TOWERS WATSON & CO

CUSIP: 891894107 Class: CL A

SANDLER CAPITAL MANAGEMENT's Holding History (CIK: 0001000742)

Note: Option positions (PUT/CALL) are excluded.

Q1 2015
Shares 36,850 Value ($000) $4,871 Avg Close — Range —
Q4 2013
Shares 118,000 Value ($000) $15,058 Avg Close — Range —