good first trading period for combined business Integration progressing well; encouraged by support of cedants and strength of sales pipeline Significant growth opportunity, that we are continuing to invest in Expecting that full year trading margin will be broadly flat to the previous year due to: –Ongoing investment –Sharp decline in reinsurance rating environment –Strengthening of sterling Trading Margin 2014CRE2013 Total Revenue Trading Profit 2014CRE2013 Highlights 6 months to June (£m) 2014GrowthCREOrganic Risk & Insurance JLT Towers Re JLT Towers Re110.0125%137%6%33.235.614.730%31%30%

8. INTERIM RESULTS 2014 Risk & Insurance JLT Australia & New Zealand Organic revenue growth of 7%, in part benefiting from phasing of business into 1H Fall in revenue and trading profit due to adverse FX movements A strong performance given fierce broker competition and fall in insurance rates Public Sector business continues to perform well Benefiting from aligning business along specialty lines to drive growth Trading Margin 2014CRE2013 Total Revenue Trading Profit 2014CRE2013 JLT Australia & NZ64.5(10%)7%7%22.626.925.435%35%35% Highlights 6 months to June (£m) 2014GrowthCREOrganic

9. INTERIM RESULTS 2014 Risk & Insurance Lloyd & Partners Revenues decreased by 3%; flat at constant rates of exchange Continuing to invest in building leading specialty capabilities Surplus of capital in domestic markets currently impacting competitiveness of London, European and Bermuda markets Trading Margin 2014CRE2013 Total Revenue Trading Profit 2014CRE2013 Lloyd & Partners43.3(3%)-(1%)10.511.010.524%25%23% Highlights 6 months to June (£m) 2014GrowthCREOrganic

10. INTERIM RESULTS 2014 Strong organic revenue growth of 14% Trading profit increased 9%, or 19% at constant rates of exchange Specialty led strategy attracting clients and enabling us to continue to win market share Acquisition of Lambert Brothers adds to Marine and Corporate capabilities in Hong Kong Trading Margin 2014CRE2013 Total Revenue Trading Profit 2014CRE2013 Highlights 6 months to June (£m) 2014GrowthCREOrganic Risk & Insurance JLT Asia JLT Asia38.09%20%14%7.07.76.418%18%18%

11. INTERIM RESULTS 2014 Strong organic revenue growth of 17% 6% reduction in trading profit due to adverse FX movements Trading margin reduced as expected due to continuing investments Launched new start-up operation in Argentina Trading Margin 2014CRE2013 Total Revenue Trading Profit 2014CRE2013 Highlights 6 months to June (£m) 2014GrowthCREOrganic Risk & Insurance JLT Latin America JLT Latin America26.22%19%17%6.87.97.326%26%28%

12. INTERIM RESULTS 2014 Organic revenue growth of 1% in difficult market conditions Continuing to win new clients and secure further business from existing clients Building strong position in bulk-purchase annuity market including acquisition of Ensign Pension Administration Year-on-year financial progress anticipated in 2014 Trading Margin 2014CRE2013 Total Revenue Trading Profit 2014CRE2013 Highlights 6 months to June (£m) 2014GrowthCREOrganic Employee Benefits UK & Ireland UK & Ireland85.45%5%1%12.312.312.914%14%16%

13. INTERIM RESULTS 2014 Employee Benefits International Strong performance by JLT EB in Asia, with growing demand for healthcare in the region Asia high-net-worth life insurance broker maintains positive track record Latin America benefiting from increasing corporate spend on healthcare Acquisition of SCK during the period in Brazil Trading Margin 2014CRE2013 Trading Profit 2014CRE2013 6 months to June (£m)2014GrowthCREOrganic Total Revenue Asia30.635%49%42%11.112.27.536%36%33% Latin America9.339%63%30%2.63.01.228%27%17% Australia & NZ3.1(7%)12%12%0.30.3(0.3)10%10%(9%) Other1.665%98%11%(0.3)(0.3)(0.2)(19%)(19%)(17%) Highlights

14. INTERIM RESULTS 2014 Associates 6 months to June (£m)20142013Growth Total contribution to JLT after tax7.27.5(4%) Principal Associate Holdings % = JLT equity interest Highlights Siaci Saint HonoréFrance26% GrECoAustria20% MAG-JLTItaly25% March-JLTSpain25% JLT SterlingMexico36%  Reduced contribution reflecting poor macro economic conditions across most of Europe  Weighting of contribution towards the first half of the year expected to continue in 2014

15. INTERIM RESULTS 2014

16. Total revenue560100%487100%73 Operating costs: Staff costs32057.2%28157.7%39 Premises285.0%255.1%3 Depreciation & amortisation142.5%122.4%2 Travel & entertainment234.0%183.7%5 Other operating costs6411.6%5812.1%6 44980.3%39481.0%55 Underlying Operating Cost Ratio 6 months to June (£m)20142013Variance

17. INTERIM RESULTS 2014 USD Revenue Protection USD hedging rates achieved 1.561.531.54 as at 28th July 2014 Current USD hedged positions77%48%25% Forward USD rates as at 28th July 2014 1.701.691.67 Blended USD rates post hedging1.55 1.591.611.64 Value of 2014 revenue ($350m) £226m £220m£217m£213m Approx YOY revenue impact(£6m)(£3m)(£4m) Full Year Projections Forward rates Actual 2013201420152016

18. INTERIM RESULTS 2014 2014 impact of exchange rate movements  March guidance indicated that we were facing a potential £12.7 million reduction in profits due to the transactional and translational impact of adverse exchange rate movements  The impact at the half year was £11.2 million when compared to the same period in 2013  We expect further negative year-on-year impact if rates stay at current levels  Second half impact however likely to be less than first half as sterling strengthened significantly in the second half of 2013

19. INTERIM RESULTS 2014 Breakdown of exceptional items 6 months to June (£m)20142013 Exceptional costs: Acquisition and integration costs6.23.9 Business Transformation Programme costs2.83.8 St Botolph costs -0.3 9.08.0 Taxation impact of exceptional items: Tax on exceptional items 1.61.8

20. INTERIM RESULTS 2014 Balance Sheet Goodwill and intangibles523341182499 Fixed assets60441660 Associates and investments108109(1)107 Net working capital and other23317756137 Hedging contracts after deferred tax(5)(11)6(7) Net pension deficit after deferred tax(120)(100)(20)(106) Other deferred net tax assets511(6)15 Net debt(436)(228)(208)(345) Net assets36834325360 As at 30th June (£m) 20142013 Change 31 Dec 2013

21. INTERIM RESULTS 2014 Cash Flow (Operational Basis) EBITDA 138116 Deduct:Net interest (7)(3) Tax paid(18)(20) Net working capital increase(101)(62) Annual capex (31)(33) Net shares acquired(15)(18) Pension deficit funding(1)(7) Acquisitions/disposals(12)(11) Dividends paid(41)(39) Foreign exchange(1)1 Associates & other(2)(9) Net cash outflow(91)(85) 6 months to June (£m) 20142013

22. INTERIM RESULTS 2014 Group funding  Successful issue of additional long-term loan notes: £75 million of unsecured 2026 loan notes @ 4.27% Proceeds swapped to floating rate, currently @ 2.1% Used to refinance shorter term bank borrowings Extends debt maturity profile  Group committed debt facilities now total £636 million  Good balance between long and short term debt  Net debt/EBITDA ratio of 1.8:1

23. INTERIM RESULTS 2014 2014 Current estimate of full year exceptional items £m2014 Acquisition and integration costs12.2 Business Transformation Programme8.5 20.7

24. INTERIM RESULTS 2014 (£m) 2014 Full Year Forecast Business Transformation Programme Incremental: One-off costs (9.5)(8.5) Associated benefits7.3 4.7 Cumulative: One-off costs(9.5) (18.0) Recurring benefit7.312.0 2013 Actual 2013 Actual

25. INTERIM RESULTS 2014

26. Market Update  Speed of decline in insurance and reinsurance rating environment steepest since just before 9/11; pricing also fast approaching levels seen at that time Reinsurance rates fell by between 15-25% on average during the 1st June renewals Primary market seeing rating declines of 15-30% at present  Opportunistic buying environment for clients  Risk of a lack of underwriting discipline from certain capital providers poses threat to long term stability of the market  Brokers play an important role helping clients navigate current market  JLT’s long-term success tied more to economic growth than insurance rates

27. INTERIM RESULTS 2014 Outlook We are confident that we can deliver year-on-year financial progress, but we are more cautious over the outlook for the remainder of the year given the marked decline in the insurance and reinsurance rating environment over the last quarter and the continued strength of sterling. The strong organic revenue growth we achieved in the period despite these challenges, demonstrates the success of our strategy of focusing on our areas of specialisation and higher growth economies.

28. INTERIM RESULTS 2014

29. Supplementary Financial Information For the six months ended 30th June 2014 Contents Profit & loss Total revenue & trading profit by business segment Total revenue growth components EBITDA calculation Net debt Currency impact on underlying PBT Foreign exchange exposure sensitivity Achieved interest rates on investment income

30. INTERIM RESULTS 2014 Revenue559.6487.215% Operating Costs(449.1)(394.4)(14%) Underlying trading profit110.592.819% Associates after tax7.27.5(4%) Underlying net finance costs(10.3)(7.2)(43%) Underlying PBT107.493.115% Exceptional items(9.0)(8.0)(13%) PBT98.485.116% Underlying tax expense(26.8)(23.3)(15%) Tax on exceptional items1.61.8(5%) Non-controlling interests(6.6)(4.4)(49%) PAT (and non-controlling interests)66.6 59.213% Underlying PAT (and non-controlling interests)74.065.413% Diluted EPS30.3p26.9p13% Underlying diluted EPS33.6p29.7p13% Interim dividend per share10.6p 10.1p0.5p 6 months to June (£m)20142013Change Profit & loss

31. INTERIM RESULTS 2014 Total Revenue Risk & Insurance: JLT Specialty 112.32%4%4%16.417.517.815%15%16% JLT Towers Re110.0125%137%6%33.235.614.730%31%30% JLT Australia & NZ64.5(10%)7%7%22.626.925.435%35%35% Lloyd & Partners43.3(3%)-(1%)10.511.010.524%25%23% JLT Asia38.09%20%14%7.07.76.418%18%18% JLT Latin America26.22%19%17%6.87.97.326%26%28% Thistle UK16.14%4%3%(0.1)(0.1)(1.3)(1%)(1%)(9%) JLT Canada10.0 (28%)(18%)(18%)(1.6)(2.0)0.8(16%)(17%)6% JLT Middle East & Africa5.660%76%(27%)(0.1)(0.1)1.0(2%)(2%)28% JLT Insurance Management3.6(7%)-(3%)0.20.20.16%7%3% 429.615%24%5%94.9104.682.722%23%22% Employee Benefits: UK & Ireland85.45%5%1%12.312.312.914%14%16% Asia30.635%49%42%11.112.27.536%36%33% Latin America9.339%63%30%2.63.01.228%27%17% Australia & NZ3.1(7%)12%12%0.30.3(0.3) 10%10%(9%) Canada0.9(8%)7%6%(0.2)(0.2)-(22%)(22%)3% Middle East & Africa0.7---(0.1)(0.1)(0.2)(16%) (16%)- 130.013%18%12%26.027.521.120%20%18% Central Costs----(10.4)(10.4)(11.0)--- 559.615%22%6%110.5121.792.819.7%20.4%19.0% 6 months to June (£m) 2014GrowthCREOrganic Trading MarginTrading Profit 2014CRE2013 Total revenue & trading profit by business segment

32. INTERIM RESULTS 2014 Total revenue growth components AcquisitionInvestment OrganicDisposalIncomeCRE 6 months to June 2014 (%)GrowthImpact& OtherGrowth CurrencyTotal ImpactGrowth Risk & Insurance: JLT Specialty 3.6%0.7%-4.3%(2.0%)2.3% JLT Towers Re5.9%130.5%0.2%136.6%(11.4%)125.2% JLT Australia & NZ7.0% -(0.2%)6.8%(16.8%)(10.0%) Lloyd & Partners(1.2%)1.0%-(0.2%)(2.8%)(3.0%) JLT Asia14.1%5.6%0.1%19.8%(10.5%)9.3% JLT Latin America16.7%2.4%0.1%19.2%(17.3%)1.9% Thistle UK3.2%1.2%-4.4%-4.4% JLT Canada(18.0%)-0.1%(17.9%)(10.3%)(28.2%) JLT Middle East & Africa(26.9%)103.0%-76.1%(16.5%)59.6% JLT Insurance Management(2.6%) 2.3%-(0.3%)(6.6%)(6.9%) 4.7%19.1%-23.8%(8.4%)15.4% Employee Benefits: UK & Ireland1.5%3.5%-5.0%-5.0% Asia42.2%7.2%-49.4%(14.2%)35.2% Latin America30.1%32.7%-62.8%(23.5%)39.3% Australia & NZ11.5%--11.5%(18.0%)(6.5%) Canada6.3%-0.2%6.5%(14.5%)(8.0%) Middle East & Africa------ 11.6% 6.5%-18.1%(5.0%)13.1% Total6.3%16.2%-22.5%(7.6%)14.9%

33. INTERIM RESULTS 2014 6 months to June (£m)20142013 EBITDA calculation Underlying trading profit110.592.8 Add-back: Amortisation of staff share options9.18.1 Depreciation and other amortisation17.615.3 Profit from associates7.27.5 Other non-recurring items(6.4)(7.7) EBITDA138.0116.0

34. INTERIM RESULTS 2014 As at 30th June (£m)20142013 Net debt Cash and investments: Cash and cash equivalents838709 Available-for-sale cash investments and deposits: Current21 Non current1018 850728 Less: fiduciary cash (insurance payables)(731)(628) Own funds119100 Borrowings: Committed borrowings(533)(308) Uncommitted/other borrowings(22)(20) (555)(328) Net debt(436)(228)

35. INTERIM RESULTS 2014 Currency impact on underlying PBT A) Transactional impact UK subsidiaries(2.7)0.5 Overseas subsidiaries-(0.1) (2.7)0.4 B) Translational impact (8.3)0.6 Total exchange effect(11.0)1.0 6 months to June 2014 (£m)20142013

36. INTERIM RESULTS 2014 Full Year Projections Foreign exchange exposure sensitivity Sensitivity to USD income earned in the UK as at 28th July 2014 Current hedged position 77%48%25% Potential achieved rate if balance sold forward based off a spot exchange rate of: 1.631.58 1.581.59 1.651.581.591.60 1.70 (current spot)1.591.61 1.64 1.731.60 1.621.66 1.751.60 1.631.68 201420152016

37. INTERIM RESULTS 2014 Achieved interest rates on investment income 6 months to June20142013 Sterling0.3%0.4% US Dollars0.1%0.1% Australian Dollars3.1%3.0%

38. INTERIM RESULTS 2014 This presentation contains forward-looking statements with respect to the operations, performance and financial condition of Jardine Lloyd Thompson Group plc. By their nature, these statements are subject to risks, assumptions and uncertainties that could cause actual results to differ materially from those expressed or implied because they relate to future events. Unless otherwise required by applicable law, regulation or accounting standard, we do not undertake to publicly update any forward-looking statements, whether as a result of new information, future developments or otherwise. Nothing in this presentation should be construed as a profit forecast.