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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
Under the Securities and Exchange Act of 1934
(Amendment No. 4)
Willis Group Holdings Public Limited Company
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(Name of Issuer)
Common Stock
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(Title of Class of Securities)
G96666105
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(CUSIP Number)
Allison Bennington, Esq.
ValueAct Capital
435 Pacific Avenue, Fourth Floor
San Francisco, CA 94133
(415) 362-3700
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(Name, address and telephone number of Person
Authorized to Receive Notices and Communications)
Allison Bennington, Esq.
ValueAct Capital
435 Pacific Avenue, Fourth Floor
San Francisco, CA 94133
(415) 362-3700
April 25, 2013
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(Date of Event which Requires Filing of this Statement)
If the filing person has previously filed a statement on Schedule 13G to report
the acquisition that is the subject of this Schedule 13D, and is filing this
schedule because of 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the
following box [ ].
Note: Schedules filed in paper format shall include a signed original and five
copies of the schedule, including all exhibits. See Rule 240.13d-7 for other
parties to whom copies are to be sent.
*The remainder of this cover page shall be filled out for a reporting person's
initial filing on this form with respect to the subject class of securities,
and for any subsequent amendment containing information which would alter
disclosures provided in a prior cover page.
This information required on the remainder of this cover page shall not be
deemed to be "filed" for the purpose of Section 18 of the Securities Exchange
Act of 1934 ("Act") or otherwise subject to the liabilities of that section of
the Act but shall be subject to all other provisions of the Act (however, see
the Notes).
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SCHEDULE 13D
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CUSIP NO. G96666105 Page 2 of 14
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1. NAME OF REPORTING PERSON/S.S. OR I.R.S. INDENTIFICATION NO. OF ABOVE
PERSON (entities only)
ValueAct Capital Master Fund, L.P.
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2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [X]
(b) [ ]
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3. SEC USE ONLY
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4. SOURCE OF FUNDS (See Instructions)*
WC*
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5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) or 2(e) [ ]
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6. CITIZENSHIP OR PLACE OF ORGANIZATION
British Virgin Islands
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7. SOLE VOTING POWER
0
NUMBER OF ----------------------------------------------------------
SHARES 8. SHARED VOTING POWER
BENEFICIALLY 16,500,000**
OWNED BY EACH ----------------------------------------------------------
PERSON WITH 9. SOLE DISPOSITIVE POWER
0
----------------------------------------------------------
10. SHARED DISPOSITIVE POWER
16,500,000**
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11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
16,500,000**
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12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES [ ]
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13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
9.5%
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14. TYPE OF REPORTING PERSON
PN
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*See Item 3
**See Item 2 and 5
SCHEDULE 13D
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CUSIP NO. G96666105 Page 3 of 14
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1. NAME OF REPORTING PERSON/S.S. OR I.R.S. INDENTIFICATION NO. OF ABOVE
PERSON (entities only)
VA Partners I, LLC
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2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [X]
(b) [ ]
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3. SEC USE ONLY
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4. SOURCE OF FUNDS*
00*
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5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) or 2(e) [ ]
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6. CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
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7. SOLE VOTING POWER
0
NUMBER OF ----------------------------------------------------------
SHARES 8. SHARED VOTING POWER
BENEFICIALLY 16,500,000**
OWNED BY EACH ----------------------------------------------------------
PERSON WITH 9. SOLE DISPOSITIVE POWER
0
----------------------------------------------------------
10. SHARED DISPOSITIVE POWER
16,500,000**
-----------------------------------------------------------------------------
11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
16,500,000**
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12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES [ ]
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13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
9.5%
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14. TYPE OF REPORTING PERSON
00 (LLC)
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*See Item 3
**See Item 2 and 5
SCHEDULE 13D
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CUSIP NO. G96666105 Page 4 of 14
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1. NAME OF REPORTING PERSON/S.S. OR I.R.S. INDENTIFICATION NO. OF ABOVE
PERSON (entities only)
ValueAct Capital Management, L.P.
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2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [X]
(b) [ ]
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3. SEC USE ONLY
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4. SOURCE OF FUNDS*
00*
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5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) or 2(e) [ ]
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6. CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
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7. SOLE VOTING POWER
0
NUMBER OF ----------------------------------------------------------
SHARES 8. SHARED VOTING POWER
BENEFICIALLY 16,500,000**
OWNED BY EACH ----------------------------------------------------------
PERSON WITH 9. SOLE DISPOSITIVE POWER
0
----------------------------------------------------------
10. SHARED DISPOSITIVE POWER
16,500,000**
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11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
16,500,000**
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12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES [ ]
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13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
9.5%
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14. TYPE OF REPORTING PERSON
PN
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*See Item 3
**See Item 2 and 5
SCHEDULE 13D
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CUSIP NO. G96666105 Page 5 of 14
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1. NAME OF REPORTING PERSON/S.S. OR I.R.S. INDENTIFICATION NO. OF ABOVE
PERSON (entities only)
ValueAct Capital Management, LLC
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2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [X]
(b) [ ]
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3. SEC USE ONLY
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4. SOURCE OF FUNDS*
00*
-----------------------------------------------------------------------------
5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) or 2(e) [ ]
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6. CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
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7. SOLE VOTING POWER
0
NUMBER OF ----------------------------------------------------------
SHARES 8. SHARED VOTING POWER
BENEFICIALLY 16,500,000**
OWNED BY EACH ----------------------------------------------------------
PERSON WITH 9. SOLE DISPOSITIVE POWER
0
----------------------------------------------------------
10. SHARED DISPOSITIVE POWER
16,500,000**
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11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
16,500,000**
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12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES [ ]
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13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
9.5%
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14. TYPE OF REPORTING PERSON
00 (LLC)
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*See Item 3
**See Item 2 and 5
SCHEDULE 13D
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CUSIP NO. G96666105 Page 6 of 14
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1. NAME OF REPORTING PERSON/S.S. OR I.R.S. INDENTIFICATION NO. OF ABOVE
PERSON (entities only)
ValueAct Holdings, L.P.
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2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [X]
(b) [ ]
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3. SEC USE ONLY
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4. SOURCE OF FUNDS*
00*
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5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) or 2(e) [ ]
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6. CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
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7. SOLE VOTING POWER
0
NUMBER OF ----------------------------------------------------------
SHARES 8. SHARED VOTING POWER
BENEFICIALLY 16,500,000**
OWNED BY EACH ----------------------------------------------------------
PERSON WITH 9. SOLE DISPOSITIVE POWER
0
----------------------------------------------------------
10. SHARED DISPOSITIVE POWER
16,500,000**
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11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
16,500,000**
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12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES [ ]
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13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
9.5%
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14. TYPE OF REPORTING PERSON
PN
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*See Item 3
**See Items 2 and 5
SCHEDULE 13D
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CUSIP NO. G96666105 Page 7 of 14
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1. NAME OF REPORTING PERSON/S.S. OR I.R.S. INDENTIFICATION NO. OF ABOVE
PERSON (entities only)
ValueAct Holdings GP, LLC
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2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [X]
(b) [ ]
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3. SEC USE ONLY
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4. SOURCE OF FUNDS*
00*
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5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) or 2(e) [ ]
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6. CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
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7. SOLE VOTING POWER
0
NUMBER OF ----------------------------------------------------------
SHARES 8. SHARED VOTING POWER
BENEFICIALLY 16,500,000**
OWNED BY EACH ----------------------------------------------------------
PERSON WITH 9. SOLE DISPOSITIVE POWER
0
----------------------------------------------------------
10. SHARED DISPOSITIVE POWER
16,500,000**
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11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
16,500,000**
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12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES [ ]
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13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
9.5%
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14. TYPE OF REPORTING PERSON
00 (LLC)
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*See Item 3
**See Items 2 and 5
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CUSIP NO. G96666105 Page 8 of 14
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THE PURPOSE OF THIS AMENDMENTT NO. 4 TO SCHEDULE 13D IS TO AMEND THE
OWNERSHIP REPORTS OF THE REPORTING PERSONS AND TO AMEND ITEM 4 (PURPOSE OF
TRANSACTION), ITEM 6 (CONTRACTS, ARRANGEMENTS, UNDERSTANDINGS OR
RELATIONSHIPS WITH RESPECT TO SECURITIES OF THE ISSUER) AND ITEM 7 (MATERIAL
TO BE FILED AS EXHIBITS). THE INFORMATION BELOW SUPPLEMENTS THE INFORMATION
PREVIOUSLY PROVIDED.
Item 1. Security and Issuer
This Schedule 13D relates to the Common Stock, $0.000115 nominal value
per share (the "Common Stock") of Willis Group Holdings Public Limited
Company, an Irish company (the "Issuer"). The address of the principal
executive offices of the Issuer is c/o Willis Group Limited, 51 Lime Street,
London, EC3M 7DQ, England.
Item 2. Identity and Background
This statement is filed jointly by (a) ValueAct Capital Master Fund,
L.P. ("ValueAct Master Fund"), (b) VA Partners I, LLC ("VA Partners I"), (c)
ValueAct Capital Management, L.P. ("ValueAct Management L.P."), (d) ValueAct
Capital Management, LLC ("ValueAct Management LLC"), (e) ValueAct Holdings,
L.P. ("ValueAct Holdings") and (f) ValueAct Holdings GP, LLC ("ValueAct
Holdings GP")(collectively, the "Reporting Persons").
ValueAct Master Fund is a limited partnership organized under the laws
of the British Virgin Islands. It has a principal business address of 435
Pacific Avenue, Fourth Floor, San Francisco, CA 94133.
VA Partners I is a Delaware limited liability company, the principal
business of which is to serve as the General Partner to ValueAct Master Fund.
It has a principal business address of 435 Pacific Avenue, Fourth Floor, San
Francisco, CA 94133.
ValueAct Management L.P. is a Delaware limited partnership which
renders management services to ValueAct Master Fund. ValueAct Management LLC
is a Delaware limited liability company, the principal business of which is
to serve as the General Partner to ValueAct Management L.P. Each has a
principal business address of 435 Pacific Avenue, Fourth Floor, San
Francisco, CA 94133.
ValueAct Holdings is a Delaware limited partnership and is the sole
owner of the limited partnership interests of ValueAct Management L.P. and
the membership interests of ValueAct Management LLC and is the majority owner
of the membership interests of VA Partners I. ValueAct Holdings GP is a
Delaware limited liability company, the principal business of which is to
serve as the General Partner to ValueAct Holdings. Each has a principal
business address of 435 Pacific Avenue, Fourth Floor, San Francisco, CA
94133.
(d) and (e). None of the entities or persons identified in this Item 2
has during the past five years been convicted of any criminal proceeding
(excluding traffic violations or similar misdemeanors), nor been a party to a
civil proceeding of a judicial or administrative body of competent judgment,
decree or final order enjoining future violations of, or prohibiting or
mandating activities subject to, federal or state securities laws or finding
any violation with respect to such laws.
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CUSIP NO. G96666105 Page 9 of 14
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Item 3. Source and Amount of Funds or Other Consideration
The source of funds used for the purchase of the Issuer's securities
was the working capital of ValueAct Master Fund. The aggregate funds used by
these Reporting Persons to make the purchases were $60,643,582.02.
Item 4. Purpose of Transaction
On April 25, 2013, the Issuer entered into a Nominating Agreement (the
"Agreement") with ValueAct Capital Master Fund, L.P., VA Partners I, LLC,
ValueAct Capital Management, L.P., ValueAct Capital Management, LLC, ValueAct
Holdings, L.P., ValueAct Holdings GP, LLC and their respective affiliates
(collectively, the "ValueAct Group"). The ValueAct Group collectively owns
approximately 9.5% shares of the Issuer's ordinary shares.
Under the Agreement, in consideration for certain restrictions and
limitations on the ValueAct Group as more fully described below, effective
April 25, 2013, the Issuer's Board, among other things, (i) will nominate
Jeffrey W. Ubben, the Chief Executive Officer and Chief Investment Officer of
ValueAct Capital, for election as a director of the Issuer at the 2013 Annual
Meeting for a term to expire at the Issuer's 2014 annual general meeting of
shareholders (the "2014 Annual Meeting") and (ii) agreed to name and
recommend Mr. Ubben as a nominee for election to the Board in the Issuer's
proxy statement and cause all proxies received by the Issuer to be voted in
the manner specified in the proxies. If during the term of the Agreement (the
"Term"), a vacancy on the Board is created by Mr. Ubben's death or
resignation, disqualification or removal from the ValueAct Group, then the
ValueAct Group and the Issuer shall work together in good faith to fill such
vacancy or replace Mr. Ubben. Subject to certain exceptions, the Term
continues until the earlier of (i) the date that is three months from the
date that Mr. Ubben ceases to be a member of the Board due to his death,
disability or termination of employment from the ValueAct Group and is not
replaced and (ii) the date of the Issuer's 2014 Annual Meeting.
Notwithstanding the foregoing, in the event Mr. Ubben is not elected to the
Board at the 2013 Annual Meeting, the Agreement will terminate as of the date
of the 2013 Annual Meeting.
The ValueAct Group further agreed, subject to certain exceptions, that
during the Term, the ValueAct Group will not (and will cause their
representatives not to), among other things, (i) own more than 12% of the
then outstanding securities of the Issuer or any securities convertible or
exchangeable into or exercisable for any securities of the Issuer (the
"Ordinary Shares"), (ii) propose or seek to effect an "extraordinary
transaction," such as a tender or exchange offer, merger, consolidation,
acquisition, recapitalization, restructuring, liquidation, dissolution,
business combination or other extraordinary transaction involving the Issuer,
its securities or assets, or tender into any such tender or exchange offer or
vote in favor of any such extraordinary transaction, (iii) solicit proxies or
seek to influence any person with respect to the voting of any shares for the
election of individuals to the Board or to approve a stockholder proposal
with respect to the Issuer, (iv) form, join, influence or participate in a
"group" within the meaning of Section 13(d)(3) of the Securities Exchange Act
of 1934, as amended, (v) make any shareholder proposal (or make any public
statement in respect thereof), (vi) take any action, alone or with others, in
support of advising, influencing or controlling the Issuer's management,
Board or affairs, (vii) seek to have the Issuer waive, amend or modify any
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CUSIP NO. G96666105 Page 10 of 14
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provision of the Issuer's organizational documents, or (viii) make or cause
to be made any public disclosure regarding the matters set forth in the
Agreement, including, without limitation, the composition of the Board.
Further, the ValueAct Group agreed that, during the Term, it shall not, and
shall cause its representatives not to voluntarily sell more than 5% of the
Issuer's Ordinary Shares (or beneficial ownership thereof). In addition, the
parties agreed that the Issuer?s obligations under the Agreement shall
terminate and Mr. Ubben shall offer to resign from the Board if (i) the
members of the ValueAct Group, collectively, cease to beneficially own at
least 5% of the Ordinary Shares or (ii) a member of the ValueAct Group,
including Mr. Ubben, otherwise ceases to comply or breaches any term of the
Agreement.
Under the Agreement, each of the Issuer and the ValueAct Group agrees
not to make any statements that attack, disparage or undermine the terms of
the arrangement between the Issuer and the ValueAct Group, the Issuer
(including its directors and officers), the ValueAct Group (including its
directors and officers) or any of the Issuer's or the ValueAct Group's
affiliates. In addition, the parties to the Agreement agreed to enter into a
confidentiality agreement simultaneously with the execution of the Agreement.
Mr. Ubben will have all of the obligations, including the fiduciary
duties to the Issuer and its shareholders, of a director under applicable law
and the Issuer's organizational documents.
If elected, it is expected that the Issuer's Board will appoint Mr.
Ubben to the Risk Committee. Mr. Ubben will participate in all director
compensation and benefit programs in which the Issuer's other non-employee
directors participate. These compensation arrangements and plans are
described in more detail under the heading "Director Compensation" in the
Issuer's proxy statement on Schedule 14A filed with the Securities and
Exchange Commission. Under ValueAct Group's policies, cash, equity awards and
other property received by Mr. Ubben are held by such person for the benefit
of certain members of the ValueAct Group.
The foregoing description of the Agreement is qualified in its entirety
by reference to the full text of the Agreement, which is attached as Exhibit
10.1 to the Issuer's Current Report on Form 8-K dated April 26, 2013 and
incorporated herein by reference.
Item 5. Interest in Securities of the Issuer
(a) and (b). Set forth below is the beneficial ownership of shares of
Common Stock of the Issuer for each person named in Item 2. Shares reported
as beneficially owned by ValueAct Master Fund are also reported as
beneficially owned by (i) ValueAct Management L.P. as the manager of each
such investment partnership, (ii) ValueAct Management LLC, as General Partner
of ValueAct Management L.P., (iii) ValueAct Holdings, as the sole owner of
the limited partnership interests of ValueAct Management L.P. and the
membership interests of ValueAct Management LLC and as the majority owner of
the membership interests of VA Partners I and (iv) ValueAct Holdings GP, as
General Partner of ValueAct Holdings. Shares reported as beneficially owned
by ValueAct Master Fund are also reported as beneficially owned by VA
Partners I, as General Partner of ValueAct Master Fund. VA Partners I,
ValueAct Management L.P., ValueAct Management LLC, ValueAct Holdings and
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CUSIP NO. G96666105 Page 11 of 14
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ValueAct Holdings GP also, directly or indirectly, may own interests in one
or more than one of the partnerships from time to time. Unless otherwise
indicated below, by reason of such relationship ValueAct Master Fund is
reported as having shared power to vote or to direct the vote, and shared
power to dispose or direct the disposition of, such shares of Common Stock,
with VA Partners I (only with respect to ValueAct Master Fund), ValueAct
Management L.P., ValueAct Management LLC, ValueAct Holdings and ValueAct
Holdings GP.
As of the date hereof, ValueAct Master Fund is the beneficial owner
of 16,500,000 shares of Common Stock, representing approximately 9.5% of the
Issuer's outstanding Common Stock (which shares may also be deemed to be
beneficially owned by VA Partners I).
ValueAct Management L.P., ValueAct Management LLC, ValueAct Holdings
and ValueAct Holdings GP may each be deemed the beneficial owner of an
aggregate of 16,500,000 shares of Common Stock, representing approximately
9.5% of the Issuer's outstanding Common Stock.
All percentages set forth in this Schedule 13D are based upon the
Issuer's reported 173,924,866 outstanding shares of Common Stock as
reported in the Issuer's Form 10-K/A for the fiscal year ended December
31, 2012.
(c) Since the date of the last filing, the Reporting Persons
purchased the following shares of Common Stock in the open market:
Reporting Person Trade Date Shares Price/Share
---------------- ---------- --------- -----------
ValueAct Master Fund 03/04/2013 27,500 $37.77
03/07/2013 1,577,684 $37.78
(d) and (e) Not applicable.
Item 6. Contracts, Arrangements, Understandings or Relationships with
Respect to Securities of the Issuer
The information set forth in Item?4 above is hereby incorporated by
reference into this Item?6. The information in this Item?6 is qualified in
its entirety by reference to the Agreememt, which is attached as Exhibit?10.1
to the Issuer's Current Report on Form 8-K dated April 26, 2013, and is
incorporated by reference herein.
Other than as described elsewhere in this Report and as previously
reported, the Reporting Persons have no understandings, arrangements,
relationships or contracts relating to the Issuer's Common Stock which are
required to be described hereunder.
Item 7. Material to Be Filed as Exhibits
(1) Joint Filing Agreement.
(2) Nomination Agreement, dated April 25, 2013, by and among the Issuer
and the ValueAct Group, filed as Exhibit 10.1 to the Issuer's Current Report
on Form 8-K dated April 26, 2013 and incorporated herein by reference.
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CUSIP NO. G96666105 Page 12 of 14
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SIGNATURE
After reasonable inquiry and to the best of his knowledge and
belief, the undersigned certifies that the information set forth in this
statement is true, complete and correct.
POWER OF ATTORNEY
KNOW ALL PERSONS BY THESE PRESENTS, that each person whose signature appears
below on this Schedule 13D hereby constitutes and appoints Jeffrey W. Ubben,
George F. Hamel, Jr., G. Mason Morfit and Allison Bennington, and each of
them, with full power to act without the other, his or its true and lawful
attorney-in-fact and agent, with full power of substitution and
resubstitution, for him or it and in his or its name, place and stead, in any
and all capacities (until revoked in writing) to sign any and all amendments
to this Schedule 13D, and to file the same, with all exhibits thereto and
other documents in connection therewith, with the Securities and Exchange
Commission, granting unto said attorneys-in-fact and agents, and each of
them, full power and authority to do and perform each and every act and thing
requisite and necessary fully to all intents and purposes as he or it might
or could do in person, thereby ratifying and confirming all that said
attorneys-in-fact and agents or any of them, or their or his substitute or
substitutes, may lawfully do or cause to be done by virtue hereof.
ValueAct Capital Master Fund L.P., by
VA Partners I, LLC, its General Partner
By: /s/ George F. Hamel, Jr.
--------------------------------------
Dated: April 30, 2013 George F. Hamel, Jr., Chief Operating Officer
VA Partners I, LLC
By: /s/ George F. Hamel, Jr.
--------------------------------------
Dated: April 30, 2013 George F. Hamel, Jr., Chief Operating Officer
ValueAct Capital Management, L.P., by
ValueAct Capital Management, LLC its
General Partner
By: /s/ George F. Hamel, Jr.
--------------------------------------
Dated: April 30, 2013 George F. Hamel, Jr., Chief Operating Officer
ValueAct Capital Management, LLC
By: /s/ George F. Hamel, Jr.
--------------------------------------
Dated: April 30, 2013 George F. Hamel, Jr., Chief Operating Officer
-------------------------- -------------------------
CUSIP NO. G96666105 Page 13 of 14
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ValueAct Holdings, L.P., by
ValueAct Holdings GP, LLC, its
General Partner
By: /s/ George F. Hamel, Jr.
--------------------------------------
Dated: April 30, 2013 George F. Hamel, Jr., Chief Operating Officer
ValueAct Holdings GP, LLC
By: /s/ George F. Hamel, Jr.
--------------------------------------
Dated: April 30, 2013 George F. Hamel, Jr., Chief Operating Officer
-------------------------- -------------------------
CUSIP NO. G96666105 Page 14 of 14
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Exhibit 1
JOINT FILING UNDERTAKING
The undersigned parties hereby agree that the Schedule 13D filed herewith
(and any amendments thereto) relating to the Common Stock of Willis Group
Holdings Public Limited Company, is being filed jointly on behalf of each of
them with the Securities and Exchange Commission pursuant to Section 13(d) of
the Securities Exchange Act of 1934, as amended.
ValueAct Capital Master Fund L.P., by
VA Partners I, LLC, its General Partner
By: /s/ George F. Hamel, Jr.
--------------------------------------
Dated: April 30, 2013 George F. Hamel, Jr., Chief Operating Officer
VA Partners I, LLC
By: /s/ George F. Hamel, Jr.
--------------------------------------
Dated: April 30, 2013 George F. Hamel, Jr., Chief Operating Officer
ValueAct Capital Management, L.P., by
ValueAct Capital Management, LLC its
General Partner
By: /s/ George F. Hamel, Jr.
--------------------------------------
Dated: April 30, 2013 George F. Hamel, Jr., Chief Operating Officer
ValueAct Capital Management, LLC
By: /s/ George F. Hamel, Jr.
--------------------------------------
Dated: April 30, 2013 George F. Hamel, Jr., Chief Operating Officer
ValueAct Holdings, L.P., by
ValueAct Holdings GP, LLC, its
General Partner
By: /s/ George F. Hamel, Jr.
--------------------------------------
Dated: April 30, 2013 George F. Hamel, Jr., Chief Operating Officer
ValueAct Holdings GP, LLC
By: /s/ George F. Hamel, Jr.
--------------------------------------
Dated: April 30, 2013 George F. Hamel, Jr., Chief Operating Officer