Further re Recommended Acquisition of HW Group

HW Group PLC 14 February 2000 Not for release, distribution or publication in or into Canada, Australia or Japan. HW Group PLC Recommended acquisition of HW Group PLC by TMP Worldwide Inc. ('the Acquisition'). Final exchange proportion HW announces that for each HW Share held on 15 February 2000, HW Shareholders will receive 0.01346 of a TMP Share (the 'Final Exchange Proportion'). As set out in the Scheme Document dated 16 December 1999 despatched to HW Shareholders ('the Scheme Document'), the Final Exchange Proportion has been calculated by dividing 130p by the average closing price of a TMP Share for the twenty NASDAQ trading days prior to 14 February 2000, converted into sterling at the closing sterling/US dollar spot price on 11 February 2000. No fractions of TMP Shares will be issued to HW Shareholders, who will instead receive cash on the basis set out in the Scheme Document. TMP Share Split On 11 January 2000, TMP announced a 2-for-1 share split of TMP Common Stock, par value $0.001 per share ('the TMP Share Split'). The TMP Share Split will be in the form of a stock dividend on TMP's issued shares, pursuant to which each TMP shareholder will receive one new share of TMP common stock for each TMP Share held at the close of business on 16 February 2000, being the record date for the TMP Share Split. The stock dividend is payable on 29 February 2000. The TMP Share Split has not affected the calculation of the Final Exchange Proportion and HW Shareholders will still receive 130p in new TMP Shares for each HW Share held at 5.00 p.m. (London time) on 15 February 2000 ('the Scheme Record Date'). HW Shareholders will, however, also participate in the TMP Share Split and will, therefore, ultimately receive share certificates for twice the number of TMP Shares to which they will be entitled under the Scheme of Arrangement. Under the TMP Share Split, HW Shareholders will receive one new TMP Share in addition to each TMP Share they receive under the terms of the Scheme of Arrangement. Share certificates for the TMP Shares to be issued to HW Shareholders under the Scheme of Arrangement are expected to be despatched to HW Shareholders by 1 March 2000. Share certificates for the TMP Shares to be issued pursuant to the TMP Share Split are expected to be despatched some time later in March 2000. Final Court Hearing HW also announces that, earlier today, the High Court of Justice in England and Wales sanctioned the Scheme of Arrangement at the Final Court Hearing. As a consequence, the Effective Date for the Scheme of Arrangement is expected to be 16 February 2000. All other conditions to the implementation of the Acquisition have now been satisfied or waived. HW Shares will cease to be capable of being traded on the Official List of the London Stock Exchange at the close of business on 15 February 2000, whereupon the listing of HW Shares on the London Stock Exchange will be cancelled. The quotation of, and dealings in, the new TMP Shares to be issued to HW Shareholders pursuant to the Scheme of Arrangement will commence on NASDAQ at 9.30 a.m. (New York time) on 17 February 2000 (subject to the Scheme of Arrangement becoming effective on 16 February 2000). Words and expressions defined in the Scheme Document shall, unless the context otherwise requires, have the same meaning when used in this announcement. Enquiries: HW Group PLC Richard Mead/Graham Palfery-Smith 0207 240 2101 Credit Lyonnais Securities Nicholas Naylor 0207 588 4000 The directors of HW accept responsibility for the information contained in this announcement, other than the information relating to the TMP Group, the directors of TMP and members of their immediate families and related trusts. To the best of the knowledge and belief of the directors of HW (who have taken all reasonable care to ensure that such is the case), the information contained in this announcement, for which they take responsibility, is in accordance with the facts and does not omit anything likely to affect the import of such information. The directors of TMP accept responsibility for the information contained in this announcement, other than the information relating to the HW Group, the directors of HW and members of their immediate families and related trusts. To the best of the knowledge and belief of the directors of TMP (who have taken all reasonable care to ensure that such is the case), the information contained in this announcement, for which they take responsibility, is in accordance with the facts and does not omit anything likely to affect the import of such information. Credit Lyonnais Securities, which is regulated by The Securities and Futures Authority Limited, is acting for HW Group PLC and no-one else in connection with the Acquisition and will not be responsible to anyone other than HW Group PLC for providing the protections afforded to customers of Credit Lyonnais Securities, nor for providing advice in relation to the Acquisition.
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