MAKING A DIFFERENCE

IN THE MOMENTS THAT MATTER

2020 Annual Report

Risk & Insurance Services

Consulting

Marsh

Guy Carpenter

Mercer

Oliver Wyman

Insurance Broking

Reinsurance

Health, Wealth

Strategy, Economic

& Risk Management

& Capital Strategies

& Career Consulting

& Brand Consulting

We are 76,000 colleagues in four global businesses united by a common purpose-to make a difference in the moments that matter.

Three commitments unite us as we strive to live our purpose:

SUCCEEDING TOGETHER.

We are in business to expand what's possible for our clients and each other.

ACCELERATING IMPACT.

We embrace change and create enduring client value.

ADVANCING GOOD.

We strive to serve the greater good.

We work with our clients to enable enterprise around the world and secure better futures for all.

TO OUR SHAREHOLDERS, COLLEAGUES AND CLIENTS,

2020 was a year when every moment mattered. Around the world, no organization was unaffected or unchanged as we all navigated the crisis of a global pandemic, a global economic crisis, another devastating year in a gathering climate crisis, and an overdue reckoning with race, equity and social justice. No one could plan for such a year, but looking back, our company was ready.

2 | Marsh McLennan 2020 Annual Report

2020 was a crucible that brought out the best in Marsh McLennan. It was a year of workarounds-that sparked innovation. It was a year of urgency and

/4>=@;?4:9 ?3,?8,/0@>1,>?0=,9/8:=0Ȓ0C4-70றऺ It was a year of physical distance-that created profound connection.

We found new ways to engage our clients, helping them with their challenges as we faced our own. We pushed ourselves to innovate for the greater good, developing new products and services to address the coronavirus pandemic. And we committed to an enterprise-wide focus on four critical areas that have a dramatic impact on our clients' businesses and the world, where we're uniquely positioned to bring the full power of our collective capability as a company to bear: helping to close the world's protection gaps; advancing healthy societies everywhere; building climate resilience; and mitigating cyber risk.

As we found smarter ways, every day, to accelerate impact for our clients, we did the same for our communities. From fundraising for medical workers, to mask-making, to one colleague who volunteered at night as an ambulance responder, we stood up for our communities when they needed it most. And we didn't forget each other. Across our company, groups of supportive colleagues coalesced to help one another balance heightened professional and personal demands, organizing everything from online yoga classes to children's reading programs. I'm not only proud of our people, I'm inspired by them.

#300A09?>:1?30;,>?D0,==0,Ȳ=80/?3,??30;@=;:>0 that unites our 76,000 colleagues around the world has never been more important or more relevant: We make a difference in the moments that matter. For 150 years, we've done just that, helping our clients, our colleagues and the communities where we live and work prosper amid times of great change and challenge-times like these. As 2020 powerfully demonstrated, the age of risk has just begun. We will carry forward the best of what the year taught us-about the importance of resilience,

Ȓ0C4-474?Dயऺ08;,?3D ,9/-@47/:94?B4?3,=0709?70>> spirit of innovation.

It's an honor to lead such a formidable, resilient company, made up of talented and dedicated people. I am excited to bring you up to date.

Marsh McLennan 2020 Annual Report | 3

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MMC - Marsh & McLennan Companies Inc. published this content on 31 March 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 31 March 2021 20:19:27 UTC.