Leadership Briefing June 28, 2009 Confidential

Welcome and Orientation to the Call Thank you for making the time to join this briefing on such short notice We have asked you to make this a priority because we have an important matter, critical to the future of our firm, to share with you We understand that this news may be unexpected and that you will have many questions; we will do our best to answer these fully However, please be aware that because of SEC rules and regulations we are limited in our ability to answer many of your questions. This meeting is intended to provide you, a leader of our firm, with a basic outline and more details will be forthcoming in the near term as materials are filed with the SEC In the coming days, please remember your role as a leader of this firm: people will look to you for leadership and follow your example By viewing this presentation and participating in the webcast, you agree to keep this information confidential

The Announcement Today, Towers Perrin and Watson Wyatt are announcing a merger of equals under which they will combine, under the name Towers Watson, subject to the conditions set forth in their definitive agreement Towers Perrin and Watson Wyatt shareholders* will both receive equal ownership immediately upon closing in Towers Watson Watson Wyatt CEO John J. Haley will serve the combined company as CEO; Towers Perrin CEO Mark V. Mactas will serve as President Towers Watson's Board will be comprised of equal designees from Towers Perrin and Watson Wyatt Note: The use of the term "shareholders" throughout this document includes a company’s shareholders plus employees at the company who currently hold or will receive equity incentive awards. More details will be available after the 8-K has been filed on Monday, June 29.

Agenda Deal Rationale Organizational Highlights What Comes Next: Integration Process Your Role: Protocols & Guidelines Next Steps, Q&A and Recap

Deal Rationale Strategic Rationale for the Combination Strengthened Organizational Capabilities Increased Growth and Revenue Expanded Global Presence Greater Depth of Talent for Our Clients Enhanced Products and Services Greater Opportunities for Our People Increased Profitability Shared Values and Strong Strategic Alignment

Deal Rationale Expected Synergies and Benefits: Stakeholders Our Clients Our People Our Shareholders More comprehensive services A deeper talent pool Across a wider geographic footprint An expanded set of career opportunities Greater access to resources A broader network of colleagues Improved growth and investment potential Diversification of current business Economies of scale Expected cost savings

Deal Rationale Expected Cost Synergies Expected Cost Synergies: $80 MM potential synergy run rate by year 3 Expected One-Time Expenses: $80 MM, plus marketing expenses Expected to come from combined management teams and G&A Expected to come primarily within the first two years

Deal Rationale Spirit of the Integration Focus on continued commitment to client service Combine complementary and unique strengths of both organizations and draw upon our shared values to create a brighter future for our clients, our people, and our shareholders Make decisions with a focus on our future and a respect for our history: bringing together the best practices, capabilities, and assets from the current organizations, as well as developing new methods and approaches Commitment to open communication, including providing regular updates on integration milestones and soliciting feedback from stakeholders, subject to limitations imposed by applicable laws

Deal Rationale Watson Wyatt’s Perspective The combination with Towers Perrin is consistent with our overall growth strategy, and will: Allow us to achieve our strategy more quickly than the alternatives – organic growth and / or smaller acquisitions Position us for success and increase our geographic footprint and service offerings This is the next logical step in our evolution to be a leader in every region and practice which we serve In assessing potential business combinations, we have three criteria: Strategic fit Cultural fit Clear financial benefits We believe this transaction meets all three criteria

Agenda Deal Rationale Organizational Highlights What Comes Next: Integration Process Your Role: Protocols & Guidelines Next Steps, Q&A and Recap

Organizational Highlights Organizational Structure The Chief Executive Officer of Towers Watson will be John J. Haley Reporting to the CEO will be the President, the corporate functions, and the CAO Mark V. Mactas will be President of Towers Watson Reporting to the President will be the business segments and geographies Towers Watson will organize its operations along three segments and four geographic regions: Benefits Risk & Financial Services Talent & Rewards North America Asia Pacific Latin America Europe, Middle East and Africa Organization Leadership Towers Watson leadership and operations will leverage the existing business, geographic, and functional capabilities of both parties IT Legal CDU Finance HR Marketing Office Services

Organizational Highlights Board Structure Towers Watson’s board will be comprised of equal designees of Towers Perrin and Watson Wyatt Towers Perrin Internal: 2 Board Members Mark Mactas Other TBD Watson Wyatt Internal: 2 Board Members John Haley Other TBD Towers Perrin Independents: 4 Board Members Watson Wyatt Independents: 4 Board Members Board Composition

Organizational Highlights Business Segments: Benefits Benefits Leader: Gene Wickes Current Business Units Towers Perrin Watson Wyatt Retirement Health & Welfare Retirement Group & Health Care International TAS

Organizational Highlights Business Segments: Risk & Financial Services Risk & Financial Services Leader: Tricia Guinn Current Business Units Towers Perrin Watson Wyatt Tillinghast Reinsurance Retirement Risk Solutions Asset Consulting Investment Consulting Group Insurance and Financial Services

Organizational Highlights Business Segments: Talent & Rewards Talent & Rewards Leader: Julie Gebauer Current Business Units Towers Perrin Watson Wyatt Executive Compensation and Rewards Change Implementation TP-ISR (Research & Surveys) Workforce Effectiveness HCG Data Services Communication

Organizational Highlights Geographic Operations North America Leader: Jim Foreman Latin America Leader: Luiz-Roberto Gouvea EMEA Leader: Babloo Ramamurthy Asia Pacific Leader: Bob Charles

Agenda Deal Rationale Organizational Highlights What Comes Next: Integration Process Your Role: Protocols & Guidelines Next Steps, Q&A and Recap

Integration Process Integration Leadership Kevin Meehan Bob Hogan The Integration Leadership Team will be tasked with driving all aspects of the integration process, including: Developing the integration strategy Setting-up the integration program Maintaining collaborative communication between Towers Perrin and Watson Wyatt partners Integration planning Post-closing implementation CFO of Towers Perrin and Towers Perrin Board Member Previously served as COO and Managing Director of the Human Capital Group Joined Towers Perrin in1979 N.A. Regional Manager for Watson Wyatt Previously served as the managing consultant for the Washington, D.C., office and as a Watson Wyatt Board Member Joined Watson Wyatt in 1983 A highly-qualified leadership team has been selected to ensure that integration planning progresses as smoothly as possible Because of their proven leadership at Towers Perrin and Watson Wyatt, respectively, Bob Hogan and Kevin Meehan will lead the integration planning efforts

 Integration Process Integration Planning Team Architecture Integration Leadership Integration Office North America Geographies EMEA APAC Latin America Segments Benefits Risk & Financial Services Functions Executive Leadership Talent & Rewards Communication & Change People Clean Team Finance Support Support Teams Enterprise Team Several teams will work to plan the integration over the coming months; more information will be provided on their composition and activities in the coming days and weeks IT Support IT Legal CDU HR Finance Marketing Office Services

Integration Process Expected Timing and Milestones The transaction is subject to approval by the Towers Perrin shareholders entitled to vote and Watson Wyatt’s stockholders, and the satisfaction of customary closing conditions and regulatory review and approvals, including competition reviews in the U.S. and other countries. Subject to satisfaction of these conditions, the companies anticipate a shareholder vote in the fourth quarter of 2009 and a closing date shortly thereafter Integration planning can begin immediately However, the actual integration of our two organizations will begin following the combination’s closing, and will be phased over the course of the subsequent 12 – 24 months We ask for your support throughout the process Remember: both parties must continue to act as separate and independent companies until the closing date of the combination

Integration Process Announcement Details: Timeline (1 of 2) After press release is distributed, email delivered to all associates 09:15 EDT: Announcement distributed by press release 18:00 EDT: Email sent to major clients Sunday By End of Day: Establish initial contact with all clients = events in which you, as leaders, have an important role to play Monday 08:30 EDT: Joint analyst call and web-conference with Q&A 06:30 EDT: Form 8-K filed with merger agreement attached

JJH & MVM to host joint global webcast Integration Process Announcement Details: Timeline (2 of 2) Month 1 The first week JJH & MVM and / or other senior leaders to begin briefings in major geographic hubs Local ‘Town Hall’ sessions to begin in each office, including all staff, led by office leaders Local leaders to be prepared for ‘Town Hall’ sessions, including briefings on content, process, & tone = events in which you, as leaders, have an important role to play

Agenda Deal Rationale Organizational Highlights What Comes Next: Integration Process Your Role: Protocols & Guidelines Next Steps, Q&A and Recap

Protocols & Guidelines Roles and Responsibilities Role Responsibilities Supporting Materials Account Champions Plan communication for respective clients / buyer hubs Manage outreach to clients during announcement period Conduct, or appoint others to conduct, client communication Ensure ongoing continuity of service Feedback to integration leadership team FAQs Guidance for Account Managers Office Leaders Host Local Town Hall sessions during Week 1 or 2 Host Q&A sessions (optional) Feedback to Integration Team Guidance for Office Leaders FAQs Functional Leaders Ensure ongoing continuity of activity and service Maintain communication with staff FAQs Practice Leaders Ensure ongoing continuity of service Maintain communication with staff FAQs People Managers Outreach to direct reports during Weeks 1 and 2 Feedback to integration leadership team Guidance for People Managers FAQs Each of you will play an important role throughout the integration planning process; those in a particular position (in some cases, more than one) will be asked to assist with events in the coming days

 Protocols & Guidelines Relevant Protocols & Guidelines Protocols & Guidelines During the pre-close period, we must adhere to protocols and guidelines which inform our integration planning activities Permissible Activity Prohibited Activity

 Protocols & Guidelines Relevant Protocols & Guidelines Protocols and Guidelines Both parties must continue to act as separate and independent companies until close Where the two companies compete today, we must continue to compete until after closing The companies may not discuss competitive plans, contract negotiations, or bids for business pre-close The companies may not assign personnel to work at the other company until after close Personnel from one company may not direct or attempt to influence the actions of the other company’s personnel until after closing The companies may not exchange confidential, competitively sensitive information such as rates, discounts, or other terms offered to clients Given the sensitivity surrounding this phase of integration planning, rigorous protocols and guidelines must underpin all activities between announcement and close Non-Exhaustive

 Protocols & Guidelines Relevant Protocols: Permissible Activities Permissible Activity Post-close organizational planning Integration planning for client and non-client facing business units Determination of key leadership appointments Developing strategy for branding and related collateral needs Planning for real estate needs post-close Non-Exhaustive

 Protocols & Guidelines Relevant Protocols: Prohibited Activity There can be no collaboration on any service- or client-related activity prior to close Prohibited Activity Account planning for the new entity Joint bids or proposals Speaking to clients or prospects together Post-close marketing planning (e.g., pricing, competitive positioning, etc.) Exchanging sensitive client, business practice, or Intellectual Property data Non-Exhaustive

 Protocols & Guidelines SEC Filings Under the Securities Act, certain written communications relating to a business combination transaction must be filed with the SEC on the date of first use SEC filings are required to have certain specified legends at end of filing The purpose of this requirement is to make more information generally available to all shareholders, not just to a limited audience of financially sophisticated investors In order to ensure compliance with these requirements and to avoid inadvertently triggering unwanted public or SEC disclosure, the following actions are required: Mary Malone is Watson Wyatt’s spokesperson with respect to the proposed combination All external and internal requests or inquiries should be directed to Mary at mary.malone@watsonwyatt.com or 703-258-7841 Pre-clear all speeches, presentations and releases relating to the deal with counsel (to ensure, among other things, insertion of SEC legends and appropriate filing with the SEC, etc.)

Agenda Deal Rationale Organizational Highlights What Comes Next: Integration Process Your Role: Protocols & Guidelines Next Steps, Q&A and Recap

Relevant Group Activity For Completion By Account Champions Plan client outreach strategies This week Assign responsibilities for Week 1 communication This week Office Leaders If appropriate, organize an informal Q&A session in your office as soon as possible End of Week Organize a Town Hall session for Week 1 or 2; guidance to be provided End of Week 2 People Managers Schedule conversations with each direct report End of Week 2 All Follow all relevant guidelines and protocols during any discussions or activity relevant to integration planning Ongoing Make yourself available to address questions and concerns from your team Ongoing Share feedback on key themes / difficult questions which you encounter Ongoing Do all you can to ensure continued activity and client service Ongoing The table below provides an ‘activity checklist’ to summarize the areas in which you can play an invaluable role in the coming days and weeks Next Steps, Q&A and Recap Events and Activities

Next Steps, Q&A and Recap Leadership Toolkit During this call, you will receive these resources to facilitate your involvement in communication activities, and to assist you in answering questions in the coming days An initial list of FAQs, with answers to questions we expect you may be asked, which will be updated on an ongoing basis Protocols & Guidelines on appropriate behavior for internal stakeholders For People Managers: overview of process for outreach to reports For Account Managers: overview of client outreach planning process; communication tracker Note: This includes a request to review by 15:00 EDT today an Excel list that tracks major clients for an e-mail from our CEO For Office Leaders: overview of process for Q&A sessions; overview of process for Town Halls

Next Steps, Q&A and Recap Q & A Please take this opportunity to ask us any initial questions that may be on your mind However, you should be aware that because of applicable laws, we are limited in our ability to answer many of your questions. This meeting is intended to provide you with a basic outline and more details will be forthcoming in the near term as materials are filed with the SEC Please be patient, given the amount of activity which will be underway

Next Steps, Q&A and Recap Summary and Recap Strengthened Organizational Capabilities Increased Growth and Revenue Expanded Global Presence Greater Depth of Talent for Our Clients Enhanced Products and Services Greater Opportunities for Our People Increased Profitability Shared Values and Strong Strategic Alignment

 Where You Can Find Additional Information This communication was issued on June 28, 2009. Towers Perrin and Watson Wyatt have formed a company, Jupiter Saturn Holding Company (the "Holding Company"), which will file a registration statement on Form S-4 with the Securities and Exchange Commission (the "Commission") that will contain a joint proxy statement/prospectus and other relevant documents concerning the proposed transaction. YOU ARE URGED TO READ THE JOINT PROXY STATEMENT/PROSPECTUS WHEN IT BECOMES AVAILABLE AND THE OTHER RELEVANT DOCUMENTS FILED WITH THE COMMISSION BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT TOWERS PERRIN, WATSON WYATT, THE HOLDING COMPANY AND THE PROPOSED TRANSACTION. You will be able to obtain the joint proxy statement/prospectus (when it becomes available) and the other documents filed with the Commission free of charge at the Commission’s website, www.sec.gov. In addition, you may obtain free copies of the joint proxy statement/prospectus (when it becomes available) and the other documents filed by Towers Perrin, Watson Wyatt and the Holding Company with the Commission by requesting them in writing from Towers Perrin, One Stamford Plaza, 263 Tresser Boulevard, Stamford CT. 06901-3225, Attention: Marketing, or by telephone at 203-326-5400, or from Watson Wyatt, 901 N. Glebe Rd., Arlington, VA. 22203, Attention: Investor Relations, or by telephone at 703-258-8000. Towers Perrin, Watson Wyatt, the Holding Company and their respective directors and executive officers may be deemed under the rules of the Commission to be participants in the solicitation of proxies from the stockholders of Watson Wyatt. A list of the names of those directors and executive officers and descriptions of their interests in Towers Perrin, Watson Wyatt and the Holding Company will be contained in the joint proxy statement/prospectus which will be filed by the Holding Company with the Commission. Stockholders may obtain additional information about the interests of the directors and executive officers in the proposed transaction by reading the joint proxy statement/prospectus when it becomes available.

Forward-Looking Statements This document contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. You can identify these statements and other forward-looking statements in this document by words such as "may", "will", “would”, "expect", "anticipate", "believe", "estimate", "plan", "intend", "continue", or similar words, expressions or the negative of such terms or other comparable terminology. These statements include, but are not limited to, the benefits of the business combination transaction involving Towers Perrin and Watson Wyatt, including the combined company’s future financial and operating results, plans, objectives, expectations and intentions and other statements that are not historical facts. Such statements are based upon the current beliefs and expectations of Towers Perrin’s and Watson Wyatt’s management and are subject to significant risks and uncertainties. Actual results may differ from those set forth in the forward-looking statements. The following factors, among others, could cause actual results to differ from those set forth in the forward-looking statements: the ability to obtain governmental approvals of the transaction on the proposed terms and schedule; the failure of Towers Perrin shareholders and Watson Wyatt stockholders to approve the transaction; the risk that the businesses will not be integrated successfully; the risk that anticipated cost savings and any other synergies from the transaction may not be fully realized or may take longer to realize than expected; the ability to recruit and retain qualified employees and to retain client relationships; the combined company’s ability to make acquisitions, on which its growth depends, and its ability to integrate or manage such acquired businesses; and the risk that a significant or prolonged economic downturn could have a material adverse effect on the combined company’s business, financial condition and results of operations. Additional risks and factors are identified under "Risk Factors" in Watson Wyatt’s Annual Report on Form 10-K filed on August 15, 2008, which is on file with the SEC, and under "Risk Factors" in the joint proxy statement/prospectus that will be filed by Jupiter Saturn Holding Company. You should not rely upon forward-looking statements as predictions of future events because these statements are based on assumptions that may not come true and are speculative by their nature. None of Jupiter Saturn Holding Company, Towers Perrin or Watson Wyatt undertakes an obligation to update any of the forward-looking information included in this document, whether as a result of new information, future events, changed expectations or otherwise.

Towers Watson Creating a leading global professional services firm, well-positioned for sustained growth and profitability across all geographies and business segments June 29, 2009

Forward-Looking Statements This document contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. You can identify these statements and other forward-looking statements in this document by words such as "may", "will", "would", "expect", "anticipate", "believe", "estimate", "plan", "intend", "continue", or similar words, expressions or the negative of such terms or other comparable terminology. These statements include, but are not limited to, the benefits of the business combination transaction involving Towers Perrin and Watson Wyatt, including the combined company’s future financial and operating results, plans, objectives, expectations and intentions and other statements that are not historical facts. Such statements are based upon the current beliefs and expectations of Towers Perrin’s and Watson Wyatt’s management and are subject to significant risks and uncertainties. Actual results may differ from those set forth in the forward-looking statements. The following factors, among others, could cause actual results to differ from those set forth in the forward-looking statements: the ability to obtain governmental approvals of the transaction on the proposed terms and schedule; the failure of Towers Perrin shareholders and Watson Wyatt stockholders to approve the transaction; the risk that the businesses will not be integrated successfully; the risk that anticipated cost savings and any other synergies from the transaction may not be fully realized or may take longer to realize than expected; the ability to recruit and retain qualified employees and to retain client relationships; the combined company’s ability to make acquisitions, on which its growth depends, and its ability to integrate or manage such acquired businesses; and the risk that a significant or prolonged economic downturn could have a material adverse effect on the combined company’s business, financial condition and results of operations. Additional risks and factors are identified under "Risk Factors" in Watson Wyatt’s Annual Report on Form 10-K filed on August 15, 2008, which is on file with the SEC, and under "Risk Factors" in the joint proxy statement/prospectus that will be filed by Jupiter Saturn Holding Company. You should not rely upon forward-looking statements as predictions of future events because these statements are based on assumptions that may not come true and are speculative by their nature. None of Jupiter Saturn Holding Company, Towers Perrin or Watson Wyatt undertakes an obligation to update any of the forward-looking information included in this document, whether as a result of new information, future events, changed expectations or otherwise.

Where You Can Find Additional Information This communication was issued on June 29, 2009. Towers Perrin and Watson Wyatt have formed a company, Jupiter Saturn Holding Company (the "Holding Company"), which will file a registration statement on Form S-4 with the Securities and Exchange Commission (the "Commission") that will contain a joint proxy statement/prospectus and other relevant documents concerning the proposed transaction. YOU ARE URGED TO READ THE JOINT PROXY STATEMENT/PROSPECTUS WHEN IT BECOMES AVAILABLE AND THE OTHER RELEVANT DOCUMENTS FILED WITH THE COMMISSION BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT TOWERS PERRIN, WATSON WYATT, THE HOLDING COMPANY AND THE PROPOSED TRANSACTION. You will be able to obtain the joint proxy statement/prospectus (when it becomes available) and the other documents filed with the Commission free of charge at the Commission’s website, www.sec.gov. In addition, you may obtain free copies of the joint proxy statement/prospectus (when it becomes available) and the other documents filed by Towers Perrin, Watson Wyatt and the Holding Company with the Commission by requesting them in writing from Towers Perrin, One Stamford Plaza, 263 Tresser Boulevard, Stamford, CT. 06901-3225, Attention: Marketing, or by telephone at 203-326-5400 or from Watson Wyatt, 901 N. Glebe Rd., Arlington, VA 22203, Attention: Investor Relations, or by telephone at 703-258-8000. Towers Perrin, Watson Wyatt, the Holding Company and their respective directors and executive officers may be deemed under the rules of the Commission to be participants in the solicitation of proxies from the stockholders of Watson Wyatt. A list of the names of those directors and executive officers and descriptions of their interests in Towers Perrin, Watson Wyatt and the Holding Company will be contained in the joint proxy statement/prospectus which will be filed by the Holding Company with the Commission. Stockholders may obtain additional information about the interests of the directors and executive officers in the proposed transaction by reading the joint proxy statement/prospectus when it becomes available.

Table of Contents The Transaction Towers Watson Key Takeaways 5 Summary of the Transaction 6 Our Strategic Rationale 7 What We Are Creating 8 This Is Towers Watson 9 Towers Watson Overview Revenues (Pro Forma) 10 Benefits 11 Risk and Financial Services 12 Talent and Rewards 13 This Is What We Look Like (Pro Forma) 14 Driving Value Synergies 15 Integration 16 Stakeholders 17 Where Our Growth Will Come From 18 We Are Building From A Strong Base 19 Towers Watson Key Takeaways 20

Towers Watson Key Takeaways Creates one of the world’s leading professional services firms Well-positioned for sustained growth and profitability More attractive financial profile with stronger cash flows, more diversified revenues Compelling and complementary strategic fit Further strengthens core service lines of both companies Enhanced portfolio of proven offerings for clients Tremendous global reach and service breadth to meet growing needs of world’s largest multinational corporations

Summary of the Transaction Merger of Equals Towers Perrin and Watson Wyatt shareholders will each receive 50% of Towers Watson At closing, a $200 million voluntary cash/note election will be offered to certain Towers Perrin shareholders Towers Perrin shareholders meeting defined age and service criteria may elect instead to receive a combination of consideration including cash and one-year notes, and in certain cases, Towers Watson shares that will be freely tradable in one year. The pool of cash and notes available for these elections is expected to be approximately $200 million, but may be adjusted Expect approximately 81 million shares outstanding after the merger, based on Watson Wyatt’s current share price Anticipate shareholder vote in fourth quarter 2009 and closing as soon as possible thereafter

Our Strategic Rationale Improved growth prospects from broader service offerings Increased investment potential Greater profitability from economies of scale Geographically diverse revenue base Leading actuarial provider in world’s largest markets for retirement consulting Strong presence in 38 countries Leader in all business segments Core service strengths amplified Enhanced portfolio of proven offerings Deeper talent pool EXPANDED GLOBAL PRESENCE ENHANCED PRODUCTS AND SERVICES STRENGTHENED ORGANIZATIONAL CAPABILITIES

What We Are Creating Name: Towers Watson Revenue: > $3 billion (a) Board of Directors 12 Directors 6 each designated by Watson Wyatt and Towers Perrin Management John Haley will be CEO Mark Mactas will be President North America Europe, Middle East and Africa Asia-Pacific Latin America COMPANY ESSENTIALS ORGANIZATION GEOGRAPHIC DIVERSITY Benefits Risk and Financial Services Talent and Rewards (a) Based on calendar year 2008 revenues of Towers Perrin and Watson Wyatt. Creating a leading global professional services firm, well-positioned for sustained growth and profitability across all geographies and business segments

This is Towers Watson Clear global leader in Benefits, Risk and Financial Services, and Talent and Rewards Enhanced portfolio of proven offerings Sustainable growth opportunities Deep, long-standing relationships with Global 500 companies Worldwide expertise and thought leadership Culture of integrity, professionalism and respect Stronger balance sheet and cash flows Greater liquidity for shareholders

Towers Watson Overview Revenues (Pro Forma) REVENUE BY GEOGRAPHY REVENUE BY SEGMENT ASIA-PACIFIC 6% NORTH AMERICA 56% EMEA 37% LATIN AMERICA 1% TALENT AND REWARDS 20% BENEFITS 55% RISK AND FINANCIAL SERVICES 23% OTHER 2% Based on calendar year 2008 revenues for Towers Perrin and Watson Wyatt. These are preliminary estimates based on currently available information, which is subject to change. It does not necessarily represent or indicate the future financial results Towers Watson will achieve after the transaction. Diversified revenue stream across geography and business segments

Towers Watson Overview Benefits Retirement International Health Care Consulting Technology and Administration Solutions Retirement Health and Welfare Leading actuarial service provider in U.S., U.K., Germany, The Netherlands and Brazil A leader in U.S. Health and Welfare consulting Broader client base for technology and administration solutions Global Leader In Benefits Consulting Revenue by Region (Pro Forma) WATSON WYATT TOWERS PERRIN TOWERS WATSON ASIA-PACIFIC 3% EMEA 33% NORTH AMERICA 63% LATIN AMERICA 1% Based on calendar year 2008 revenues for Towers Perrin and Watson Wyatt. These are preliminary estimates based on currently available information, which is subject to change. It does not necessarily represent or indicate the future financial results Towers Watson will achieve after the transaction.

Towers Watson Overview Risk and Financial Services Investment Consulting Insurance and Financial Services Risk Consulting and Software (Tillinghast) Reinsurance Brokerage Retirement Risk Solutions Stronger risk and insurance position: Towers Perrin’s leading capabilities in consulting, software and reinsurance brokerage complemented by WW’s strong European insurance consulting practice Broader client base for independent investment consulting services Comprehensive risk measurement and management offerings and tools # 4 in reinsurance brokerage globally Global Leader In Risk And Financial Services Revenue by Region (Pro Forma) WATSON WYATT TOWERS PERRIN TOWERS WATSON ASIA-PACIFIC 11% EMEA 50% NORTH AMERICA 38% LATIN AMERICA 1% Based on calendar year 2008 revenues for Towers Perrin and Watson Wyatt. These are preliminary estimates based on currently available information, which is subject to change. It does not necessarily represent or indicate the future financial results Towers Watson will achieve after the transaction.

Towers Watson Overview Talent and Rewards Human Capital Group Compensation Data Services Organizational Effectiveness Communication Global leader in Compensation and Rewards Consulting Change Implementation Research and Surveys Workforce Effectiveness Global leader in Compensation and Rewards consulting Deeper talent pool and more comprehensive service offerings Advanced research and survey techniques to shape innovative client solutions Improved Competitiveness Through Optimized Portfolio Revenue by Region (Pro Forma) WATSON WYATT TOWERS PERRIN TOWERS WATSON ASIA-PACIFIC 9% EMEA 29% NORTH AMERICA 60% LATIN AMERICA 2% Based on calendar year 2008 revenues for Towers Perrin and Watson Wyatt. These are preliminary estimates based on currently available information, which is subject to change. It does not necessarily represent or indicate the future financial results Towers Watson will achieve after the transaction.

This Is What We Look Like (Pro Forma) About $3.5 billion in combined 2008 revenue (a) Nearly $550 million in combined EBITDA in 2008(b) Expect 17%+ EBITDA margins post-integration (c) Approximately $50 million of expected annual amortization expense from intangibles (c) Approximately $170 million of stock-based compensation expected during first three years with over half in year one (c) (a) Based on calendar year 2008 revenues for Towers Perrin and Watson Wyatt. (b) Combined 2008 EBIDTA includes significant upward adjustments (i) to eliminate 2008 expenses relating to Towers Perrin compensation and benefits costs for professionals expected to terminate their employment at closing; (ii) to adjust 2008 distributions to Towers Perrin principals; and (iii) to conform the companies' pension accounting assumptions. These are preliminary adjustments based on currently available information and assumptions that are subject to change. It does not necessarily represent or indicate the future financial results Towers Watson will achieve after the transaction. (c) These are preliminary estimates based on currently available information, which is subject to change. It does not necessarily represent or indicate the future financial results Towers Watson will achieve after the transaction. Accretive to diluted Earnings Per Share within three years of completion of transaction

Driving Value: Synergies Economies of scale from consolidation of management consolidation of selected overhead processes Revenue synergies Office consolidation in common geographies COST SAVINGS ARE EXPECTED TO YIELD A YEAR THREE RUN-RATE OF $80 MILLION UPSIDE POTENTIAL Significant positive synergies are expected to be realized starting in year two

Driving Value: Integration Will combine unique strengths of both organizations Dedicated team charged with ensuring timely completion and realization of savings Expected one-time costs of approximately $80 million with majority in the first two years Expected non-cash charges from systems integration and conforming accounting policies INTEGRATION COSTS INTEGRATION APPROACH Will bring together the best practices, capabilities and assets from the current organizations

Driving Value: Stakeholders OUR CLIENTS OUR PEOPLE OUR SHAREHOLDERS More comprehensive services A deeper talent pool A wider geographic footprint An expanded set of career opportunities Greater access to resources A broader network of colleagues Improved growth and investment potential Diversification of current business Economies of scale/cost savings Creating significant benefits for all stakeholders

Where Our Growth Will Come From Attraction, retention and development of talent Compliance with changing regulations Shifting capital and labor markets Risk mitigation and management Financial markets restructuring Globalization Changing demographics MARKET TRENDS COMBINING FORCES Optimizing complementary services Bringing together deep talent pools Expanding global footprint

We Are Building From A Strong Base 6,300 employees in 26 countries Revenue of $1.7 billion in 2008 Successfully served large organizations for over 75 years Currently serves 75% of the global Fortune 1000 and 65% of the U.S. Fortune 500 Named “Best Consultancy of the Year” by Reactions Magazine in 3 of past 4 years TOWERS PERRIN WATSON WYATT 7,700 employees in 34 countries Revenue of $1.7 billion in 2008 Roots trace back to 1878 Currently serves over 75% of Fortune 100 companies, with many client relationships spanning several decades Named one of the best 400 big companies in America by Forbes GREATER THAN SUM OF THE FIRMS’ PARTS Clients benefit from combined core capabilities and particular strengths: Towers Perrin’s insurance consulting, reinsurance, health and welfare consulting, employee research, and Canadian presence Watson Wyatt’s technology and administration solutions, investment consulting, data services and European presence

Towers Watson Key Takeaways Creates one of the world’s leading professional services firms Well-positioned for sustained growth and profitability More attractive financial profile with stronger cash flows, more diversified revenues Compelling and complementary strategic fit Further strengthens core service lines of both companies Enhanced portfolio of proven offerings for clients Tremendous global reach and service breadth to meet growing needs of world’s largest multinational corporations