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•	Retirement

•	Health and Group Benefits

•	Technology and Administration Solutions

•	International Consulting

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•	Retirement strategy and plan design

•	Actuarial services and related support

•	Retirement plan financial management

•	Settlement solutions such as lump sum cash outs, longevity swaps and annuity purchases

•	Compliance and governance strategies

•	Risk management such as liability-driven investment changes

•	Defined contribution solutions

•	Broad and deep plan management and actuarial expertise

•	Robust databases of plan designs and plan performance metrics used to diagnose program performance and inform solutions

•	Investment in innovation and thought leadership to drive new market approaches

•	A continuum-of-service approach that allows clients to choose from among packaged yet customized solutions

•	Deep specialty expertise in the areas of health management, pharmacy, absence and disability management, voluntary benefits and benefit plan audit and measurement

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•	Program strategy, design and pricing

•	Employee engagement in health benefits

•	Health condition management consulting

•	Pharmacy benefit management consulting

•	Absence and disability management consulting

•	Voluntary benefits consulting

•	Workforce well-being evaluation and wellness and health promotion consulting

•	Performance measurement and monitoring

•	Development of funding strategies and forecasting, budgeting and reserve setting

•	Vendor evaluation, selection and management

•	Claims audits and pre- and post-implementation audits

•	Regulatory compliance

•	Pension and retirement plan administration

•	Pension de-risking

•	Pension payroll administration

•	Treasury and accounting administration

•	Flexible benefits plan administration

•	Trustee services

•	Data clean-up

•	Benefits call centers

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•	Global actuarial services to over 260 companies, which is a market leading position

•	Global total rewards and benefit design

•	Global workforce health and wellbeing

•	Defined contribution plan oversight

•	Defined benefit plan risk management and reduction strategies

•	More efficient and effective financing of employee benefits through pooling and captives and our enhanced local capabilities

•	The optimization of global employee benefit management and spend

•	Retiree & Access Exchanges

•	Other

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•	Analyzing and optimizing employer healthcare benefit subsidies and developing healthcare coverage strategies that enable our clients to predict their healthcare liabilities and realize significant cost savings by transitioning their retirees to defined contribution plans

•	Managing an exchange of over 150 national and regional insurance carriers offering thousands of health plans that compete on price, coverage and quality

•	Simplifying the complexities of Medicare and the pre-65 individual market by helping individuals navigate through a meaningful choice of health plans using our proprietary software to analyze employer subsidies, health plan details and individuals’ doctor, hospital and prescription drug needs

•	Offering enrollment services that match an individual’s health status and financial resources to a specific plan while giving guidance about these expanded healthcare options

•	Providing lifelong advocacy and support services for all enrollees as they engage with insurance carriers beginning with their initial enrollment and continuing as their healthcare needs evolve

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Active Exchanges — This business is focused on delivering group benefit exchanges serving the active employees of virtually any employer across the United States. Using our proprietary BenefitConnect or Bright Choices exchange platforms, combined with our expertise in creating high-performing benefit plan designs, we believe we are well-positioned to help our clients simplify their benefits delivery, while lowering the total costs of benefits and related administration. We have relationships with more than 400 broker partners to access and service the small to mid-size group market and offer both fully-insured and self-insured exchanges to meet the needs of our employer clients.

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Consumer-Directed Accounts — This business uses its Software as a Service ("SaaS") —based technology and related services to deliver consumer-driven health care and reimbursement accounts, including health savings accounts ("HSAs"), health reimbursement arrangements ("HRAs") and other consumer-directed accounts. While its core focus is on health plan accounts, this proprietary platform supports more than 30 other account types including tuition, adoption, commuter and child care.

•	Health and Welfare Administration — This business provides a complete suite of health and welfare outsourcing services to more than 100 clients across multiple industries. By combining our proprietary BenefitConnect technology platform with our disciplined approach to customer service, we can cost-effectively offer clients high-touch service.

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•	Flexible defined contributions capabilities and planning tools for employers and brokers

•	The Bright Choices Exchange, where employees are assisted in making informed decisions using educational tools and a simple online questionnaire that guides them to create a personalized portfolio of benefits from a wide variety of options, and provides access to year-round benefits information and education

•	Extensive carrier relationships with leading insurance brands that allow Bright Choices to provide robust marketplaces with a wide range of benefits that employees value, including health care plans across a range of price points, Health Savings and Flexible Spending accounts, dental, vision, life, disability, critical illness, wellness, legal plans, and even pet insurance and telemedicine

•	Year-round, on-line and telephonic support for employers and employees

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•	Risk Consulting and Software

•	Investment

•	Financial and regulatory reporting

•	Enterprise risk and capital management

•	M&A and corporate restructuring (including actuarial valuation, capital analysis and due diligence)

•	Product and market strategies (including pricing and predictive modeling)

•	Financial modeling

•	Strategy and performance improvement

•	Software solutions (including financial and capital modeling, pricing and reserving)

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•	Investment policy, governance and risk assessment

•	Investment strategy

•	Structured products design

•	Manager structure and selection

•	Manager monitoring and evaluation (including performance reporting)

•	Delegated investment services including pooled fund solutions

•	Executive Compensation

•	Rewards, Talent and Communication

•	Data, Surveys and Technology

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•	Talent Management — We help organizations define their human capital strategies to support business goals; develop integrated talent programs and processes; assess and develop leaders and managers; and gain insight from human capital analytics.

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Rewards — We provide the tools, advisory services and execution support to help organizations design and administer effective compensation programs. We help clients optimize their reward spend and ensure their programs drive the behaviors and performance required to meet business goals. Specialized teams focus on sales effectiveness and rewards, health care, high technology and financial services industries.

•	Communication and Change Management — Applying their deep expertise in change management, organizational effectiveness and communication, our communication and change management consultants helps our clients drive employee engagement, align employee behavior with business results, and communicate HR programs and processes.

•	Talent|REWARD, an integrated suite of applications for recruiting, performance management, global job leveling, compensation planning and administration, succession planning, career development, and learning management

•	Total rewards portals and statements

•	Onboarding applications

•	HR and employee portals

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•	the diversion of management’s attention to integration matters;

•	difficulties in achieving anticipated cost savings, synergies, business opportunities and growth prospects from the combination;

•	difficulties in the integration of operations and systems;

•	conforming standards, controls, procedures and accounting and other policies, business cultures and compensation structures between the two companies;

•	difficulties in the assimilation of employees;

•	difficulties in managing the expanded operations of a significantly larger and more complex company;

•	difficulties in establishing effective uniform controls, systems, procedures and policies for the combined company;

•	challenges in keeping existing clients and obtaining new clients;

•	challenges in attracting and retaining key personnel; and

•	coordinating a geographically dispersed organization.

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•	Claims that actuarial assumptions were unreasonable or that there were computational errors leading to pension plan underfunding or under-reserving for insurance claim liabilities;

•	Claims of failure to review adequately or detect deficiencies in data, which could lead to an underestimation of pension plan or insurance claim liabilities; and

•	Claims that employee benefit plan documents were misinterpreted or plan amendments were faulty, leading to unintended plan benefits or overpayments to beneficiaries.

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•	Currency exchange rate fluctuations;

•	Unexpected increases in taxes or changes in U.S. or foreign tax laws;

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Compliance with a variety of international laws and regulations, such as data privacy, employment regulations, trade barriers and restrictions on the import and export of technologies, as well as U.S. laws affecting the activities of U.S. companies abroad, including the Foreign Corrupt Practices Act of 1977 and sanctions programs administered by the U.S. Department of the Treasury Office of Foreign Assets Control, and similar foreign laws such as the U.K. Bribery Act;

•	Absence in some jurisdictions of effective laws to protect our intellectual property rights;

•	New regulatory requirements or changes in policies and local laws that materially affect the demand for our services or directly affect our foreign operations;

•	Local economic and political conditions, including unusual, severe, or protracted recessions in foreign economies and inflation risk;

•	The length of payment cycles and potential difficulties in collecting accounts receivable, particularly in light of the number of insolvencies in the current economic environment and the numerous bankruptcy laws to which they are subject;

•	Unusual and unexpected monetary exchange controls, price controls or restrictions on transfers of cash; or

•	Civil disturbance, terrorism or other catastrophic events that reduce business activity in other parts of the world.

•	The significance of client engagements commenced and completed during a quarter;

•	The seasonality of certain types of services. For example, our retirement revenues typically are more heavily weighted toward the first and fourth quarters of the calendar year, when annual actuarial valuations are required to be completed for calendar year-end companies and the related services are performed;

•	The number of business days in a quarter;

•	Associate hiring and utilization rates;

•	Clients’ ability to terminate engagements without penalty;

•	The size and scope of assignments; and

•	General economic conditions.

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•	Diversion of management attention;

•	Amortization of intangible assets, adversely affecting our reported results of operations;

•	Inability to retain the management, key personnel and other employees of the acquired business;

•	Inability to establish uniform standards, controls, systems, procedures and policies;

•	Inability to retain the acquired company’s clients;

•	Exposure to legal claims for activities of the acquired business prior to acquisition; and

•	Incurrence of additional expenses in connection with the integration process.

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•	Increase our competition;

•	Reduce or eliminate the need for health insurance agents and brokers or demand for the health insurance that we sell;

•	Decrease the number of types of health insurance plans that we sell, as well as the number of insurance carriers offering such plans;

•	Cause insurance carriers to change the benefits and/or premiums for the plans they sell;

•	Cause insurance carriers to reduce the amount they pay for our services or change our relationship with them in other ways; or

•	Materially restrict our call center operations.

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•	Incur liens or additional indebtedness (including guarantees or contingent obligations);

•	Engage in mergers and other fundamental changes;

•	Sell or otherwise dispose of property or assets;

•	Pay dividends and other distributions; and

•	Change the nature of our business.

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•	General market and economic conditions, including market conditions in the human capital and risk and financial management consulting industries and regulatory developments in the United States, foreign countries or both;

•	Actual or expected variations in our quarterly results of operations and in the quarterly results of operations of companies perceived to be similar to us;

•	Differences between actual results of operations and those expected by investors and analysts;

•	Changes in recommendations by securities analysts;

•	Operations and stock performance of competitors;

•	Accounting charges, including charges relating to the impairment of goodwill or other intangible assets;

•	Significant acquisitions, dispositions or strategic alliances by us or by competitors;

•	Sales of the Class A common stock, including sales by our directors and officers or significant investors;

•	Incurrence of additional debt;

•	Dilutive issuance of equity;

•	Recruitment or departure of key personnel;

•	Loss or gain of key clients;

•	Litigation involving us, our general industry or both; and

•	Changes in reserves for professional liability claims.

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•	Authorize the issuance of preferred stock without fixed characteristics, which could be issued by our board of directors pursuant to a stockholder rights plan and deter a takeover attempt;

•	Provide that only the Chief Executive Officer, President or our board of directors may call a special meeting of stockholders;

•	Limit business at special stockholder meetings to such business as is brought before the meeting by or at the direction of our board of directors;

•	Prohibit stockholder action by written consent, and require all stockholder actions to be taken at an annual or special meeting of the stockholders;

•	Provide our board of directors with exclusive power to change the number of directors;

•	Provide that all vacancies on our board of directors, including new directorships, may only be filled by a resolution adopted by a majority of the directors then in office;

•	Do not opt out of Section 203 of the Delaware General Corporation Law, which prohibits business combinations between a corporation and any interested stockholder for a period of three years following the time that such stockholder became an interested stockholder;

•	Require a supermajority vote for the stockholders to amend the bylaws; and

•	Prohibit any stockholder from presenting a proposal or director nomination at an annual stockholders’ meeting unless such stockholder provides us with sufficient advance notice.

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(a)	The Company's $300 million repurchase plan was approved and announced on August 22, 2014, and has no expiration date.

(b)	The maximum number of shares that may yet be purchased under the stock repurchase plan is 1,224,066. An estimate of the maximum number of shares under the repurchase of up to $300 million was determined using the closing price of our stock on June 30, 2015, the last trading day of our fiscal year, of $125.80.

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Retirement — This business provides actuarial and consulting services for large defined benefit and defined contribution plans, including consulting on plan design, funding and risk management strategies. The Retirement business also helps clients assess the costs and risks of retirement plans on cash flow, earnings and the balance sheet, the effects of changing workforce demographics on their retirement plans, and retiree benefit adequacy and security.

•	Health and Group Benefits — The Health and Group Benefits business provides plan management consulting across the full spectrum of health and group benefit programs, including health, dental, disability, life and other coverage.

•	Technology and Administration Solutions — This business provides pension outsourcing services to hundreds of clients across multiple industries.

•	International Consulting — To help multinational companies address the challenges of operating in the global marketplace, the International Consulting business provides expertise in dealing with international human capital management, as well as related benefits and compensation advice for corporate headquarters and their overseas subsidiaries.

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Retiree & Access Exchanges — The Retiree & Access Exchanges line of business provides solutions through a proprietary technology platform, which integrates patented call routing technology, efficient quoting and an enrollment engine, a custom-developed Customer Relationship Management ("CRM") system and comprehensive insurance carrier connectivity. This business provides primary medical and ancillary benefit exchange services to retirees and pre-65 individuals through its proprietary 'group to individual' technology platform, which tightly integrates patented call routing technology, efficient quoting, an enrollment engine, a custom-developed Customer Relationship Management ("CRM") system and comprehensive insurance carrier connectivity.

•	Other — This line of business is comprised of three practices:

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Active Exchanges — This business is focused on delivering group benefit exchanges serving the active employees of virtually any employer across the United States. Using our proprietary BenefitConnect or Bright Choices exchange platforms, combined with our expertise in creating high-performing benefit plan designs, we believe we are well-positioned to help our clients simplify their benefits delivery, while lowering the total costs of benefits and related administration. We have relationships with more than 400 broker partners to access and service the small to mid-size group market and offer both fully-insured and self-insured exchanges to meet the needs of our employer clients.

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Consumer-Directed Accounts — This business uses its Software as a Service ("SaaS") —based technology and related services to deliver consumer-driven health care and reimbursement accounts, including health savings accounts ("HSAs"), health reimbursement arrangements ("HRAs") and other consumer-directed accounts. While its core focus is on health plan accounts, this proprietary platform supports more than 30 other account types including tuition, adoption, commuter and child care.

◦	Health and Welfare Administration — This business provides a complete suite of health and welfare outsourcing services to more than 100 clients across multiple industries. By combining our proprietary

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•	Risk Consulting and Software — This business serves the insurance industry as well as corporate clients with respect to their insurance and risk management needs.

•	Investment — The Investment line business helps our clients manage investment complexity, establish their risk tolerance and improve governance.

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•	Executive Compensation — This business advises clients’ management and boards of directors on all aspects of executive pay programs, including base pay, annual bonuses, long-term incentives, perquisites and other benefits.

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Rewards, Talent and Communication — This business offers a broad array of advisory services focused on designing and implementing Rewards and Talent Management programs and processes. These solutions help companies attract and deploy talent, engage them over time, manage and reward their performance, develop their skills, provide them with relevant career paths, communicate with them and manage organizational change initiatives.

•	Data, Surveys and Technology — This business provides benchmarking data, employee surveys and HR software to help companies administer and manage their talent management and reward programs.

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Constant Currency Change - Represents the year over year change in revenues excluding the impact of foreign currency fluctuations. To calculate this impact, the prior year local currency results are first translated using the current year monthly average exchange rates. The change is calculated by comparing the adjusted prior year revenues to the current year as reported revenues for the same period.

•	Organic Change - The organic presentation excludes both the impact of fluctuations in foreign currency exchange rates as described above as well as the impact of acquisitions and divestitures.

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(a)	Stock-based compensation is included in salary and employee benefits expense and relates to Towers Watson Restricted Class A shares held by our current associates, which were awarded to them in connection with the Towers Perrin | Watson Wyatt Merger in 2010 and Extend Health stock options held by our current associates which were assumed by the Company in connection with the acquisition.

(b)	Other non-operating income includes income / (loss) from affiliates and other non-operating income excluding income from variable interest entity of $6.3 million for the year ended June 30, 2014.

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(c)

The adjustments to net income attributable to common stockholders and diluted earnings per share of certain acquisition-related items are net of tax. In calculating the net of tax amounts, all adjustments were tax effected at the applicable effective tax rate (ETR) for the period, which was 34.2% for the fiscal year ended June 30, 2015, 27.7% for the fiscal year ended June 30, 2014, and 31.9% for the fiscal year ended June 30, 2013.

(d)	Stock-based compensation relates to shares of Restricted Class A common stock held by our current associates which were awarded to them as former Towers Perrin employees in connection with the Towers Perrin | Watson Wyatt Merger.

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1)	future estimated amortization expense for amortizable intangible assets consisting of customer related intangibles and core/developed technology, and product.

2)	The rent offset resulting from the amortization of the net lease intangible assets and liabilities:

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(a)	These derivative investments are included in other current assets or accounts payable, accrued liabilities and deferred income on the consolidated balance sheet. See Note 8 for further information on our derivative investments.

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(b)	These liabilities are included in other current liabilities and other noncurrent liabilities on the consolidated balance sheet. The fair value was determined using a discounted cash flow model.

•	Interest rate - The lowest and highest interest rates that we could have used to value the bonus retention liability are 0.5% to 10.0%, which would have resulted in values of $10.0 million and $9.2 million, respectively.

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•	Forfeiture rates - Changing the assumed forfeiture rate to either 5.0% or 10.0% would have resulted in values of $10.1 million and $9.6 million, respectively.

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(a)	This category includes municipal and foreign bonds.

(b)	This category includes pooled funds of both equity and fixed income securities. Fair value is based on the calculated net asset value of shares held by the plan as reported by the sponsor of the funds and, in accordance with subtopic 820-10, Fair Value Measurements and Disclosures, are not included in the fair value hierarchy.

(c)	We use various derivatives such as interest rate swaps, futures and options to match the duration of the corporate bond portfolio with the duration of the plan liability.

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(1)	Reclassification adjustments from accumulated other comprehensive income are included in general and administrative expenses (see Note 8 – Derivative Financial Instruments for additional details regarding the reclassification adjustments for the hedge settlements)

(2)	Reclassification adjustments from accumulated other comprehensive income are included in income from discontinued operations

(3)	Reclassification adjustments from accumulated other comprehensive income are included in the computation of net periodic pension cost (see Note 11 – Retirement Benefits for additional details) which is included in salaries and employee benefits in the accompanying consolidated statements of operations

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•	Benefits

•	Exchange Solutions

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•	Risk and Financial Services

•	Talent and Rewards

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(1)

Depreciation, general and administrative, pension, and medical costs are allocated to our segments based on budgeted expenses determined at the beginning of the fiscal year as management believes that these costs are largely uncontrollable to the segment. To the extent that the actual expense base upon which allocations are made differs from the forecast/budget amount, a reconciling item will be created between internally allocated expenses and the actual expense that we report for GAAP purposes.

(2)	Stock-based compensation excludes RSUs granted in conjunction with our performance bonus, which are included in discretionary compensation.

(3)	Total segment receivables, which reflect the receivable balances used by management to make business decisions, are included for management reporting purposes.

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(1)	Pertain to the maintenance of records that in reasonable detail accurately and fairly reflect the transactions and dispositions of the assets of the company;

(2)	Provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and

(3)	Provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of the company’s assets that could have a material effect on the financial statements.

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a)	The following documents have been included in Part II, Item 8

b)	Exhibits:

c)	Financial Statement Schedules:

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(1)	Incorporated by reference to Exhibit 2.1 to the Form 8-K filed by the Company on June 30, 2015.

(2)	Incorporated by reference to Exhibit 3.1 to the Form 10-K filed by the Company on August 15, 2013.

(3)	Incorporated by reference to Exhibit 3.1 to the Form 8-K filed by the Company on August 28, 2014.

(4)	Incorporated by reference to Exhibit 10.21 to the Form 8-K filed by the Company on November 8, 2011.

(5)	Incorporated by reference to Exhibit 10.1 to the Form 8-K filed by the Company on June 1, 2012.

(6)	Incorporated by reference to Exhibit 10.3 to the Form 10-Q filed by the Company on May 7, 2013.

(7)	Incorporated by reference to Exhibit 10.8 to the Company’s joint proxy statement/prospectus included in the Registration Statement on Form S-4/A (File No. 333-161705) filed by the Company with the Securities and Exchange Commission on October 19, 2009 and declared effective on November 9, 2009, as supplemented by the prospectus supplement filed pursuant to Rule 424(b)(3) on December 14, 2009.

(8)	Incorporated by reference to Exhibit 10.21 of Watson Wyatt Worldwide Inc.’s Form 10-K filed on September 1, 2006.

(9)	Incorporated by reference to Exhibit 10.22 of Watson Wyatt Worldwide Inc.'s Form 10-K filed on September 1, 2006.

(10)	Incorporated by reference to Exhibit 10.10 to the Form 10-K filed by the Company on August 29, 2012.

(11)	Incorporated by reference to Exhibit 10.24 of Watson Wyatt Worldwide Inc.'s Form 10-K filed on September 1, 2006.

(12)	Incorporated by reference to Exhibit 10.23 of Watson Wyatt Worldwide Inc.'s Form 10-K filed on September 1, 2006.

(13)	Incorporated by reference to Exhibit 10.1 to the Form 8-K filed by the Company on March 8, 2010.

(14)	Incorporated by reference to Exhibit 10.1 to the Form 10-Q filed by the Company on November 5, 2014.

(15)	Incorporated by reference to Exhibit 10.1 to the Form 8-K filed by the Company on May 18, 2010.

(16)	Incorporated by reference to Exhibit 10.23 of Watson Wyatt Worldwide Inc.’s Form 10-Q filed on November 9, 2009.

(17)	Incorporated by reference to Exhibit 10.18 to the Form 10-Q filed by the Company on February 7, 2012.

(18)	Incorporated by reference to Exhibit 99.1 to the Form S-8 Registration Statement filed by the Company on June 7, 2012.

(19)	Incorporated by reference to Exhibit 10.18 to the Form 10-K filed by the Company on August 29, 2012.

(20)	Incorporated by reference to Exhibit 10.19 to the Form 10-K filed by the Company on August 29, 2012.

(21)	Incorporated by reference to Exhibit 10.1 to the Form 10-Q filed by the Company on November 12, 2013.

(22)	Incorporated by reference to Exhibit 10.2 to the Form 10-Q filed by the Company on November 12, 2013.

(23)	Incorporated by reference to Exhibit 10.3 to the Form 10-Q filed by the Company on November 12, 2013.

(24)	Incorporated by reference to Exhibit 99.1 to the Form S-8 Registration Statement filed by the Company on December 2, 2013.

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(25)	Incorporated by reference to Exhibit 99.2 to the Form S-8 Registration Statement filed by the Company on December 2, 2013.

(26)	Incorporated by reference to Exhibit 99.3 to the Form S-8 Registration Statement filed by the Company on December 2, 2013.

(27)	Incorporated by reference to Exhibit 99.4 to the Form S-8 Registration Statement filed by the Company on December 2, 2013.

(28)	Incorporated by reference to Exhibit 10.1 to the Form 10-Q filed by the Company on February 7, 2014.

(29)	Incorporated by reference to Exhibit 10.2 to the Form 10-Q filed by the Company on February 7, 2014.

(30)	Incorporated by reference to Exhibit 10.1 to the Form 10-Q filed by the Company on May 6, 2014.

(31)	Incorporated by reference to Exhibit 10.1 to the Form 8-K filed by the Company on June 30, 2015.

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