2022 ESG Report | Succeeding Together

SucCeeding TOGETHER 2022 ESG REPORT

CONTENTS 2 Overview 11 Environment 24 Social 45 Governance 63 Appendix 3 Message 12 Our carbon 25 Our people 46 Corporate 64 2022 ESG Index from our ESG footprint 29 Colleague governance 69 2022 TCFD Index Committee Chair 15 Sustainability of our engagement 49 Enterprise risk 4 Message from our operations management 70 UNEP FI Principles President & CEO 30 Inclusion & diversity for sustainable 18 Environmental 35 Talent development 51 Ethics & compliance insurance 5 About us efforts in our 54 Cybersecurity and 6 Our mission communities 37 Bringing together data privacy 19 Facilitating the colleagues and 7 Awards and adoption of communities 56 Leading the way partnerships climate and 39 Supporting Ukraine on government 8 Our ESG approach sustainability relations solutions for 40 Health & well-being 59 Sharing our 10 Alignment with our clients expertise on the United Nations 43 New standards government issues Sustainable in innovation Development Goals for our clients Overview Environment Social Governance Appendix 2022 ESG REPORT 2

MESSAGE FROM OUR ESG COMMITTEE CHAIR Dear colleagues, clients and shareholders, The environmental, social and In that spirit, I am proud to introduce governance (ESG) landscape has Marsh McLennan’s third annual rapidly evolved since our first ESG ESG Report, which builds off the report in 2020. From shareholder groundwork laid in the past two engagement to emerging regulations, years to increase transparency of the expectations on companies the tangible outcomes of our ESG and their Boards to respond to initiatives. In this year’s report, we stakeholders on ESG matters is have expanded our disclosures to becoming increasingly complex. better connect the dots between Marsh McLennan considers the strategy and results — from viewpoints of all our stakeholders, additional metrics to show progress including our shareholders, colleagues, on our diversity, inclusion and clients and the communities where we belonging initiatives, to reaching our live and work. Throughout the year, our initial goal of more than 30% female Board collaborates with management representation on our Board. to continually evaluate and shape our We believe this allows our various ESG strategy to be responsive to these stakeholders to better track the various needs. Importantly, the Board company’s performance against works with management, not just to our commitments. develop a clear vision of what Marsh Marsh McLennan has made great McLennan’s ESG strategy is, but to strides on ESG and is delighted understand how this strategy is actually to present that progress in this We have expanded our disclosures impacting our stakeholders. year’s report. to better connect the dots between Sincerely, strategy and results — from additional metrics to show progress on our diversity, inclusion and belonging initiatives, to reaching our initial goal of more than 30% female representation on our Board.” Lloyd Yates Lloyd Yates Chair, Board ESG Committee, Chair, Board ESG Committee, Marsh McLennan Marsh McLennan Overview Environment Social Governance Appendix 2022 ESG REPORT 3

MESSAGE FROM OUR PRESIDENT & CEO Dear colleagues, clients and shareholders, Marsh McLennan has the privilege of manage risks associated with the helping our clients find opportunity transition to a low-carbon economy. and navigate pressing issues in the areas of risk, strategy and people. A Given the necessity of a secure energy number of these issues fall within the supply for all, we believe we can best broad spectrum of ESG — from guiding serve communities by working with sustainable investments, to supporting operators of clean energy assets to diversity and inclusion, to improving accelerate progress to a lower carbon healthcare systems, confronting cyber world and with traditional energy threats, and helping close the world’s clients to enable them to make the protection gaps. transition as quickly and responsibly We have a long track record of ESG as possible. engagement and achievements. As the Meanwhile, we’re leading by example, world faces a host of urgent issues, starting with the commitment we including geopolitical instability, announced in March 2022 to set economic uncertainty, social inequities and execute low-carbon transition and the ongoing war in Ukraine, ESG is strategies that chart a path to net-zero an area in which we continue to see an across our operations by 2050 — and opportunity to support our colleagues, reduce our emissions by 50% by 2030. clients and communities. I am proud of the ESG progress we’ve Some of our work takes place as made that you’ll see reflected in this part of broader, global initiatives report, and grateful for our more than such as the UN’s Race to Resilience 85,000 colleagues, who help our clients I am proud of our ESG progress and program, where we’re championing and communities meet their biggest grateful for our more than 85,000 disaster-risk-reduction initiatives that challenges, build resilience and find make communities stronger. But much new possibilities every day. colleagues, who help our clients and of it takes place with clients across All the best, communities meet their biggest our four global businesses, as we help challenges, build resilience and 昀椀nd enable them to meet their ESG goals. Increasingly, our clients’ changing new possibilities every day.” needs require the collective capabilities of Marsh McLennan. John Doyle One of the areas we’re focused President & CEO, Marsh McLennan on is helping businesses develop John Doyle low-carbon business models and President and Chief Executive Officer Overview Environment Social Governance Appendix 2022 ESG REPORT 4

About US Marsh McLennan is the world’s leading professional services firm in the areas of risk, strategy and people. OUR SCALE AND SCOPE Our more than 85,000 colleagues advise clients in 130 countries. With annual revenue of over $20 billion, Marsh McLennan helps clients navigate an increasingly dynamic and complex environment through four market-leading businesses. 150+ OUR BUSINESSES years of leadership Risk & Insurance Services Consulting 85,000+ Insurance broking and risk management solutions Health, wealth, and career consulting and solutions colleagues globally Reinsurance and capital strategies Strategy, economic and brand consulting Clients in more than 130 countries Among the Fortune 200 companies Annual revenue of over $20 billion Overview Environment Social Governance Appendix 2022 ESG REPORT 5

A greater purpose to our work Our people bring the best ideas forward. Individually, and as an enterprise, we MAKE A DIFFERENCE IN THE momentS that matter Three commitments unite us as we strive to live our purpose: Succeeding We are in business to expand what’s possible for our together clients and each other. Accelerating We embrace change and create enduring client value. impact Advancing We strive to serve the greater good. good Overview Environment Social Governance Appendix 2022 ESG REPORT 6

Awards and partnerships RECOGNITIONS PARTNERSHIPS Mercer was a founding signatory Marsh McLennan signed on to to the Principles for Responsible Marsh McLennan is a certified For the fifteenth time, Marsh the Principles for Sustainable Investment (PRI) and continues CarbonNeutral® company as McLennan earned a perfect score Insurance (PSI) in March 2022. to demonstrate leadership by of September 2021. See page 9 on the Human Rights Campaign’s See page 70 for our disclosures scoring highly on the latest for more details. Corporate Equality Index. against PSI’s four Principles. PRI annual assessment. Marsh McLennan has been named Marsh McLennan is an active to the 2023 Fortune World’s Most participant in the Sustainable Admired Companies list. We placed Markets Initiative (SMI) and joined in the top 200 overall and were leaders from some of the largest and cited as one of the most admired most influential global insurance companies in the Property and firms to form an Insurance Task Force. Casualty Insurance industry. For the fifth year in a row, Marsh McLennan was proud to Marsh McLennan signed on to the Across our businesses, we support Marsh McLennan has been be recognized as one of the 2022 Task Force on Climate Related the framework development of the named to the Bloomberg World’s Most Ethical Companies. Financial Disclosures (TCFD) Task Force on Nature-related Gender-Equality Index. * “World’s Most Ethical Companies” in 2020 to support climate risk Financial Disclosures (TNFD) and “Ethisphere” names and marks are disclosures. See our TCFD through our thought leadership registered trademarks of Ethisphere LLC. index on page 69. and pro bono support. Overview Environment Social Governance Appendix 2022 ESG REPORT 7

Our ESG philosophy Our commitment to ESG starts at home We model the behaviors we want to see in the world. Strong and effective corporate governance will help promote these behaviors and protect our culture. Our people are our greatest strength Our company's greatest strength is the collective talent of our people. Inclusion means more than acceptance — it means belonging. Every person has a unique knowledge and experience. Individually, that makes us valuable — and together, extraordinary. Our future requires climate resilience Climate change is a global issue and we all have a role to play in addressing it. A low-carbon future can support a sustainable, competitive business environment, while creating new opportunities for OUR ESG APPROACH Marsh McLennan and all of our stakeholders. Our company plays an important role Many issues of public importance cannot be solved Our ESG strategy is built on our ESG philosophy. At Marsh McLennan, ESG is fundamental to our without corporate leadership — from developing and identity and the way we show up for our clients and the communities we impact. supporting high-quality and accessible healthcare We have formally integrated environmental, social and governance factors into our decision- systems to building climate resilience, addressing making processes since 2008, and believe that transparent and consistent disclosure enables cyber risk and helping close the world's protection better-informed business and investment decisions. gaps. Marsh McLennan is uniquely positioned to help society take on these challenges. The Board ESG Committee oversees and supports the company’s commitment to social, Change is up to all of us environmental and other public policy initiatives. The Committee reports to the Marsh McLennan Board on a regular basis (typically each board meeting). No individual, no company and no country can effect Our Management ESG Committee supports the Marsh McLennan Board and the ESG Committee change alone. We will engage with our colleagues, in identifying and advancing ESG priorities. Members are drawn from senior management our clients, our shareholders, our communities and across our four global businesses and corporate departments, with our Deputy General Counsel governments around the world to take on the great & Corporate Secretary serving as Chair. challenges of our time. Overview Environment Social Governance Appendix 2022 ESG REPORT 8

2022 ESG Highlights ENVIRONMENTAL Internal External • Committed to achieving net-zero carbon • Advanced conversations at COP 27 around the orderly investment emissions across our global business transition, the insurance sector’s role in climate adaptation, and the operations by 2050, with a 50% emissions link between climate and nature. reduction by 2030. • Oliver Wyman launched its 3D carbon accounting service that allows ® • Maintained certification as a CarbonNeutral companies to quantify and better understand their emissions. company for all of our global operations. • Mercer developed a climate-investing benchmarking tool and • Eliminated single-use plastics in 100% of framework that provides practical climate investing protocols. office pantries. SOCIAL Internal External • Earned an 80% favorability score on our • Mercer published its Stepping Up for Equity study to help employers annual all-colleague engagement survey. craft a clear, comprehensive, and impactful roadmap for closing the career, health and wealth gaps in the US workforce for Black employees. • 95% of our colleagues completed at least one training or learning program across our • Lippincott worked pro bono with NYC Pride to evolve its brand and learning platforms. bring to life a new brand identity. • Over 4,000 colleagues raised $1.4 million to • Marsh McLennan published Life support: A people prescription for support the people of Ukraine through three resilient health systems, which examines the massive workforce humanitarian organizations. challenge faced by acute-, primary-, and secondary-care providers. GOVERNANCE Internal External • Reached over 30% women representation • Marsh developed the ESG Risk Rating (ERR) tool to help clients on our Board of Directors. self-assess the maturity of ESG within their organizations. • Introduced a new Financial Crime training to • President & CEO, John Doyle, met with the Office of the National safeguard Marsh McLennan against illegal Cyber Director to discuss the insurance industry’s important role in activity and the risks posed by sanctions, enhancing global cybersecurity. corruption, and money laundering. • Our Government Relations team engaged the US Treasury and the US • Strengthened our cybersecurity capabilities Federal Insurance Office regarding the (re)insurance market in Ukraine and developed a multi-year plan to further and how to support Ukrainian grain exports and global food security. mature our program. Overview Environment Social Governance Appendix 2022 ESG REPORT 9

Alignment with the United Nations Sustainable Development goals Goals Our “Sustainable Six” All United Nations (UN) Member States came together to create the 17 Sustainable Development Goals (SDGs), which serve as a comprehensive plan to address the world’s most pressing sustainability issues. While all 17 goals are crucial to global change, we have chosen to focus on our “Sustainable Six” where we can make the most impact as an organization (as depicted in the graphic). Our work as a global professional services firm focuses on many SDGs, especially in the areas of risk, strategy, and people. But these six targets are the ones we see as most relevant to our company and where we can make the most difference. More information on our progress toward each objective can be found on the linked pages. Overview Environment Social Governance Appendix 2022 ESG REPORT 10

Environment By making our operations more sustainable, assisting our clients on their sustainability journeys and providing our thought leadership, Marsh IN THIS SECTION McLennan is helping enable the transition to a low-carbon economy. Our deep expertise, innovative thinking and the collective strength 12 Our carbon footprint of all our colleagues will be our greatest resources as we address the challenges and opportunities ahead. 15 Sustainability of our operations 19 Facilitating the adoption of climate and Highlights sustainability solutions for our clients Internal Committed to achieving net-zero carbon emissions across our global business operations by 2050, with a 50% emissions reduction by 2030. ® Maintained certification as a CarbonNeutral company for all of our global operations. Eliminated single-use plastics in 100% of office pantries. External Advanced conversations at COP 27 around the orderly investment transition, the insurance sector’s role in climate adaptation, and the link between climate and nature. Oliver Wyman launched a 3D carbon accounting service that allows companies to quantify and better understand their emissions. Mercer developed a climate-investing benchmarking tool and framework that provides practical climate investing protocols. Overview Environment Social Governance Appendix 2022 ESG REPORT 11

Our Carbon Footprint Climate change is one of the biggest challenges of Some highlights include: Our operations: Travel, technology, real estate our time, and Marsh McLennan takes our role in the • Sourced 100% renewable electricity for our largest and fleet are the largest emissions drivers from transition to a low-carbon economy seriously. For us, offices in the UK and Ireland, with a plan to our operations. We will work to reduce emissions climate action starts at home and we’re taking action expand this sourcing to other markets from each area through levers such as sustainable to reduce our own footprint. aviation fuels, energy efficiency, space optimization Our Commitment to Net-Zero • Piloted the use of sustainable aviation fuels (SAF) and renewable electricity and plan to expand our use of SAF in the future Our supply chain: Partner with our suppliers on In March 2022, Marsh McLennan announced goals to shared climate goals and set sustainability standards achieve net-zero carbon emissions across our global • Increased our use of removals offsets in our on the products we purchase business operations by 2050, with a 50% emissions offsets portfolio, recognizing the role carbon Data and innovation: Increase the amount of reduction by 2030. We signed a commitment letter removals will play in meeting net-zero to the Science Based Targets initiative (SBTi) and primary data used to calculate our emissions and use are currently working on a climate transition plan to Looking ahead, we plan to build on these successes these insights to identify and pilot innovative new achieve our targets. In the past year, we have taken a to further decrease emissions with a focus on these technologies to reduce emissions number of steps toward our long-term net-zero target. key areas: Our people: Engage our colleagues to act on climate by increasing awareness of our Green Traveler program, harnessing the power of Green Teams and enabling sustainable behavior changes Overview Environment Social Governance Appendix 2022 ESG REPORT 12

Our 2022 emissions inventory 2019 2021 2022 Scope 3: Marsh McLennan’s reported and verified Scope 3 emissions include only Scope 1 24,758 24,130 27,036 our business commercial air travel. The COVID-19 pandemic has shown we can work effectively remotely, and it has also reinforced the value of in-person collaboration. Scope 2 (market based) 82,690 83,443 68,030 While still below pre-pandemic levels, our business travel emissions increased Scope 3 (air travel) 79,556 7,398 50,634 in 2022 as travel rebounded, we returned to the office, and resumed in-person meetings. We also increased our data coverage for air travel related emissions Total Inventory 187,004 114,971 145,700 in 2022.As we look to the future, we will continue to leverage our Green Traveler Program and virtual meeting tools to manage travel emissions. We are evaluating *2019 represents our baseline year for our emissions goals the role of Sustainable Aviation Fuel (SAF) in addressing emissions from travel **Unit of measurement is mtCO e that is unavoidable. 2 ***GHG emissions data was reviewed and veri昀椀ed by third party assurance provider Optera and is available on the ESG page of marshmclennan.com Emissions Intensity by Headcount Scope 1: Our Scope 1 emissions are direct emissions generated from business 2019 2021 2022 operations. As a professional services firm, our Scope 1 emissions come from Scope 1 .33 .28 .31 fleet vehicles, onsite combustion, and fugitive emissions (gases that escape in the process of cooling our buildings and cars). Scope 2 1.09 1.01 .77 Scope 2: Our Scope 2 emissions are indirect emissions from electricity Scope 3 1.05 .09 .57 purchased for our 700 offices. The data included in this report represents Total Inventory 2.47 1.38 1.65 market-based emissions. See below for additional information on energy consumption and renewable energy usage. While our emissions intensity remains below our baseline, it rose again in 2022 as we resumed travel. Energy consumption Energy Consumption Electricity consumption from renewable sources (MWh) – Excluding Fleet 13% Our energy consumption includes electricity used in our offices and data centers as well as fuel 350k 337,967 required for heating and for our vehicle fleet. 300,265 Electricity consumption represents the majority of 300k this usage and transitioning to renewable electricity  Total Non-Renewables is an important part of how we plan to reduce our 250k 13%  Total Renewables emissions. In 2022, 13% of our electricity usage came 200k Of our electricty from renewable sources. usage came from 150k renewable sources 100k 87% 50k 2021 2022 Overview Environment Social Governance Appendix 2022 ESG REPORT 13

® Sustainable infrastructure Proud to be a CarbonNeutral company The shift from fossil to renewable Marsh McLennan first became certified as a CarbonNeutral® energy sources is crucial for the world company in 2021 and we were re-certified in 2022. This to stay below 1.5 °C warming. The certification is in accordance with The CarbonNeutral Protocol Orb Household solar project provides — the leading global standard for carbon neutral programs. solar energy systems to homes in To achieve this status, we calculated and offset emissions India which heat water and provide associated with the operations of our business, covering lighting, reducing the need for fossil Scope 1, Scope 2 and select Scope 3 including business travel. fuels. In the US, the Seneca Meadow Once again, we conducted a careful review of carbon offset Landfill Gas project has created projects, and selected a diversified portfolio of nine high- almost 420 acres of new wetlands and quality projects that reflect our values, global reach and the captures landfill gas to provide enough potential for impact. We are proud to provide essential carbon electricity to power 18,000 homes. finance to the following projects. Nature-based solutions Industrial-process emissions reductions Protecting nature is one of the strongest Traditional building insulation is applied using a high emissions spray foam which defenses against climate change and by release hydrofluorocarbons (HFCs), a very potent class of greenhouse gases. This conserving and restoring habitats, we are project supports the voluntary transition from spray-foam insulation to low- also preserving biodiversity. Our portfolio emitting board stock, which prevents HFCs from entering the atmosphere. includes integrated forest management and reforestation projects in the US and the Rimba Raya Biodiversity Reserve REDD+ project in Indonesia. Clean cooking and water technology In parts of the world without access to safe drinking water or efficient and affordable cooking technology, women and children are largely responsible for collecting fuel to cook and boil water. When the fuel is burned, it releases smoke and emissions. In 2022, we supported clean cookstove and water- filtration projects in Guatemala, Ghana and Bangladesh. This not only reduces emissions but improves indoor air quality and allows individuals to spend less time collecting fuel and water. Overview Environment Social Governance Appendix 2022 ESG REPORT 14

Sustainability of our operations We recognize the importance of carefully controlling the e昀昀ects of our business on the environment, especially as a multinational 昀椀rm operating in more than 130 countries. Making our o昀케ces smarter Greening our o昀케ces Our offices provide a great opportunity for environmental stewardship and Building a future of work focused on a sense of community and connection, our colleague engagement. We have a number of initiatives focused on reducing Smart Office program was introduced in 2016 by Marsh McLennan’s Real Estate the impact of our spaces that address aspects of the real estate life cycle Services division to promote collaboration, productivity and innovation, while including site selection, site construction and fit-out, and day-to-day operations. reducing our environmental impact. The Smart Office concept features creative Where possible, we seek to lease space in green certified buildings. interior design and cutting-edge technology to support new digitized workflows and a hybrid work environment. Combining a reduced real estate footprint and increased Managing technology sustainably space utilization with waste-reducing construction practices and energy-efficient mechanical systems, the Smart Office offers an active and engaging experience that Marsh McLennan’s technology team works to deliver sustainable IT solutions enables us to achieve our business objectives while respecting the environment. that support our global business. We strive to preserve resources and minimize Since 2016, we’ve opened 79 Smart Offices in 26 countries, which house nearly emissions through recycling electronic waste, lessening the impact of personal 27,000 colleagues, including our recently renovated London office. We have seven computing, maintaining energy-efficient data centers and partnering on this more offices under construction, including our headquarters in New York City. effort with our strategic suppliers. Our Global IT Asset Disposal (ITAD) program works with our strategic partners to securely dispose of obsolete IT assets in an environmentally responsible manner. Green pantry update In 2022, nearly 18,000 older laptops and 5,400 desktops were retired and replaced In January 2021, Marsh McLennan with modern energy-efficient laptops. Over the past 9 years, nearly 4.4 million committed to eliminating single-use pounds of electronic waste was either recycled or remarketed. Marsh McLennan plastics and reducing single-use waste has adopted many Software as a Service (SaaS) applications, which leverage high- in all office pantries globally and we are efficiency public cloud infrastructure and reduce our physical infrastructure. In proud to announce we have achieved 2022, we completed migration to the Microsoft 365 suite of tools, which is now this goal. As of year-end 2022, 100% used by 100% of colleagues. We disposed of 1,644 servers in 2022 and will retire of our offices, representing more additional servers in 2023 as we continue to move data to the cloud. than 1,000 pantries, have eliminated single-use plastics in office pantries. In addition to conserving resources and reducing waste, our green pantries provide colleagues an opportunity to take part in our sustainability efforts. The pantry of our newly renovated Singapore o昀케ce. Overview Environment Social Governance Appendix 2022 ESG REPORT 15

Smart O昀케ce Spotlight – London Tower Place In 2022, we completed our largest smart office at Tower Place in London. Located in the heart of London, across from the Tower of London, the renovated space was designed with sustainability, wellness and the colleague and client experience in mind. Some features of the space include sit/stand desks for colleagues, wellness areas such as a mothers’ room, reflection room and bicycle parking. We used energy efficient lighting and HVAC, low- flow fixtures in restrooms and eliminated single-use plastics in the pantries. The entire building runs on 100% renewable electricity. During construction, 98% of stripped materials were diverted from landfill and either recycled, reused or donated and 100% of reusable furniture was donated to local charities. Overview Environment Social Governance Appendix 2022 ESG REPORT 16

Creating a sustainable supply chain Case Study: Sustainable Merchandising Our commitments to reduce our environmental impacts extend beyond our own Oliver Wyman developed a sustainable branded merchandise workforce and operations to our suppliers. Our purchasing provides a significant toolkit for colleagues to use when purchasing company branded opportunity to drive positive environmental impact and reduce emissions. merchandise. The toolkit provides best practices to drive more sustainable purchasing decisions, including asking if the item is We are focused on several key areas. necessary, recommending durable reusable items over single use items, partnering with suppliers to eliminate excess plastic packaging Supplier engagement and preferring low-carbon or carbon-neutral shipping options. We’ve developed sustainability questionnaires that are sent to key existing To implement the toolkit, Oliver Wyman partnered with their suppliers and included in requests for proposals (RFPs) for new suppliers. The preferred merchandising supplier. The implementation process questionnaires provide a way to share our commitments with our suppliers, learn included a review of product offerings and packaging methods for more about their commitments, and explore avenues to work together toward our sustainability considerations. As a result, all products in the catalog shared goals. In 2022, we surveyed 31 of our top suppliers to better understand meet our sustainability standards, and top suppliers have moved their sustainability programs and will use this information to further engage our away from plastic packing materials to more sustainable options suppliers in future years. such as paper or recycled materials. Scope 3 emissions Like many companies, purchased goods and services are an important part of our Scope 3 footprint. Through our supplier surveys, we ask about climate goals, whether they can attribute emissions to our spend, and if there are plans to “ We’re integrating sustainability expand upon this work in future years. As we look to the future, we will continue considerations into our purchasing to engage our suppliers in our sustainability efforts plan to calculate our Scope 3 emissions from purchased goods and services. decisions. For example, in 2022, 99% Environmentally preferred purchasing of our purchased laptops were EPEAT We provide our colleagues with guidance on how to make environmentally Gold certi昀椀ed, a global eco-label for the preferred purchasing decisions. This guidance includes energy efficiency IT sector that measures and rewards guidelines, recommended sustainability certifications and suggestions for more environmental performance.” sustainable alternatives to commonly purchased goods and services. Travel Paul Harvey, Travel is one of our most impactful areas of carbon emissions and we see SAF as Head of Global Sourcing and Procurement one of the levers in reducing these emissions, along with technological advances and our green traveler program. In 2022, we conducted a small pilot of SAF to offset our emissions. According to the International Air Transport Association, SAF can reduce up to 80% of the emissions associated with air travel, depending on the technology and feedstock used. We will use the learnings from this pilot to scale our use of SAFs as we work towards our 2030 and 2050 climate goals. Overview Environment Social Governance Appendix 2022 ESG REPORT 17

Doing our part for the environment hours volunteered with 9,000+ environmental non-profits 900+ colleagues volunteered with environmental non-profits 1. Environmental e昀昀orts in our communities Marsh McLennan’s more than 85,000 colleagues have the collective power to be a force for good. Around the world, our colleagues are bettering their communities and the future of our planet by volunteering for environmental causes. Oliver Wyman’s GROWTrees initiative is a Volunteer e昀昀orts 2. During Global Volunteer Month in May, colleagues philanthropic reforestation program focused in Argentina planted trees and removed 40 bags of on informing and engaging colleagues in 1. Colleagues in the UK volunteered at the trash from part of the North Ecological Reserve in tree planting and restoration. Partnering Kedlestone Community Centre which includes multiple Parque Natural Municipal. with the nonprofit, One Tree Planted, other community gardens, two orchards, and hundreds of local charities, and Climate Impact Partners’ individual and communal beds. The group completed 3. Marsh Australia donated 17,000 seedlings to Million Mangroves Project, the program a variety of tasks including planting seedlings, non-profit organization Planet Ark to assist in supports reforestation and restoration weeding flowerbeds and repairing wooden planters. creating a greener future. On July 31, colleagues projects that protect wildlife, promote across Australia participated in National Tree food and water security, support indigenous Planting Day, helping to plant nearly 3,000 of those communities and improve long term seedlings through several different events. climate resilience. 2. 3. GROWTrees launched with the gift of a tree for every Oliver Wyman colleague, with an invitation to vote where the tree would be planted. Since then, teams have donated trees on behalf of clients, planted trees through hands-on community volunteering, given away tree donations at events to promote sustainability in place of ‘swag’, or used the program as a way to acknowledge fellow colleagues for a job well done. Overview Environment Social Governance Appendix 2022 ESG REPORT 18

Facilitating the adoption of climate and sustainability solutions for our clients As a leader in the complex and increasingly interconnected dynamics around risk, strategy, and people, Marsh McLennan is helping our clients embed climate change strategies into many aspects of their businesses, from navigating the transition to a resilient, low-carbon economy to managing the physical risks associated with extreme weather events. Sharing our knowledge and capabilities Climate Week NYC Convened during the UN General Assembly, Climate Week NYC 2022 brought together influential leaders from business, government, and civil society to drive climate action. Marsh McLennan hosted a range of events that showcased our Marsh McLennan hosting a discussion on the pros and cons of avoidance and removal o昀昀sets. thought leadership and capabilities. in a livestreamed panel discussion viewed by more than 10,000 attendees, as Oliver Wyman was a Research Partner of Climate Week, and in collaboration with well as a high-level roundtable with sustainability leaders from a wide range of the Climate Group, launched the report Getting Going. The paper was presented corporations and financial institutions. Marsh McLennan, in partnership with Climate Impact Partners, hosted a panel discussion on the pros and cons of avoidance and removal offsets and how to allocate budget and resources for the greatest value and impact. The key takeaway was that the conversation we need to have is not about removals OR avoidance, it is about removals AND avoidance. Each type of solution has a role to play in the ultimate goal of overall global emission reductions. Marsh co-hosted a panel with the Taskforce on Nature-related Financial Disclosures (TNFD) that explored the nature-related risks that will impact the industry, the role of TNFD to inform decision-making to divert investment in nature positive economy and boost innovative-thinking in the insurance space. Our panel of experts discussed the urgency for action to halt and reverse nature and biodiversity loss, the importance of nature risks assessments for businesses to build resilience, the key drivers for innovation in nature-related insurance products and services. Oliver Wyman colleagues participated in a panel discussion during Climate Week NYC. Overview Environment Social Governance Appendix 2022 ESG REPORT 19

COP27 Integrating climate risks At COP27, our businesses advanced the conversation through new reports, perspectives and action-oriented initiatives. We focused on We understand that catastrophic climate change — and the speed and scale of transformation needed to avoid it — threatens disruption unlike anything that issues ― namely, the orderly investment transition, the insurance sector’s role in climate adaption, communities and businesses’ has come before. exposure to physical risks, and how companies need to address the inextricable link between climate and nature ― that illustrate the We’re helping our clients navigate a path from risk to opportunity in a breadth and depth of Marsh McLennan’s climate capabilities. variety of ways. Marsh and Guy Carpenter co-hosted the pre-COP27 conference • The goal of the Financial Stability Board’s Task Force on Climate-related Adapting to a changing climate in the management of catastrophic Financial Disclosures (TCFD) is to develop recommendations on the types of risks in Egypt in partnership with the Insurance Federation of information that companies should disclose to support investors, lenders and Egypt. The conference provided a platform for public and private insurance underwriters in appropriately assessing and pricing risks related to sector leaders to discuss the near and longer-term repercussions climate change. Serving as strategic advisor to the Task Force through 2021 of climate change in Egypt. Experts also discussed how advances and 2022, Oliver Wyman assisted in the development of the Task Force’s 2022 in risk mitigation, management, adaptation and risk transfer are status report, which sought to understand the current state of disclosure needed to address climate-related catastrophic risks. practices as well as progress in firms’ disclosures in line with the TCFD recommendations over the past five years. The report found encouraging signs Oliver Wyman hosted a series of side events to support discussions of progress in companies disclosing climate-related financial information but and help find solutions to the climate challenge. We brought also evidence that more urgent progress is needed to improve transparency. together climate and sustainability leaders from a range of • Marsh Advisory helps clients across all sectors understand, model and corporations, and our colleagues spoke at key side events hosted manage their evolving climate and ESG risk landscape, with a particular by strategic partners. Mercer hosted a panel discussion — focus on adaptation and resilience. Marsh worked with FirstGroup plc, a UK Harnessing the power of global capital to target local climate transportation operator, to prepare a fast turn-around climate and transition challenges — alongside esteemed guests. They debated and risk assessment for TCFD reporting. The national service provider is a complex discussed client actions, opportunities and challenges to business with public climate and net-zero commitments and had sought to investing for net-zero pathways. quantify and report on its transition and physical risks. Marsh conducted physical and transition scenario modelling, identified risk exposures and interviewed company stakeholders. Ultimately, Marsh’s analysis supported an ambitious report meeting the requiredTCFD criteria, including a full financial assessment of the costs and opportunities of climate transition. • Marsh and Oliver Wyman collaborated to integrate climate modelling into credit risk for multiple large financial institutions. For instance, we built bespoke climate models to translate robust physical and transition climate risk data into key attributes of credit risk for mortgage books. The clients now have full ownership of the climate-adjusted credit models. Oliver Wyman co-hosted a panel with CDP during COP27 in Egypt. Overview Environment Social Governance Appendix 2022 ESG REPORT 20

Financing the transition Benchmarking climate investments The net-zero transition requires new insurance and investment solutions. Using the investment practices of Investors, banks and insurers need to consider how and what emissions to advanced global investors, Mercer measure, how to decarbonize their portfolios, and how to support their clients’ developed a climate-investing decarbonization journeys. benchmarking tool and framework that provides practical climate investing Partnering with the Glasgow Financial Alliance for Net Zero (GFANZ) protocols. The self-assessment tool The Glasgow Financial Alliance for Net Zero (GFANZ) is the world’s largest evaluates 10 categories of activity coalition of financial institutions with a goal of raising climate ambition across and assesses the current level of the financial sector and driving systemic change for the transition to a global progress on a scale of one to five, with net-zero greenhouse gas emissions economy. Oliver Wyman served as the one indicating ‘not started’ and five knowledge partner to the GFANZ secretariat, whose 550-plus members globally indicating ‘fully developed’. represent some of the leading banks, insurers, asset owners and managers, The roadmap allows investors to investment consultants, and financial services providers, globally. improve risk-adjusted returns by GFANZ’s 2022 program focused on operationalizing its members’ net-zero factoring climate change impacts into commitments. Recognizing the wide range of institutions represented in its their organizations and portfolios. membership, GFANZ-wide efforts seek to drive coherence, comparability and Using aggregated results, Mercer transparency across the implementation of members’ net-zero commitments also identified the top four current via pan-sector guidance and frameworks. The end goal is intended to translate challenges as well as solutions, member targets into meaningful action and real-economy impact, aligned with drawing upon the advanced practices net-zero pathways. of global asset owners. GFANZ, supported by Oliver Wyman, published five major reports which help Evaluating responsible investments financial institutions translate their net-zero pledges into actionable, near-term and science-based transition plans. At the heart of these publications is a ten- Mercer’s Responsible Investment Total Evaluation (RITE) tool is an easy to point recommendation framework for financial institutions, setting out guidance follow three-stage process for helping our clients integrate ESG considerations on building out, governing and measuring net-zero transition plans. into their investment decision making. Highlights of improvements for our our UK Investment clients over the last 12 months include: “ Leading with how you will contribute to the • RITE has grown: RITE 2.0 has over 1,000 individual schemes, $400bn+ transition, rather than focusing only on emissions in assets and impacts over 5 million pension scheme members. We believe outcomes, is essential for orchestrating the big this is the largest ESG dataset in the industry and a key differentiator shifts required and directing the actions needed.” amongst competitors. • Our clients have improved their integration of ESG considerations: over Simon Glynn the past 12 months, many schemes have carried out the RITE interventions to Partner, Climate and Sustainability Co-Lead, Oliver Wyman improve their RITE score, with the average score increasing from C+ to B. Overview Environment Social Governance Appendix 2022 ESG REPORT 21

Client Advisory Spotlight Oliver Wyman worked with Everen, a mutual property insurer and the largest insurer of energy assets in the world, to develop a five-year strategic plan to better serve its members in light of evolving energy and insurance markets. The strategic review confirmed Everen as one of the leaders in renewable and alternative energy technologies, and repositioned the insurer with new energy sub-sectors while continuing to maintain cornerstone support for the traditional assets of existing Encouraging the transition to a low-carbon economy members. A critical component of the strategic plan included changing Global decarbonization efforts need to accelerate if we are to avoid the most catastrophic consequences the mutual’s name and branding of climate change. Current actions and commitments fall short of reaching the 2015 Paris Agreement goal from Oil Insurance Limited (OIL) to of limiting global warming to well below 1.5°C. As the industry leader in risk management solutions, Everen to better reflect the changing Marsh McLennan is working to accelerate renewable energy initiatives. mix of their insured assets and its commitment to the long-term future of the energy sector. Innovating on Carbon Accounting Facilitating carbon capture payments Oliver Wyman’s 3D carbon accounting service In September 2022, Marsh introduced the Carbon allows companies to quantify and understand their Credit Payment Program that gives US clients the emissions, plan net zero strategies, and monitor opportunity to pay their Marsh service fees in performance. As emerging legislation makes voluntary carbon offset credits and renewable energy reporting scope 3 carbon emissions mandatory, certificates (RECs). The program is believed to be a the Oliver Wyman service offers a best-in-class first-of-its-kind in the financial services industry, and approach that solves this complex challenge. is part of Marsh’s commitment to help accelerate the energy transition from traditional energy sources to The system comes with hundreds of thousands renewables and to recognize clients pursuing and of emissions parameters already pre-integrated, exceeding net-zero carbon emission goals. and also includes an extensive library of abatement actions, such as the emissions impact, cost uplift Under the payment program, US Marsh clients can and timing of each action. opt to pay for US insurance broking or risk advisory services by transferring agreed upon voluntary carbon offset credits and RECs to a key corporate banking partner via a registry account. Only offsets and RECs that adhere to the highest standards and have rigorous oversight will be considered. Overview Environment Social Governance Appendix 2022 ESG REPORT 22

Marsh establishes new insurance facilities dedicated to renewable energy Thought Leadership As investment in renewable energy accelerates at pace, stringent lender The role of wind in the transition Offshore wind generation of electric power has been requirements needed to secure 昀椀nancing can signi昀椀cantly a昀昀ect the an established source of generating clean energy total cost of insurance and viability of projects. To address this, Marsh for more than a decade in coastal regions of Europe. Specialty’s Energy & Power practice developed new products that secure More recently, growth in power generation as well as insurance capacity from top-rated insurers globally. turbine construction projects has grown significantly in the Asia Pacific region. With increased awareness of climate change and the role of renewable energy In 2022, dedicated insurance facilities were established for four types of renewable energy in fulfilling growth in ESG mandates, it has become projects – offshore wind, solar, battery energy storage systems, and hydrogen (the first of its increasingly important to address the inherent risk kind). These facilities provide coverage for projects in operation or under construction, and behind building and operating wind facilities. typically include engineering advisory services during project feasibility, design, and operation. In the article Can Offshore Windfarms Help Address This comprehensive risk management package is an important step to ensuring that developers ESG Concerns?, Guy Carpenter maintains that can access adequate, cost-effective insurance coverage, in some instances significantly the special circumstances in Asia Pacific call for reducing the total cost of insurance. a fresh look at the risks involved in developing and maintaining these projects. As the size and complexity of offshore windfarms continue to intensify, the (re)insurance market will need to expand to provide appropriate coverage opportunities for these facilities. “Marsh’s innovative renewable energy facilities encourage traditional insurance markets to support the energy transition while providing dedicated capacity, increased competition and improved certainty for our clients and other project stakeholders.” Michael Kolodner, Global Head, Renewable Energy, Marsh Specialty Overview Environment Social Governance Appendix 2022 ESG REPORT 23

SOCIAL At Marsh McLennan, our people are the foundation of the company, and they work every day to make a difference in the moments that matter for clients, communities and each other. IN THIS SECTION We strive to help our colleagues achieve their best, feel a sense of belonging, prioritize their health and well-being, and give back to their communities. We are also accelerating impact for our clients by setting new standards in innovation. 25 Our people As we continue to embrace a changing world, we’re opening doors for our colleagues to help 29 Colleague engagement them achieve their full potential. 30 Inclusion & diversity Highlights 35 Talent development 37 Bringing colleagues and communities together Internal 39 Supporting Ukraine Earned an 80% favorability score on our annual all-colleague engagement survey. 40 Health & well-being 95% of our colleagues completed at least one training or learning program across our 43 Standards in innovation for our clients learning platforms. Over 4,000 colleagues raised $1.4 million to support the people of Ukraine through three humanitarian organizations. External Mercer published its Stepping Up for Equity study to help employers craft a clear, comprehensive, and impactful roadmap for closing the career, health and wealth gaps in the US workforce for Black employees. Lippincott worked pro bono with NYC Pride to evolve its brand and bring to life a new brand identity. Marsh McLennan published Life support: A people prescription for resilient health systems, which examines the massive workforce challenge faced by acute-, primary-, and secondary-care providers. Overview Environment Social Governance Appendix 2022 ESG REPORT 24

Our people As a global professional services firm of more than 85,000 colleagues, our business relies on the US ethnic & racial diversity strength of our workforce. We have become more diverse at all levels of the organization as our company as grown over the years. Our people analytics team tracks data across multiple factors to 9% help us to continually improve. 6% 85,000+ 130+ 25% 7% Colleagues Countries served around the world 3% Of our colleagues are non-White Global gender diversity 54% 32%  Asian  Latinx Of our colleagues are female Of our leaders are female  Black  Other 3% 5% 10% 9% 35% 9% 9% 2% 4% Regional 2% distribution Generational 31% 19% distribution 17% Of our leaders 50% are non-White 29%  Africa & Middle East  Asia  Baby Boomers  Millennials  Paci昀椀c  Europe  Gen X  Gen Z  Latin America  North America  Asian  Latinx  Black  Other *All data as of December 31, 2022 Overview Environment Social Governance Appendix 2022 ESG REPORT 25

Our internal labor market Figure 1: Marsh McLennan Enterprise Internal Labor Market (ILM) Map, 2020–2022 Career level Total hires Average active headcount and total promotions Voluntary exits Leadership 7.0% 9,239 6.9% (SVPs, MDs, (644) (637) Partners) 17.8% (3,460) Management 10.4% 19,383 9.8% (VPs, Principals) (2,040) (1,921) 14.7% (4,503) Our workforce is dynamic, constantly evolving and Professional 19.1% 13.1% a direct outcome of our talent decisions over time. (AVPs, Associates) (5,907) 30,450 (4,041) We track colleague movement in, out and around the company to better understand where we need to 6.5% focus. Using Internal Labor Market (ILM) maps and (1,327) other workforce statistics, we can learn about factors Entry 29.3% 15.2% that affect the workforce and identify important (Analysts, Support) (6,070) 20,328 (3,127) questions for further examination. • How can we better retain diverse talent? Overall rates 18.5% 3-year average active headcount*: 12.2% • Do we have the right recruitment strategy? and totals (14,661) 74,00 (9,776) • Are we developing talent in the right ways? *Marsh McLennan’s enterprise-wide ILM map represents three-year average annual counts and rates, calculated using actual hire, promotion and termination events betwen January 1, 2020 and December 31, 2022 (excluding a small percentage of We’ve steadily developed our workforce through colleagues with unassigned career levels). internal promotions and external hires. For example, Marsh and Guy Carpenter mix building and recruiting senior-level talent. In contrast, Mercer and Oliver Wyman Group primarily promote from within. Our tailored methodology Our enterprise people strategy — one that benefits The ILM methodology was created by our Workforce Strategy & Analytics team at Mercer and Marsh McLennan while adapting to each business is used by many of our clients to draw out initial observations and hypotheses. We use ILMs to — considers intricacies and talent goals. We use ILM uncover root causes of workforce outcomes, enabling evidence-based decisions regarding our maps and other indicators to track the evolution of people priorities and investments. our talent pool. Overview Environment Social Governance Appendix 2022 ESG REPORT 26

Figure 2: Workforce composition: geographic footprint & experience, 2022 Work region 2022 Headcounts 2022 Averages (years) # of Colleagues % of Total Age Tenure Africa 1,060 1% 43 7 Asia 17,081 19% 35 4 Europe 25,842 29% 41 9 Latin America 7,865 9% 39 11 Middle East 1,690 2% 46 5 North America 30,581 35% 44 9 Paci昀椀c 4,139 5% 43 8 Total 88,258 100% 41* 8* Figure 3 shows that women make up more than half of our global workforce at 54%, while Figure 4 shows that this number has remained steady over the last three years. 32% of leaders are women, showing progress since 2020. Figure 3: Current diverse representation, by level Career level Gender Ethnic & racial diversity: % non-White colleagues (US only) Our workforce % Female Non-White Asian Black Latinx Other NW* (global) North America and Europe remain our largest work regions, and together account for nearly two-thirds of our workforce (figure 2). Leadership 32% 17% 9% 2% 4% 2% Asia saw the most regional growth in 2022, with a nearly 20% Management 47% 22% 10% 4% 5% 3% increase in colleagues. The average age of our colleagues is 41, with an average of eight Professional 58% 30% 10% 8% 9% 4% years of service to the company (Figure 2). Company tenure and Entry 64% 32% 6% 12% 11% 4% longer workforce experience (as measured by age) both increased Enterprise 54% 25% 9% 6% 7% 3% across our workforce in 2022. Our fast-growing markets tend to have a higher proportion of recent recruits (lower tenure). In the United States, where we have the most complete data on * Other non-white colleagues includes: American Indian or Alaska Native, Native Hawaiian or Other Paci昀椀c Islander, and Two or More Races. self-identified race and ethnicity, 25% of colleagues identify as non-White. At the leadership level, 17% of colleagues identify as non-White, a notable trend upward since 2020. Overview Environment Social Governance Appendix 2022 ESG REPORT 27

Figure 4: Global female representation, Figure 5: US ethnically and racially Figure 6: Average voluntary turnover rates, 2020-2022, by colleague group 2020-2022 diverse representation, 2020-2022 Colleague group 2020-2022 Average voluntary exit rate* 60% 54% 54% 54% 60% Female (global) 11.4% 50% 50% Non-White (US only) 13.4% 40% 32% 32% 40% Asian 15.1% 30% 29% 30% 25% Black 14.7% 23% 24% 20% 20% Latinx 12.6% 14% 16% 17% Other non-White 14.2% 10% 10% Overall global 12.0% 0% 2020 2021 2022 0% 2020 2021 2022 * The 3-year average was calculated by dividing the total voluntary exits for 3 years (12/31/19–12/31/22)  Enterprise  Leadership  Enterprise  Leadership by 3, and dividing this by the average headcount between start date and end date We don’t just track and analyze colleague information; we also simulate promotion and compensation structures. Figure 6 displays the raw voluntary turnover rates by colleague type, showing that female attrition rates are lower than the global average and US non-White attrition rates are higher than global standards. “At Marsh McLennan, we leverage data-driven approaches to inform, shape and monitor our people strategy. We use these insights to create engaging work experiences where our people can continually learn, grow and deliver impact.” Edith Clee, Global Head, HR Strategy, Analytics & Rewards Overview Environment Social Governance Appendix 2022 ESG REPORT 28

Colleague Engagement 2022 favorability score from survey At the core of our culture is a sense of community Our business culture prioritizes welcoming everyone and their ideas. We value belonging 80% Favorable and collaboration, and our business success depends on our culture. We care, we listen, we act Marsh McLennan’s annual, enterprise-wide All-Colleague Survey is our opportunity to 14% Neutral understand how we are doing for our colleagues on key measures over time. In 2022, our participation rate was 80%. Our leaders use the survey results to formulate strategies for bolstering the organization’s strengths and addressing its flaws, with the goal of maintaining a committed and enthusiastic 6% Unfavorable workforce. More than 500 leaders receive data specific to their unique organizations, allowing them to tailor their teams’ initiatives. On a larger scale, we use the findings to inform our strategic priorities and investment decisions. This includes areas like learning and development, which are directly related to employee engagement, as well as those that help us remove Completed obstacles for our colleagues, such as technology. 80% our survey The 2022 survey consisted of 55 questions in 11 categories: 2022 colleague feedback • Our environment is welcoming and safe, Core Engagement Supporting Wellness Inclusion & Diversity Ethics & Integrity and our colleagues feel comfortable at work. • New ideas multiply our effect. Our colleagues Leading Strategically Enabling Colleagues Driving Innovation Removing Barriers think critically and challenge the status quo. • Honesty and ethics are the compass points by which we navigate. Our colleagues are Recognizing Creating comfortable voicing their concerns. Performance Opportunities Manager E昀昀ectiveness • We could explore newer technology and continue to eliminate inefficient activities. Our 2022 survey added a new section, “Manager Effectiveness,” with five sub-questions. Overwhelmingly, our people believe that their managers care for their well-being, promote • While some colleagues indicated managing inclusion, provide valuable feedback regularly, and support development, exceeding stress and maintaining work-life balance was a benchmarks on the four of five items where available. challenge, our colleague well-being initiatives were well received. Overview Environment Social Governance Appendix 2022 ESG REPORT 29

Inclusion & Diversity Our sense of belonging is the foundation Inclusion, diversity and belonging require leaders that mirror our colleagues and communities. At Marsh McLennan, we believe To understand our diverse colleague that building a diverse workforce community and inform our and inclusive culture is a business representative leadership activities, imperative. It is on all of us to drive colleagues are encouraged to diversity at Marsh McLennan, not voluntarily self-identify their gender, just those who have “Diversity” in veteran status, sexual orientation and their job title. disability status. In the US, UK, and Our enterprise strategy to drive Canada, where we report on racial and inclusion and belonging focuses ethnic diversity, over 80% of colleagues on five areas: have voluntarily disclosed their race/ ethnicity. It influences our efforts • Attracting & Hiring to recruit and retain the best team members and evaluate how well our • Developing & Educating programs, benefits and resources fulfill their needs. • Retaining & Rewarding We assess and measure our IDB • Building Community efforts by participating in key benchmarking surveys like the Human • Assessment & Evaluation Rights Campaign’s Corporate Equality Index (CEI) and Bloomberg’s Gender Our goal is to have a workforce more Equality Index (GEI). We are proud to reflective of the regions and locations, have received a 100% on the CEI once as well as the clients and consumers again this year. that we service and support. Overview Environment Social Governance Appendix 2022 ESG REPORT 30

Our “Leading the Change” Established RISE Created the Global Black Colleague Network Commitments (Racial Inclusion and Social Equity) (GBCN) We launched RISE in 2022 and partnered with This initiative serves as an empowering, supportive Bigotry, discrimination, and racism Historically Black Colleges and Universities and and safe space for Black colleagues around the organizations such as NAAIA to create a pool of world. The GBCN provides professional development, are not tolerated at Marsh McLennan. diverse talent. We created the RISE Program with Fisk mentorship, and community building opportunities We are dedicated to advancing University and the National Black MBA Association for colleagues globally and since its inception, it has human worth, equality and solidarity. to train the next generation of Black leaders and grown over 200% from 150 to 462 members. change-makers. There were over 50 Fellows from the Building a community where everyone United States, United Kingdom and Canada in our Launched an IDB Learning Curriculum feels included and their contributions inaugural cohort. In October 2022, we welcomed 55 In 2022, we launched our enterprise IDB Learning are valued is paramount to our new RISE Fellows from more than 30 colleges and Curriculum on our Degreed learning platform with universities in the United States, United Kingdom and the aim of: company’s success. Canada. During the program, our cohort partnered with a group of peers to solve a current business • Building leaders who value diversity, inclusion and In 2020, our Executive Committee committed to challenge presented by Marsh McLennan leaders, belonging to success in teams and with clients. taking concrete action and establishing initiatives to published white papers and presented their findings. advance social justice and serve as a catalyst for the • Ensuring a consistent level of inclusive conduct change we seek in our organization globally. and giving colleagues the tools, they need to feel Here’s what we’ve done: comfortable engaging in meaningful dialogues at pivotal junctures. Formed a Race Advisory Council To make education more accessible, we developed In 2020, we created the Race Advisory Council, IDB Toolkits, one-page guides that focus on tasked with providing counsel to the Executive microinequities and microaggressions that can Committee and fostering an environment where derail progress toward a more equitable society. colleagues’ voices could be heard and respected We support learning in different modalities including during decision-making processes. Senior Black articles, podcasts, webinars and trainings. leaders from all departments are represented on our council. The recommendations made by the Race Advisory Council since its inception have had a significant impact on our talent and commercial 2022 Supplier Diversity Achievements diversity initiatives. Our new approach for fostering supplier diversity and a flagship event called Our Sourcing and Procurement function Equity=Possibility, will be launched in 2023, with are focused on increasing diverse a Black Leaders Symposium convening 100 Black representation within our Supply Chain, and executives and C-suite leaders to discuss their particularly Black-owned businesses. In most pressing business issues. 2022, we reached over $100M in spend with diverse suppliers in the US and continue to expand our program. Marsh McLennan colleagues representing our RISE program at the National Black MBA Association conference. Overview Environment Social Governance Appendix 2022 ESG REPORT 31

Expanded Development Opportunities Creating moments that matter with our colleagues We launched Black Leadership Program (BLP) and Members of our Colleague Resource Groups have We have active groups in the following areas, with Accelerated Leadership Program (ALP) to create the opportunity to build their professional networks over 200 local chapters spread across the globe: a more diverse and representative talent pipeline both internally and externally through participation through expert and peer coaching to help participants in company events, conferences, and work with • Racial and ethnic • Working families develop and hone leadership capabilities. In 2021, we partner organizations. These experiences also help diversity completed the first cohorts of the BLP and ALP with to amplify the value of our brand and culture, and • Community overwhelmingly positive feedback from the more often are responsible for driving tremendous value in • Mental health engagement than 80 participants. In 2022, we launched the second commercial engagements. cohorts of these programs and between the two, we’ve • LGBTQIA+ • Military veterans had nearly 300 of our top diverse talent participate. Committed to Social Justice Partnerships • Women & gender • Access abilities equality In 2020 we committed $5 million to social justice • Rising professionals advocacy organizations and are currently in the second year of those partnerships. Marsh McLennan works with A Better Chance (US), Blueprint for All (UK) and Gideon’s Promise (US), to take a stand against racism and inequity. These partnerships offer colleagues the opportunity to actively learn about how to combat racism in the workplace and in the community as well as provide volunteer opportunities to support transformational change. Strengthened Metrics and Reporting In March 2021, we conducted a self-identification campaign to better understand our colleagues and how to best support their career development. Through that process, we received feedback to help make the language we use more inclusive. In November 2022, we expanded the gender identity and sexual orientation self-identification fields in our system to be inclusive of more identities so more colleagues could see themselves represented. This initiative resulted in 99% participation in our gender self-identification efforts across all four of our businesses. In the US, UK and Canada, where we report on racial and ethnic diversity, over 80% of colleagues have voluntarily disclosed their race and ethnicity. The Internal Audit team / Asian colleague resource group in New York celebrates Lunar New Year. Overview Environment Social Governance Appendix 2022 ESG REPORT 32

Proud to be prideful Aspire and Emerge: our UK and South African women's leadership We use Pride Month to celebrate and reflect, with events all month long honoring programs (Women Who Lead) the Stonewall Uprising of 1969 in New York City. In June 2022, colleagues across Each year, 30 women in Marsh UK participate in our Aspire program and the company shared their experiences as members of the LGBTQIA+ community in 16 high-potential rising leaders participate in our Emerge program. These the workplace. programs give group coaching and membership to elite peer networking organizations like Insurance Supper Club (ISC). This upcoming year, the Emerge This year, our company signed onto a letter from the Human Rights Campaign to program will grow to include coaching and development for 15 participants in our support marriage equality in the United States. We have always been and continue to Mercer business and five participants from our Guy Carpenter business. In our be firm supporters of LGBTQIA+ equality. South Africa program, 60% of program participants identify as a woman of color. To promote workplace gender inclusion in South Africa, we created a Gender Inclusivity Program. Our Women’s Leadership Development program Marsh, Mercer, Guy Carpenter Operations, MMC Tech and Corporate Functions are just few of the divisions in India that participate in Women's Leadership Development. Allies who identify as women can use this program's designated development space to do honest self-evaluations, secure sponsorship and access the program's organizational support for advancing their careers. In April 2022, we began our second cohort of the India Women's Leadership Development Program with 16 established businesswomen. In tandem with this initiative, we introduced Lean In Circles, which serve as a forum for women to network, share experiences, and cheer each other on in an atmosphere of trust. With the beginning of this program, we have noticed a marked reduction in the attrition rates of female-identifying colleagues between the first and third quarters of 2022. Colleagues in India celebrate LGBTQIA+ History Month. To better serve the needs of the LGBTQIA+ community, set a standard for LGBTQIA+ inclusion, and broaden our diversity hiring efforts, we launched our first Pride resource group in India. In line with this Asian & Paci昀椀c Islander Heritage Month initiative, we have begun rolling out company LGBTQIA+ awareness For Asian and Pacific Islander Heritage Month, we were honored to have Robert sessions across India’s management team. Over 3,000 of our colleagues Chen, best-selling author of selling your expertise: The Mindset, Strategies and have participated. Tactics of Successful Rainmakers, provide practical tips and strategies to our colleagues on building business development acumen to accelerate their careers. Attendees walked away with new insights on leveraging their brand and expertise and recognizing their unique value. Overview Environment Social Governance Appendix 2022 ESG REPORT 33

Diversity partnerships for Out&Equal Dive In talent attraction, retention More than 5,000 people attended the 2022 Marsh McLennan has sponsored the Dive In Festival, and development Out&Equal Workplace Summit, making it the largest the premier D&I event in the insurance services LGBTQIA+ conference in the world. A group of Marsh industry, every year since its inception in 2015. McLennan colleagues engaged in dialogue on issues The festival’s theme in 2022 was Building Braver Marsh McLennan develops central to LGBTQIA+ workplace equality. Cultures, which aimed to empower participants to diversity partnerships that create environments where people feel safe, valued, emphasize early-career through respected and free to express themselves. More experienced hire talent to diversify than 1,785 of our colleagues registered for the our colleagues pool and guarantee Dive In Festival. intentional hiring at all levels. We collaborate with FairyGodBoss, MyGWork, National African American Insurance Association (NAAIA) , the Afro-Caribbean Insurance Association (ACIA), Women Who Code, National Black MBA Association (NBMBAA) and Management Leadership for Tomorrow (MLT), to improve our talent attraction e昀昀orts and increase the diversity of our talent pool. Marsh McLennan colleagues attend the Out&Equal Workplace Summit. Marsh’s Lucy Clarke (second from left) joins Dive In 2022’s opening panel event. Expanding development opportunities Increasing opportunities for coaching, mentorship, sponsorship, and promotion for all colleague groups at Oliver Wyman is a priority, and as a result we have expanded our IDB career and affinity- based development programs. Our Inspire, Cultural Advocacy, and Aspire for Black, Indigenous and People of Color (BIPOC) talent programs have all helped increase the progression of racially & ethnically diverse colleagues within the company. To better support our LGBTQIA+ and female colleagues in the Asia Pacific Region, we have expanded our Connect+ initiative. Overview Environment Social Governance Appendix 2022 ESG REPORT 34

Talent Development Motivating leaders to take charge 95% Marsh McLennan’s leadership is character-based, not position-based. We’re letting every team Of our colleagues member lead. In 2022, we formalized exceptional completed at least one leadership attributes and how others perceive training or learning them for system-wide implementation. program in 2022. A leader’s mindset, rather than their position, is what matters to us Every day, we rely on these five guiding principles to make decisions and conduct ourselves: • Inspire with vision and passion • Display resilience humanism, Unlocking our colleagues’ potential and humility The 14,000 people managers at Marsh McLennan have the most • Unlock people’s full potential significant impact on our company. They have direct contact with • Drive growth and deliver results our colleagues, which helps them improve productivity and foster • Expand impact and value a positive work environment. for our clients Successful people managers use the “4 Cs” in their one-on-one interactions with colleagues and clients. Training to lead • Frequent team conversations We offer courses in a variety of formats, including online and in-person • Showing colleagues, we care about them workshops and festivals, as well as curated pathways in Degreed and access to world-class digital content from institutions like Harvard SPARK • Clear communication and guidance and LinkedIn Learning. Colleagues from all over the world can take advantage of our live translation services. • Connecting peers to success resources In 2022 we hosted three Learning Festivals where colleagues were We provide people managers with training, resources, and encouraged to take time away from work to participate in training peer-to-peer assistance. Our People Manager Hub has playlists opportunities. Sessions covered a range of professional and technical and learning tracks for different expertise levels. Webinars and topics including Climate and ESG, Allyship, Staying Connected in a Hybrid toolkits include career growth, salary and rewards, and handling Environment and Overcoming Challenges and Building Resilience. Leaders uncomfortable workplace dialogues. We found that colleagues took an active role and hosted office events to foster sense of community. whose supervisors take time to learn are twice as likely to be active learners, which increases overall participation and talent retention. Overview Environment Social Governance Appendix 2022 ESG REPORT 35

For our formal evaluation, we divide performance into three groups: Stand Out, On Track and O昀昀 Track. The categories are intended to inspire improvement and progress, as well as highlight areas for improvement. Creating a culture of learning To realize our goal of a dynamic and ever-evolving workforce, we must foster a culture of lifelong education. In 2022, our colleagues enrolled in more than 37.000 individualized courses and 440 development workshops to grow in self-awareness and skill. In 2022, we offered more bite-sized learning opportunities for colleagues, both live and on-demand, to accommodate various schedules and learning styles. All of our colleagues have access to high-quality, on- demand, multilingual training from Harvard Business Publishing and LinkedIn Learning. Total learning hours are up 36% vs. 2021, led by a 50% increase in the use of LinkedIn Learning and a 23% increase in the use of Harvard Business Publishing. We expect businesses to Recorded hours of learning* empower next-generation market leaders by maximizing their potential For all Marsh McLennan leaders urged the 10.2 colleagues 10.6 Male 10.0 Female (re)insurance industry to prepare the next generation of executives for the constantly changing risk landscape in the context of the Marsh McLennan By employee category By race / ethnicity (US) Rising Professionals’ Global Forum held in London on June 29, 2022. 12.8 “Navigating an extraordinary world” was 10.6 11.0 the Forum’s theme, that featured world 9.0  Entry 9.0  Asian class speakers discussing the critical  Professional 7.0 8.0 7.1 7.8  Black issues challenging the industry. 7.0  Management  Latinx Marsh McLennan is a strong supporter  Leadership  Other Non-White of Diversity & Inclusion, which are  White critical for successful innovation.  All US This year, 1,000 rising professionals of diverse backgrounds and * Do not include on-the-job learning, coaching or learning from others. experience attended. Overview Environment Social Governance Appendix 2022 ESG REPORT 36

Bringing colleagues 2022: A record-breaking year for volunteering In 2022, in-person volunteering made and communities a comeback, and it’s more popular than ever as our colleagues find new ways to bond while serving their together communities. Many colleagues have also continued to volunteer remotely, aligning to the hybrid return to work At Marsh McLennan, we give our colleagues the opportunity to model the company has adopted. contribute to society by giving their time and skills to non-profit Over 19,000 colleagues volunteered organizations and community groups that are doing important in 2022, a 58% increase on 2021. work. We encourage our colleagues to give back to the communities They contributed over 175,000 hours in which they live and work by matching their charitable donations, of time, which benefited more than forming partnerships with non-profits, and organizing volunteer 1,900 organizations. Colleagues in the UK volunteered at a efforts worldwide. community garden. Our social impact platform connects colleagues with non-profits Inclusion, mentoring, and disaster Our annual Global Volunteer Month with specific needs while also empowering them to launch their resilience and recovery are all areas celebration in May was our most own initiatives and mobilize support from their peers. that the Cherie Blair Foundation successful event to date, beating our for Women, Junior Achievement, 2021 engagement by a margin of All colleagues receive eight hours of paid time off to volunteer, and Ambitious about Autism and Missing 50%. To have a greater impact in our those who volunteer for 20 hours or more receive $200 to give to Maps have worked with us on in the communities, we give our colleagues an organization of their choice. past and continue to do so today. a focal point for team building and In 2022 alone, 438,000 people philanthropy that cuts across our have been reached through these businesses. 7,600 colleagues in 288 2022 community impact specialized initiatives. cities and 55 countries volunteered Volunteers a total of 30,000 hours during Global 9,000 58% increase from 2021 Volunteer Month alone. Hours 175,000+ 30% increase from 2021 18% Participation 50% increase from 2021 More than 30 colleagues in South Africa volunteered with Junior Achievement’s More than *Data as of December 31, 2022 Money Program to teach 200 students how to make smart decisions when managing money. Overview Environment Social Governance Appendix 2022 ESG REPORT 37

Colleague giving in 2022 2022 giving stats Colleagues are encouraged to make charitable donations to organizations that mean something to them. Our online social impact platform makes it easy to donate and apply for a match. Through our matching gifts program we match donations up to $1,000 a year. In addition, $7,700,000+ we double-match all colleague donations to social justice organizations, with no limit. Donated — 52% increase since 2021 Here is where colleague donations focused in 2022: The number of colleagues who participated in the company’s matching gifts program in 2022 12,300 was 76% higher than in 2021, setting a new record for our company. • Education and human services, disaster relief, and aid to the people of Ukraine all received Donors — 76% increase from 2021 significant donations. In addition, our Social Justice Double Match Program brought in $580,000 for racial justice organizations. 4,000+ • Thanks to our colleagues’ donations and our matching program, we raised more than Organizations supported $7.7 million for 4,300 organizations. • Through these initiatives, our company and our colleagues across all business units are 59 working together as one powerful force for good. Countries represented *Data as of December 31, 2022 Overview Environment Social Governance Appendix 2022 ESG REPORT 38

Supporting Ukraine Giving to Ukraine Marsh McLennan condemns the unprovoked attack by the Russian government against the 4,000+ Colleague donors people of Ukraine. As the war in Ukraine began to unfold last year, we brought the best of our company together to support our colleagues and clients. Immediate actions included providing resources to help clients better understand some of the critical implications of the war and hosting colleague sessions with our business leaders to discuss the ways in which we could best 55+ Countries represented assist our clients. Volunteering & giving The Warsaw Taskforce provides immediate and direct support to the refugees fleeing from $1.4 Million raised war-torn Ukraine to Poland. At the beginning of the war, Oliver Wyman colleagues in Warsaw organized themselves and created a plan to help Ukrainian refugees. They then received special funding from Oliver Wyman’s leadership to put that plan into action. Their support included deliveries of supplies to selected NGOs, financial aid and grass-roots international crowdfunding, with Oliver Wyman colleagues raising funds to support initiatives such as Supporting: buying groceries or paying for the housing of Ukrainian families newly arrived in Poland. Our • American Red Cross volunteers have directly helped over 80 people displaced by the war and even more through the monetary support of non-profit organizations. • International Rescue Committee • US Association for UNHCR Welcoming Refugees In 2015, Oliver Wyman began efforts to offer refugees either short-term job security or a whole new career pathway. In response to the war in Ukraine, the program leaders quickly mobilized a team across Human Capital, Mobility and Marketing & Communications to support individuals displaced by the crisis. In 2022, Oliver Wyman welcomed 15 new colleagues, who were placed in roles across consulting, support and specialized services for a mix of permanent and temporary positions in Poland, the United Kingdom, Germany, Spain, Ireland and Canada. Overview Environment Social Governance Appendix 2022 ESG REPORT 39

Health & Well-being The wellness of our colleagues is our priority We take a holistic approach to ensuring the health and well-being of our colleagues. All aspects of mental, physical, 昀椀nancial, and social health are considered when assessing their well-being at our company. The best possible quality of life for our colleagues begins with giving colleagues the tools, security and con昀椀dence they need to take care of themselves physically, mentally and emotionally. Facilitating our colleagues’ pursuit of happiness We make it a priority to promote a culture of care and empathy that encourages each colleague to prioritize their own health and happiness. Common well-being issues and available resources Improving 昀椀nancial literacy in our colleagues are highlighted throughout the year in an organization-wide wellness campaign. We facilitate • In the United Kingdom, 15 offices hosted colleague wellness by connecting them to: financial education roadshows where • Global sessions addressing topics like burnout, stress, nutrition, exercise, colleagues learned about various financial sleep and financial security topics such as financial detox/ducation, pensions, mortgages and will writing. • Robust resources covering many areas of emotional, physical, financial and social well-being • We held 44 real-time virtual workshops on • Over 175 webinars held in 2022 topics like getting out of debt, saving money, investing, getting a head start in your career, • Formal support through our Employee Assistance Programs getting a mortgage and more. • Mental health awareness training for managers • Edelman Financial Engines and MetLife in the United States organized workshops to Through our worldwide wellness initiatives, we aim to show our colleagues how much we help colleagues improve their knowledge appreciate their efforts to improve their own health and happiness. Colleagues have access of personal finance. to a wealth of resources, which are bolstered by industry and geographic initiatives. For this • Financial education is typically provided by plan purpose, we enlist the aid of professional speakers and encourage colleagues to tell their vendors in countries with private retirement own stories. plans, such as Australia, Germany, Japan and South Africa. Overview Environment Social Governance Appendix 2022 ESG REPORT 40

Mercer Pacific is dedicated to being a family-friendly workplace, Bene昀椀ts in full for our colleagues which is why in 2022 the Paid Parental Leave policy was revised Our compensation strategy is built to attract and retain top to offer more options and support to caregivers. Marsh Pacific also developed a Flex@Marsh Policy in support of flexible work talent, reward our people for their contributions to the success arrangements and piloted RTO transition-support coaching for of the company, and encourage each one of them to reach parental leave returners, receiving an external accreditation as a their full potential. Family Friendly Workplace. In India, we have enhanced our policies to better assist returning mothers during their first year in the workplace. Our policies We encourage a high-performance work environment by rewarding our help women in our Lean In Circles make sense of professional colleagues based on their contributions to the company, their teams, and their advancement opportunities, personal flexibility requirements own personal achievements. We offer our US colleagues a minimum wage of and the possibility of mentorship. $16 per hour to remain competitive in the market, and we regularly review and adjust our pay based on market data. We provide incentives to increase their financial security. Salary is only the beginning. Along with annual bonuses, we give sales incentives for certain positions and long-term incentives for those who play a pivotal role in determining the company’s long-term success. All our colleagues are given Supporting Women’s Health access to comprehensive retirement, savings and stock investing plans, In June 2022, the United which allow them to build wealth over time. States Supreme Court decision in Dobbs v. Jackson Women’s Insurance and protection bene昀椀ts Health overturned Roe v. Wade and has It is our goal to provide our colleagues with benefits that can help them every altered access to reproductive care day and with unexpected expenses: in many states around the country. Public health issues are workplace • All-inclusive health insurance • Assistance at a critical crisis in issues. The health and well-being of post-disaster zones our colleagues is our top priority. • Fundamental health benefits Marsh McLennan is committed to • Death benefits and life insurance providing competitive benefits and • A confidential Employee Assistance are included to ensuring that our colleagues can Program (EAP) is available to all access these benefits wherever colleagues 24/7 • All colleagues who travel on they are located. To support this, business are covered by accident we expanded our travel and lodging • Leave benefits, including parental and health insurance benefits to make all types of medical leave, aligned with local standards care more accessible. These travel Whether a colleague is eligible for extra insurance and benefits apply to all procedures, protection depends on their country and business. including those related to reproductive care, that are covered under our national, self-insured medical plans. Overview Environment Social Governance Appendix 2022 ESG REPORT 41

Our Commitment to Pay Equity Pay equity is fundamental to our ability to attract, retain and motivate the highly qualified and diverse colleagues who are critical to our success. “At Marsh McLennan, we Marsh McLennan managers around the world are accountable for ensuring pay equity and we believe that the strength of our provide specific guidance for compensation decisions based on objective factors, including: compensation and bene昀椀ts • Skills • Performance programs play a pivotal role in • Level, aligned to our global • Location the attraction and retention job architecture of our talented colleagues. • Experience We continually strive to provide our colleagues with the resources, We conduct an annual study to identify new discrepancies in pay based on gender globally protection and peace of mind to and race/ethnicity in the US. A statistical analysis examines the current base salaries and total help them live their best lives.” compensation of colleagues in comparable roles to determine whether there are differences in pay that cannot be explained by the objective factors listed above. We consult with Mercer as a leader in this space. Susan Murphy, When unexplained discrepancies in pay are identified in our analysis, adjustments are made. Head of Global Bene昀椀ts Our most recent annual study covered our global workforce as of June 1, 2022. The results, as modified for the adjustments described above, continue to show a difference of less than 1% between women and men on a global basis and between non-White colleagues and White colleagues in the US on both pay and total compensation. Overview Environment Social Governance Appendix 2022 ESG REPORT 42

standards in innovation for our clients Developing resilient health systems The Good Work Framework: A new business agenda for the future of work Many health systems were strained going into the COVID-19 pandemic, are even more strained as they come out of it, and The nature of work has been impacted by technological face the prospect of more shocks and stresses on the horizon. changes, demographic, social shifts and green transitioning. As companies navigate these trends and take stock of lessons Given the capacity crunch and related Our report, Life support: A people learned, there is a mounting urgency to redesign their people pressures, many health systems prescription for resilient health processes and work practices to create a new vision for the are in survival mode and may find it systems examines the massive future of work. difficult to contemplate actions beyond workforce challenge faced by acute-, immediate quick fixes. However, health primary-, and secondary-care systems need to shore up resilience for providers. With workforce burnout, Developed in collaboration with By creating and delivering on values, future risks. attrition and early retirement the World Economic Forum (WEF), organizations build human-centric aggravated by the pandemic, health The Good Work Framework: A new enterprises that are ready and able systems are struggling to clear care business agenda for the future of to institute anticipatory, agile backlogs, meet current demand work shares a framework of goals, transformation. and anticipate new expectations. metrics and target-setting that The Good Work Alliance website is an Three interlocking issues drive allows organizations to make good additional resource for standardized workforce fragility: work a reality. metrics and target setting guidelines • Capacity (baseline and surge) Objectives: that organizations can use to make, • Promote fairness in wages and track and report on the progress of • Connectivity (across the their Good Work journey. healthcare ecosystem) responsible use of technology • Culture (of resilience) • Provide flexibility and protection The report offers ways forward for • Deliver on health and well-being health systems, policy makers and • Drive diversity, equity and regulators in the near, mid, and long- inclusion (DEI) gains term to address people risks that will build resilience. • Foster employability and a learning culture Overview Environment Social Governance Appendix 2022 ESG REPORT 43

Mercer’s Stepping Up for Equity study Expressing diversity and inclusivity with NYC Pride Heightened focus on social justice in the US has illuminated an array of longstanding disparities facing the Black community in the workplace. Traditionally, the connection between racial equity and work has focused on unemployment rates and representation in higher-level positions. The real disparities, however, run deeper and broader. In this report, we ask a di昀昀erent set of questions: “What happens to Black employees after they are hired?” and equally important, “What role can employers play in closing the gap for Black Americans?” Mercer undertook its Stepping Up for Equity study to help employers craft a clear, comprehensive and impactful roadmap for closing the career, health and wealth gaps in the US workforce for Black employees. The study combines a comprehensive survey of Heritage of Pride is a non-profit that produces LGBTQIA+ Pride events which organizations’ practices and outcomes bearing on these gaps with inspire, educate, commemorate and celebrate our diverse community, including learnings from Mercer’s extensive work with clients in these areas. the trademark event, NYC Pride. The organization’s leadership recognized that Accelerating meaningful the event had an inconsistent brand identity that changed annually, and in order and sustainable to drive equity and awareness around the organization’s incredible impact, it change demands an needed an identity that would endure. impact- and data-driven Working pro bono, Lippincott, part approach. As a result, of Oliver Wyman Group, worked employers have a with Heritage of Pride to uncover unique opportunity to the unique role the organization step up their efforts to plays for many in the LGBTQIA+ deliver the career equity, community and bring it to life in a physical and financial new brand identity for NYC Pride. health, and belonging that Black employees in The evolved NYC Pride brand the US workforce need launched to the world in February to thrive. 2022, and features the iconic Pride flag, capturing the brand’s spirit of celebration and activism. Overview Environment Social Governance Appendix 2022 ESG REPORT 44

GOVERNANCE At Marsh McLennan, strong governance practices drive our business and are the foundation of our company. We’re committed to upholding best practices in IN THIS SECTION corporate governance, conducting ourselves ethically, and earning and keeping the confidence of our shareholders. Our ESG initiatives are built upon our dedication to strong governance. 46 Corporate governance 49 Enterprise risk management Highlights 51 Ethics and compliance 54 Cybersecurity and data privacy Internal 56 Leading the way on government relations 59 Sharing our expertise on governance issues Reached initial goal of 30% women representation on our Board of Directors. Introduced a new Financial Crime training to safeguard Marsh McLennan against illegal activity and the risks posed by sanctions, corruption, and money laundering. Strengthened our cybersecurity capabilities and developed a multi-year plan to further mature our program. External Marsh developed the ESG Risk Rating (ERR) tool to help clients self-assess the maturity of ESG within their organizations. President & CEO, John Doyle, met with the Office of the National Cyber Director to discuss the insurance industry’s important role in enhancing global cybersecurity. Our Government Relations team engaged the US Treasury and the US Federal Insurance Office regarding the (re)insurance market in Ukraine and how to support Ukrainian grain exports and global food security. Overview Environment Social Governance Appendix 2022 ESG REPORT 45

Corporate Governance Board oversight • Our chairman and all directors are independent, Marsh McLennan’s comprehensive policies and robust internal controls with the exception of our CEO, who is the only help protect our company and foster a culture of excellence. member of management serving on the Board. • The Chief Executive Officer and Chairman of the Guidelines for Corporate Governance Board are separate roles as a matter of policy. The fiduciary duties of the Board of Directors to the company’s shareholders are • We are committed to maintaining a diverse and outlined in Marsh McLennan’s Guidelines for Corporate Governance. They summarize inclusive board. Our Board considers the gender, certain policies and practices designed to assist the Board in fulfilling its fiduciary racial, ethnic and diversity of each potential director obligations to the company’s stockholders. candidate as part of its annual evaluation of Board composition and in its recruitment process. Overview Environment Social Governance Appendix 2022 ESG REPORT 46

Key director statistics* 64% 65 8 93% Meet Diversity Average Age Years Average Independent Criteria Tenure  36% Women  40s  50s  60s  70s  0-6  7-14  15+  Independent  29% Racial/Ethnic diversity  Not independent *Key Director Statistics are as of May 18, 2023 We appointed our eighth In the past 5 years, we have appointed As of our 2023 annual meeting, consecutive director who meets 5 independent directors, all of whom we expect 36% of our board our diversity criteria in 2023 meet our diversity criteria to be women Board diversity Marsh McLennan has a strong history of Board diversity. Our first woman director, Adele Smith Simmons, joined the Board in 1978. Ms. Simmons served as the first chair of the Corporate Responsibility Committee of our Board, which was the predecessor to our Board ESG Committee and served as a foundation for today’s ESG initiatives. We are committed to maintaining an inclusive and diverse Board, and our first director meeting our racial and ethnic diversity criteria was appointed in 1998. Of the fourteen directors standing for re-election at our 2023 annual meeting, four are men who are racially or ethnically diverse and five are women. Overview Environment Social Governance Appendix 2022 ESG REPORT 47

Building moments that matter ESG Governance for our shareholders The Board oversees the company’s ESG initiatives and strategies through several committees. The Marsh McLennan Board receives reports from its committees Engaging in regular dialogue with our stockholders helps on ESG-related risks and opportunities, which allow the Board to factor in ESG deliver our strategy in a manner that is consistent with their considerations when reviewing business decisions and strategic plans. long-term values. We are committed to engaging each year with the Governance and/or ESG teams of our institutional stockholders. Discussions cover corporate governance matters, Audit Compensation executive compensation and CEO succession, inclusion Responsible for: Responsible for: and diversity, and our progress against our ESG goals. • Culture • Incentive compensation plan • Ethics and compliance design, including ESG metrics Feedback received is shared with senior executives, the • Inclusion and diversity Board and its committees and is considered in decisions. • Enterprise risk management • Cybersecurity and privacy • Pay equity For example, we incorporated stockholder feedback • Talent management, in evaluating how we report our progress against including succession our ESG commitments and in considering Board committee rotation. Directors & Governance ESG “At Marsh McLennan, we know Responsible for: Responsible for: • Board composition, • Environmental initiatives, maintaining strong and e昀昀ective including director diversity, including climate and governance practices requires proactively age and tenure sustainability anticipating and adapting to the evolving • Shareholder rights • Social impact (philanthropy needs of all stakeholders.” and volunteering) • Corporate governance guidelines, including the Board’s • Government relations and Connor Kuratek, role in risk oversight public affairs Deputy General Counsel and Corporate Secretary • Inclusion and diversity • Pay equity Overview Environment Social Governance Appendix 2022 ESG REPORT 48

Important components of our ERM strategy Multiple risk committees Our business risk committees play an important role in identifying and escalating risk findings and engaging in robust discussions around risk with senior management. The Marsh McLennan Risk Committee is the highest-level risk committee that provides a forum for the discussion and resolution of risk-related issues. Bottom-up and top-down reviews Our annual ERM process consists of (1) a bottom- up review of all risks facing Marsh McLennan, with Enterprise Risk Management business risk committees ultimately escalating risks to the Marsh McLennan Risk Committee, and (2) a top-down review of all risks facing the company Our Enterprise Risk Management (ERM) team advocates for and facilitates strong risk through the Board and Executive Committee risk management processes across our businesses and functions. Broadly stated, our goal is assessments. to manage risk — not avoid it. In coordination with our Executive Committee and Board of Board oversight Directors, we’ve developed a Risk Appetite Statement to encourage debate about the level of risk that we’re willing to absorb to achieve our goals. The Marsh McLennan Board annually reviews the Through our ERM process we: company’s key enterprise risks. Senior management presents to the Board on its strategy for each risk • Raise awareness of key risks and delivers mid-year and year-end reports. The Board receives updates on specific risks throughout • Implement a framework for managing top risks the year, including cybersecurity, human capital management and climate. • Integrate discussion about risk into our decision-making process • Foster alignment between senior management and the Board of Directors Overview Environment Social Governance Appendix 2022 ESG REPORT 49

Integrating climate with overall risk The ERM process includes an assessment of climate-related risks, both physical and transitional. Risk management for changing climate conditions is addressed at the local, regional and global levels. Evaluation of physical risk Engaging responsibly Our Business Resiliency Management (BRM) team We have developed procedures to bolster our “Our Business aims to prepare, detect and respond effectively to commitment to the Sustainable Development Resiliency Management adverse events and threats that may impact Marsh Goals. When considering proposed engagements process rigorously McLennan’s colleagues, operations and assets. that potentially conflict, in a fundamental way, with assesses the physical these goals, we will review the proposed project to Each of our office locations has a business resiliency evaluate whether the work can proceed. Our Client risk of our o昀케ces and plan which considers the specific risks for that location, Engagement Principles help us navigate an evolving including a range of weather and climate related risks risk landscape and make responsible decisions in identi昀椀es threats.” such as earthquakes, tornadoes, flood, wildfire and our engagement with clients to better serve the Luiz Vitoria, hurricanes. All offices are evaluated and assigned long-term interests of our colleagues, clients and Global Head, Business a Tier from 1–4, ranging from most to least critical. communities. Each of our businesses has developed Resiliency Management Tiers are based on the types of potential incidents, its own procedures for embedding the Principles. the concentration of people, and what is critical in that location. Currently, 50 of our 700 offices are classified The Client Engagement Procedures help guide as Tier 1. colleagues who are not sure whether a new project or piece of business aligns with our Tier 1 and 2 locations are considered critical and Principles. The framework assists colleagues undergo an annual review of location-related in making determinations at a local level and risks, which have the potential to impact business provides a path for them to get guidance from operations and colleague safety. The risk assessment, additional leaders in the organization if necessary. conducted by BRM, identifies relevant risks such as These protocols are reinforced through periodic seismic risk, weather-related threats, and proximity leadership communications. of natural and manmade hazards. Identified risks are reviewed and classified as high, medium or low based on impact and likelihood, and mitigation actions are captured for follow up and implementation. Overview Environment Social Governance Appendix 2022 ESG REPORT 50

Ethics and compliance Our shared beliefs and vision for the future are grounded “Our culture of integrity is the cornerstone in our values. Marsh McLennan values its colleagues of our values and impacts every aspect and business partners and is dedicated to fostering an of our interactions with our clients, environment where everyone feels respected and valued. colleagues and communities.” The individual e昀昀orts of each colleague are crucial to the company’s success. Kate Brennan, General Counsel Promoting a culture of honesty and transparency where it is safe to speak up Marsh McLennan maintains the highest professional and ethical standards. We are committed to remaining up to date on industry best practices and routinely participate in formal ethics and compliance benchmarking exercises. Our Guidelines for Corporate Governance state unequivocally that the Board is responsible, alongside management, for “setting the tone at the top” and overseeing management’s strategy to promote a culture of integrity throughout Marsh McLennan. The Audit Committee of the Board of Directors has responsibility for the company’s policies, systems and controls — which are designed to promote ethical behavior and compliance with applicable legal and regulatory requirements. Management regularly briefs the Audit Committee on ethics and compliance matters. See page 54 for additional information on Board oversight. Marsh McLennan has also adopted an additional Code of Ethics for the Chief Executive Officer and Senior Financial Officers, which applies to our Chief Executive Officer, Chief Financial Officer and Controller. Overview Environment Social Governance Appendix 2022 ESG REPORT 51

Our Code of Conduct A private and secure ethical hotline The Greater Good is the cornerstone of Marsh McLennan provides an external our culture of integrity. Available in 13 channel to allow colleagues and third languages, it underpins our values, parties to report violations or concerns ethical commitments and standards of regarding business ethics or compliance. business integrity and professionalism. It supports colleagues in making Colleagues can report anonymously decisions in situations where it may via the Ethics & Compliance Line, not be clear — or easy. a comprehensive and confidential The Greater Good covers a range of reporting tool hosted by an topics including anti-corruption, independent third party’s secure data privacy, conflicts of interest, servers that are not part of the Marsh trade sanctions, money laundering McLennan website or intranet. If a prevention and social responsibility. caller would like to speak a language All agents, subcontractors and other than English, live operators can suppliers must follow the same ask an interpreter to join the call to compliance regulations that our translate a wide variety of languages. directors, officers and other We also have an experienced colleagues are obligated to follow. internal investigations team that reviews colleague misconduct or negligence and may conduct an internal inquiry into allegations of wrongdoing. In cases where The Greater Good, our Code of Conduct, is based on these three principles: allegations are substantiated, Win with integrity. We compete vigorously and fairly. Work that might harm the reputation of the firm is colleagues may face remediation. simply not worth it. We keep lines of communication open and foster a supportive You are never alone. The only mistake you can make at our company is the mistake that you make alone. atmosphere to get the best results When in doubt, reach out. To your manager. To Compliance. To HR. To a colleague. We are all in this together. for our clients worldwide. Speak up. If something doesn’t feel right, speak up. You are not doing a service to anyone by keeping quiet. We communicate the whistleblower You have a right to raise concerns and, indeed, an obligation to do so. program through our onboarding training process and reference it in All company computers and mobile devices have a quick link to The Greater Good so colleagues may access it with many of our ongoing compliance a single click. In addition, our colleagues have access to Gigi, our chatbot, Frequently Asked Questions (FAQs), trainings. Colleagues can also easily Policies, and the Choose Your Path video series, all in one easy-to-remember website (integrity.mmc.com). find the information on Colleague Connect, our enterprise-wide intranet. Overview Environment Social Governance Appendix 2022 ESG REPORT 52

Record keeping and handling information appropriately Human rights and modern slavery Many segments of Marsh McLennan’s business operate in the highly regulated Marsh McLennan respects the dignity and worth of every insurance and financial services industries and must comply with strict individual. We are committed to upholding human and workplace recordkeeping requirements for certain transactional claims, communications rights in all our operations, wherever we do business. In an effort and benefits data. To ensure compliance with these responsibilities, Marsh to increase transparency on important workplace values, we McLennan maintains a Records Retention Policy that is supplemented by published a statement on Human Rights, which is available at business-specific protocols and Records Retention Schedules. The schedules marshmclennan.com. reflect legal, regulatory and business mandatory retention periods for various types of data across our sectors and geographies. As professional services providers, Marsh McLennan and its Included in The Greater Good is the Handling Information Appropriately Policy businesses do not operate in industries where modern slavery which contains three sections — Acceptable Use of Company Information and is prevalent. Nevertheless, we are committed to taking steps Systems, Protecting Privacy and Records Retention. It is the first section of this to uncover any potential risks within our supply chain. We have policy that defines appropriate behavior regarding company systems — various policies in place, which aim to minimize the risk of modern including email and Internet use, and company devices. slavery or human trafficking, and encourage reporting of any related concerns. Anti-corruption We are committed to compliance with trade sanctions, anti-terrorist financing laws, export controls and anti-boycott laws to protect our people, clients and stakeholders. We do not offer or accept bribes or kickbacks in any form, and we do not tolerate corruption in connection with any of our business dealings. We follow one ethical standard wherever we do business. Financial Crime Training In 2022 we introduced a new Financial Crime training to safeguard Marsh McLennan against illegal activity and the risks posed by sanctions, corruption and money laundering that could hurt our business and reputation. The training highlights the importance of upholding our values and standards set out in our financial crime policies and The Greater Good. Overview Environment Social Governance Appendix 2022 ESG REPORT 53

Cybersecurity and data privacy Training our colleagues to #BeCyberSmart Reliable information is at the core of the products and services we offer. Marsh McLennan As cyber-attacks become more complicated and is committed to: difficult to detect, our colleagues play an essential • Data privacy and security, establishing effective controls that comply with business role in protecting Marsh McLennan’s data, and regulatory requirements; and information, business and reputation. All new hires receive information security and confidentiality • the protection of our information systems, including the confidential and personal training, and all colleagues must complete the annual information that clients entrust to us. cybersecurity and privacy training. The interactive training underscores the importance of information We are constantly working to mature the effectiveness of our cyber program based on the classification rules, how to recognize and avoid ever-evolving threat landscape, which is informed by our cyber threat intelligence program. cybersecurity threats and how to report an incident We continuously improve our technology mix and invest in advanced cyber capabilities when something goes wrong. designed to enhance our ability to detect and prevent progressive threat adversaries from In addition to formal training, all colleagues receive impacting our systems and applications. We build key partnerships across the industry to periodic information security and compliance create and participate in cyber information sharing channels which help to inform the best, newsletters and notifications. We also conduct most proactive, threat protections possible. internal communications and education campaigns Marsh McLennan’s Global Chief Information Security Officer (CISO) oversees the company’s for Cybersecurity Awareness Month and International cybersecurity program. All policies and procedures are supported by upper management Privacy Day, including specific role-based training, a and are based on industry standards for cybersecurity, such as those outlined in the NIST series of educational games representing real-world Cybersecurity Framework (NIST CSF) and ISO/IEC:27001. In addition, our worldwide network cyberattacks and our spot the "Phish” campaign. of data centers are SOC 2 Type II certified. “In 2022 we continued to Board oversight While the Audit Committee regularly reviews Marsh McLennan’s policies and practices with strengthen our cyber capabilities respect to risk assessment and risk management, including cybersecurity and privacy risk, the and protect the company from full Board also receives regular briefings regarding cybersecurity and privacy matters. The increasingly complex threats.” company maintains a response plan for significant incidents that have the potential to cause large-scale disruption to the company’s operations, revenue or reputation. The response plan for significant incidents requires immediate notification to Marsh McLennan’s Chairman of the Je昀昀 Lund, Board and Chair of the Board Audit Committee. Chief Information Security O昀케cer Overview Environment Social Governance Appendix 2022 ESG REPORT 54

Vulnerability management Our robust vulnerability identi昀椀cation, assessment and management program includes system hardening, scanning, alerting, operating system and application patch management Track, assess and Static and dynamic External penetration Patch systems remediate security security application tests of our systems regularly and track, vulnerabilities and testing is a core and applications assess for risk, emerging threats capability of our and continuous test and deploy according to risk software monitoring our patches or hot development external attack fixes to known priority lifecycle surface vulnerabilities Incident response Data Privacy A dedicated problem management team support our Unified Incident Response process for Marsh McLennan has a designated Global Chief both cybersecurity and privacy matters. This process assists the company’s Global Technology Privacy Officer who manages our global Privacy Infrastructure support teams in performing problem analysis and troubleshooting to determine team. The Global Privacy Team includes a network of the root cause of one or more incidents. The problem management process is based around dedicated Privacy Officers across various regions and Information Technology Infrastructure Library (ITIL) standards and includes development and businesses, a European Data Protection Officer and production of corrective actions plans and post-mortem reports. Depending on scope and scale, dozens of data protection coordinators across the corrective actions are prioritized as changes (following the change management process), service globe who are responsible for privacy matters in their improvement programs or formal IT projects. In the case of a data breach, we are committed to respective jurisdictions. notifying data subjects in a timely manner, in accordance with local laws and regulations. The Privacy Team is responsible for administering our Network security Privacy Program and overseeing the proper handling To meet our rigorous confidentiality, integrity and availability standards, we have in place a and use of personal information across the company. Secure Access Service Edge (SASE) architecture and a defense-in-depth approach leveraging The team works closely with IT, Information Security, the MITRE ATT&CK framework to test how our environment responds to a variety of threat Human Resources and various other functional tactics. We are actively implementing a multi-year zero-trust architecture strategy which groups in this effort. We have an established process includes workload segmentation and network access control solutions. for conducting risk-based privacy assessments for new products, services and IT initiatives that includes Compliance a review of technical, administrative and physical safeguards in order to comply with applicable Marsh Compliance with business and regulatory requirements like GLB, GDPR, HIPAA, NYDFS, CCPA and McLennan policies and regulatory regimes. Sarbanes-Oxley are assessed through internal and external audits performed on a risk basis. Senior management is updated on the outcomes. Overview Environment Social Governance Appendix 2022 ESG REPORT 55

Leading the way on government relations “We created a Regulatory Working Group in 2022 to actively monitor Marsh McLennan views engagement in the legislative process as part of responsible corporate and participate in the regulatory citizenship. Our Government Relations team, with colleagues based in Washington, New York process and ensure Marsh and Brussels, represents our public policy priorities by strategically engaging policymakers and external stakeholders to help shape positive outcomes for the company and its clients. This McLennan is on top of important includes sharing thought leadership with policymakers, providing expert witness testimony and and emerging issues.” engaging with trade associations and coalitions to amplify our messaging Governance Marshall Yuan, The ESG Committee of our Board of Directors receives a comprehensive report at least once Chief Corporate Regulatory Counsel a year on our government relations efforts. Marsh McLennan’s Chief Public Affairs Officer oversees government relations and reports to our General Counsel who in turn reports to the CEO. Our company’s government relations efforts are governed by our code of conduct, The Greater Good, and corporate policies on interactions with public officials, gifts and entertainment, and corporate political contributions. Overview Environment Social Governance Appendix 2022 ESG REPORT 56

Political engagement In 2022, we continued to strengthen our government relations work to lead the way on climate resilience, public sector and disaster preparedness. The following are some of our most relevant actions: • Engaged the European Commission and Members of the European Parliament in support of the proposed Pay Transparency Directive that seeks to increase transparency around the gender pay gap. • Organized an opportunity for a NY congressman to meet with leaders in NYC to discuss our diversity, equity and inclusion initiatives. • Met with leading employee benefit trade associations to discuss legislative priorities around expanding consumer choice for healthcare and retirement benefits. • Former President and CEO Dan Glaser led an in-person meeting with the US Treasury’s Federal Advisory Committee on Insurance (FACI) to discuss the benefits of community-based catastrophe insurance. To fully leverage this product, Washington is leading the development of a Community-Based Catastrophe Insurance (CBCI) Coalition to remove legislative and regulatory roadblocks. The coalition will consist of carriers, policyholders, modelers and other stakeholders who stand to gain from pre-disaster preparedness. • Prompted a meeting with the Biden Administration National Security Council on long-term disaster recovery strategies. The meeting highlighted the value of Community-Based Catastrophe Insurance in supporting effective mitigation and recovery principles for all consumers, including state and local municipalities. • Engaged the US Treasury and the US Federal Insurance Office regarding the (re)insurance market in Ukraine and how to support Ukrainian grain exports and global food security. • Joined a group of climate experts to advise the EU Commission’s newly launched Climate Resilience Dialogue. The group will provide the EU Commission with expert views on climate adaptation policies. The Dialogue held its inaugural meeting in November 2022 and is set to issue a report in 2024. Overview Environment Social Governance Appendix 2022 ESG REPORT 57

Public disclosure of political spending Marsh McLennan discloses its lobbying activities and the resources it spends advocating for clients, colleagues and our businesses. • Marsh McLennan files public reports every quarter with the US Congress and state and local lobbying regulatory bodies disclosing our lobbying activities. At the federal level, these reports disclose Marsh McLennan’s lobbying activities and the amounts spent by Marsh McLennan on those activities. Our reports are available at lobbyingdisclosure.house.gov. • The colleague political action committee files public disclosure reports with the Federal Election Commission, in accordance with applicable laws. • In Europe, Marsh McLennan is in the EU Transparency Register, a voluntary register whereby companies engaging with European policy makers agree to a code of conduct. As a registrant, Marsh McLennan also discloses the budget for lobbying activities and its areas of interest. Budgetary and ethical restrictions on political actions Marsh McLennan does not use corporate funds for independent political expenditures in support of or opposition to any candidate for office. The Company Colleague Political Action Committee has a policy in place to monitor and restrict payments to state trade associations whose primary purpose is lobbying activity. The Marsh McLennan Political Action Committee (PAC) Further, it is our policy that Marsh McLennan does not engage in the following is a non-partisan, US federal political action committee that kinds of political conduct: receives voluntary contributions from, and is operated by, our colleagues. The PAC provides the Government Relations team • Directly paying for independent advertising or public communications that with important opportunities to build relationships with federal expressly support or oppose a federal political candidate lawmakers, but does not use corporate funds to make political contributions. • Communicating its view on specific candidates The PAC has its own governance structure, including an Advisory • Communicating a view on whether a candidate’s voting record is in line with Committee and bylaws, which are available at marshmclennan. the company’s view on issues com. The PAC’s Advisory Committee is composed of senior business managers who approve the PAC’s budget and contributions. • Establishing a federal political action committee (PAC) in order to engage in so-called “independent expenditures” Overview Environment Social Governance Appendix 2022 ESG REPORT 58

Sharing our expertise on key governance issues Marsh McLennan delivers advisory and market-leading solutions to help our clients advance their resilience agendas in the areas of cyber, risk and ESG. By combining strategic solutions with quanti昀椀ed risk measurement, we help clients manage their business risks with con昀椀dence. Mitigating cyber risk Cyber EU engagement Marsh McLennan’s Cyber Risk Analytics Center is a firm-wide resource that Marsh McLennan has kept up its efforts to provide the European Union’s combines the cyber risk data and analytics expertise of Marsh, Guy Carpenter policymakers with the knowledge and data they need to make informed decisions and Oliver Wyman to provide clients with a comprehensive view of their cyber on cyber insurance. threats, the maturity and availability of their existing and future controls, and the economic impact of their risk. The Center also conducts research and To that end, we convened a meeting with ENISA, the European Union’s cyber development with a global network of commercial, government and academic defense agency, and employees from throughout the company to talk about the partners and integrates the data, modeling and risk expertise of our businesses. state of cyber insurance in Europe. This information contributed to ENISA’s report examining insurance uptake in vital EU sectors. Cyber US engagement • Our President & CEO, John Doyle, met with the Office of the National Cyber Director to discuss how insurance is essential to cybersecurity. After the discussion, the Marsh Cyber Practice team published a white paper for the Office of the National Cyber Director on signs of a strong cyber insurance market and its impact on cyber framework security. John Doyle and Marsh Cyber Practice Team members briefed the CISA on our cyber insurance priorities. • Marsh and Guy Carpenter authored the paper “Signs and Signals of a Healthy Cyber Insurance Market” to inform policymakers about the role of cyber insurance in enabling economic activity. The report analyzes key indicators of an effective cyber insurance marketplace and considers potential US government actions to address systemic cyber events. • Tim Marlin of Marsh testified at a Department of Labor hearing on cyber insurance and employee benefit health plans. • Marsh McLennan colleagues spoke to government stakeholders at the 2022 Billington Cybersecurity Summit. President & CEO John Doyle met with policymakers to discuss the importance of cyber insurance for cyber security and how it makes institutions and businesses more resilient in the face of cyber risk. Overview Environment Social Governance Appendix 2022 ESG REPORT 59

Case study: Measuring cyber resilience Marsh McLennan’s Cyber Risk Analytics Center analyzed the BitSight Security Ratings Platform, which helps underwriters develop cyber insurance policies. Boston-based BitSight offers a Security Rating and 13 “risk vectors” to measure how many of a company’s systems are vulnerable and how quickly they are fixed. Marsh McLennan analyzed 365,000 companies’ cybersecurity events, claims, and BitSight security data. Poor performers were linked to cyberattacks. In addition, the study found a statistically significant association between BitSight Security Ratings and risk vectors and cybersecurity incidents. BitSight’s measurements can help insurance officials make informed judgments. For example, endpoint management, malware detection, vulnerability management, secure communications, and user training and awareness have measured correlation. Our study highlighted the relevance of an organization’s patching initiatives, with “patching cadence” associated to the chance of a cybersecurity incident. Asking the right questions about war exclusions in the context of cyber operations In the last several years, reinsurance and insurance markets have grappled with the meaning of the war exclusion in the context of cyberattacks (or more broadly, “cyber operations”). The ongoing Russian invasion of Ukraine, including cyber operations that crashed websites of Ukraine’s defense ministry and two large Ukrainian banks, underscores the need for contract certainty regarding coverage for state-sponsored cyber operations. Yet, legal guidance on the application of the war exclusion to cyber operations remains elusive. This publication from Guy Carpenter suggests that stakeholders ask new questions and explains the problems posed by traditional war exclusions in the cyber context. The report also explains how recently drafted clauses, which markets have increasingly adopted, address these problems. It then considers reinsurance implications, particularly the need for cedents to avoid a gap of coverage between original policy and reinsurance treaty. Overview Environment Social Governance Appendix 2022 ESG REPORT 60

Building organizational resiliency Marsh UK provided pro bono support to the Marsh McLennan UK Charity Partner Ambitious about Autism (AaA). Valued at £23,000 the project supported the development of a business continuity and disaster recovery plan for the Treehouse School. The work Marsh provided has allowed AaA to develop skills to support the implementation of similar plans for each of their other education settings. Improving business resilience The Marsh team supported AaA staff in developing a robust and practical plan. The team also conducted workshops to teach the staff skills needed to maintain Case study: Financial services & crisis resilience the plan and replicate it at other education settings, giving the project a truly Marsh was engaged to assure, test and remediate group-wide crisis lasting impact. and resilience structures, processes and procedures to generate crisis readiness ahead of potential merger-induced vulnerabilities. Complexities in designing processes for a ‘combined company’ (i.e. two merged enterprises) centered on translating two different Global Risks Report organizational structures, cultures and leaders into a single approach to crisis management. This required a considered and The Global Risks Report 2022, published by the deliberate approach to stakeholder management. World Economic Forum in collaboration with Marsh Advisory solution: McLennan, examines how global divergence across multiple domains in the post-COVID-19 recovery • Live crisis support leading the Crisis Management Team threatens to widen disparities and aggravate from London societal fractures. • Coordinated international sites in terms of policy and guidance Drawing upon insights from over 950 experts and decision-makers worldwide, the 17th edition of the • Managed information and communications across the report unpacks some of the critical global tensions that Group, internationally may worsen the pandemic’s cascading impacts and complicate the coordination needed to tackle common • Reported situation updates and recommended courses of action challenges that include strengthening climate action, to the Board enhancing digital safety, restoring livelihoods and • Developed an interim crisis management playbook societal cohesion and managing competition in space. It concludes with reflections on enhancing national Client outcome: the client now has a crisis readiness plan and wider and organizational resilience, informed by lessons business resilience procedures. Marsh has also been retained from year two of the pandemic. to support the new combined company with continued crisis, resilience, cyber and BCDR consultancy. Overview Environment Social Governance Appendix 2022 ESG REPORT 61

Helping our clients build and evaluate ESG programs ESG Pulse Check ESG Risk Rating ESG reporting is top-of-mind for leaders. However, with multiple ESG frameworks Embedding ESG into the business is increasingly a source of competitive and quickly developing regulations, it can be unclear where to begin. To address advantage for the companies that do it right. Marsh developed the ESG Risk this, Mercer and Marsh developed the ESG Pulse Check Assessment: for no Rating (ERR) tool to help clients self-assess the maturity of ESG within their additional, cost companies can evaluate where their ESG program stands today organizations. This free resource assists companies in measuring, managing, and what areas to focus on going forward. Unlike other assessments, this quick and communicating ESG risks. Clients can use the results to identify their most 12-question survey takes less than 10 minutes to complete. Helpful feedback and a critical climate and sustainability related risks and opportunities. custom-built plan for improvement are generated immediately upon completion, which help define a clear strategy. The output one-page “scorecard” based on a set of quantitative questions across Results include: 18 core ESG themes. The rating received differentiates between more than 60 industries, recognizing the different relative importance of themes across industries. • The organization’s overall ESG program score The scorecard provides: • Gaps in ESG program and planning 1. An overall rating (out of 10) • Key recommendations for improvement across each category 2. A component rating for E, S and G 3. Scores across 19 themes 4. Recommendations to consider across controls, reporting and resilience Type of clients who use this: corporate and risk management clients looking to better understand or articulate their ESG position/journey Research focus: ESG performance and workers’ compensation Marsh, with input from Mercer and Oliver Wyman colleagues, has begun to investigate possible correlations between ESG performance and risk performance using the granular data captured through our ESG Risk Rating tool. Building blocks of ESG Uncovering these relationships is expected to grow our understanding of Small and medium enterprises (SMEs) are increasingly required to develop and some of the additional levers that influence loss outcomes. grow their ESG strategy. Smaller organizations may not have the budgets to undertake highly detailed assessments, so Marsh Advisory created the ESG When looking at US workers’ compensation data we found a strong Building Blocks tool, which allows clients to undertake high-impact, low-cost correlation between organizations with higher social scores (in the ERR options that can help them on their ESG journey. categories of social, social (controls), community and vitality, dignity and The Building Blocks are designed to be an end-to-end ESG service allowing clients to equality) experiencing fewer, less severe workers’ compensation losses. tell their ESG story. The tool breaks ESG down into modular activities which include ESG Strategy Builder, ESG Reporting framework and ESG Risk Register framework. Overview Environment Social Governance Appendix 2022 ESG REPORT 62

Appendix Overview Environment Social Governance Appendix 2022 ESG REPORT 63

2022 ESG Index Disclosure URL or direct response GRI SASB Organization and Reporting Practices Organizational details Marsh McLennan is a public corporation 2-1 Marsh & McLennan Companies, Inc. 1166 Avenue of the Americas, New York, NY About Us, page 5 Our people, page 25 Our internal labor market, page 26 Our workforce, page 27 Corporate governance, page 46 Entities included in the organization’s 2022 10-K, pages 1–7 2-2 sustainability reporting Reporting period, frequency and contact point January 1, 2022 - December 31, 2022 2-3 Marsh McLennan’s ESG reporting follows an annual cycle For questions, please contact [email protected] Restatements of information There are no such restatements for this reporting period 2-4 External assurance None 2-5 Activities and Workers Activities, value chain and other business 2022 10-K, pages 1–7 2-6 relationships Our people, page 25 Our workforce, page 27 Employees Our people, page 25 2-7 SV-PS-000.A Our internal labor market, page 26 Our workforce, page 27 2022 10-K, page 10 Employee engagement as a percentage In 2022, 80% of colleagues who responded were actively engaged SV-PS-330a.3 Colleague engagement, page 29 Workers who are not employees Our workforce, page 27 2-8 Overview Environment Social Governance Appendix 2022 ESG REPORT 64

Disclosure URL or direct response GRI SASB Governance Governance structure and composition Corporate governance, page 46 2-9 2022 10-K, page 120 2023 Proxy, pages 10–18 Nomination and selection of the highest 2023 Proxy, pages 6–8 2-10 governance body Chair of the highest governance body Corporate governance, page 46 2-11 Role of the highest governance body in overseeing Corporate goverance, page 46 2-12 the management of impacts Our ESG approach, page 8 2023 Proxy, page 1 Delegation of responsibility for managing impacts Our ESG approach, page 8 2-13 Role of the highest governance body in Our ESG approach, page 8 2-14 sustainability reporting Con昀氀icts of Interest Our Code of Conduct, page 52 2-15 Communication of critical concerns 2023 Proxy, page 9 2-16 Collective knowledge of the highest Corporate governance, page 46 2-17 governance body 2023 Proxy, page 1 Evaluation of the performance of the highest 2023 Proxy, pages 12–13 2-18 governance body Remuneration policies 2023 Proxy, pages 15–16 and 28–71 2-19 Process to determine remuneration 2023 Proxy, pages 15–16 and 28–71 2-20 Annual total compensation ratio 2023 Proxy, page 83 2-21 Strategy, Policies and Practices Statement on sustainable development strategy Message from our ESG Committee Chair, page 3 2-22 Message from our President & CEO, page 4 Policy commitments Our purpose, page 6 2-23 Ethics and compliance, page 51 The Greater Good Embedding policy commitments Ethics and compliance, page 51 2-24 The Greater Good Human rights and modern slavery, page 53 Overview Environment Social Governance Appendix 2022 ESG REPORT 65

Disclosure URL or direct response GRI SASB Processes to remediate negative impacts Ethics and compliance, page 51 2-25 The Greater Good Mechanisms for seeking advice and raising Ethics and compliance, page 51 2-26 concerns The Greater Good Compliance with laws and regulations Ethics and compliance, page 51 2-27 2022 10-K, page 8–9 Membership associations Awards and partnerships, page 7 2-28 Material Topics Process to determine material topics About this report, page 71 3-1 List of material topics No changes in reporting 3-2 Economic Performance Anti-Corruption Communication and training about anti-corruption Ethics and compliance, page 51 205-2 policies and procedures The Greater Good Professional Integrity Description of approach to ensuring Ethics and compliance, page 51 SV-PS-510a.1 professional integrity The Greater Good Total amount of monetary losses as a result of legal Except as a matter of public record, Marsh McLennan does not disclose this SV-PS-510a.2 proceedings associated with professional integrity information. Environmental Emissions Direct (Scope 1) GHG emissions Our 2022 emissions inventory, page 13 305-1 Energy indirect (Scope 2) GHG emissions Our 2022 emissions inventory, page 13 305-2 Other indirect (Scope 3) GHG emissions Our 2022 emissions inventory, page 13 305-3 GHG emissions intensity Our 2022 emissions inventory, page 13 305-4 Reduction of GHG emissions Our 2022 emissions inventory, page 13 305-5 Overview Environment Social Governance Appendix 2022 ESG REPORT 66

Disclosure URL or direct response GRI SASB Social Employment New employee hires and employee turnover Our internal labor market, page 26 401-1 (1) Voluntary and SV-PS-330a.2 (2) involuntary turnover rate for employees Figure 5: Average voluntary turnover rates, 2020-2022, by colleague group Colleague group 2020-2022 Average voluntary exit rates* Female (global) 11.4% Non-white (US only) 13.4% Asian 15.1% Black 14.7% Latinx 12.6% Other non-White 14.2% Overall global 12% *The 3-year average was calculated by dividing the total voluntary exits for 3 years (12/31/19-12/31/22) by 3, and dividing this by the average headcount between start date and end date. Bene昀椀ts provided to full-time employees that are Bene昀椀ts in full for our colleagues, page 41 401-2 not provided to temporary or part-time employees Parental leave Bene昀椀ts in full for our colleagues, page 41 401-3 Training and Education Average hours of training per year per employee Talent development, page 35 404-1 Programs for upgrading employee skills and Talent development, page 35 404-2 transition assistance programs Diversity and Equal Opportunity Diversity of governance bodies and employees Corporate governance, page 46 405-1 Our people, page 25 Our workforce, page 27 Percentage of gender and racial/ethnic group SV-PS-330a.1 representation for (1) executive management (2) all other employees Overview Environment Social Governance Appendix 2022 ESG REPORT 67

Disclosure URL or direct response GRI SASB Ratio of basic salary and remuneration Our commitment to pay equity, page 42 405-2 of women to men Public Policy Political contributions Budgetary and ethical restrictions on political actions, page 58 415-1 Customer Privacy and Data Security Description of approach to identifying and Cybersecurity and data privacy, page 54 SV-PS-230a.1 addressing data security risk Description of policies and practices relating Cybersecurity and data privacy, page 54 SV-PS-230a.2 to collection, usage, and retention of customer information (1) Number of data breaches Except as a matter of public record, Marsh McLennan does not disclose this 418-1 SV-PS-230a.3 (2) percentage involving customers’ information. con昀椀dential business information (CBI) or personally identi昀椀able information (PII), (3) number of customers a昀昀ected Overview Environment Social Governance Appendix 2022 ESG REPORT 68

2022 TCFD Index Theme Recommended Disclosures Reference Governance a) D escribe the board’s oversight of climate-related risks Our ESG approach, page 8 and ESG Governance, page 48 Disclose the organization’s governance around and opportunities. climate-related risks and opportunities. b) Describe management’s role in assessing and managing Our ESG approach, page 8 climate related risks and opportunities. Strategy a) Describe the organization’s processes for identifying and CDP climate change 2022, C2.2, C2.2a, C2.3a, C2.4a Disclose the actual and potential impacts of assessing climate-related risks. climate-related risks and opportunities on the organization’s businesses, strategy and 昀椀nancial b) Describe the organization’s processes for managing CDP climate change 2022, C3.2a, 3.3, 3.4 planning. climate-related risks. Risk Management a) Describe the organization’s processes for identifying and Enterprise risk management, page 49 assessing climate-related risks. Disclose how the organization identi昀椀es, assesses and manages climate-related risks. b) Describe the organization’s processes for managing Enterprise risk management, page 49 climate-related risks. c) Describe how processes for identifying, assessing, and Enterprise risk management page 49 managing climate-related risks are integrated into the organization’s overall risk management. Metrics and Targets a) Disclose the metrics used by the organization to assess Our 2022 emissions inventory, page 13 Disclose the metrics and targets used to assess climate-related risks and opportunities in line with its and manage relevant climate-related risks and strategy and risk management process. opportunities. b) Disclose Scope 1, Scope 2, and, if appropriate, Scope 3 Our 2022 emissions inventory, page 13 GHG emissions and the related risks. c) Describe the targets used by the organization to manage Our commitment to net-zero, page 12 climate-related risks and opportunities and performance against targets. Overview Environment Social Governance Appendix 2022 ESG REPORT 69

UNEP FI Principles for Sustainable Insurance Principle Resources Principle 1 We will embed in our decision-making environmental, social and • Our ESG approach, page 8 governance issues relevant to our insurance business. • Corporate governance, page 46 • ESG Governance, page 48 • Enterprise risk management, page 49 Principle 2 We will work together with our clients and business partners to raise • Facilitating the adoption of climate and sustainability solutions for our clients, page 19 awareness of environmental, social and governance issues, manage risk • New standards in innovation for our clients, page 43 and develop solutions. • Sharing our expertise on key governance issues, page 59 Principle 3 We will work together with governments, regulators and other • Political engagement, page 57 key stakeholders to promote widespread action across society on • Sharing our Expertise on key governance issues, page 59 environmental, social and governance issues. Principle 4 We will demonstrate accountability and transparency in regularly • This annual ESG report disclosing publicly our progress in implementing the Principles. • Proxy statement • Annual report and 10-k Overview Environment Social Governance Appendix 2022 ESG REPORT 70

About this report Cautionary statements This annual report covers our primary The statements, estimates, projections, guidance, or outlook contained in this document Environmental, Social, and Governance include “forward-looking” statements intended to take advantage of the “safe harbor” (ESG) initiatives and accomplishments provisions of the federal securities law. The words “believe,” “expect,” “intend,” “estimate,” from 2022. Material in this report “anticipate,” “forecast,” “outlook,” “plan,” “project,” “should,” and similar expressions identify references disclosures from the Global forward-looking statements. These statements may contain information about financial Reporting Initiative (GRI) Sustainability prospects, economic conditions, and trends and involve risks and uncertainties. Our actual Reporting Standard, the Sustainability future results, including the achievement of our targets, goals, or commitments, could differ Accounting Standards Board’s (SASB) materially from our projected results due to changes in circumstances, assumptions not being Professional & Commercial Services realized, or other risks, uncertainties, and factors. Such risks, uncertainties, and factors include Standard, and The Task Force on the risk factors discussed more fully in our filings with the Securities and Exchange Commission Climate-Related Financial Disclosures (SEC), including our reports on Forms 10-K, 10-Q, and 8-Ks, as well as with respect to our ESG (TCFD). An index for each can be found targets, goals, and commitments outlined in this report or elsewhere, and other assumptions, in the appendix. risks, uncertainties, and factors identified in this report. We draw on guidance from the We urge you to consider all the risks, uncertainties, and factors identified above or discussed in World Resources Institute’s (WRI’s) such reports carefully in evaluating the forward-looking statements in this report. We cannot Greenhouse Gas Protocol for our assure you that the results reflected or implied by any forward-looking statement will be carbon reporting and CDP’s guidelines. realized, or even if substantially realized, that those results will have the forecasted or expected consequences and effects. You should not place undue reliance on forward-looking statements, which speak only as of the date they are made. We do not undertake to update or revise any forward-looking statements except as required by law. Calculations and statistics included in this report may depend on the use of estimates and assumptions based on historical levels and projections and are, therefore, subject to change. An independent third party has not externally assured or verified this report. The inclusion of information or the absence of information in this report should not be construed to represent our belief regarding the materiality or financial impact of that information. For a discussion of information that is material to Marsh McLennan, please see our filings with the SEC, including our Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q. This report may contain links to other internet sites or references to third parties. Such links or references are not incorporated in this report, and we cannot assure their accuracy. The use or inclusion of the information is also not intended to represent endorsements of any products or services. Overview Environment Social Governance Appendix 2022 ESG REPORT 71

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