Marsh & McLennan : McLennan First Quarter 2024 Investor Presentation

INVESTOR PRESENTATION

Results Through First Quarter 2024

Forward-Looking Statements

This presentation contains "forward-looking statements," as defined in the Private Securities Litigation Reform Act of 1995. These statements, which express management's current views concerning future events or results, use words like "anticipate," "assume," "believe," "continue," "estimate," "expect," "intend," "plan," "project" and similar terms, and future or conditional tense verbs like "could," "may," "might," "should," "will" and "would".

Forward-looking statements are subject to inherent risks and uncertainties that could cause actual results to differ materially from those expressed or implied in our forward-looking statements. Factors that could materially affect our future results include, among other things: the impact of geopolitical or macroeconomic conditions on us, our clients and the countries and industries in which we operate, including from multiple major wars, escalating conflict throughout the Middle East and rising tension in the South China Sea, slower GDP growth or recession, lower interest rates, capital markets volatility and inflation; the increasing prevalence of ransomware, supply chain and other forms of cyber attacks, and their potential to disrupt our operations, or the operations of our third party vendors, and result in the disclosure of confidential client or company information; the impact from lawsuits or investigations arising from errors and omissions, breaches of fiduciary duty or other claims against us in our capacity as a broker or investment advisor, including claims related to our investment business' ability to execute timely trades; the financial and operational impact of complying with laws and regulations, including domestic and international sanctions regimes, anti-corruption laws such as the U.S. Foreign Corrupt Practices Act, U.K. Anti Bribery Act and cybersecurity, data privacy and artificial intelligence regulations; our ability to attract, retain and develop industry leading talent; our ability to compete effectively and adapt to competitive pressures in each of our businesses, including from disintermediation as well as technological change, digital disruption and other types of innovation such as artificial intelligence; our ability to manage potential conflicts of interest, including where our services to a client conflict, or are perceived to conflict, with the interests of another client or our own interests; the impact of changes in tax laws, guidance and interpretations, such as the implementation of the Organization for Economic Cooperation and Development international tax framework, or the increasing number of disagreements with and challenges by tax authorities in the current global tax environment; and the regulatory, contractual and reputational risks that arise based on insurance placement activities and insurer revenue streams.

The factors identified above are not exhaustive. Marsh McLennan and its subsidiaries (collectively, the "Company") operate in a dynamic business environment in which new risks emerge frequently. Accordingly, we caution readers not to place undue reliance on any forward-looking statements, which are based only on information currently available to us and speak only as of the dates on which they are made. The Company undertakes no obligation to update or revise any forward-looking statement to reflect events or circumstances arising after the date on which it is made. Further information concerning the Company, including information about factors that could materially affect our results of operations and financial condition, is contained in the Company's filings with the Securities and Exchange Commission, including the "Risk Factors" section and the "Management's Discussion and Analysis of Financial Condition and Results of Operations" section of our most recently filed Annual Report on Form 10-K.

Explanation of Non-GAAP Measures

The Company also refers to and presents certain additional non-GAAP financial measures, within the meaning of Regulation G and item 10(e) Regulation S-K in accordance with the Securities Exchange Act of 1934. The Company believes these non-GAAP financial measures provide useful supplemental information that enables investors to better compare the

Company's performance across periods. Management also uses these measures internally to assess the operating performance of its businesses and to decide how to allocate resources. However, investors should not consider these non-GAAP measures in isolation from, or as a substitute for, the financial information that the Company reports in accordance with GAAP. The Company's non-GAAP measures include adjustments that reflect how management views its businesses, and may differ from similarly titled non-GAAP measures presented by other companies.

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The Global Leader in Advisory on Risk, Strategy and People

A Global Leader with	Four Leading	Uniquely Positioned to Help
Unmatched Scale and Capabilities	Businesses Working Together as	Clients Navigate Today's Issues
	One Enterprise

85,000+ colleagues globally	✓ Mitigating cyber risk
$23.3 billion of revenue*	✓ Addressing protection gaps
Advise clients in over 130 countries	✓ Building climate resilience

Over $160 billion of global premiums placed

✓ Advancing healthy societies

#1 Insurance Broker1

✓ Bridging the retirement savings gap

#1 Health & Benefits Broker1

#1 Outsourced CIO2

✓ Reimagining the workforce

Source: 1 Business Insurance; 2 Pensions & Investments. *12 months ended 3/31/2024.	3

Marsh McLennan: A Compelling Core Holding

Track record of superior returns at lower relative volatility

Strong underlying revenue growth

• Several underpinnings for sustained growth
• Proven resilience through P&C and economic cycles

Expect mid-single digits or better underlying revenue growth in 2024

Substantial free cash flow* generation

• Strong free cash flow of $3.9 billion in LTM 1Q24
• Free cash flow CAGR of 18% in 2010 - 2024****

Capital-light business model generates

substantial free cash flow

Expanding margins* across operating environments

• Reported margin expansion for 16 consecutive years**
• Nearly 1,800 bps of margin expansion since 2008***

Further runway for margin expansion through

operating leverage and efficiencies

Disciplined and balanced capital management strategy

• Prioritize reinvestment in business (organic and acquisitions)
• Recognize capital return also drives value over time

Expect to deploy approximately $4.5 billion of capital in 2024

across dividends, acquisitions and share repurchases

*Reconciliation of Non-GAAP measures included in Appendix. **Adjusted operating margin. ***Through 12 months ended 3/31/2024.	4
****CAGR calculated over the last 13.25 years since 2010 through LTM 3/31/24.

Strong Financial Results Drive Shareholder Value

Superior Performance Over The Long Term

A History of Strong Growth (2010 - 2024)*

6%	GAAP Revenue CAGR
+1,290 bps	Adjusted Operating Margin** Expansion
13%	Adjusted EPS** CAGR
18%	Free Cash Flow** CAGR

Substantial Total Shareholder Return Since YE 2010*

S&P 500

884% 439%

	GAAP Revenue		Adjusted Operating Margin***
$ billions	$23.3	26.4%

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

2021

2022

2023

2024**

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

2021

2022

2023

2024**

Adjusted EPS***			Free Cash Flow***
$8.35	$ billions	$3.9

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

2021

2022

2023

2024**

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

2021

2022

2023

2024**

*CAGRs calculated over the last 13.25 years since 2010 through LTM 3/31/24. TSR through 3/31/2024 per Bloomberg. **12 months ended 3/31/2024. ***Reconciliation of Non-GAAP measures included in Appendix.
Note: Periods prior to 03/31/2019 exclude JLT. Adjusted operating income and adjusted operating margin for 2017 and prior periods include the impact of the pension standard.	5

Strong Growth Across Cycles

Demonstrated resilience in downturns and emerged stronger post pandemic

	Durable Growth Drivers
	Solid demand for our advice
 and solutions driven by macro
	uncertainty and an increase in
	risk awareness
	Innovating to serve clients in
	new / emerging areas of focus
	Favorable business mix shift
	towards growth areas
	Strategic investments in deep
	bench of talent
	Defensive and resilient in
	downturns

Underlying Revenue Growth Has Moved Above

Our Recent Historical Range

10%

9%9%

Mid-

Single

Digits+

3% - 5%

1%

Decade Pre-	Pandemic	2021	2022	2023	2024 Guidance
Pandemic

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Fundamental Underpinnings for Sustained Growth

Risk			Health
Global Non-Life Direct Written Premiums1	U.S. Health Direct Written Premiums2
($ billions)	$3,969		($ billions)

$1,104

$1,235
																							$189
2001	2002	2003	2004	2005	2006	2007	2008	2009	2010	2011	2012	2013	2014	2015	2016	2017	2018	2019	2020	2021	2022	2001	2002	2003	2004	2005	2006	2007	2008	2009	2010	2011	2012	2013	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023

Wealth

Retirement Assets3

($ trillions)

$51

$15

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

2021

2022

• Over $160 billion of annualized premiums placed globally
• Capabilities across market segments
• Leading MGA, Cyber and Flood practices

• Approximately $3.7 billion of global Health brokerage and consulting revenues*
• Global capabilities across Mercer, Marsh, MMA & Oliver Wyman
• Digital Health Solutions

• World's largest retirement advisory business
• $489 billion of assets under delegated management**
• 22% CAGR of assets under delegated management since 2010***

Source: 1 Swiss Re Institute; 2 SNL; 3 Pension Markets in Focus 2023 (Data only includes countries in the Organization for Economic Cooperation & Development).	7
*12 months ended 3/31/2024. **As of 3/31/2024. ***CAGR calculated over the last 13.25 years since 2010 through LTM 3/31/24.

Well-Positioned for the Issues of Today

Significant opportunity to grow and help clients in areas including ESG, cyber, retirement and health

Mitigating Cyber Risk

Global cyber crime estimated to be over

$1 trillion1

Addressing Protection Gaps

Estimated 2023 global catastrophe

protection gap was over $170 billion2

Environmental, Social & Governance

•	Climate risk mitigation	•	Diversity & Inclusion
•	Low carbon transition	•	Pay equity

• Sustainable investing

Advancing Healthy Societies

By 2030, US healthcare spend expected to reach

$6.8 trillion3

Bridging the Retirement Savings Gap

Retirement savings shortfall for US

households is estimated at $3.7 trillion4

Reimagining the Workforce of the Future

98% of companies are engaged in work design changes in 2024 focused on increased productivity5

Source: 1 CSIS-McAfee; 2 Swiss Re Institute; 3 Centers for Medicare and Medicaid; 4 Employee Benefit Research Institute; 5 Mercer Global Talent Trends 2024 Report.

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Mix Shift to Higher Growth Areas

With numerous opportunities for future growth

RIS		Mercer Investments (OCIO)

Mercer Investments (OCIO)

Emerging Growth Opportunities

Small commercial

MMA now accounts for around half of the Marsh US/Canada segment

83

75

56 2.0

35	1.7

	120
109	3.0
94
2.5
2.0+

Mercer's investments businesses is
leveraged to strong long-term growth
110 fundamentals, despite recent capital
markets volatility	$489*
90
70
50
30

Digital

Climate resilience

Sustainable investing

9

0.9

10

Affordable healthcare

Marsh launches 0.3

MMA

strategy

0.6

-10
-30
-50
2010	2011	2012	2013	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024

Diversity & Inclusion

International

Revenue ($ billions)		Cumulative Acquisitions*		Assets Under Delegated Management
				(AUDM, $ billions)

Cyber

*As of 3/31/2024. **Revenue represents latest disclosed annualized run-rate as of 3Q23.

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Driving Margin Expansion Through Expense Discipline

Adjusted Operating Margin**

26.4%

8.8%

2008

2024*

Significant margin expansion driven by disciplined approach to underlying expense management and operating leverage

• Our disciplined approach and operating leverage have generated nearly 1,800 bps of adjusted operating margin expansion since 2008
• 2023 marked the 16th consecutive year MMC reported adjusted operating margin improvement
• Underlying revenue growth met or exceeded underlying adjusted expense growth in each of the last 16 years
• We see additional run-way for margin expansion through additional operating leverage and opportunities for efficiencies including:

10%

8%

6%

4%

2%

0% -2%-4%-6%-8%

	Consistent Operating Leverage Over Time		- Shared service, right-shoring, and continued buildout of India and
						other centers of excellence
			Underlying Revenue		- Continued efficiency in real estate footprint
				Growth		- Global alignment of procurement practices now gives visibility to
						manage over 80% of vendor expenditures
						- Technology and automation offer potential for further operating
			Underlying Adjusted		efficiency
			Expense Growth		- Significant investments in global platforms enable scaling of global
						functional operating model
2008	2011	2014	2017	2020	2023
	*12 months ended 3/31/2024. **Reconciliation of Non-GAAP measures included in Appendix. Periods prior to 03/31/2019 exclude JLT. Adjusted operating margin for 2017 and prior periods is adjusted to reflect the
	impact of the pension standard. Underlying revenue and underlying adjusted expense growth measure changes in revenue and expenses using consistent currency exchange rates, excluding the impact of certain	10
	items that affect comparability such as acquisitions, dispositions and transfers among businesses. Underlying revenue growth and underlying adjusted expense growth are as originally reported and exclude the

impact of the pension standard.