Announcement: Marsh Makes Recommended Cash Offer for Jelf Group Plc

LONDON   |   September 11, 2015

FOR RULE 2.7 ANNOUNCEMENT AND OFFER-RELATED DOCUMENTS

ACCESS TO THIS AREA OF THE WEBSITE MAY BE RESTRICTED UNDER RELEVANT SECURITIES LAWS IN CERTAIN JURISDICTIONS. THIS NOTICE REQUIRES YOU TO CONFIRM CERTAIN MATTERS (INCLUDING THAT YOU ARE NOT RESIDENT IN SUCH A JURISDICTION), BEFORE YOU MAY OBTAIN ACCESS TO THE INFORMATION ON THIS AREA OF THE WEBSITE. THESE MATERIALS ARE NOT DIRECTED AT OR TO BE ACCESSED BY PERSONS RESIDENT IN ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF THAT JURISDICTION OR WOULD RESULT IN A REQUIREMENT TO COMPLY WITH CONSENT OR OTHER FORMALITY WHICH MARSH REGARDS AS UNDULY ONEROUS.

You are attempting to enter the area of this website that is designated for the publication of documents and information in connection with the proposed offer (the Offer) by Marsh & McLennan Companies Acquisition Limited (Marsh), a wholly-owned subsidiary of Marsh & McLennan Companies, Inc. (MMC), for Jelf Group plc (Jelf) to be implemented by means of a scheme of arrangement.  The information contained in this website is made available in good faith and for information purposes only and is subject to the terms and conditions set out below.  In particular, the information contained in this website does not constitute an offer to sell or otherwise dispose of or any invitation or solicitation of any offer to purchase or subscribe for any securities pursuant to the Offer or otherwise in any jurisdiction in which such offer or solicitation is unlawful.

The full terms and conditions of the Offer will be set out in the formal Scheme Document (as defined in the announcement).  In deciding whether or not to vote in favour of the Offer, shareholders of Jelf should rely only on the information contained and procedures described in the formal Scheme Document.

Terms defined in the announcement of the Offer dated September 10, 2015 shall have the same meaning when used in this notice.

Access to the Website

If you would like to view this area of the website, please read this notice carefully.  This notice applies to all persons who view this area of the website and, depending on where you are located, may affect your rights or responsibilities.  Marsh reserves the right to amend or update this notice at any time and you should, therefore, read it in full each time you visit this area of the website.  In addition, the contents of this area of the website may be amended at any time in whole or in part at the sole discretion of Marsh.

Overseas Persons

As a consequence of legal restrictions, the release, publication or distribution of information contained in this area of the website in certain jurisdictions or to certain persons may be restricted or unlawful. All persons resident or located outside the United Kingdom or the United States who wish to view this area of the website must first satisfy themselves that they are not subject to any local requirements that prohibit or restrict them from doing so and should inform themselves of, and observe, any legal or regulatory requirements applicable in their jurisdiction. To the fullest extent permitted by applicable law, the companies and persons involved in the Offer disclaim any responsibility or liability for the violation of such restrictions by any person. If you are resident or located in a country that renders the accessing of this area of the website or parts thereof illegal, whether or not subject to making certain notifications or taking other action, you should not view this area of the website. 

In particular, the Offer is not, unless decided otherwise by Marsh, being made in or into, and is not capable of acceptance in or from, Canada, Australia or Japan.  Accordingly, viewing this area of the website is not permitted if you are resident in Canada, Australia or Japan.

It is your responsibility to satisfy yourself as to the full observance of any relevant laws and regulatory requirements.  If you are in any doubt, you should not continue to seek to access this area of the website. 

You should not forward, transmit or show the announcements, information or documents contained in this area of the website to any person.  In particular, you should not forward or transmit the announcements, information or documents contained therein to Canada, Australia or Japan or to any other jurisdiction where it would be unlawful to do so.

Notice to US investors

US holders should note that the Offer relates to the acquisition of securities of a UK company, is subject to UK disclosure requirements (which are different from those of the United States) and is proposed to be implemented under a scheme of arrangement provided for under English company law. A transaction effected by means of a scheme of arrangement is not subject to the tender offer rules under the US Securities and Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder (the US Exchange Act). Accordingly, the scheme of arrangement will be subject to UK disclosure requirements and practices, which are different from the disclosure requirements of the US tender offer rules and proxy solicitation rules. The financial information included in this section of the website has been or will have been prepared in accordance with IFRS accounting principles and thus may not be comparable to financial information of US companies or companies whose financial statements are prepared in accordance with generally accepted accounting principles in the United States. If Marsh exercises its right to implement the acquisition of the Jelf Shares by way of a takeover offer, such offer will be made in compliance with applicable US tender offer rules and securities laws and regulations.

The receipt of cash pursuant to the Offer by a US holder as consideration for the transfer of its shares pursuant to the scheme of arrangement may be a taxable transaction for US federal income tax purposes and under applicable US state and local, as well as foreign and other, tax laws. Each Jelf shareholder is urged to consult its independent professional adviser immediately regarding the tax consequences of the Offer applicable to it.

It may be difficult for US holders of Jelf shares to enforce their rights and claims arising out of the US federal securities laws, since Marsh and Jelf are located in countries other than the United States, and some or all of their officers and directors may be residents of countries other than the United States. US holders may not be able to sue a non-US company or its officers or directors in a non-US court for violations of US securities laws. Further, it may be difficult to compel a non-US company and its affiliates to subject themselves to a US court’s judgement.

In accordance with normal UK practice and pursuant to Rule 14e-5(b) of the US Exchange Act, Marsh or its nominees, or its brokers (acting as agents), may from time to time make certain purchases of, or arrangements to purchase, Jelf shares outside of the United States, other than pursuant to the Offer, before or during the period in which the Offer remains open for acceptance. In addition, in accordance with Rule 14e-5(b) of the US Exchange Act, Goldman Sachs International, while serving as a Financial Adviser to MMC, will continue to act as an exempt principal trader in Jelf Shares on the London Stock Exchange’s AIM market. These purchases may occur either in the open market at prevailing prices or in private transactions at negotiated prices. Any information about such purchases will be disclosed as required in the UK, will be reported to a Regulatory Information Service of the London Stock Exchange and will be available on the London Stock Exchange website, www.londonstockexchange.com.

Forward Looking Statements

This area of the website contains “forward-looking statements”.  These statements are based on the current expectations of the management of Marsh and are naturally subject to uncertainty and changes in circumstances.  The forward-looking statements contained in this area of the website include statements relating to the expected effects of the Offer on Jelf, the expected timing and scope of the Offer, and other statements other than historical facts.  

Forward-looking statements include statements typically containing words such as “will”, “may”, “should”, “believe”, “intends”, “expects”, “anticipates”, “targets”, “estimates” and words of similar import.  Although Marsh believes that the expectations reflected in such forward-looking statements are reasonable, Marsh can give no assurance that such expectations will prove to be correct.  By their nature, forward-looking statements involve risk and uncertainty because they relate to events and depend on circumstances that will occur in the future.  There are a number of factors that could cause actual results and developments to differ materially from those expressed or implied by such forward looking statements. These factors include, but are not limited to: the ability to consummate the Offer; the ability to obtain requisite regulatory and shareholder approvals and the satisfaction of other Conditions on the proposed terms and schedule; the ability of Marsh and Jelf to successfully integrate their respective operations and retain key employees; the potential impact of the announcement or consummation of the Offer on relationships, including with employees, suppliers, customers and competitors; changes in general economic, business and political conditions, including changes in the financial markets; significant competition that Marsh and Jelf face; compliance with extensive government regulation; the combined company’s ability to make acquisitions and its ability to integrate or manage such acquired businesses. Other unknown or unpredictable factors could cause actual results to differ materially from those in the forward-looking statements.

Given these risks and uncertainties, investors should not place undue reliance on forward-looking statements as a prediction of actual results.  Neither Marsh nor any of its affiliated companies undertakes any obligation to update or revise forward-looking statements, whether as a result of new information, future events or otherwise, except to the extent legally required.

Responsibility

In relation to any document, announcement or information contained in this area of the website, the only responsibility accepted by the directors of Marsh (the Responsible Persons) is for the correctness and fairness of its reproduction or presentation, unless the responsibility statement in any relevant document expressly provides otherwise.

None of the Responsible Persons, Marsh or its affiliated companies have reviewed and none of them is responsible for, or accepts any liability in respect of, any information on any other website that may be linked to this website by a third party.

The documents included in this area of the website speak only at the specified date of the relevant document and neither Marsh nor any of its affiliated companies has or accepts any responsibility or duty to update such documents (other than to the extent such duty arises as a matter of law).

If you are in any doubt about the contents of this area of the website or the action you should take, you should seek your own financial advice from an independent financial adviser authorised under the Financial Services and Markets Act 2000 or, if you are located outside the United Kingdom, from an appropriately authorised independent financial adviser.

THE DOCUMENTS IN THIS AREA OF THE WEBSITE MAY NOT BE DOWNLOADED, FORWARDED, TRANSMITTED OR SHARED WITH ANY OTHER PERSON EITHER IN WHOLE OR IN PART WHERE TO DO SO WOULD OR MAY CONSTITUTE A BREACH OF ANY APPLICABLE LOCAL LAWS OR REGULATIONS.

This notice shall be governed by, and interpreted in accordance with, English law.

Confirmation of Understanding and Acceptance of Disclaimer

I certify that I am not (nor do I act on behalf of someone who is) resident in any country that renders the accessing of this area of the website or parts thereof illegal, including, without limitation, Canada, Australia or Japan.

I agree that I will not forward, transfer or distribute (by any means including by electronic transmission) any documents included in this area of the website either in whole or in part to any person in Canada, Australia or Japan or any other jurisdiction where such distribution may be restricted by applicable law or regulation.

I represent and warrant to Marsh that I intend to access this area of the website for information purposes only, that I have read and understood this notice and that I understand that it may affect my rights or responsibilities.

I agree to be bound by the terms of this notice.

I Accept                                        I Do Not Accept

About Marsh

Marsh is the world’s leading insurance broker and risk advisor. With around 40,000 colleagues operating in more than 130 countries, Marsh serves commercial and individual clients with data-driven risk solutions and advisory services.  Marsh is a business of Marsh McLennan (NYSE: MMC), the world’s leading professional services firm in the areas of risk, strategy and people. With annual revenue over $17 billion, Marsh McLennan helps clients navigate an increasingly dynamic and complex environment through four market-leading businesses:. Marsh, Guy Carpenter, Mercer  and Oliver Wyman.  For more information, visit mmc.com, follow us on LinkedIn and Twitter or subscribe to BRINK.