Hays Regulatory News (HAS)

HAYS PLC HALF YEAR REPORT SIX MONTHS ENDED31 DECEMBER 2012 28 February 2013 RESILIENT PROFIT PERFORMANCE DELIVERED THROUGH SELECTIVE INVESTMENT & STRONGCOST CONTROL Six months ended 31 December Actual LFL(1)(In £'s million) 2012 2011 growth growth Net fees 360.3 373.8 (4)% (1)%Operating profit from continuing operations 60.3 63.1 (4)% (2)%Cash generated by operations(3) 49.2 60.1 (18)%Profit before tax 56.7 60.3 (6)%Basic earnings per share(4) 2.43p 2.76p (12)%Dividend per share 0.83p 0.83p 0%

All numbers are from continuing operations only.

Highlights

· Solid Group results in the context of more fragile and fast-changing conditions in

several key markets

· Resilient profit performance due to our selective investment approach and strong

cost control

· UK returned to profit through successful delivery of significant cost reduction

programme

· Strong performance in Continental Europe & Rest of World, net fees increased 14%(1);

markets mixed

- Germany up 19%(1), Canada up 36%(1) Russia up 37%(1); but 7 countries saw net

fees decrease

· Asia Pacific net fees decreased 11%(1); markets overall more challenging

- Australia down 13%(1) including a step-down in Resources & Mining activity in Q2

- Asia down 6%(1) with markets tough but broadly stable

· UK & Ireland net fees decreased 6%(1); markets remained challenging but sequentially

stable overall in H1

- Private sector net fees down 12%(1); Public sector up 15%(1) due to increased

perm job churn

· Consultant headcount down 3% year-on-year, up 1% in the last six months

· Solid cash performance, with 82% conversion of operating profit into operating cash flow(3)

· 12% decrease in EPS(4) reflecting the Group's higher net finance charge and effective

tax rate

Commenting on these results Alistair Cox, Chief Executive, said:

"I am pleased we have delivered such a resilient profit performance consideringthe fragile and rapidly changing environment we faced in the half. We havereturned the UK business to profit, continued to invest for growth wheremarkets are good such as in Germany or Canada, and taken rapid action to reducecosts in markets which deteriorated in the half such as Australia or France. What sets us apart in today's more volatile market is the scale and strength ofthe business model we have built. Our business is well balanced across temp andperm recruiting, has market leadership positions in both structural-growth andmore mature markets, and has a sectoral diversity which is unrivalled in ourindustry. All of this is underpinned by our unique technology systems which notonly help us improve our own productivity and efficiency but also allow us tocapitalise on new evolutions in the market such as social media platforms. Looking ahead we expect overall conditions to remain fragile, but we have seenan encouraging return to work in our key temp and contractor businesses.Several markets are likely to remain challenging, but these will sit side byside with clear opportunities for growth. To be successful in this environment,we will continue to react quickly to the world as it changes, investing instronger markets while reducing costs in tougher areas. Our focus is onlong-term growth while driving profits along the way."

(1) LFL (like-for-like) growth represents organic growth of continuing activities

at constant currency.

(2) The underlying temporary placement gross margin is calculated as temporary

placement net fees divided by temporary placement gross revenue and relates

solely to temporary placements in which Hays generates net fees and specifically

excludes transactions in which Hays acts as agent on behalf of workers supplied

by third party agencies.

(3) Before exceptional items and excludes exceptional cash cost.

(4) Earnings per share from continuing operations only before exceptional items. Enquiries Hays plcPaul Venables Group Finance Director + 44 (0) 20 7383 2266David Walker Head of Investor Relations + 44 (0) 20 7383 2266 MaitlandLiz Morley / Brian Hudspith + 44 (0) 20

7379 5151

Results presentation & webcast

The results presentation will take place at UBS offices at 100 LiverpoolStreet, London at 10:00am on 28 February 2013 and will also be available as alive webcast on our website, hays.com/investors. A recording of the webcastwill be available on our website from 1:00pm on 28 February 2013.

Reporting calendar

Interim Management Statement for quarter ending 31 March 2013 11 April 2013Trading Update for quarter ending 30 June 2013

11 July 2013Preliminary Results for year ending 30 June 2013 29 August 2013Interim Management Statement for quarter ending 30 September 2013 10 October 2013 Hays Group Overview Hays has 7,810 employees in 240 offices in 33 countries. In many of our globalmarkets, the vast majority of professional and skilled recruitment is stilldone in-house, with minimal outsourcing to recruitment agencies which presentssubstantial long-term structural growth opportunities. This has been a keydriver of the rapid diversification and internationalisation of the Group, withthe International business representing 70% of the Group's net fees as at 31December 2012, compared with around 15% just 10 years ago. Our 5,038 consultants work in a broad range of sectors with no sectorspecialism representing more than 25% of Group net fees. While Accountancy &Finance, Construction & Property and IT represent 64% of Group net fees, ourexpertise across 20 professional and skilled recruitment specialisms gives usopportunities to rapidly develop newer markets by replicating theselong-established, existing areas of expertise. In addition to this international and sectoral diversification, the Group's netfees are generated 59% from temporary and 41% permanent placement markets, andwe believe that this balance gives our business model relative resilience inthe current environment.

This well diversified business model continues to be a key driver of theGroup's financial performance.

Introduction

We have delivered a solid performance in the first half, despite morechallenging conditions in many of our markets. Net fees decreased by 1% on alike-for-like basis(1) and 4% on a headline basis. Operating profit decreasedby 2% on a like-for-like basis(1) and 4% on a headline basis. The first half saw continued market uncertainty in several parts of the Group,with sentiment amongst our clients and candidates remaining subdued. Againstthis backdrop, market conditions were prone to rapid change and variedsignificantly between our geographies and specialisms. As such, our approach tomanaging the business remained nimble and responsive throughout the half.

Selective, targeted investment to capitalise on stronger markets and deliverprofitable fee growth

We have continued to prioritise areas of investment to maximise fees in morebuoyant markets such as IT and Engineering around the world, and our globalLife Sciences and Oil & Gas specialisms. Equally, we have continued to investappropriately in order to capitalise on structural growth markets such asGermany, Canada and Russia. At the same time, we have taken appropriate actionto defend the profit of the Group by focussing on strong cost control in morechallenging markets such as the UK, which returned to profitability in thehalf, and markets which saw a step-down in activity levels such as Australia orFrance.

Movement in consultant headcount

Our consultant headcount ended December at 5,038, up 1% in the half but down 3%year-on-year, reflecting our more selective, targeted investment approach. Inour Continental Europe & Rest of World (RoW) division, we increased consultantheadcount by 10% in the half and 8% year-on-year to 2,154. Asia Pacificconsultant headcount was reduced by 7% in the half. This was led by a reductionof 13% in Australia as we reacted to more challenging market conditions,partially offset by continued investment in specific parts of Asia, notablyJapan, China and our recently opened Malaysian business. Year-on-year AsiaPacific consultant headcount was down 9%. In the UK & Ireland consultantheadcount reduced by 4% in the half and 11% year-on-year, all through naturalattrition, and is now down 41% from peak levels. 31 Dec Net 31 DecConsultant headcount 2012 change 2011 Asia Pacific 1,035 (103) 1,138Continental Europe & RoW 2,154 164 1,990United Kingdom & Ireland 1,849 (222) 2,071Group 5,038 (161) 5,199

Office network changes & global specialism roll-out

We continue to build a stronger, broader-based and more efficient business andthrough the first half we continued to selectively invest to grow ourInternational platform and focussed on developing new specialisms in existinglocations. In addition to opening a new office in Essen, Germany, specificareas of focus in the half were the development of our Oil & Gas focussedbusiness in Houston, USA, which opened in June 2012, and the roll-out of oursuccessful IT contractor model across Canada. In the UK, we continued the consolidation of our office network in London aswell as focussing on any offices which are consistently failing to make apositive contribution. We ended the half with 105 offices, a reduction of fivesince 30 June 2012 and down from a peak level of 235 in 2009. Given currentmarket conditions we are now broadly happy with the office footprint of our UKbusiness. 31 Dec Net opened/ 30 JuneOffice network 2012 (closed) 2012 Asia Pacific 48 0 48Continental Europe & RoW 87 0 87United Kingdom & Ireland 105 (5) 110Group 240 (5) 245

Investing in technology, building relationships and responding to change

Over the last five years we have significantly upgraded our core technologyplatforms and now benefit from the most advanced integrated systems in ourindustry allowing our consultants to very quickly identify the best people forour clients' vacancies and thereby raise their productivity.

The power of our global database is further enhanced by our uniquerelationships with Google and LinkedIn. For example, our systems now allow usto integrate with LinkedIn and exploit that platform alongside our own to buildrelationships with more professionals worldwide. As a result of thisinvestment, we are now the 50th most followed company worldwide on LinkedIn,facilitating access to the profiles of over 60 million professionals. Thiscombination of our expertise and the most effective technology available is nowcreating real differentiation of our services for our clients and candidatesaround the world.

Temp market shows relative resilience in more challenging areas and areas ofskills shortage, perm markets volatile and tough overall

Net fees in the temp business, which represent 59% of Group fees, increased by4%(1). This comprised a volume decrease of 1% more than offset by a favourableincrease in mix/hours worked of 4%. Underlying temp margins(2) were flat at14.9% (2011: 14.9%).

Net fees in the perm business decreased by 7%(1). This was volume driven as theaverage fee per placement was broadly flat.

The higher level of growth in temp relative to perm reflects the greaterresilience of the temp and contractor business in more challenging, uncertainmarkets. It also reflects the changes we are seeing in the behaviours of bothcandidates and clients to embrace more flexible working arrangements, notablyin areas of high technical skills and skills shortages such as IT, Engineeringand Energy, Oil & Gas. We saw lower levels of activity in perm, particularly inthe second quarter, as client and candidate confidence in many marketsworsened. Asia Pacific Markets more challenging overall; Q2 saw a step-down in activity in AustralianResources & Mining; the rest of Australia and Asian markets were tough butstable throughout GrowthSix months ended 31 December(In £'s million) 2012 2011 Actual LFL(1) Net fees 111.2 124.6 (11)% (11)%Operating profit 36.3 48.0 (24)% (25)%Conversion rate 32.6% 38.5% Period end consultant headcount 1,035 1,138 (9)% In Asia Pacific, net fees decreased by 11% (11% on a like-for-like basis(1)) to£111.2 million and operating profit decreased by 24% (25% on a like-for-likebasis(1)) to £36.3 million. The conversion rate of the division was 32.6% (H12011: 38.5%) and we reacted to fast-changing market conditions across thevarious geographies and sectors in the division to control our cost base andadjust consultant numbers, particularly in the second quarter. In our market-leading Australia business, net fees decreased by 13%(1). Tempnet fees decreased by 5%(1) and perm net fees decreased by 22%(1). In New SouthWales and Victoria (which together represent 47% of our Australia business) netfees decreased by 18%(1) collectively as market conditions were challenging butbroadly stable through the half. We saw a step-down in activity in theresource-based regions in the second quarter and responded to this rapid changein market conditions by reducing headcount in relevant parts of our business tobest protect the financial performance going forward. New Zealand deliveredfurther strong net fee growth of 14%(1). In our Asian business, which comprises 5 countries and accounted for 15% of thedivision's net fees in the half, net fees decreased by 6%(1). In Japan, netfees were flat(1) as banking and financial services markets remained tough.Elsewhere in Asia, market conditions remained challenging but broadly stablethrough the half. Consultant headcount in the division decreased by 7% through the half, led by a13% decrease in Australia as we responded quickly to more challenging marketconditions to best defend the financial performance of the business. In Asia,consultant headcount increased by 10%, primarily as a result of investment inour recently opened business in Malaysia and increased headcount in China.Going forward, we expect headcount in the division to be broadly flat.

Continental Europe & Rest of World

Strong growth and record results, driven by Germany; market conditionselsewhere mixed and fragile but stable overall

GrowthSix months ended 31 December(In £'s million) 2012 2011 Actual LFL(1) Net fees 139.7 132.8 5% 14%Operating profit 23.5 18.2 29% 45%Conversion rate 16.8% 13.7% Period end consultant headcount 2,154 1,990 8% In Continental Europe & RoW, we delivered net fee growth of 5% (14% on alike-for-like basis(1)) to £139.7 million, driving excellent operating profitgrowth of 29% (45% on a like-for-like basis(1)) to £23.5 million. Both net feesand operating profit represented first-half records for the division. Thedifference between actual growth and like-for-like growth was due to currencyfluctuations, primarily the depreciation in the Euro. The conversion rate ofthe division increased to 16.8% in 2012 from 13.7% in 2011 driven by strong netfee growth in the more buoyant markets, strong cost control in more challengingareas and more selective headcount investment across the division. Our Germany business, which represented 54% of the division's net fees,delivered further strong net fee growth of 19%(1) and posted several recordmonthly performances as momentum remained strong through the half. Growth wasbroad-based across our contracting, temp and perm businesses, particularly inour core specialisms of IT and Engineering. We also delivered strong growth inAccountancy & Finance, Construction & Property, Sales & Marketing, Legal andLife Sciences and these specialisms now account for 24% of total net fees. Ourmarket-leading position and our well diversified business mean we are ideallypositioned to benefit from the continuing rapid development of the specialistrecruitment market in Germany and the clear structural growth opportunitiesthis presents. In France, our second largest country in the division, net fees were flat(1) asperm momentum slowed, particularly in the second quarter. Seven countries sawnet fees decline in the half, including Italy, Spain and Portugal whichtogether account for 4% of the division. Elsewhere, 10 businesses across thedivision increased net fees by 10%(1) or more and we delivered notableperformances in Belgium, Poland and Russia which each achieved record monthlynet fee performances in the half. We continue to develop our business in Latin America, recognising thestructural growth opportunities in these markets. Having opened Hays Colombiaand Chile in 2012, we now operate in four countries across seven offices in theregion. In Brazil, we delivered good net fee growth of 10%(1), although thismarket remains volatile. In North America, Canada delivered excellent net feegrowth of 36%(1) and our business in the US continues to perform well, morethan doubling net fees versus this time last year. Consultant headcount in the division increased by 10% during the half, led byincreases of 17% in Germany and 27% in Canada. We are continuing to invest inconsultant headcount in markets which demonstrate clear growth, while beingmore cautious across the rest of the division to maximise our financialperformance. United Kingdom & Ireland

Back to profit due to successful delivery of cost reduction plans. Marketssequentially stable; private sector tough, public sector growing

GrowthSix months ended 31 December(In £'s million) 2012 2011 Actual LFL(1) Net fees 109.4 116.4 (6)% (6)%Operating profit 0.5 (3.1) 116% 116%Conversion rate 0.5% (2.7)% Period end consultant headcount 1,849 2,071 (11)% In the United Kingdom & Ireland, net fees decreased by 6%(1) to £109.4 millionand we made an operating profit of £0.5 million (compared to an operating lossof £3.1 million in 2011). Net fees decreased by 10%(1) in the perm business andby 2%(1) in the temp business and are now down 50% versus peak levels. Although trading conditions in the UK remain challenging, the business has beensequentially stable through the half. In the private sector, net fees declinedby 12%(1). Markets were particularly difficult in our Banking and City-relatedand Construction & Property specialisms, but we saw good growth in severalareas including Life Sciences, Human Resources and Energy, Oil & Gas. Overallsentiment amongst clients and candidates in the UK remains subdued. In our public sector business, which represented 27% of UK net fees, wedelivered net fee growth of 15%(1). Activity in this market remains subdued andis primarily driven by job-churn on the perm side of the business. In addition,we delivered especially good performances in our Education and Healthcarebusinesses. The return to profitability in the UK business was primarily the result of thesuccessful delivery of a range of cost reduction measures throughout our UKBack Office and support functions, following the completion of theimplementation of our Front Office and Back Office systems, and our dedicatedshared service centre in India. We have now reduced our UK cost base by over30% from peak levels and we continue to review all aspects to seek furtherefficiency savings focussed on Back Office and overhead costs. Consultant headcount in the division declined 4% during the half throughnatural attrition, as we reacted to changes in market conditions to maximisethe financial performance of the business. We delivered improved consultantproductivity in the half and at the same time our focus remained on growingmarket share and taking full advantage of those segments of the UK recruitmentmarket which continue to present growth opportunities.

Current trading

Markets remain mixed and overall fragile, with encouraging return to work inkey temp markets

Overall candidate and client confidence remains fragile, particularly in permmarkets. In temp and contractor markets, the return to work has beenencouraging to date.

We will continue to react quickly to changing conditions in each market,investing selectively to capitalise on growth where conditions are good, anddefending the financial performance in more challenging areas.

AsiaPacific

Australia remains challenging. Conditions are stable in the core markets of NewSouth Wales and Victoria, and although we have seen encouraging return to worktrends across the business, the mining regions of Western Australia andQueensland remain difficult following the marked step-down we experienced inQ2. In Asia, markets are stable overall.

Continental Europe & RoW

The return to work in our Germany contractor and temp business was good and wesee continued good growth. Conditions across the rest of the division are mixedand overall fragile. We see continued good growth in markets such as Canada andRussia, but slowing growth across much of the rest of the division and net feedeclines in certain countries including Brazil and France.

United Kingdom & Ireland

The market remains challenging but sequentially stable overall and the returnto work in our temp business has been good.

FINANCIAL REVIEW Summary Income Statement GrowthSix months ended 31 December(In £'s million) 2012 2011 Actual LFL(1) Turnover 1,731.7 1,863.2 (7)% (5)% Net fees Temporary 212.3 209.9 1% 4% Permanent 148.0 163.9 (10)% (7)% Total 360.3 373.8 (4)% (1)%

Operating profit from continuing operations 60.3 63.1

(4)% (2)% Conversion rate 16.7% 16.9% Underlying temporary margin (2) 14.9% 14.9%Temporary fees as % of total 59% 56%Period end consultant headcount 5,038 5,199

(3)%

(1) LFL (like-for-like) growth represents organic growth of continuing activities at constant

currency.

(2) The underlying temporary placement gross margin is calculated as temporary placement net

fees divided by temporary placement gross revenue and relates solely to temporary placements

in which Hays generates net fees and specifically excludes transactions in which Hays acts as

agent on behalf of workers supplied by third party agencies.

(3) Before exceptional items and excludes exceptional cash cost.

(4) Earnings per share from continuing operations only before exceptional items.

Turnover decreased by 7% (5% on a like-for-like basis(1)) and net feesdecreased by 4% (1% on a like-for-like basis(1)). Operating profit decreased by4% (2% on a like-for-like basis(1)). The difference in growth rates betweenturnover and net fees was primarily driven by a reduction in pass-throughrevenues payable to third party agencies. Exchange rate movements decreased netfees and operating profit by £9.7 million and £1.8 million respectively,primarily the result of depreciation in the rate of exchange of the Euro.Fluctuations in exchange rates remain a significant sensitivity for the Group,notably the Euro and the Australian Dollar.

Operating costs decreased by 1%(1) versus prior year. This was primarily due tothe successful delivery of reductions to our operating cost base in the UK,which decreased by 9%, and reflected our focus on cost control in morechallenging markets, and more selective, targeted investment approach.

Conversion rate, which is the proportion of net fees converted into operatingprofit, reduced to 16.7% from 16.9% in the prior year as our strong control ofoperating costs, largely focussed on Back Office and overheads, was more thanoffset by a reduction in net fees. Consultant headcount ended December at 5,038, up 1% in the half but down 3%year-on-year. In our International business, we increased consultant headcountby 4% in the half but this was largely offset by a 4% reduction in the UK &Ireland. This reflects our more selective, targeted investment approach toensure we capitalise on more buoyant markets and clear structural growthopportunities, but react to defend financial performance in more volatile orchallenging markets. Net finance charge The net finance charge for the half was £3.6 million (2011: £2.8 million). Theaverage interest rate on gross debt during the half was 2.7% (2011: 2.7%),generating net bank interest payable, including amortisation of arrangementfees, of £3.9 million (2011: £3.6 million). The net interest charge on thedefined benefit pension scheme obligations was £0.3 million (2011: credit of £1.1 million) with the movement being primarily due to lower expected assetreturns than in the prior year. The Pension Protection Fund levy was a £0.6million credit (2011: £0.3 million charge) which included a £0.8 million creditarising on the release of an accrual related to the settlement of historicissues. It is expected that the net finance charge for the year ending 30 June2013 will be around £7 million; £3 million lower than previously guided.

Taxation

Taxation for the half was £22.9 million, representing an effective tax rate of40.4% (2011: 37.0%). The effective tax rate reflects the Group's geographicalmix of profits, and the impact of unrelieved UK and overseas tax losses andcosts incurred in the UK for which no tax deduction is currently available. Weexpect the Group's effective tax rate to be around 40% for the year to June 2013 (2012: 38.3%). Earnings per share Basic earnings per share(4) decreased 12% to 2.43 pence (2011: 2.76 pence). Thedecrease in earnings per share reflects the Group's lower operating profit, thehigher net finance charge and effective tax rate.

Cash flow and balance sheet

Cash flow in the half was solid with 82% conversion of operating profit intooperating cash flow(3). This was lower than the prior year (2011: 95%)primarily as a result of an increase in trade debtor days to 40 days (2011: 38days), resulting from the timing and phasing of cash flows, and strong growthin our Germany temp and contractor business, which is relatively more workingcapital intensive.

Net capital expenditure was lower at £5.9 million (2011: £9.8 million). Capitalexpenditure is expected to be around £12 million for the year to June 2013.

Dividends paid in the half totalled £23.2 million and pension deficitcontributions were £6.4 million. Net interest paid was £5.4 million interestwhich included the upfront arrangement fee in relation to the renewal duringthe half of the Group's £300 million unsecured revolving credit facility, whichexpires in October 2017 (more details of which are included in the TreasuryManagement section below).

Net debt increased from £132.9 million at the start of the year to £145.4million at the end of the first half primarily due to the timing of workingcapital outflows at the end of the calendar year. We expect a reduction in netdebt in the second half, as previously guided.

Retirement benefits

The Group's pension liability under IAS19 at 31 December 2012 of £2.7 milliondecreased by £12.7 million compared to 30 June 2012. The movement was dueprimarily to employer contributions and higher than expected asset returns,partially offset by the net impact of changes to the assumptions in respect ofthe discount rate and inflation. During the half, the Company contributed £6.4 million of cash to the definedbenefit scheme (2011: £7.7 million) all of which represented funding towardsthe pension deficit in line with previous guidance.

Capital structure and dividend

The Board's priorities for our free cash flow are to fund the Group'sinvestment and development, maintain a strong balance sheet and deliver asustainabledividend at a level which is both affordable and appropriate. We target a dividendcover range of 2.0x to 3.0x(4) earnings and in line with this policy, the Boardproposes to pay an unchanged interim dividend of 0.83p per share (2011: 0.83p).

The Board remains committed to paying a sustainable and progressive dividend.It is our intention to grow the dividend when dividend cover sustainablyreaches c.2.5x(4).

The interim dividend payment date will be 15 April 2013 and will be paid toshareholders on the register at close of business on 8 March 2013.

Board changes

As previously announced, Paul Stoneham retired as a non-executive director atthe Group's Annual General Meeting in November 2012. The process to appoint anew non-executive director is progressing well.

Treasury management

The Group's operations are financed by retained earnings and bank borrowings.The Group completed the re-financing of our £300 million revolving creditbanking facility on 2 October 2012 at interest rates similar to the previousdeal. The new 5-year-facility provides considerable headroom versus current andfuture expected levels of Group debt. The covenants, which are unchanged on theGroup's previous facility, require the Group's interest cover ratio to be atleast 4:1 and its leverage ratio (net debt to EBITDA) to be no greater than2.5:1. The Group has significant headroom within these covenants. All borrowings are raised by the Group's UK-based treasury department, whichmanages the Group's treasury risk in accordance with policies set by the Board.The Group's treasury department does not engage in speculative transactions anddoes not operate as a profit centre. The Board considers it appropriate to use certain derivative financialinstruments to reduce its exposure to interest rate movements under itsfloating rate revolving credit facility. The Group holds six interest rateswaps which exchange a fixed payment for floating rate receipt on a total debtvalue of £40 million with an equal mix of two-year and three-year maturities,which commenced in October 2011. The Group does not hold or use derivativefinancial instruments for speculative purposes.

Counterparty risk primarily arises from investment of any surplus funds. TheGroup restricts transactions to banks and money market funds that have anacceptable credit rating and limits exposure to each institution.

Principal risks facing the business

Hays plc operates an embedded risk management framework, which is monitored andreviewed by the Audit Committee. There are a number of potential risks anduncertainties that could have a material impact on the Group's financialperformance and position. These include risks relating to the cyclical natureof our business, business model risk, talent, compliance risk, reliance ontechnology, contract risk, foreign exchange and Eurozone risk. These risks andour mitigating actions remain as set out in the 2012 Annual Report. Hays plc250 Euston Road,LondonNW1 2AF hays.com/investors Responsibility Statement

We confirm that, to the best of our knowledge:

· the unaudited condensed consolidated interim financial statements have

been presented in accordance with IAS 34 "Interim Financial Reporting" as

adopted by the European Union and gives a true and fair view of the assets,

liabilities, financial position and profit for the Group;

· the interim management report includes a fair review of the information

required by DTR 4.2.7R (indication of important events during the first six

months of the financial year and their impact on the condensed financial

statements, and description of principal risks and uncertainties for the

remaining six months of the financial year); and

· the interim management report includes a fair review of the information

required by DTR 4.2.8R (disclosure of related parties' transactions in the

first six months of the financial year and any changes in the related parties

transactions described in the last annual report).

This Half Year Report was approved by the Board of Directors and authorised forissue on 27 February 2013. Alistair Cox Paul VenablesChief Executive Group Finance Director Cautionary statement This Half Year report (the "Report") has been prepared in accordance withthe Disclosure Rules and Transparency Rules of the UK Financial ServicesAuthority and is not audited. No representation or warranty, express orimplied, is or will be made in relation to the accuracy, fairness orcompleteness of the information or opinions contained in this Report.Statements in this Report reflect the knowledge and information available atthe time of its preparation. Certain statements included or incorporated byreference within this Report may constitute "forward-looking statements" inrespect of the Group's operations, performance, prospects and/or financialcondition. By their nature, forward-looking statements involve a number ofrisks, uncertainties and assumptions and actual results or events may differmaterially from those expressed or implied by those statements. Accordingly, noassurance can be given that any particular expectation will be met and relianceshall not be placed on any forward-looking statement. Additionally,forward-looking statements regarding past trends or activities shall not betaken as a representation that such trends or activities will continue in thefuture. The information contained in this Report is subject to change withoutnotice and no responsibility or obligation is accepted to update or revise anyforward-looking statement resulting from new information, future events orotherwise. Nothing in this Report shall be construed as a profit forecast. ThisReport does not constitute or form part of any offer or invitation to sell, orany solicitation of any offer to purchase or subscribe for any shares in theCompany, nor shall it or any part of it or the fact of its distribution formthe basis of, or be relied on in connection with, any contract or commitment orinvestment decisions relating thereto, nor does it constitute a recommendationregarding the shares of the Company or any invitation or inducement to engagein investment activity under section 21 of the Financial Services and MarketsAct 2000. Past performance cannot be relied upon as a guide to futureperformance. Liability arising from anything in this Report shall be governedby English Law, and neither the Company nor any of its affiliates, advisors orrepresentatives shall have any liability whatsoever (in negligence orotherwise) for any loss howsoever arising from any use of this Report or itscontents or otherwise arising in connection with this Report. Nothing in thisReport shall exclude any liability under applicable laws that cannot beexcluded in accordance with such laws. Independent Review Report to Hays plc Introduction

We have been engaged by the Company to review the condensed set of financial

statements in the half-yearly financial report for the six months ended 31December 2012 which comprises the consolidated income statement, theconsolidated statement of comprehensive income, the consolidated balance sheet,the consolidated cash flow statement, the consolidated statement of changes inequity and related notes 1 to 12. We have read the other information containedin the half-yearly financial report and considered whether it contains any

apparent misstatements or material inconsistencies with the information in thecondensed set of financial statements.

This report is made solely to the Company in accordance with InternationalStandard on Review Engagements (UK and Ireland) 2410 "Review of InterimFinancial Information Performed by the Independent Auditor of the Entity"issued by the Auditing Practices Board. Our work has been undertaken so that wemight state to the Company those matters we are required to state to them in anindependent review report and for no other purpose. To the fullest extentpermitted by law, we do not accept or assume responsibility to anyone otherthan the Company, for our review work, for this report, or for the conclusionswe have formed. Directors' responsibilities The half-yearly financial report is the responsibility of, and has beenapproved by, the directors. The directors are responsible for preparing the

half-yearly financial report in accordance with the Disclosure and TransparencyRules of the United Kingdom's Financial Services Authority.

As disclosed in note 1, the annual financial statements of the Group areprepared in accordance with IFRSs as adopted by the European Union. The

condensed set of financial statements included in this half-yearly financial

report has been prepared in accordance with International Accounting Standard

34, "Interim Financial Reporting," as adopted by the European Union. Our responsibility

Our responsibility is to express to the Company a conclusion on the condensed

set of financial statements in the half-yearly financial report based on ourreview. Scope of review We conducted our review in accordance with International Standard on ReviewEngagements (UK and Ireland) 2410 "Review of Interim Financial InformationPerformed by the Independent Auditor of the Entity" issued by the Auditing

Practices Board for use in the United Kingdom. A review of interim financial

information consists of making inquiries, primarily of persons responsible forfinancial and accounting matters, and applying analytical and other review

procedures. A review is substantially less in scope than an audit conducted inaccordance with International Standards on Auditing (UK and Ireland) and

consequently does not enable us to obtain assurance that we would become awareof all significant matters that might be identified in an audit. Accordingly,

we do not express an audit opinion. Conclusion Based on our review, nothing has come to our attention that causes us tobelieve that the condensed set of financial statements in the half-yearlyfinancial report for the six months ended 31 December 2012 is not prepared, inall material respects, in accordance with International Accounting Standard 34as adopted by the European Union and the Disclosure and Transparency Rules ofthe United Kingdom's Financial Services Authority. Deloitte LLP Chartered Accountants and Statutory Auditor London, United Kingdom27 February 2013 Condensed Consolidated Income Statement Six months to Six months to 31 December 31 December Year to 2012 2011 30 June(In £'s million) Note (unaudited) (unaudited) 2012 TurnoverContinuing operations 1,731.7 1,863.2 3,654.6Net fees (1)Continuing operations 2 360.3 373.8 734.0 Operating profit from continuing operations 2 60.3 63.1 128.1Finance income 3 0.4 0.5 0.9Finance cost 3 (4.0) (3.3) (6.6)Profit before tax 56.7 60.3 122.4Tax 4 (22.9) (22.3) (46.9) Profit from continuing operations after tax 33.8 38.0 75.5Profit from discontinued operations - 1.1 11.0Profit attributable to equity holders of the parent Company 33.8 39.1 86.5Earnings per share from continuing operations - Basic 6 2.43p 2.76p 5.47p - Diluted 6 2.38p 2.70p 5.37p Earnings per share from continuing and discontinued operations - Basic 6 2.43p 2.84p 6.26p - Diluted 6 2.38p 2.78p 6.16p

(1) Net fees comprise turnover less remuneration of temporary workers and other recruitment agencies.

Condensed Consolidated Statement of Comprehensive Income Six months to Six months to 31 December 31 December Year to 2012 2011 30 June(In £'s million) (unaudited) (unaudited) 2012 Profit for the period 33.8 39.1 86.5 Currency translation adjustments (2.7) (8.8) (16.1)Mark to market valuation of derivative financial instruments 0.2 (0.4) (0.4)Actuarial gain/(loss) on defined benefit pension schemes 6.8 (10.6) (24.6)Tax relating to components of other comprehensive income (3.0) 1.4 2.4Other net income/(expense) for the period 1.3 (18.4) (38.7)Total comprehensive income for the period 35.1 20.7 47.8Attributable to equity shareholders of the parent Company 35.1

20.7 47.8

Condensed Consolidated Balance Sheet 31 December 31 December Year to 2012 2011 30 June(In £'s million) Note (unaudited) (unaudited) 2012 Non-current assetsGoodwill 175.3 180.4 177.2Other intangible assets 48.9 58.6 55.5 Property, plant and equipment 23.9 25.0 24.2Deferred tax assets 24.3 29.2 28.3 272.4 293.2 285.2Current assetsTrade and other receivables 521.0 538.5 538.6Cash and cash equivalents 59.8 60.9 38.7 580.8 599.4 577.3Total assets 853.2 892.6 862.5Current liabilitiesTrade and other payables (382.8) (401.0) (429.0)Current tax liabilities (28.9) (32.2) (29.2)Bank loans and overdrafts (0.2) (3.6) (1.6)Provisions 8 (3.7) (3.5) (2.7) Derivative financial instruments (0.9) (1.1) (1.1) (416.5) (441.4) (463.6)Non-current liabilitiesBank loans (205.0) (235.0) (170.0)Trade and other payables - (1.0) - Retirement benefit obligations 7 (2.7) (15.3) (15.4)Provisions 8 (19.9) (31.7) (22.9) (227.6) (283.0) (208.3)Total liabilities (644.1) (724.4) (671.9)Net assets 209.1 168.2 190.6 EquityCalled up share capital 14.7 14.7 14.7Share premium 369.6 369.6 369.6Capital redemption reserve 2.7 2.7 2.7Retained earnings (244.3) (295.7) (270.5)Other reserves 66.4 76.9 74.1Total shareholders' equity 209.1 168.2 190.6 Condensed Consolidated Statement of Changes in EquityFor the six months ended 31 December 2012 Share Capital Share premium redemption Retained Other(In £'s million) capital account reserve earnings reserves Total At 1 July 2012 14.7 369.6 2.7 (270.5) 74.1 190.6 Currency translation adjustments - - - - (2.7) (2.7)Mark to market valuation of derivative financial instruments - - - - 0.2 0.2Actuarial gain on defined benefit pension schemes - - - 6.8 - 6.8Tax relating to components of other comprehensive income - - - (3.0) - (3.0)Net income recognised in other comprehensive income - - - 3.8 (2.5) 1.3Profit for the period - - - 33.8 - 33.8Total comprehensive income for the period - - - 37.6 (2.5) 35.1Dividends paid - - - (23.2) - (23.2)Share-based payments - - - 11.8 (5.2) 6.6At 31 December 2012 14.7 369.6 2.7 (244.3) 66.4 209.1 For the six months ended 31 December 2011 Share Capital Share premium redemption Retained Other(In £'s million) capital account reserve earnings reserves Total At 1 July 2011 14.7 369.6 2.7 (275.6) 85.0 196.4 Currency translation adjustments - - - - (8.8) (8.8)Mark to market valuation of derivative financial instruments - - - - (0.4) (0.4)Actuarial loss on defined benefit pension schemes - - - (10.6) - (10.6)Tax relating to components of other comprehensive income - - - 1.4 - 1.4Net expense recognised in other comprehensive income - - - (9.2) (9.2) (18.4)Profit for the period - - - 39.1 - 39.1Total comprehensive income for the period - - - 29.9 (9.2) 20.7Dividends paid - - - (54.3) - (54.3)Share-based payments - - - 4.3 1.1 5.4At 31 December 2011 14.7 369.6 2.7 (295.7) 76.9 168.2 For the year ended 30 June 2012 Share Capital Share premium redemption Retained Other(In £'s million) capital account reserve earnings reserves Total At 1 July 2011 14.7 369.6 2.7 (275.6) 85.0 196.4 Currency translation adjustments - - - - (16.1) (16.1)Mark to market valuation of derivative financial instruments - - - - (0.4) (0.4)Actuarial loss on defined benefit pension schemes - - - (24.6) - (24.6)Tax relating to components of other comprehensive income - - - 2.4 - 2.4Net expense recognised in other comprehensive income - - - (22.2) (16.5) (38.7)Profit for the year - - - 86.5 - 86.5Total comprehensive income for the year - - - 64.3 (16.5) 47.8Dividends paid - - - (65.8) - (65.8)Share-based payments - - - 6.6 4.4 11.0Other share movements - - - - 1.2 1.2At 30 June 2012 14.7 369.6 2.7 (270.5) 74.1 190.6 Condensed Consolidated Cash Flow Statement Six months to Six months to 31 December 31 December Year to 2012 2011 30 June(In £'s million) Note (unaudited) (unaudited) 2012 Operating profit from continuing operations 60.3 63.1 128.1Adjustments for: Exceptional items (1) (0.4) (6.1) (7.0) Depreciation of property, plant and equipment 5.6 4.4 9.7 Amortisation of intangible fixed assets 7.0 7.5 13.5 (Loss)/profit on disposal of property, plant and equipment (0.1) (0.1) 0.9 Net movements in provisions (1.6) (1.2) (5.4) Share-based payments 6.0 6.1 12.2 16.5 10.6 23.9Operating cash flow before movement in working capital 76.8 73.7 152.0 Changes in working capital (28.0) (19.7) 3.2Cash generated by operations 48.8 54.0 155.2Income taxes paid (22.6) (18.9) (44.2) Net cash inflow from operating activities 26.2 35.1 111.0Investing activitiesPurchase of tangible and intangible assets (5.9) (9.8) (18.8)Proceeds from sales of business and related assets - 0.1 0.1Cash paid in respect of acquisitions made in previous years - (0.3) (1.0)Interest received 0.4 0.5 0.9Net cash used in investing activities (5.5) (9.5) (18.8)Financing activitiesInterest paid (5.8) (3.7) (7.1)Equity dividends paid (23.2) (54.3) (65.8)Purchase of own shares - - (0.7) Proceeds from exercise of share options 1.6 0.1 2.1Increase/(decrease) in bank loans and overdrafts 33.6 48.7 (18.3)Pension scheme funding (6.4) (6.2) (12.4)Net cash used in financing activities (0.2) (15.4) (102.2)Net increase/(decrease) in cash and cash equivalents 20.5 10.2 (10.0)Cash and cash equivalents at beginning of period 38.7 55.1 55.1Effect of foreign exchange rate movements 0.6 (4.4) (6.4)Cash and cash equivalents at end of period 9 59.8 60.9 38.7Bank loans and overdrafts at beginning of period (171.6) (189.9) (189.9)(Increase)/decrease in period (33.6) (48.7) 18.3Bank loans and overdrafts at end of period (205.2) (238.6) (171.6)Net debt at end of period 9 (145.4) (177.7) (132.9)

(1) The adjustments to the Cash Flow Statement in the current period of £0.4 million; in the six

months to 31 December 2011 of £6.1 million; and in the year to 30 June 2012 of £7.0 million,

all relate to cash paid in respect of exceptional items recognised during the financial years

ended 30 June 2010 and 30 June 2011. Condensed Consolidated Statement of Changes in Equity - Other ReservesFor the six months ended 31 December 2012 Own Equity Cumulative Hedging(In £'s million) shares reserve translation reserve Total At 1 July 2012 (2.2) 23.8 53.6 (1.1) 74.1 Currency translation adjustments - - (2.7) - (2.7)Mark to market valuation of derivative financial instruments - - - 0.2 0.2Net expense recognised in other comprehensive income - - (2.7) 0.2 (2.5)Share-based payments 1.5 (6.7) - - (5.2)At 31 December 2012 (0.7) 17.1 50.9 (0.9) 66.4 For the six months ended 31 December 2011 Own Equity Cumulative Hedging(In £'s million) shares reserve translation reserve TotalAt 1 July 2011 (3.4) 19.4 69.7 (0.7) 85.0 Currency translation adjustments - - (8.8) - (8.8)Mark to market valuation of derivative financial instruments - - - (0.4) (0.4)Net expense recognised in other comprehensive income - - (8.8) (0.4) (9.2)Share-based payments 0.9 0.2 - - 1.1At 31 December 2011 (2.5) 19.6 60.9 (1.1) 76.9 For the year ended 30 June 2012 Own Equity Cumulative Hedging(In £'s million) shares reserve translation reserve TotalAt 1 July 2011 (3.4) 19.4 69.7 (0.7) 85.0 Currency translation adjustments - - (16.1) - (16.1)Mark to market valuation of derivative financial instruments - - - (0.4) (0.4)Net expense recognised in other comprehensive income - - (16.1) (0.4) (16.5)Share-based payments 1.2 4.4 - - 5.6At 30 June 2012 (2.2) 23.8 53.6 (1.1) 74.1 1 Basis of preparation The condensed consolidated interim financial statements ("interim financialstatements") are the results for the six months ended 31 December 2012. The

interim financial statements have been prepared under International Financial

Reporting Standards ("IFRS") as adopted by the European Union, in accordance

with International Accounting Standard 34 'Interim Financial Reporting' and theDisclosure and Transparency Rules of the Financial Services Authority. They areunaudited but have been reviewed by the auditors and their report is attached. The interim financial statements do not constitute statutory accounts as

defined in Section 434 of the Companies Act 2006 as they do not include all of

the information required for full statutory accounts. The interim financial

statements should be read in conjunction with the statutory accounts for the

year ended 30 June 2012, which were prepared in accordance with IFRS as adoptedby the European Union and have been filed with the Registrar of Companies. The

auditors' report on those accounts was unqualified, did not draw attention to

any matters by way of emphasis and did not contain a statement under Section

498 (2) or (3) of the Companies Act 2006. Accounting policies The interim financial statements have been prepared on the basis of the

accounting policies and methods of computation applicable for the year ended 30June 2012. These accounting policies are consistent with those applied in the

preparation of the financial statements for the year ended 30 June 2012. There

are no new standards or improvements to existing standards that are mandatory

for the first time in the Group's accounting period beginning on 1 July 2012

and no new standards have been early adopted. The Group's December 2012 InterimReport has adopted the following amendments to IFRS with no significant impact

on the Group's financial performance or position:

· IFRS 1 Severe Hyperinflation and Removal of Fixed Dates for First-time Adopters

· IFRS 7 Financial Instruments: Disclosures · IAS 12 Deferred Tax: Recovery of Underlying Assets

There have been no alterations made to the accounting policies as a result of

considering all of the above amendments that became effective in the period, asthese were not material to the Group's operations.

Going concern

The Group's business activities, together with the factors likely to effect itsfuture development, performance and financial position, including its cash

flows and liquidity position are described in the Half Year Report. The Group has an unsecured revolving credit facility of £300 million that

expires in October 2017. The Group uses the facility to manage its day-to-day

working capital requirements as appropriate. As at 31 December 2012, £95million of the committed facility was un-drawn. The Group's facility, together with internally generated cash flows, willcontinue to provide sufficient sources of liquidity to fund its current

operations, including contractual and commercial commitments, future growth andany proposed dividends. Therefore the Group is well placed to manage its

business risks, despite the current uncertain economic outlook.

The directors have formed the judgement, at the time of approving the interim

financial statements, that there is reasonable expectation that the Group has

adequate resources to continue in operational existence for the foreseeablefuture. For this reason, the directors continue to adopt the going concernbasis in preparing the interim financial statements. 2 Segmental information IFRS 8, Operating Segments

IFRS 8 requires operating segments to be identified on the basis of internal

reports about components of the Group that are regularly reviewed by the chief

operating decision maker to allocate resources to the segment and to assesstheir performance.

As a result, the Group continues to segment the business into three regions,

Asia Pacific, Continental Europe & Rest of World, and United Kingdom &Ireland. There is no material difference between the segmentation of theGroup's turnover by geographic origin and destination. The Group's continuing operations comprise one class of business, that ofqualified, professional and skilled recruitment. Net fees and profit from continuing operations

The Group's Management Board, which is regarded as the chief operating decision

maker, uses net fees by segment as its measure of revenue in internal reports.

This is because net fees exclude the remuneration of temporary workers, and

payments to other recruitment agencies where the Group acts as principal, which

are not considered relevant in allocating resources to segments. The Group's

Management Board considers net fees for the purpose of making decisions about

allocating resources. The Group does not report items below operating profit

by segment in its internal management reporting. The full detail of theseitems can be seen in the Income Statement. Net fees and profit from continuing operations Six months to Six months to 31 December 31 December Year to 2012 2011 30 June(In £'s million) (unaudited) (unaudited) 2012Net feesAsia Pacific 111.2 124.6 242.2 Continental Europe & Rest of World 139.7 132.8 266.5United Kingdom & Ireland 109.4 116.4 225.3 360.3 373.8 734.0 Operating profit from continuing operationsAsia Pacific 36.3 48.0 90.9Continental Europe & Rest of World 23.5 18.2 43.7United Kingdom & Ireland 0.5 (3.1) (6.5) 60.3 63.1 128.1 3 Finance income and finance cost Finance income Six months to Six months to 31 December 31 December Year to 2012 2011 30 June(In £'s million) (unaudited) (unaudited) 2012Interest on bank deposits 0.4 0.5 0.9 Finance cost Six months to Six months to 31 December 31 December Year to 2012 2011 30 June(In £'s million) (unaudited) (unaudited) 2012 Interest payable on bank loans and overdrafts (4.3) (4.1) (8.0)Pension Protection Fund levy 0.6 (0.3) (0.9)Net interest on pension obligations (0.3) 1.1 2.3 (4.0) (3.3) (6.6)Net finance charge (3.6) (2.8) (5.7) 4 Tax on ordinary activities

The Group's consolidated effective tax rate in respect of continuing operations

for the six months to 31 December 2012 is based on the estimated effective tax

rate for the full year of 40.4% (31 December 2011: 37.0%, 30 June 2012: 38.3%). 5 Dividends The following dividends were paid by the Group and have been recognised asdistributions to equity shareholders in the year: Six months to Six months to 31 December 31 December Year to 2012 2011 30 June(In £'s million) (unaudited) (unaudited) 2012Final dividend for the year ended 30 June 2011 of 3.95 pence per share - 54.3 54.3Interim dividend for the period to 31 December 2011 of 0.83 pence per share - - 11.5

Final dividend for the year ended 30 June 2012 of 1.67

pence per share 23.2 - - 23.2 54.3 65.8

The interim dividend for the period ended 31 December 2012 of 0.83 pence per share is not includedas a liability in the balance sheet as at 31 December 2012.

6 Earnings per share Six months to Six months to 31 December 31 December Year to 2012 2011 30 June(In £'s million) (unaudited) (unaudited) 2012 Earnings from continuing operations 56.7 60.3 122.4Tax on earnings from continuing operations (22.9) (22.3) (46.9)Basic earnings 33.8 38.0 75.5Number of shares (million): Weighted average number of shares 1,390.3 1,378.9 1,381.4Dilution effect of share options 25.8 27.6 23.4Weighted average number of shares used for diluted EPS 1,416.1 1,406.5 1,404.8From continuing operations:Basic earnings per share 2.43p 2.76p 5.47pDiluted earnings per share 2.38p 2.70p 5.37p From continuing and discontinued operations:Basic earnings per share 2.43p 2.84p 6.26pDiluted earnings per share 2.38p 2.78p 6.16p 7 Retirement benefit obligations Six months to Six months to 31 December 31 December Year to 2012 2011 30 June(In £'s million) (unaudited) (unaudited) 2012 Deficit in the scheme brought forward (15.4) (11.9) (11.9)Past service cost/curtailment - - 6.0Current service cost (0.6) (1.6) (2.7)Contributions 6.8 7.7 15.5Net financial return (0.3) 1.1 2.3Actuarial gain/(loss) 6.8 (10.6) (24.6) Deficit in the scheme carried forward (2.7) (15.3) (15.4) 8 Provisions (In £'s million) Property Other TotalAt 1 July 2012 13.0 12.6 25.6Utilised (1.5) (0.5) (2.0)At 31 December 2012 11.5 12.1 23.6 Current 3.7Non-current 19.9 23.6 Provisions relate to continuing and discontinued operations. Property

provisions are for rents and other related amounts payable on certain leased

properties for periods in which they are not anticipated to be in use by the

Group. The leases expire in periods up to 2015 and the amounts will be paidover this period.

Other provisions include potential warranty and environmental claim liabilities

arising as a result of the business disposals that were concluded in 2004. 9 Movement in net debt 1 July Cash Exchange 31 December(In £'s million) 2012 flow movement 2012Cash and cash equivalents 38.7 20.5 0.6 59.8Bank loans and overdrafts (171.6) (33.6) - (205.2)Net debt (132.9) (13.1) 0.6 (145.4)

The table above is presented as additional information to show movement in net

debt, defined as cash and cash equivalents less bank loans and overdrafts. The Group completed the re-financing of a five year £300 million unsecured

revolving credit facility on 2 October 2012 which expires in October 2017. The

financial covenants, which are unchanged from the Group's previous facility,

require the Group's interest cover ratio to be at least 4:1 and its leverage

ratio (net debt to EBITDA) to be no greater than 2.5:1. The interest rate of

the facility is based on a ratchet mechanism with a margin payable over LIBOR

in the range of 1.85% to 2.40%.

As at 31 December 2012, £95 million of the committed facility was un-drawn.

10 Events after the balance sheet date

There are no significant events after the balance sheet date to report.

11 Like-for-like results Like-for-like results represent organic growth/(decline) of continuingactivities at constant currency. For the six months ended 31 December 2012 these are calculated as follows: (In £'s million)Net fees for the six months ended 31 December 2011 373.8Foreign exchange impact (9.7)Net fees for the six months ended 31 December 2011 at constant currency 364.1Net fee increase/(decline) resulting from organic growth (3.8)Net fees for the six months ended 31 December 2012 360.3Profit from operations for the six months ended 31 December 2011 63.1Foreign exchange impact (1.8)Profit from operations for the six months ended 31 December 2011 at constant currency 61.3Profit from operations increase/(decline) resulting from organic growth (1.0)Profit from operations for the six months ended 31 December 2012 60.3 12 Like-for-like results H1 analysis by division Net fee growth/(decline) Q1 Q2 H1versus same period last year 2013 2013 2013Asia Pacific (9%) (14%) (11%) Continental Europe & Rest of World 16% 12% 14%United Kingdom & Ireland (9%) (3%) (6%)Group (1%) (1%) (1%)

H1 2013 is the period from 1 July 2012 to 31 December 2012.