Willis Towers Watson Public Limited (WTW) 8-K Other Events

Exhibit 99.1

The following is the impact of the unaudited changes to the Consolidated Statements of Operations presentation described above retrospectively applied to 2011, 2012 and 2013.

	For the year ended December 31, 2011								For the year ended December 31, 2012								For the year ended December 31, 2013
	As Reported			Reclassification		As Reclassified			As Reported			Reclassification		As Reclassified			As Reported			Reclassification		As Reclassified
Revenues	(millions)
Total revenues	$	3,447		—		$	3,447		$	3,480		—		$	3,480		$	3,655		—		$	3,655
Expenses
Salaries and benefits	(2,087		)	—		(2,087		)	(2,475		)	—		(2,475		)	(2,207		)	—		(2,207		)
Other operating expenses	(656		)	9		(647		)	(581		)	(19	)	(600		)	(616		)	(20	)	(636		)
Depreciation expense	(74		)	—		(74		)	(79		)	—		(79		)	(94		)	—		(94		)
Amortization of intangible assets	(68		)	—		(68		)	(59		)	—		(59		)	(55		)	—		(55		)
Goodwill impairment charge	—			—		—			(492		)	—		(492		)	—			—		—
Net gain (loss) on disposal of operations	4			(4	)	—			(3		)	3		—			2			(2	)	—
Total expenses	(2,881		)	5		(2,876		)	(3,689		)	(16	)	(3,705		)	(2,970		)	(22	)	(2,992		)
Operating income (loss)	566			5		571			(209		)	(16	)	(225		)	685			(22	)	663
Other (expense) income	—			(5	)	(5		)	—			16		16			—			22		22
Make-whole on repurchase and redemption of senior notes and write-off of unamortized debt issuance costs	(171		)	—		(171		)	—			—		—			—			—		—
Loss on extinguishment of debt	—			—		—			—			—		—			(60		)	—		(60		)
Interest expense	(156		)	—		(156		)	(128		)	—		(128		)	(126		)	—		(126		)
Income (loss) from continuing operations before income taxes and interest in earnings of associates	239			—		239			(337		)	—		(337		)	499			—		499
Income taxes	(32		)	—		(32		)	(101		)	—		(101		)	(122		)	—		(122		)
Income (loss) from continuing operations before interest in earnings of associates	207			—		207			(438		)	—		(438		)	377			—		377
Interest in earnings of associates, net of tax	12			—		12			5			—		5			—			—		—
Income (loss) from continuing operations	219			—		219			(433		)	—		(433		)	377			—		377
Discontinued operations, net of tax	1			—		1			—			—		—			—			—		—
Net income (loss)	220			—		220			(433		)	—		(433		)	377			—		377
Less: net income attributable to noncontrolling interests	(16		)	—		(16		)	(13		)	—		(13		)	(12		)	—		(12		)
Net income (loss) attributable to Willis Group Holdings	$	204		—		$	204		$	(446	)	—		$	(446	)	$	365		—		$	365

1

The following is the impact of the above unaudited changes retrospectively applied to the 2011, 2012 and 2013 segmental and total commissions and fees, total revenue, operating income (loss), organic commission and fee growth and operating margin disclosures:

As reported	For the year ended December 31,						2013
	2011			2012			Q1			Q2			Q3			Q4			FY
	(millions, except percentages)
Commissions and fees
Global	$	1,073		$	1,124		$	383		$	305		$	250		$	250		$	1,188
North America	1,314			1,306			363			333			328			353			1,377
International	1,027			1,028			300			247			213			308			1,068
Total commissions and fees	$	3,414		$	3,458		$	1,046		$	885		$	791		$	911		$	3,633
Total revenues
Global	$	1,082		$	1,129		$	384		$	306		$	251		$	250		$	1,191
North America	1,323			1,313			365			335			329			357			1,386
International	1,042			1,038			302			249			215			312			1,078
Total revenues	$	3,447		$	3,480		$	1,051		$	890		$	795		$	919		$	3,655
Operating income (loss)
Global	$	352		$	372		$	171		$	106		$	36		$	21		$	334
North America	271			240			89			57			57			66			269
International	221			183			86			27			(9		)	77			181
Corporate & other	(278		)	(1,004		)	(59		)	(19		)	(9		)	(12		)	(99		)
Total operating income	$	566		$	(209	)	$	287		$	171		$	75		$	152		$	685
Organic commission and fee growth
Global	6.6		%	6.1		%	4.1		%	10.3		%	6.4		%	1.4		%	5.6		%
North America	(3.5		)%	(0.6		)%	4.3		%	5.5		%	3.9		%	5.8		%	4.9		%
International	4.8		%	4.9		%	3.8		%	2.6		%	7.8		%	3.0		%	4.1		%
Total organic commission and fee growth	1.8		%	3.1		%	4.1		%	6.3		%	5.7		%	3.7		%	4.9		%
Operating margin
Global	32.5		%	32.9		%	44.5		%	34.6		%	14.3		%	8.4		%	28.0		%
North America	20.5		%	18.3		%	24.4		%	17.0		%	17.3		%	18.5		%	19.4		%
International	21.2		%	17.6		%	28.5		%	10.8		%	(4.2		)%	24.7		%	16.8		%
Total operating margin	16.4		%	(6.0		)%	27.3		%	19.2		%	9.4		%	16.5		%	18.7		%

2

Reclassifications	For the year ended December 31,						2013
	2011			2012			Q1			Q2			Q3			Q4			FY
	(millions, except percentages)
Commissions and fees
Global	$	192		$	185		$	46		$	47		$	40		$	44		$	177
North America	(29		)	(25		)	(8		)	(6		)	(6		)	(8		)	(28		)
International	(163		)	(160		)	(38		)	(41		)	(34		)	(36		)	(149		)
Total commissions and fees	$	—		$	—		$	—		$	—		$	—		$	—		$	—
Total revenues
Global	$	196		$	187		$	46		$	48		$	41		$	45		$	180
North America	(29		)	(25		)	(8		)	(6		)	(7		)	(7		)	(28		)
International	(167		)	(162		)	(38		)	(42		)	(34		)	(38		)	(152		)
Total revenues	$	—		$	—		$	—		$	—		$	—		$	—		$	—
Operating income (loss)
Global	$	50		$	26		$	16		$	2		$	11		$	13		$	42
North America	(13		)	12			(7		)	(2		)	(11		)	—			(20		)
International	(23		)	(14		)	(8		)	(1		)	2			4			(3		)
Corporate & other	(9		)	(40		)	(7		)	(3		)	(7		)	(24		)	(41		)
Total operating income	$	5		$	(16	)	$	(6	)	$	(4	)	$	(5	)	$	(7	)	$	(22	)
Organic commission and fee growth
Global	0.4		%	(1.4		)%	(0.7		)%	(1.8		)%	(1.9		)%	(1.0		)%	(1.2		)%
North America	(2.1		)%	0.2		%	0.1		%	—		%	(0.1		)%	(0.2		)%	(0.1		)%
International	2.7		%	1.4		%	0.7		%	1.6		%	3.5		%	1.7		%	1.6		%
Total organic commission and fee growth	—		%	—		%	—		%	—		%	—		%	—		%	—		%
Operating margin
Global	(1.0		)%	(2.7		)%	(1.0		)%	(4.1		)%	1.8		%	3.1		%	(0.6		)%
North America	(0.6		)%	1.3		%	(1.4		)%	(0.3		)%	(3.0		)%	0.4		%	(1.1		)%
International	1.4		%	(1.7		)%	1.0		%	1.8		%	0.3		%	4.9		%	2.4		%
Total operating margin	0.2		%	(0.5		)%	(0.6		)%	(0.4		)%	(0.6		)%	(0.7		)%	(0.6		)%

3

As reclassified	For the year ended December 31,						2013
	2011			2012			Q1			Q2			Q3			Q4			FY
	(millions, except percentages)
Commissions and fees
Global	$	1,265		$	1,309		$	429		$	352		$	290		$	294		$	1,365
North America	1,285			1,281			355			327			322			345			1,349
International	864			868			262			206			179			272			919
Total commissions and fees	$	3,414		$	3,458		$	1,046		$	885		$	791		$	911		$	3,633
Total revenues
Global	$	1,278		$	1,316		$	430		$	354		$	292		$	295		$	1,371
North America	1,294			1,288			357			329			322			350			1,358
International	875			876			264			207			181			274			926
Total revenues	$	3,447		$	3,480		$	1,051		$	890		$	795		$	919		$	3,655
Operating income (loss)
Global	$	402		$	398		$	187		$	108		$	47		$	34		$	376
North America	258			252			82			55			46			66			249
International	198			169			78			26			(7		)	81			178
Corporate & other	(287		)	(1,044		)	(66		)	(22		)	(16		)	(36		)	(140		)
Total operating income	$	571		$	(225	)	$	281		$	167		$	70		$	145		$	663
Organic commission and fee growth
Global	7.0		%	4.7		%	3.4		%	8.5		%	4.5		%	0.4		%	4.4		%
North America	(5.6		)%	(0.4		)%	4.4		%	5.5		%	3.8		%	5.6		%	4.8		%
International	7.5		%	6.3		%	4.5		%	4.2		%	11.3		%	4.7		%	5.7		%
Total organic commission and fee growth	1.8		%	3.1		%	4.1		%	6.3		%	5.7		%	3.7		%	4.9		%
Operating margin
Global	31.5		%	30.2		%	43.5		%	30.5		%	16.1		%	11.5		%	27.4		%
North America	19.9		%	19.6		%	23.0		%	16.7		%	14.3		%	18.9		%	18.3		%
International	22.6		%	19.3		%	29.5		%	12.6		%	(3.9		)%	29.6		%	19.2		%
Total operating margin	16.6		%	(6.5		)%	26.7		%	18.8		%	8.8		%	15.8		%	18.1		%

4

The following is the impact of the reclassification of foreign exchange gains and losses and gains and losses from the disposal of operations to the reconciliation of operating income (loss), the most directly comparable GAAP measures, to adjusted operating income and adjusted operating margin disclosures, which are non-GAAP financial measures as defined under Regulation G of SEC rules, for the years ended December 31, 2011, 2012 and 2013.

		2011			2012			2013
		(millions, except percentages)
As reported:	Operating income (loss), GAAP basis	$	566		$	(209	)	$	685
Reclassification:	Foreign exchange gains and losses and gains and losses from the disposal of operations	5			(16		)	(22		)
As reclassified:	Operating income (loss), GAAP basis	571			(225		)	663
	Excluding:
	Expense reduction initiative	—			—			46
	Fees related to the extinguishment of debt	—			—			1
	Additional incentive accrual for change in remuneration policy	—			252			—
	Write-off of unamortized cash retention awards debtor	—			200			—
	Goodwill impairment charge	—			492			—
	India JV settlement	—			11			—
	Insurance recovery	—			(10		)	—
	Write-off of uncollectible accounts receivable balance	22			13			—
	2011 Operational Review	180			—			—
	FSA regulatory settlement	11			—			—
	Adjusted operating income	$	784		$	733		$	710
	Operating margin	16.6		%	(6.5		)%	18.1		%
	Adjusted operating margin	22.7		%	21.1		%	19.4		%

5