JLT Investor Seminar

1. JLT Investor Seminar

2. Growing Aerospace Business Alan Griffin Chairman/CEO, JLT Reinsurance Brokers Limited

3. Our world of “Aviation” – Size and Shape

4. Our world of “Aviation” – The Insurance Buyers

5. Available Brokerage • Estimated brokerage available from target sectors • USD 250 million (GBP 160 million)

6. Aerospace Brokers – A History

7. A Simple Objective “To become the leading aviation insurance broker by any measure”

8. A Strong Springboard • We had: • A recognised brand • A strong balance sheet • Shareholder pedigree • Recognised leadership • Senior management commitment • A reputation for delivery

9. As at 1st January 2009 Broker Comparison Airline Market Share JLT Based on JLT airline database and known airline account moves

10. Strategic Investment Needed • We lacked: • Depth of resource • Distribution

11. Today’s Global Team • We have hired senior professionals with proven track records • We have hired the “next generation” leadership • Our total dedicated aerospace staff has increased by 40% • Internationally we are expanding our distribution by having aviation expertise in Group offices (e.g. Singapore, Hong Kong, Taipei, Beijing, Sydney, Jakarta, Dubai, Madrid, Mexico, Rio, Lima, Vancouver, Calgary) • In the USA we have dedicated Aerospace offices in Herndon, Chicago, Atlanta and Houston

12. New Wins Since April 2009

13. As at 16th September 2010 As at 1st January 2009 Broker Comparison Airline Market Share JLT Based on JLT airline database and known airline account moves

14. Summary We are on track to meet our objective: “To become the leading aviation insurance broker by any measure”

15. “JLT came top in the aviation insurance class which is testament to our growing aviation practice which continues to go from strength to strength.”

16. Delivering Sustainable Growth - Australia Leo Demer CEO, Australia & New Zealand

17. Australasian Operations • Australasian operations have been a significant contributor to Group profits Offices ~ 21 Staff ~ 850

18. JLT Australia – Historical Profile • Historically structured geographically within the region • Very strong market position in public sector • But low growth in highly competitive corporate risks business

19. The Opportunity • Growing economy • High-growth sectors including natural resources, which match JLT’s specialist strengths • Potential to increase penetration in the corporate sector • Increasing opportunity to market innovative solutions in employee benefits

20. How JLT is Targeting the Opportunities 1. Restructuring to deliver specialist expertise to high-growth segments, building on the success of London Market initiatives - Energy and mining - Aviation - Financial institutions - Construction 2. Leveraging strong public sector capabilities to drive growth in corporate sector (e.g. workers’ compensation) 3. Increased focus on employee benefits, transferring UK capabilities including Benpal

21. Australia Business Mix 2009 Pro Forma revenue

22. Opportunities by Operating Division • Public Sector • Leveraging off our strength in the Local Authority area to more directly appeal to State and Federal Government instrumentalities. Retains a geographical base. • Utilising expertise to drive growth in the private sector • Exploiting opportunities for Australia to export its expertise in public sector type business to other parts of the Group (e.g. Canada) 38%

23. Opportunities by Operating Division • Echelon • Exploiting the intellectual capital developed in the Public Sector for Private Sector including: • Risk Management • Claims Management • Workers’ Comp /Employers’ Liability • Loss adjusting 10%

24. Opportunities by Operating Division • Specialty • Aligning capabilities to high growth segments and building out resource • Re-enforcing collaboration across the Group including joint venture initiatives (e.g. energy) • Providing clients with access to greater resources and intellectual capital • Working with other offices to develop a new “Service Approach” which provides 9 tools and services 26%

25. Opportunities by Operating Division • Thistle • High volume, low value business capable of being placed into Thistle underwriting facilities • The introduction of the Thistle business model • Expanding affinity marketing products in Australia with new products developed in the UK 23%

26. Opportunities by Operating Division 3% • Employee Benefits • Roll-out of innovative solutions such as BenPal • Transfer of EB expertise to Australia from the UK • Ambition to add further resource, both individuals and potentially by acquisition

27. JLT Latin America - Brazil Vyvienne Wade CEO, Latin America

28. JLT Latin America # JLT Sterling Mexico # Lorant JLT Colombia Retail, Medellín JLT Colombia Retail Bogotá JLT Colombia Re, Bogotá JLT Colombia Retail, Cali JLT Peru Retail, Lima JLT Re Brazil JLT Peru Re, Lima JLT Retail Brazil, Ribeirão Preto JLT Brasil, Rio de Janeiro JLT Brasil, São Paulo • Regional Economic Features: • Economic Growth – impact of recession, banking crisis • Political stability • Growing middle class (2002-2008 40m Latin Americans of a total population of 580m lifted out of poverty) • Produce commodities and food • Main countries Brazil, Mexico, Colombia, Peru and Chile (75% GDP, 70% population) # - Associates not subsidiaries JLT Offices

29. Latin America Major Economic Sectors within Territories. All economies which have strong growth sector match with JLT Specialisms GDP growth in JLT LATAM Countries Figures in % * Forecast

30. Regional Financial Statistics for subsidiary LATAM business (Historic) REINSURANCE RETAIL CONSOLIDATED All figures in £ ‘000’s 2007 2008 2009 Additional LATAM revenue to London businesses: 2009 £7.7 million, 12 months to 30/06/2010 £9.1 million. Profit Margin = Trading Project Margin 1st half 2010 results– showed continuing progress at revenue and pbt line

31. Main Developments since the Beginning of 2009 • Mexico • restructured ownership of reinsurance business – joined with our retail partners • acquired a small stake in our long term retail partners • Peru • continued to improve profit margin • increased market share • innovation – Gas Taxi Finance Scheme (Harvard Business Review) • Colombia Retail • continued shift of focus of portfolio towards private accounts • continued to increase market share • continued improvement in profit margin • Colombia Reinsurance • recruitment of a couple of senior producers, succession • dominant position for construction risks – won all major construction projects in Colombia in last 12 months (Reficar US$4.5bn, Hidrosigamoso US$1.5bn, Porce 4 US$1bn, Hidro Ituango US$2.5bn) • deployment of captives to win and retain large accounts

32. BrazilMacroeconomic Overview Key Facts • 10th largest economy in the world (2009 GDP of US$1.6tn) forecast to be 5th by the end of the decade • Population: 192 million – (life expectancy 1980, 61.5 – 2010, 72.3) • High levels of inward and outward FDI (from January to May 2010, US$11.2bn was invested abroad by Brazilian companies) Growth Drivers • Preconditions for growth • Low and stable inflation • Stable currency • Interest rates low by historical standards • Political stability • Fundamentals • Growing middle class – fuelling domestic demand • Natural resource wealth (oil, gas, agriculture) • Stable democracy • Vibrant private sector following privatisation of major industries (e.g. telecoms, banking) a decade ago

33. BrazilGrowth Enablers Match JLT Capabilities Oil Reserves • Current Proven Reserves of circa 14bn barrels • Estimated pre-salt reserves of 50bn barrels Renewable Energy • World’s largest producer of ethanol • Hydro and biomass significant parts in energy mix Infrastructure Projects • 857 projects scheduled by 2030 – investments of US$3.8tn • Government to invest US$492bn through public infrastructure initiatives • World Cup 2014 and Olympic Games 2016 expected to generate more than US$60bn in investment Agrobusiness • 77mn ha cultivated, additional potential 100mn ha • Largest global producer of sugar, coffee, soya extract, ethanol Growing Middle Class • Over 20 million people have moved into “class C” since 2005 • 46% of population middle class • Rising average incomes • Significant potential for credit expansion given relatively low levels of consumer borrowing Specialist Risk & Insurance Expertise • Opportunities to leverage JLT’s specialist industry expertise in areas such as oil and gas, energy, construction and renewables (e.g. GCube) construction Innovative Distribution Solutions • Opportunities to provide innovative distribution solutions for commoditised products (e.g. Thistle) Employee Benefits • Opportunities to develop employee benefits presence to serve growing demands for private healthcare from middle-class employees and ageing population

34. Brazil: Insurance Market:Low Insurance Penetration: Opportunity • Attractive insurance industry growth prospects • GDP Growth • Rising insurance penetration • Effective regulation (SUSEP) Insurance Penetration (% of GDP) Sources: Brazil figures from Fenaseg (national insurance association), SUSEP, ANS, IPEADATA. Figures for other countries from Swiss Re.

35. Brazilian Insurance Market Premium Total Premium ~ US$ 49 billion Non-Life ~ 22% of total Life & Affinity ~ 78% of total (2004 – 2009 13% ave. annual premium growth) Broker Market By law brokers must intermediate all insurance/reinsurance Competitive : 65,000 + brokers Largest 3: Aon, Marsh, MDS/Lazam – JLT 8th Position Retail (1st Reinsurance)

36. JLT Brazil Progress to date… • extensive new hirings • increase insurance market awareness of JLT • restructured business model – no co-brokers • focus on Employee Benefits and deployment of BenPal • alignment of reinsurance and retail business Next steps… • more hirings of specialist experts • bolt on acquisitions in key areas (likely EB, construction, cargo) • use of Thistle Model • develop EB/health insurance business: broaden service product offering and BenPal – unique selling point Broking market competitive but JLT now well positioned

37. Asia Financial Review Warren Merritt CEO, Jardine Lloyd Thompson Asia

38. Strong Asia Presence Asian Opportunities • Combined Population: >2 billion • Combined GDP: US$12.9 trillion • Estimated Combined Non-Life Premiums: US$166.7 billion Korea: 23 Japan: 29 China: 56 Taiwan: 23 Hong Kong/Macau: 162 Philippines: 48 Thailand: 47 Vietnam: 7 Malaysia: 46 Present in 12 territories across Asia. Singapore: 241 Total Asia: 727 Indonesia: 45

39. Continued investment in specialist lines Specialist strengths of JLT Asia • Affinity: • Motor • Phones • Computers • Aviation: • Strong presence • Major growth • Captives: • 9 Captives under management • Reinvigoration and new investment; • Hubs in HK and Singapore - FIFO; • Alignment with growing wealth in Asia; • Increasing buyer sophistication and demand; • In-house IT solutions, creating value. • Capital Risks: • Bank relationships • Terrorism • Construction: • Major global projects from KIA, CIA & JIA • Energy: • Strong Const Development • CIA / JIA • Employee Benefits: • RM approach • IT solutions • Hyper Inflation • JLTi: • Leading in house • IT developer • Corporate Risks: • Increasing • regional and • global needs • Marine: • Marine strategy being formulated • SMEs: • Schemes and facilities developed. • ProEx: • Emerging local banks • RM focus (M Bar) • Property: • Major market in Singapore; • Increasing assets (Int / Reg) • Life • Increase in No • of HNWI • Risk Management: • Increasing sophistication • ARC Support

40. Jardine Matheson The Jardine Matheson Group also includes Jardine Pacific and Jardine Strategic, which are holding companies.

41. About the Client JLT’s Solution General Situation • PHaRMa • Efficient online administration • Online administration • RM via in house medical professionals • Interactive data mining • Delivery of cost solution within budget • Large Indonesian bank • 25,000 employees including subsidiary Adira Finance • Increasing costs, particularly relating to medical cover • Inefficient administration • Insufficient information • Lack of RM/Consultancy approach – “Direct” Innovation in Employee Benefits A major publicly listed bank in Indonesia

42. Strong financial performance Financial Highlights Revenue: 2005 - 2009 • Consistent growth in a difficult economic environment in contrast to our major competitors • Revenue increased by 25% while trading profit increased by 29% at Actual Rates and 8% and 13% at CRE respectively (2008 - 2009) • 1H 2010 on track • Geographic and Specialty traction with further investments in Human Resources Trading Profit: 2005 - 2009

43. JLT Investor SeminarSeptember 21st 2010 Adrian Girling Thistle Insurance Services

44. Creation of Thistle UK Retail Insurance Broking activities Advisory operations Non-Advisory division (JLT Limited) 2009 Revenues of £20m 2009 Revenues of £32m Thistle proforma annualised 2009 revenues of £35m

45. Principal aims • To change the business model • To be an underwriting and facilities distribution business • Targeting scheme, affinity and small P&C business • We are not operating as a Broker • The Group’s balance sheet is not used to underwrite risk • We will be a marketing led business focusing on the design, underwriting and distribution of insurance products • Direct, via Affinities and Third Party Brokers • Online, call centre and traditional distribution • We aim to become an International business of scale, the third leg of the Group

46. Defining the opportunity • UK start • But with global ambitions • 2011 target GWP to This is £100 million • JLT's embedded business • Already identified and transferring • Selective in our approach • Non JLT brokers • Significant network • More product to be developed and distributed • Target client base is growing • Scheme and affinity business • Acquisitions • We will remain alert for acquisition opportunities

47. Typical financial model Introducing Broker Commission Thistle Administration charge Insurer Return on capital Net Written Premium Thistle typically shares 50% of difference between claims costs and Net Written Premium. Thistle does not share in any losses Chart not to scale

48. Capacity • Capacity for main This facility is provided by Brit • But will be expanded to include additional markets • MGA facilities continue where appropriate • MGU Facility year starts 1/6 • Profit share accounting treatment as below • Potential of This is to become Lloyd’s syndicate Binder year Accounting year 2009 2010 2011 2012 2009/10 20% 20% 50% 10%

49. Target Market Technology Underwriting Distribution Process Capacity Key drivers High volume, low premium Web based, automated quotes with flexibility to refer to underwriting Thistle where appropriate. If not common financial model Third Party Brokers and within JLT direct and via Affinities System enabled with input by brokers/JLT and automated outputs quotes, documentation and claims Insurers but longer term potential to move towards own capital management

50. International aspirations • Managed locally but collaborating internationally • Sharing processes, operating platforms and underwriting procedures and disciplines established in the UK