Phase M&A explanation Typical goals Return to business as usual The combined business operates in a normal “steady” or “business ƒ Financial goals are typically revenue growth, profit growth and as usual” state. The formal integration teams are disbanded, at market share growth Legal: No requirements, different times, depending on each team’s objectives and timelines. ƒ People goals typically include leadership/talent progression in company decision The business unit’s performance is monitored over a specified the organization, attrition, employee engagement and inclusion time period, which can range from one year to seven years, after and diversity progression Buyer sees returns and closing, and varies by how deeply assimilated the target is into the compares them with what was buyer (in some deals, separate business reporting is not possible) expected in the deal rationale/ goals Limitations: Outside economic or business pressures often require a refocus of resources and priorities, and some integration efforts can end earlier than planned. Often, budgets for late stage integration activities dry up or as re-allocated to different areas of the business About Willis Towers Watson Willis Towers Watson (NASDAQ: WLTW) is a leading global advisory, broking and solutions company that helps clients around the world turn risk into a path for growth. With roots dating to 1828, Willis Towers Watson has 45,000 employees serving more than 140 countries and markets. We design and deliver solutions that manage risk, optimize benefits, cultivate talent, and expand the power of capital to protect and strengthen institutions and individuals. Our unique perspective allows us to see the critical intersections between talent, assets and ideas — the dynamic formula that drives business performance. Together, we unlock potential. Learn more at willistowerswatson.com. willistowerswatson.com/social-media Copyright © 2020 Willis Towers Watson. All rights reserved. WTW487900/09/2020 willistowerswatson.com