TOWERS WATSON & CO

CUSIP: 891894107 Class: CL A

DENALI ADVISORS LLC's Holding History (CIK: 0001142941)

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

Q4 2013
Shares 3,800 Value ($000) $485 Avg Close — Range —
Q3 2013
Shares 39,500 Value ($000) $4,225 Avg Close — Range —
Q2 2013
Shares 39,500 Value ($000) $3,237 Avg Close — Range —