Driehaus Capital Management Issues Open Letter to Towers Watson Shareholders Refuting Management's Assertions About the Proposed Transaction with Willis Holdings

CHICAGO, Oct. 22, 2015

The Driehaus letter reviews and dispels the four overarching assertions made by Mr. Haley to undergird his plea for shareholder support. The full letter is available on its website.

Towers Watson shareholders have already sustained a 12.2% loss since the announcement of this deal on June 30, 2015, and stand to lose more if it is carried through on current terms. We once again urge shareholders to vote against this value destructive deal.

For a comprehensive review of the transaction, we urge shareholders to read our September 14, 2015 letter to shareholders and the analysis provided in our white paper.

Sincerely,

K.C. Nelson	Matthew Schoenfeld ARIVA.DE Börsen-Geflüster Kurse Towers Watson -   0,00% Willis Towers Watson 238,00 € -2,46%
Portfolio Manager, Alternative Strategies	Assistant Portfolio Manager
Driehaus Capital Management LLC	Driehaus Capital Management LLC

About Driehaus Capital Management
Driehaus Capital Management LLC is a privately-held, independent investment adviser with $9.7 billion in assets under management as of September 30, 2015. The firm manages global, emerging markets, and US growth equity, hedged equity, and alternative investment strategies. Founded in 1982 by Richard H. Driehaus, the firm serves a diverse institutional client base comprised of corporate and public pensions, endowments, foundations, sub-advisory, financial advisors and family offices, globally.

For more information, please visit www.driehaus.com.

This material is for general informational purposes only and is not intended to be relied upon as investment advice. The opinions expressed are those of Driehaus Capital Management LLC ("Driehaus") as of October 21, 2015 and are subject to change at any time due to changes in market or economic conditions.

The information and opinions contained in this material are derived from proprietary and non-proprietary sources deemed by Driehaus to be reliable and are not necessarily all inclusive. Driehaus does not guarantee the accuracy or completeness of this information. There is no guarantee that any forecasts made will come to pass. Reliance upon information in this material is at the sole discretion of the reader.

Driehaus is the investment adviser for clients that own 1,075,113 shares of Towers Watson & Co. (TW) and have sold short shares of Willis Group Holdings plc (WSH) as of October 21, 2015. Holdings are subject to change, and Driehaus may buy shares of TW or WSH or sell, including sell short, shares of TW or WSH at any time. The discussion of securities should not be viewed as a recommendation to buy, sell or hold any particular security.

Driehaus is not soliciting proxies relating to the TW shareholder meeting and does not have the authority to vote your proxy. Driehaus urges TW shareholders to vote against the proposed transaction.

Media Contact:
Bradley Dawson
Vice President, Marketing and Product Development
312.587.3844
bdawson@driehaus.com

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/driehaus-capital-management-issues-open-letter-to-towers-watson-shareholders-refuting-managements-assertions-about-the-proposed-transaction-with-willis-holdings-300164745.html

SOURCE Driehaus Capital Management