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Disclaimer - Important

SANLAM PRIVATE INVESTMENT HOLDINGS UK LIMITED
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Sanlam Private Investment Holdings UK Limited (Bidco) is registered in England & Wales under company number 07701943 whose registered office is at St Bartholomews House, Lewins Mead, Bristol BS1 2NH.  
DISCLAIMER - IMPORTANT
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 ACQUISITION (OFFER) OF MERCHANT SECURITIES GROUP PLC (MERCHANT) BY BIDCO, A WHOLLY OWNED SUBSIDIARY OF SANLAM UK LIMITED (SANLAM UK) AND AN INDIRECT WHOLLY OWNED SUBSIDIARY OF SANLAM LIMITED (SANLAM). THIS SECTION OF THE WEBSITE CONTAINS ANNOUNCEMENTS, DOCUMENTS AND INFORMATION (INFORMATION) PUBLISHED BY BIDCO AND/OR SANLAM UK AND/OR SANLAM RELATING TO THE OFFER IN COMPLIANCE WITH THE CITY CODE ON TAKEOVERS AND MERGERS (THE CODE). 
ACCESS TO THIS WEBSITE MAY BE RESTRICTED UNDER SECURITIES LAWS IN CERTAIN JURISDICTIONS.
THIS NOTICE REQUIRES YOU TO CONFIRM CERTAIN MATTERS BEFORE YOU MAY OBTAIN ACCESS TO THE INFORMATION.
THE INFORMATION IS BEING MADE AVAILABLE IN GOOD FAITH AND FOR INFORMATION PURPOSES ONLY, AND ITS AVAILABILITY 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 OFFER CANNOT BE VALIDLY ACCEPTED BY MERCHANT SHAREHOLDERS OR ANY OTHER PERSONS BY MEANS OF DOWNLOADING A COPY OF THE OFFER DOCUMENTS FROM THIS WEBSITE. 
Access to the Offer
Please read this notice carefully - it applies to all persons who view this part of the website and, depending upon who you are and where you live, it may affect your rights. This notice and the information contained herein may be altered or updated from time to time, and should be read carefully each time you visit this part of the website. 
The full terms and conditions of the Offer will be set out in the formal offer document in respect of the Offer (Offer Document). In deciding whether or not to accept the Offer, shareholders of Merchant should rely only on the information contained and procedures described in the formal Offer Document. 
Terms defined in the announcement of the Offer dated [31 October 2011] under rule 2.7 of the Code  shall have the same meaning when used in this notice.

Overseas Persons
The information contained herein is not for publication or distribution, directly or indirectly, in or into any jurisdiction where to do so would violate the law of that jurisdiction (a Restricted Jurisdiction), and the availability of the Offer to Merchant shareholders who are not resident in the United Kingdom may be affected by the laws of relevant jurisdictions. Persons who are not resident in the United Kingdom should inform themselves of, and observe, any applicable regulatory and legal requirements. The Offer may not be downloaded or accessed by any person either in whole of in part from or within a Restricted Jurisdiction or where to do so would or may constitute a breach of any applicable local laws or regulations. 
If you are not permitted to view the Offer on this website, or viewing the Offer would result in a breach of the above, or you are in any doubt as to whether you are permitted to view the Offer, please exit this web page. 
Forward-looking statements
The information and documents in this section of the website contain certain forward-looking statements with respect to the financial condition, results of operations and businesses of Bidco, Sanlam UK, Sanlam and/or Merchant and certain plans and objectives of the boards of directors of Bidco and Merchant. These forward-looking statements can be identified by the fact that they do not relate only to historical or current facts. Forward-looking statements often use words such as "anticipate", "target", "expect", "estimate", "intend", "plan", "goal", "believe", "will", "may", "should", "would", "could" or other words of similar meaning. These statements are based on assumptions and assessments made by the boards of directors of Bidco and Merchant in light of their experience and their perception of historical trends, current conditions, expected future developments and other factors they believe appropriate. By their nature, forward-looking statements involve risk and uncertainty, and the factors described in the context of such forward-looking statements in this announcement could cause actual results and developments to differ materially from those expressed in or implied by such forward-looking statements.
Should one or more of these risks or uncertainties materialise, or should underlying assumptions prove incorrect, actual results may vary materially from those described in this announcement. Neither Bidco or Merchant nor their respective boards of directors assume any obligation to update or correct the information contained in this announcement, whether as a result of new information, future events or otherwise, except to the extent legally required.
Responsibility for information
In relation to any document, announcement or information contained in this area of the website, the only responsibility accepted by the directors of Bidco is for the correctness and fairness of its reproduction or presentation, unless the responsibility statement in any relevant document expressly provides otherwise. 
Bidco nor 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. 
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.

Lincoln International, which is authorised and regulated in the UK by the FSA for investment business activities, is acting exclusively as financial adviser to Bidco and no one else in connection with the Offer and will not be responsible to anyone other than Bidco for providing the protections afforded to clients of Lincoln International or for providing advice in relation to the Offer or any other matters referred to in this announcement.
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Confirmation of understanding and acceptance of disclaimer

By clicking the butting below labelled "I AGREE" you are certifying that: 
(a)	you have read and understood this notice and agree that it may affect your rights or responsibilities and agree to be bound by its terms; 
(b)	you intend to access this area of the website for information purposes only; and 
(c)	you confirm that you are permitted to proceed to this part of the site.

	31 August 2011 - Statement re Possible Offer
	19 September 2011 - Update on Possible Offer
	17 October 2011 - Update on Possible Offer
	31 October 2011 - Recommended Cash Offer
	2 November 2011 - Notice of GM, Posting of Circular & Offer document
	18 November 2011 - Result of General Meeting
	24 November 2011 - Offer Declared Unconditional as to Acceptances
	14 December 2011 - Offer Declared Wholly Unconditional
	17 January 2012 - Cancellation of trading on AIM
	25 January 2012 - Compulsory acquisition of outstanding Merchant shares

	Current Memorandum and Articles of Association - Merchant Securities Group plc
	Current Articles of Association - Sanlam Private Investment Holdings UK Limited
	Proposed Articles of Association - Merchant Securities Group plc
	Proposed Articles of Association - Sanlam Private Investment Holdings UK Limited

	Henderson Global Investors Limited
	IDMSA Brokerage Limited
	Roy Ruffler
	Anthony Fabrizi
	Marylebone Property Holdings
	City and Continental LLP
	David Barton
	Terry Tyrell
	Simon Rogers

	Sale and Purchase Agreement for the purchase of Cavendish Young Limited
	Sale and Purchase Agreement for GT Independent Financial Advisers Limited
	Intra Group Business and Asset Purchase Agreement
	Rules of the Merchant Securities plc 2009 Executive Share Option Scheme
	Rules of the Merchant Securities plc 2009 Executive Share Option Scheme (amended 2011)
	Rules of the Merchant Securities plc Enterprise Management Incentive Share Option Scheme
	Option Agreement - Charles Price
	Option Agreement - John Green

	Patrick Claridge
	John East
	Nigel Gurney
	John Green
	Charles Price

	Confidentiality Agreement (Sanlam Private Investments (Proprietary) Limited)
	Shareholders' Agreement
	Acquisition Agreement

	Patrick Claridge
	Simon Clements
	Christopher Coleman
	Nigel Gurney
	Graeme Smith

	Audited consolidated financial statements of Sanlam Limited for period 1 January 2009 to 31 December 2009
	Audited consolidated financial statements of Sanlam Limited for period 1 January 2010 to 31 December 2010
	Consolidated interim financial statements of Sanlam Limited for period 1 January 2011 to 30 June 2011

Disclaimer - Important

Recommended cash offer for Merchant Securities Group plc by Sanlam Private Investment Holdings UK Limited