Preliminary Results for the year ended 31 st December 2011

2011 Preliminary Results Highlights Strong organic growth of 7% Increased contribution from high growth economies Benefits from investing for growth Improved trading margin Business Transformation Programme delivering additional savings Increased final dividend

2011 Financial 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 the impact of acquisitions, disposals and currency Growth (£m) Total revenue* % 8%7% Underlying trading profit** %10% Trading margin18.0%17.4% Underlying PBT** % Reported PBT % Underlying EPS (diluted)**45.3p40.5p12% Reported EPS (diluted)40.4p41.7p(3%) Dividend per share24.0p22.5p7% ActualCREOrganic

(£m) 2011GrowthCRE Organic2011CRE CRE2010 Total RevenueTrading ProfitTrading Margin Total Revenue & Trading Profit S trong organic revenue growth continues Retail %11%10% %23%24% London Market329.98%7%7% %21%21% Risk & Insurance %9%8% %22%22% Employee137.05%5%5% % 19%17% Benefits Thistle Insurance % 15%14% Services Central Costs ----(25.1)(25.1)(27.0) %8%7% %17.8%17.4%

(£m) Total RevenueTrading ProfitTrading Margin Retail Developing economies driving growth 2011GrowthCREOrganic 2011CRE CRE2010 Australasia %6%5% %28%28% Asia81.928%29%29% %23%21% Latin America48.819%19%19% %31%28% Canada30.0(1%)(2%)(2%) %13%16% Continental 20.9(4%)(7%)(17%)(0.6)(0.6)3.5(3%)(3%)16% Europe Insurance Management5.02%4%5% %8%6% South Africa0.3---(0.7)(0.7) %11%10% %23%24%

(£m) 2011GrowthCREOrganic 2011CRE CRE2010 Total RevenueTrading ProfitTrading Margin Continental Europe Northern Europe16.429%24%2% %21%18% Southern Europe 4.5(49%)(50%)(43%)(4.1)(4.0)1.2(88%)(88%)13% 20.9(4%)(7%)(17%)(0.6)(0.6)3.5(3%)(3%)16%

JLT Specialty %10%9% %20%21% Lloyd & Partners72.33%2%2% %22%24% JLT Re51.95%4%3% %21%21% %7%7% %21%21% (£m) JLT Specialty Investments delivering revenue growth 2011GrowthCREOrganic2011CRE CRE2010 Total RevenueTrading ProfitTrading Margin

(£m) Lloyd & Partners Challenging market 2011GrowthCREOrganic2011CRE CRE2010 Total RevenueTrading ProfitTrading Margin JLT Specialty %10%9% %20%21% Lloyd & Partners72.33%2%2% %22%24% JLT Re51.95%4%3% %21%21% %7%7% %21%21%

JLT Specialty %10%9% %20%21% Lloyd & Partners72.33%2%2% %22%24% JLT Re51.95%4%3% %21%21% %7%7% %21%21% (£m) JLT Re Expanding international presence 2011GrowthCREOrganic2011CRE CRE2010 Total RevenueTrading ProfitTrading Margin

UK & Ireland Employee Benefits137.05%5% %17% Total Revenue Trading Profit Trading Margin (£m) UK & Ireland Employee Benefits Changing market generating new opportunities 2011 GrowthOrganic

(£m) UK Thistle Insurance Services Maintaining positive underwriting discipline Total Revenue Trading Profit Trading Margin 2011 GrowthOrganic UK Thistle Insurance Services %14%

Simon Mawson Group Finance Director

Revenue Operating Costs(671.8)(616.4)(55.4) Underlying trading profit Associates after tax Net underlying finance costs(4.5)(3.5)(1.0) Underlying PBT Net exceptional costs(13.1)(10.7)(2.4) PBT Underlying tax expense(41.6)(37.7)(3.9) Non-recurring tax credit (10.8) Non-controlling interest(6.6)(4.2)(2.4) PAT (after non-controlling interest) (2.0) Underlying PAT (after non-controlling interest) Diluted EPS40.4p 41.7p(1.3p) Underlying diluted EPS45.3p40.5p4.8p Total dividend per share24.0p22.5p1.5p Change Profit & Loss (£m)

USD revenue protection Full Year Projections Forward rates Actual Hedging rates achieved as at 28 February 2012 $1.52$1.54$1.54$1.56$1.53 % Revenue hedged100%86%85%70%20% Market forward rates as at 28 February 2012$1.58$1.57$1.57$1.56 Blended rates post hedging$1.52$1.54$1.54$1.56$1.55 Value of 2011 revenue ($265m)£174m£172m£172m£170m£171m Approx YOY revenue impact£3m (£2m)- (£2m)£1m

Underlying operating Cost Ratio Variance (£m) Fees and commissions %741100%71 Operating costs: Staff costs % %48 Premises 425.1%405.4%2 Depreciation & amortisation 192.4%172.3%2 Travel & entertainment324.0%273.6%5 Other operating costs %9713.2%(1) % %56

2011 (£m) 2010 Breakdown of exceptional items Net exceptional costs: Business Transformation Programme costs Acquisition integration costs Partial offer costs1.9- Restructuring costs1.7- Other exceptional costs-(2.1) Taxation impact of exceptional items: Settlement of tax claims Tax on exceptional items

H Actual 2010 Actual H Fcast 30th June th June Actual (£m) Business Transformation Programme Incremental: One-off costs (7)(7)(9)(4) Associated benefits3875 Cumulative: One-off costs(7)(14)(23)(27) Recurring benefit

2010 Associates contribution after tax 2011 Associates Associate holdings at 1st March 2012 Siaci St HonoréFrance26% GrECo-JLTCentral & Eastern Europe20% Marine & Aviation-JLTItaly25% March-JLTSpain25% JLT SterlingMexico34%

Goodwill and intangibles Fixed assets2629(3) Associates and investments Net working capital and other Hedging contracts after deferred tax- (4)4 Net pension deficit after deferred tax(95)(56)(39) Other deferred net tax assets19163 Net debt (100)(76)(24) Net assets298303(5) Change Balance Sheet (£m)

Cash Flow (Operational basis) (£m) Underlying EBITDA Deduct: exceptional items paid(9)(11) EBITDA Deduct:Net interest associates & other(14)(6) Tax paid(42)(26) Net working capital increase(25)(44) Normal capex(35)(32) Net shares acquired (9)(5) Pension deficit funding(5)(4) Acquisitions / Disposals(22)(27) Dividends paid(53)(48) Foreign exchange(4)1 Net cash outflow(24)(34)

Dominic Burke Group Chief Executive

Total Revenue £m Underlying Trading Profit £m Underlying Diluted EPS Pence +72%+96%+90% 11.4% CAGR 14.4% CAGR 13.7% CAGR CAGR = 5 year Compound Annual Growth Rate

Business model resilient despite headwinds Soft rating environment Interest rates at historic lows Aggressive competition Weaker consumer demand and business confidence Weak and volatile macro-economic environment

Continuing to deliver growth Specialty focus –Specialty increasingly at the core of all our businesses –Expertise in delivering individual client solutions –Driving collaboration and knowledge sharing –Attracting and retaining the very best talent

Continuing to deliver growth Specialty focus International reach –Today a leading international broker network –Increasing exposure to faster growing economies –Accessing growing number of capital markets –Internationalisation of Employee Benefits –Expanded international presence

Continuing to deliver growth Specialty focus International reach Greater efficiency –3 year programme delivering annual savings of £23m for one-off cost of £27m –Savings invested back into the business –Moving from process efficiency to knowledge management

Market update The market may have finally reached an inflexion point in certain classes of business but the approach remains inconsistent. - JLTs prospects are more tied to GDP growth than market rates.

Outlook Our emphasis on being a client-first organisation continues to serve us well, as demonstrated by our strong growth record. Our strategy, built around growing our areas of specialty, strengthening our international footprint and driving greater efficiency, provides us with confidence that we will continue to make financial progress in 2012.

Total revenue growth components Organic Growth Acquisition/ Disposals Currency Impact Investment Income & Other Total Revenues Twelve months to December 2011 (%) Risk & Insurance Retail: Australasia5.3%-10.0%0.3%15.6% Asia28.7%-(1.2%)-27.5% Latin America18.6%0.1%0.1%(0.2%)18.6% Canada(2.2%)-0.9%0.3%(1.0%) Continental Europe(17.0%)10.1%3.2%-(3.7%) Insurance Management5.0%(0.6%)(2.8%)-1.6% 10.4%0.8%4.1%0.1%15.4% London Market: JLT Specialty9.4%-1.0%0.3%10.7% Lloyds & Partners1.9%-1.2%(0.1%)3.0% JLT Re2.8%1.4%0.4%-4.6% 6.6%0.2%0.9%0.2%7.9% Risk & Insurance growth8.4%0.5%2.4%0.1%11.4% Employee Benefits growth4.8%0.4%--5.2% Thistle Insurance Services growth(0.3%)--(0.1%)(0.4%) 7.3%0.5%1.8%0.1%9.7%

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

Cash and investments: Cash and cash equivalents Available-for-sale cash deposits: Current Less: fiduciary cash (insurance creditors)(483.6)(493.8) Own funds Borrowings: Committed borrowings(188.1)(142.3) Uncommitted/other borrowings(2.0)(3.1) (190.1)(145.4) Net debt(100.0)(76.1) Net debt £m

Currency impact on underlying PBT (A) Transactional impact UK subsidiaries (mainly USD) Overseas subsidiaries(1.9)(0.7) (B) Translational impact (mainly AUD, CAD & EUR) Total exchange effect Twelve months to December (£m)

Hedging positions100%86%85%70%20% Potential achieved rate if balance sold forward based off a spot rate of: (current rate) Foreign exchange exposure sensitivity Sensitivity to US Dollar income earned in the UK as at 28 th February 2012 (Assumed $265m revenue) Full Year Projections 2015

Achieved interest rates on investment income Sterling 0.5%0.6% US Dollars0.2%0.3% Australian Dollars4.5%4.3% Twelve months to December