°µÍø½ûÇø

Dear colleagues, clients and shareholders,

The environmental, social andÌýgovernance (ESG) landscape hasÌýrapidly evolved since our first ESGÌýreport in 2020. From shareholderÌýactivism to emerging regulations,Ìýthe expectations on companiesÌýand their Boards to respond toÌýstakeholders on ESG matters isÌýbecoming increasingly complex.

°µÍø½ûÇø considers theÌýviewpoints of all our stakeholders,Ìýincluding our shareholders, colleagues,Ìýclients and the communities where weÌýlive and work. Throughout the year, ourÌýBoard collaborates with managementÌýto continually evaluate and shape ourÌýESG strategy to be responsive to theseÌývarious needs. Importantly, the BoardÌýworks with management, not just toÌýdevelop a clear vision of what MarshÌýMcLennan’s ESG strategy is, but toÌýunderstand how this strategy is actuallyÌýimpacting our stakeholders.

In that spirit, I am proud to introduceÌý°µÍø½ûÇø’s third annualÌýESG Report, which builds off theÌýgroundwork laid in the past twoÌýyears to increase transparency ofÌýthe tangible outcomes of our ESGÌýinitiatives. In this year’s report, weÌýhave expanded our disclosures toÌýbetter connect the dots betweenÌýstrategy and results — fromÌýadditional metrics to show progressÌýon our diversity, inclusion andÌýbelonging initiatives, to reaching ourÌýinitial goal of more than 30% femaleÌýrepresentation on our Board.Ìý

We believe this allows our variousÌýstakeholders to better track theÌýcompany’s performance againstÌýour commitments.Ìý

°µÍø½ûÇø has made greatÌýstrides on ESG and is delightedÌýto present that progress in thisÌýyear’s report.

Ìý

Sincerely,

Lloyd Yates
Chair, Board ESG Committee,Ìý°µÍø½ûÇø

Dear colleagues, clients and shareholders,

°µÍø½ûÇø has the privilege of helping our clients find opportunity and navigate pressing issues in the areas of risk, strategy and people. A number of these issues fall within the broad spectrum of ESG — from guiding sustainable investments, to supporting diversity and inclusion, to improving healthcare systems, confronting cyber threats, and helping close the world’s protection gaps.

We have a long track record of ESG engagement and achievements. As the world faces a host of urgent issues, including geopolitical instability, economic uncertainty, social inequities and the ongoing war in Ukraine, ESG is an area in which we continue to see an opportunity to support our colleagues, clients and communities.

Some of our work takes place asÌýpart of broader, global initiatives such as the UN’s Race to Resilience program, where we’re championing disaster-risk-reduction initiatives that make communities stronger. But much of it takes place with clients across our four global businesses, as we help enable them to meet their ESG goals. Increasingly, our clients’ changing needs require the collectiveÌýcapabilities of °µÍø½ûÇø.

One of the areas we’re focusedÌýon is helping businesses developÌýlow-carbon business models and manage risks associated with the transition to a low-carbon economy.

Given the necessity of a secure energy supply for all, we believe we can best serve communities by working with operators of clean energy assets to accelerate progress to a lower carbon world and with traditional energy clients to enable them to make the transition as quickly and responsiblyÌýas possible.

Meanwhile, we’re leading by example, starting with the commitment we announced in March 2022 to set and execute low-carbon transition strategies that chart a path to net-zero across our operations by 2050 — and reduce our emissions by 50% by 2030.

I am proud of the ESG progress we’ve made that you’ll see reflected in this report, and grateful for our more than 85,000 colleagues, who help our clients and communities meet their biggest challenges, build resilience and find new possibilities every day.

Ìý

All the best,

John Doyle
President and Chief Executive Officer