Willis Group Reports First Quarter 2009 Results

NEW YORK--(Business Wire)--
Willis Group Holdings Limited (NYSE: WSH), the global insurance broker, today
reported results for the quarter ended March 31, 2009. Highlights of the first
quarter include:

* Reported earnings per diluted share from continuing operations of $1.15
(adjusted $1.16)
* Adjusted earnings per diluted share from continuing operations of $1.30,
excluding year-on-year foreign exchange impact
* 19 percent reported growth in commissions and fees
* 2 percent organic growth in commissions and fees; International and Global
segments each with 5 percent growth
* Reported operating margin of 29.5 percent; adjusted operating margin of 29.8
percent
* Interim bridge facility reduced to $103 million at March 31, 2009

"We continue to deliver solid financial results in the face of global economic
and financial headwinds, despite an ongoing soft insurance market," said Joe
Plumeri, Chairman and Chief Executive Officer, Willis Group Holdings. "Our
revenue growth reflects the strength of our geographic and business line
diversity and our earnings and operating margin demonstrate our ability to
manage the expense base through these difficult times.

"We remain focused on top line growth while relentlessly managing costs through
our Right Sizing Willis initiative and the integration of HRH," Plumeri added.
"We have overcome various headwinds to our adjusted operating margin, including
lower investment income, higher pension expense, dilution from the HRH
acquisition, higher severance expense and unfavorable foreign currency impact in
the quarter. These factors combined had an unfavorable impact of over 900 basis
points, yet we were still able to deliver an adjusted operating margin of close
to 30 percent in the first quarter of 2009."

Financial Results

Reported net income from continuing operations for the quarter ended March 31,
2009 was $192 million, or $1.15 per diluted share, compared with $166 million,
or $1.16 per diluted share, in the same period a year ago. Reported first
quarter net income was significantly affected by the acquisition of Hilb Rogal &
Hobbs Company (HRH), certain other non-operating items and foreign currency
translation.

Excluding certain items, which are reviewed in detail in this release, adjusted
earnings per diluted share from continuing operations were $1.16 in the first
quarter of 2009 compared with $1.32 in the first quarter of 2008, a decrease of
12 percent. The results for the first quarter of 2009 were also significantly
impacted by foreign currency translation, which reduced earnings per diluted
share by $0.14 compared with the first quarter of 2008. This was primarily the
result of the significant strengthening of the US dollar relative to the Euro.

Total reported revenues for the quarter ended March 31, 2009 were $930 million
compared with $795 million for the same period last year, an increase of 17
percent. This increase was primarily due to the HRH acquisition. The effect of
foreign currency decreased reported revenues by 12 percent.

Organic growth in commissions and fees was 2 percent in the first quarter of
2009 compared with the first quarter of 2008. This growth reflected net new
business won of 7 percent offset, by a negative 5 percent impact from declining
premium rates and other market factors, such as higher commission rates, changes
in insured values and changes in limits and exposures. Continued strong client
retention levels and momentum from Shaping our Future growth initiatives, such
as Shaping our Future Marketing and Client Profitability, also contributed to
organic growth.

The International business segment contributed 5 percent organic growth in
commissions and fees in the first quarter of 2009 compared with the same period
in 2008. This growth came from steady net new business and continued traction
from Shaping our Future growth initiatives, which more than offset the soft rate
environment. Latin America, Asia and Europe performed well, especially Spain,
Denmark and Russia.

The North America segment reported a 5 percent decline in organic commissions
and fees compared with the first quarter of 2008, reflecting soft insurance
market conditions, the ongoing focus on the integration of HRH, as well as
increased weakness in the US economy, which has especially impacted the US
Construction and Financial Institutions practices. The operating margin in North
America expanded to 24.9 percent in the first quarter of 2009 as a result of HRH
integration synergies and management of the cost base.

The Global segment, which comprises Global Specialties and Reinsurance, recorded
5 percent organic growth in commissions and fees in the first quarter of 2009
compared with the first quarter of 2008. Global Specialties had positive organic
growth in commissions and fees across many specialty businesses, with especially
strong growth in Marine, Energy and Construction, while Reinsurance benefited
from strong net new business as well as a stabilizing rate environment to drive
strong positive organic growth.

Reported operating margin was 29.5 percent for the quarter ended March 31, 2009
compared with 28.3 percent for the same period last year. Excluding certain
items, adjusted operating margin was 29.8 percent for the quarter ended March
31, 2009 compared with 32.5 percent a year ago. Operating margin faced
significant financial headwinds that were tempered by good underlying business
performance and benefits from the ongoing expense review. The decline in the
adjusted operating margin reflected dilution from the HRH acquisition (410 basis
points), higher pension expense (220 basis points), higher severance expense
(180 basis points), lower investment income (70 basis points) and unfavorable
foreign currency impact (40 basis points).

Salaries and benefits were $480 million, or 51.6 percent of total revenue, in
the first quarter of 2009 compared with $411 million, or 51.7 percent, in the
first quarter of 2008. On an adjusted basis, salaries and benefits were $479
million, or 51.5 percent of revenues, in the first quarter of 2009 compared with
$396 million, or 49.8 percent, in the first quarter of 2008. The increase in
salaries and benefits on an adjusted basis reflected the acquisition of HRH,
higher pension expense ($20 million) and higher severance expense ($15 million),
tempered by diligent expense management and favorable foreign currency.

Other operating expenses were $138 million, or 14.8 percent of total revenues,
in the first quarter of 2009 compared with $149 million, or 18.7 percent, in the
first quarter of 2008. On an adjusted basis, other operating expenses in the
first quarter of 2009 were $136 million, or 14.6 percent of revenues compared
with $131 million, or 16.5 percent of revenues in the first quarter of 2008. The
increase in other expenses on an adjusted basis reflects the acquisition of HRH,
partially offset by synergies and cost savings from diligent cost management,
which resulted in an improvement in the other expenses to revenues ratio.

Tax

The effective underlying tax rate for the quarter ended March 31, 2009 was 26
percent, the same as the 2008 full year rate.

Discontinued Operations

Income from discontinued operations, net of tax was $1 million, or $0.01 per
diluted share, in the first quarter of 2009. Subsequent to the first quarter,
the Company entered into an agreement to dispose of Bliss & Glennon, its
US-based wholesale insurance operation. Consequently, Bliss & Glennon`s assets
and liabilities have been classified as held-for-sale and their results reported
as discontinued operations for the quarter. The transaction was finalized in
April 2009 for net proceeds of $39 million. No net gain or loss was recognized
relating to this transaction.

Capital

The Board of Directors declared a regular quarterly cash dividend on the
Company`s common stock of $0.26 per share, or an annual rate of $1.04 per share.
The dividend is payable on July 13, 2009 to shareholders of record on June 30,
2009.

As of March 31, 2009, cash and cash equivalents totaled $147 million and total
debt was $2.654 billion. Total stockholders` equity was $2.086 billion.

Conclusion

"We`re off to a good start in 2009 in an environment with significant economic
and financial headwinds," Plumeri said. "Our priorities for 2009 remain the
same: focus on growth with continued execution of Shaping our Future, the
integration of HRH and our ongoing expense review to right size Willis for the
current environment. With long-term capital in place, we continue to strengthen
the balance sheet and enhance our financial flexibility."

Conference Call and Web Cast

A conference call to discuss the first quarter 2009 results will be held on
Thursday, April 30, 2009, at 8:00 AM Eastern Time. To participate in the live
teleconference, please dial (866) 803-2143 (domestic) or +1 (210) 795-1098
(international) with a pass code of "Willis Q1". The live audio web cast (which
will be listen-only) may be accessed at www.willis.com. This call will be
available by replay starting at approximately 10:00 AM Eastern Time, and through
May 30, 2009 at 11:59 PM Eastern Time, by calling (866) 360-8717 (domestic) or
+1 (203) 369-0181 (international) with no pass code, or by accessing the
website.

Willis Group Holdings Limited is a leading global insurance broker, developing
and delivering professional insurance, reinsurance, risk management, financial
and human resource consulting and actuarial services to corporations, public
entities and institutions around the world. Willis has more than 400 offices in
nearly 120 countries, with a global team of approximately 20,000 Associates
serving clients in some 190 countries. Additional information on Willis may be
found at www.willis.com.

Forward-Looking Statements

We have included in this document ``forward-looking statements`` within the
meaning of Section 27A of the Securities Act of 1933, and Section 21E of the
Securities Exchange Act of 1934, which are intended to be covered by the safe
harbors created by those laws. These forward-looking statements include
information about possible or assumed future results of our operations. All
statements, other than statements of historical facts, included in this document
that address activities, events or developments that we expect or anticipate may
occur in the future, including such things as the potential benefits of the
business combination transaction involving Willis and HRH, our outlook and
guidance regarding future adjusted operating margin and adjusted earnings per
diluted share, future capital expenditures, expected growth in commissions and
fees, business strategies, competitive strengths, goals, the anticipated
benefits of new initiatives, growth of our business and operations, plans, and
references to future successes are forward-looking statements. Also, when we use
the words such as ``anticipate``, ``believe``, ``estimate``, ``expect``,
``intend``, ``plan``, ``probably``, or similar expressions, we are making
forward-looking statements.

There are important uncertainties, events and factors that could cause our
actual results or performance to differ materially from those in the
forward-looking statements contained in this document, including regional,
national or global political, economic, business, competitive, market and
regulatory conditions and the following:

* our ability to achieve the expected cost savings, synergies and other
strategic benefits as a result of the acquisition of HRH or the amount of time
it may take to achieve such cost savings, synergies and benefits expected to be
realized as a result of the integration of HRH with our operations,
* our ability to continue to manage our indebtedness,
* our ability to implement and realize anticipated benefits of the Shaping our
Future initiative and other new initiatives,
* our ability to retain existing clients and attract new business, and our
ability to retain key employees,
* changes in commercial property and casualty markets, or changes in premiums
and availability of insurance products due to a catastrophic event such as a
hurricane,
* volatility or declines in other insurance markets and the premiums on which
our commissions are based,
* impact of competition,
* the impact of insolvencies of clients or insurance companies resulting from an
economic downturn,
* the timing or ability to carry out share repurchases or take other steps to
manage our capital and limitations in our long-term debt agreements that may
restrict our ability to take these actions,
* a significant decline in the value of investments that fund our pension plans
or changes in our pension plan funding obligations,
* fluctuations in exchange and interest rates that could affect expenses and
revenue,
* rating agency actions that could inhibit ability to borrow funds or the
pricing thereof,
* domestic and foreign legislative and regulatory changes affecting both our
ability to operate and client demand,
* potential costs and difficulties in complying with a wide variety of foreign
laws and regulations, given the global scope of our operations,
* the impact of current financial market conditions on the results of our
operations and financial condition,
* changes in the tax or accounting treatment of our operations,
* our exposure to potential liabilities arising from errors and omissions claims
against us,
* the results of regulatory investigations, legal proceedings and other
contingencies, and
* the timing of any exercise of put and call arrangements with associated
companies.

The foregoing list of factors is not exhaustive and new factors may emerge from
time to time that could also affect actual performance and results. For
additional factors see also Part I, Item 1A ``Risk Factors`` included in Willis`
Form 10-K for the year ended December 31, 2008. Copies of the 10-K are available
online at http://www.sec.gov or on request from the Company.

Although we believe that the assumptions underlying our forward-looking
statements are reasonable, any of these assumptions, and therefore also the
forward-looking statements based on these assumptions, could themselves prove to
be inaccurate. In light of the significant uncertainties inherent in the
forward-looking statements included in this document, our inclusion of this
information is not a representation or guarantee by us that our objectives and
plans will be achieved.

Our forward-looking statements speak only as of the date made and we will not
update these forward-looking statements unless the securities laws require us to
do so. In light of these risks, uncertainties and assumptions, the
forward-looking events discussed in this document may not occur, and we caution
you against unduly relying on these forward-looking statements.

This press release includes supplemental financial information which may contain
references to non-GAAP financial measures as defined in Regulation G of SEC
rules. Consistent with Regulation G, a reconciliation of this supplemental
financial information to our generally accepted accounting principles (GAAP)
information is in the note disclosures that follow. We present such non-GAAP
supplemental financial information, as we believe such information is of
interest to the investment community because it provides additional meaningful
methods of evaluating certain aspects of the Company`s operating performance
from period to period on a basis that may not be otherwise apparent on a GAAP
basis. This supplemental financial information should be viewed in addition to,
not in lieu of, the Company`s condensed consolidated income statements for the
three months ended March 31, 2009 and balance sheet as at that date.

WILLIS GROUP HOLDINGS LIMITED
CONDENSED CONSOLIDATED INCOME STATEMENTS
(in millions, except per share data)
(unaudited)

Three months ended
March 31,
2009 2008
Revenues
Commissions and fees $ 915 $ 772
Investment income 13 22
Other income 2 1
Total revenues 930 795
Expenses
Salaries and benefits 480 411
Other operating expenses 138 149
Depreciation expense 14 13
Amortization of intangible assets 24 3
Net gain on disposal of London headquarters - (6 )
Total expenses 656 570
Operating Income 274 225
Interest expense 38 16
Income from Continuing Operations before Income Taxes and
Interest in
Earnings of Associates 236 209
Income taxes 62 60
Income from Continuing Operations before Interest in Earnings 174 149
of Associates
Interest in earnings of associates, net of tax 26 26
Income from Continuing Operations 200 175
Discontinued Operations, net of tax 1 -
Net Income 201 175
Net income attributable to noncontrolling interests (8 ) (9 )
Net Income attributable to Willis Group Holdings Limited $ 193 $ 166

WILLIS GROUP HOLDINGS LIMITED
CONDENSED CONSOLIDATED INCOME STATEMENTS (Continued)
(in millions, except per share data)
(unaudited)

Three months ended
March 31,
2009 2008
Earnings per Share - Basic and Diluted
Basic Earnings per Share:
Continuing Operations $ 1.15 $ 1.17
Discontinued Operations 0.01 -
Net Income attributable to Willis Group Holdings Limited
common
shareholders $1.16 $1.17
Diluted Earnings per Share:
Continuing Operations $ 1.15 $ 1.16
Discontinued Operations 0.01 -
Net Income attributable to Willis Group Holdings Limited
common
shareholders $1.16 $1.16
Average Number of Shares Outstanding
- Basic 167 142
- Diluted 167 143

Amounts attributable to Willis Group Holdings Limited common
shareholders:
Income from Continuing Operations, net of tax $ 192 $ 166
Income from Discontinued Operations, net of tax 1 -
Net Income $ 193 $ 166

WILLIS GROUP HOLDINGS LIMITED
SUMMARY DRAFT BALANCE SHEETS
(in millions) (unaudited)

March 31, December 31,
2009 2008
Assets
Cash & cash equivalents $ 147 $ 176
Fiduciary funds-restricted 1,803 1,854
Short-term investments 17 20
Accounts receivable, net 9,688 9,131
Fixed assets, net 305 312
Goodwill and intangibles, net 3,928 3,957
Investments in associates 293 273
Deferred tax assets 64 76
Pension benefits asset 134 111
Assets held for sale 69 -
Other assets 661 492
Total Assets $ 17,109 $ 16,402
Liabilities and Stockholders` Equity
Accounts payable $ 10,795 $ 10,314
Deferred revenue and accrued expenses 333 471
Deferred tax liabilities 12 21
Income taxes payable 107 18
Short-term debt 174 785
Long-term debt 2,480 1,865
Liability for pension benefits 244 237
Liabilities associated with assets held for sale 29 -
Other liabilities 849 796
Total Liabilities 15,023 14,507
Equity attributable to Willis Group Holdings Limited 2,033 1,845
Noncontrolling interests 53 50
Total Stockholders` Equity 2,086 1,895
Total Liabilities and Stockholders` Equity $ 17,109 $ 16,402

WILLIS GROUP HOLDINGS LIMITED

SUPPLEMENTAL FINANCIAL INFORMATION

(in millions) (unaudited)

1.Definitions of Non-GAAP Financial Measures

We believe that investors` understanding of the Company`s performance is
enhanced by our disclosure of the following non-GAAP financial measures. Our
method of calculating these measures may differ from those used by other
companies and therefore comparability may be limited.

Organic commissions and fees growth

Organic commissions and fees growth excludes: the impact of foreign currency
translation, the first twelve months of net commission and fee revenues
generated from acquisitions, and net commission and fee revenues related to
operations disposed of in each period presented.

Adjusted operating income and adjusted net income

Our results have been impacted by the charges related to the 2008 expense review
and costs associated with the acquisition of HRH, together with net gains/losses
on disposal of operations. We believe that excluding these items from operating
income and net income as applicable, along with the GAAP measures, provides a
more complete and consistent comparative analysis of our results of operations.

2.Analysis of Commissions and Fees

Organic growth in commissions and fees is defined as growth in commissions and
fees excluding the impact of foreign currency translation and acquisitions and
disposals. The percentage change in reported commissions and fees is the most
directly comparable GAAP measure, and the following table reconciles this change
to organic growth in commissions and fees by business unit for the three months
ended March 31, 2009:

Three months ended Change attributable to
March 31,
2009 2008 % Foreign Acquisitions Organic
Change
currency
and
commissions

translation
disposals
and fees

Growth (a)
Global $275 $277 (1)% (8)% 2% 5%
North America 371 191 94% (1)% 100% (5)%
International 269 304 (12)% (17)% 0% 5%
Commissions $915 $772 19% (11)% 28% 2%
and fees

a) From fourth quarter 2008,
we have changed our
methodology for the
calculation of organic
growth in commissions and
fees. Previously, organic
growth included growth from
acquisitions from the date
of acquisition. Under the
new method, the first
twelve months of
commissions and fees
generated from acquisitions
are excluded from organic
growth in commissions and
fees.

WILLIS GROUP HOLDINGS LIMITED

SUPPLEMENTAL FINANCIAL INFORMATION

(in millions) (unaudited)

3.2008 Expense Review

In 2008, we conducted a thorough review of all businesses to identify additional
opportunities to rationalize the expense base. Consequently, we incurred a
pre-tax charge of $33 million ($23 million or $0.16 per diluted share after tax)
in the first quarter of 2008 for severance and other costs as analyzed in the
following table:

First quarter
2008
Pre-tax
Salaries and benefits - severance (a) $ 15
Other operating expenses (primarily relating to
property and systems rationalization) 18
$ 33

a) Severance costs relate to approximately 150 positions which have been eliminated.

4.Adjusted Operating Income

Adjusted operating income is defined as operating income excluding integration
costs associated with the acquisition of HRH, net gains/losses on disposal of
operations and charges related to the 2008 expense review. Operating income is
the most directly comparable GAAP measure, and the following table reconciles
adjusted operating income to operating income for the three months ended March
31, 2009 and 2008:

Three months ended
March 31,
2009 2008 %

Change
Operating Income, GAAP basis $274 $225 22%
Excluding:
HRH integration costs 3 -
Salaries and benefits - severance (a) - 15
Other operating expenses (primarily relating to
property and systems rationalization) - 18

Adjusted Operating Income $277 $258 7%
Operating Margin, GAAP basis, or Operating Income
as a percentage of Total Revenues (29.5%) (28.3%)
Adjusted Operating Margin, or Adjusted Operating
Income as a percentage of Total Revenues (29.8%) (32.5%)

a) Severance costs excluded
from adjusted operating
income in 2008 relate to
approximately 150 positions
that were eliminated as
part of the 2008 expense
review. Severance costs
also arise in the normal
course of business and
these charges (pre-tax)
amounted to $16 million in
the first quarter 2009
relating to approximately
300 positions ($1 million
in first quarter 2008).

WILLIS GROUP HOLDINGS LIMITED

SUPPLEMENTAL FINANCIAL INFORMATION

(in millions, except per share data) (unaudited)

5.Adjusted Net Income from Continuing Operations

Adjusted net income is defined as net income from continuing operations
excluding integration costs associated with the acquisition of HRH, net
gains/losses on disposal of operations and charges related to the 2008 expense
review. Net income from continuing operations is the most directly comparable
GAAP measure, and the following table reconciles adjusted net income from
continuing operations to net income from continuing operations for the three
months ended March 31, 2009 and 2008:

Three months ended Per diluted share

March 31, Three months ended

March 31,
2009 2008 % 2009 2008 %

Change
Change
Net Income from Continuing
Operations, GAAP basis $192 $166 16% $1.15 $1.16 (1)%

Excluding:
HRH integration costs,
net of tax ($1) 2 - 0.01 -
Salaries and benefits - severance,
net of tax ($nil),($5) (a) - 10 - 0.07
Other operating expenses (primarily
relating to property and systems
rationalization), net of tax
($nil),($5) - 13 - 0.09

Adjusted Net Income from Continuing
Operations $194 $189 3% $1.16 $1.32 (12)%

Diluted shares outstanding, GAAP basis 167 143

a) Severance costs excluded
from net income in 2008
relate to approximately 150
positions that were
eliminated as part of the
2008 expense review.
Severance costs also arise
in the normal course of
business and these charges
(pre-tax) amounted to $16
million in first quarter
2009 relating to
approximately 300 positions
($1 million in first
quarter 2008).

WILLIS GROUP HOLDINGS LIMITED
SUPPLEMENTAL FINANCIAL INFORMATION
(in millions, except per share data) (unaudited)

2008 2009
Q1 Q2 Q3 Q4 FY Q1
Revenues
Commissions and fees $ 772 $ 641 $ 556 $ 782 $2,751 $ 915
Investment income 22 20 22 17 81 13
Other income 1 - 1 - 2 2
Total revenues 795 661 579 799 2,834 930
Expenses
Salaries and benefits 411 428 359 444 1,642 480
Other operating expenses 149 141 131 184 605 138
Depreciation expense 13 14 14 13 54 14
Amortization of intangible
Assets (3) (3) (6) 24 36 24
Net (gain) / loss on disposal of
London headquarters (6) (2) - 1 (7) -
Net loss / (gain) on disposal of operations - - 3 (3) - -
Total expenses 570 584 513 663 2,330 656
Operating Income 225 77 66 136 504 274
Interest expense 16 21 32 36 105 38

Income from Continuing Operations before Income
Taxes and Interest in Earnings of Associates (209) (56) (34) (100) (399) (236)
Income taxes 60 12 2 23 97 62

Income from Continuing Operations before
Interest in Earnings of Associates (149) (44) (32) (77) (302) (174)
Interest in earnings of associates, net of tax 26 (3) 6 (7) 22 26
Income from Continuing Operations 175 41 38 70 324 200
Discontinued Operations, net of tax - - - - - 1
Net Income 175 41 38 70 324 201
Net income attributable to noncontrolling
interests (9) (2) (2) (8) (21) (8)
Net Income attributable to Willis Group
Holdings Limited $166 $39 $36 $62 $303 $193

Diluted Earnings per Share
- Continuing Operations $1.16 $0.27 $0.25 $0.37 $2.05 $1.15
- Discontinued Operations - - - - - 0.01
Net Income attributable to Willis Group
Holdings Limited common shareholders $1.16 $0.27 $0.25 $0.37 $2.05 $1.16
Average Number of Shares Outstanding
- Diluted 143 142 142 167 148 167

WILLIS GROUP HOLDINGS LIMITED
SUPPLEMENTAL FINANCIAL INFORMATION
(in millions) (unaudited)

2008 2009
Q1 Q2 Q3 Q4 FY Q1
Commissions and Fees
Global $ 277 $ 191 $ 159 $ 157 $ 784 $ 275
North America 191 193 175 353 912 371
International 304 257 222 272 1,055 269
Total Commissions and Fees $ 772 $ 641 $ 556 $ 782 $2,751 $ 915

Total Revenues
Global $ 285 $ 199 $ 167 $ 163 $ 814 $ 278
North America 196 197 179 357 929 377
International 314 265 233 279 1,091 275
Total Revenues $ 795 $ 661 $ 579 $ 799 $2,834 $ 930

Operating Income (c)
Global $ 132 $ 60 $ 29 $ 19 $ 240 $ 127
North America 27 31 18 67 143 94
International 104 57 38 107 306 96
Corporate and Other (a) (b) (38) (71) (19) (57) (185) (43)
Total Operating Income $ 225 $ 77 $ 66 $ 136 $ 504 $ 274

Organic Commissions and Fees
Growth
Global 2% 0% (2)% 9% 2% 5%
North America 3% (1)% (2)% (4)% (1)% (5)%
International 5% 10% 10% 11% 9% 5%
Total Organic Commissions and Fees Growth 3% 3% 2% 6% 4% 2%

Operating Margin (c)
Global 46.3% 30.2% 17.4% 11.7% 29.5% 45.7%
North America 13.8% 15.7% 10.1% 18.8% 15.4% 24.9%
International 33.1% 21.5% 16.3% 38.4% 28.0% 34.9%
Total Operating Margin 28.3% 11.6% 11.4% 17.0% 17.8% 29.5%

(a) Corporate and Other
includes the costs of the
holding company, foreign
exchange hedging activities
and foreign exchange on the
UK pension plan asset,
amortization of intangible
assets, net gains and
losses on disposal of
operations, certain legal
costs, integration costs
associated with the
acquisition of HRH and 2008
expense review costs.
(b) The Company does not hold
business segment management
accountable for managing
foreign exchange exposure
on the retranslation of the
UK pension plan asset.
Historically, a relatively
stable exchange rate
environment had led to
foreign exchange on the UK
pension plan asset having
no material impact on
segment operating income
and margin. However,
following significant
exchange rate movements in
2008, the Company decided
that, effective October 1,
2008, foreign exchange on
the pension plan asset
would be excluded from
segment operating income
and reported within
Corporate and Other.
(c) Prior periods restated to
conform to current period
presentation.

Willis Group Holdings Limited
Investors:
Kerry K. Calaiaro, 212-915-8084
kerry.calaiaro@willis.com
or
Media:
Valerie Di Maria, 212-915-8272
valerie.dimaria@willis.com
or
Will Thoretz, 212-915-8251
will.thoretz@willis.com

Copyright Business Wire 2009