JULIO PORTALATIN President and CEO, Mercer

JULIO PORTALATIN President and CEO, Mercer

Agenda Mercer at a Glance Accomplishments Well positioned for Growth Key Growth Initiatives 1

At a Glance 2013 Revenue $4.2 Billion A global leader in health, wealth, and human capital 88% of Fortune 500 are clients International 52% US 48% Geography 80% of FTSE 100 are clients ~80% of clients have <5,000 employees Serving clients with 100M+ employees in over 100 countries 20,000+ colleagues Investments 18% Retirement 32% Talent 14% Health 36% Line of Business Sources: Mercer internal data, Dun & Bradstreet, Fortune 500, FTSE Group 2

Accomplishments Consulting segment adjusted operating income 2010 2013 CAGR Consulting segment margin expansion since 2010 14% 360 bps Mercer consecutive quarters of organic revenue growth Mercer s average underlying revenue growth 2010 2013 4% 14 Percentage of Mercer s 2013 revenue growth from Growth Markets Global Investments AUM 2010 2013 CAGR 18% 24% Mercer Marketplace lives across employees, retirees and family members ~290,000 Reconciliation of Non GAAP measures included in Appendix 3

Our parent Well-positioned to continue to: Grow revenues Increase earnings Capitalize on key market trends A Global Leader in the People Business Achieve competitive and sustainable success 4

Tailoring Solutions to Specific Employer and Employee Needs How do we reduce our pension costs and risks? $1.3B Do we have the right investment solutions? $0.8B How can we optimize benefits while reducing costs? $1.5B How do we manage our most important asset: people? $0.6B $4.2B 5

Mercer s Mission, Strategic Priorities and Values 6

Positioned for Growth Aligning Our Business to Macro Trends Health Retirement / Investments Talent 7

Positioned for Growth Focusing on Key Growth Initiatives Growth Markets Investments Exchanges Average Revenue Growth from 2010 2013 11% * Reconciliation of Non GAAP measures included in Appendix * constant currency, adjusted for acquisitions Average Underlying Revenue Growth from 2010 2013 11% Projected Revenue Growth 8

Growth Markets Attractive Upside Opportunity Mercer Growth Markets Key trends ~45% of the global GDP and ~80% of the global workforce are in Asia, Latin America and Africa and today 7% of our revenue comes from this region Sources: International Monetary Fund, World Bank 9

Growth Markets Market Maturity will Drive Demand Rising wages in this region lead to increased Mercer demand Mercer Services High Talent Consulting Demand Investments Retirement & Health Consulting Benefits Brokerage Talent Data Low Average wage level High 10

Growth Markets Driving Growth Strategic business expansion in key markets Product and solution evolution to fit the demand curve Market share gains through Mercer Marsh Benefits Expanding footprint through M&A Starting to pay dividends today 18% of our 2013 revenue growth came from Growth Markets and positioned for continued growth. 11

Investments Market Trends Continue to Create Growth Opportunities Key market forces are driving growth in delegated implemented solutions 2,000 0 2000 2007 2014 10% 5% 0% S&P 500 10-Year Treasury 2000 2007 2014 Increased volatility and complexity Low interest rates challenging returns Global outsourced assets $1.1T +26% $0.7T DB Plan Closing / freezing of DB plans Shift towards DC 2011 2013 Sources: Yahoo Finance, US Treasury Department, Pensions and Investments survey of investment outsourcers (report released July 2013) 12

Investments Global Investment Advice and Implementation Leader Advice & Tools Delegated Implementation #1 Investment Consultant based on assets under advisement Mercer Investments assets under management A leading outsourced CIO manager +28% $87B Focus on institutional investors $53B $70B 5,400+ managers covered; 26,000+ funds covered Global open architecture, multimanager funds US Rest of World 2011 2012 2013 Sources: Pensions and Investments rankings of investment consultants (November 2013), Pensions and Investments rankings of outsourced CIO providers (July 2013) 13

Exchanges Innovating to Capitalize on Market Trends Rising Benefit Costs Healthcare Reform Rise of the Individual $4T Healthcare costs Employers Individuals 2000 2005 2010 2015F Shifting responsibilities Implications Potentially transformational shift in delivery of benefits to 165M individuals in the group active insurance market Mercer is well positioned to be a leader in this space Sources: Centers for Medicare & Medicaid Services, Mercer internal analysis 14

Exchanges Private Exchanges are Poised for Growth Group actives represent the largest population Employers are looking to switch to private exchanges Number of participants by segment 165M Percent of employers considering private exchange for active or retired employees 45% 25% 25M 35M 15M Individual Individual Medicare Group Actives Sponsored Retirees Within two years Within five years Sources: Centers for Medicare & Medicaid Services, Congressional Budget Office, Mercer internal analysis, Mercer s National Survey of Employer Sponsored Health Plans, estimated 2014 numbers 15

Exchanges Key Differentiators Broad distribution Leading expertise Strong carrier relationships Our US Health Client Base Employers >5K lives 23% Employers 100 5K lives 77% We have strength in both the large and middle market We have best in class intellectual capital We are a leading partner for most major national insurers 16

Exchanges A strong value proposition with promising early returns Early indicators A win win win proposition 67 clients with 282,000 lives across employees, retirees and family members Plus 7,000 lives with Transition Assist 100 33,000 employees across more than 15 industries 75% fully insured, 66% Defined Benefit $550 employer / $250 employee avg savings Employers save Employees save and are more satisfied 93% of participants satisfied or very satisfied with experience 24% of employees purchasing supplemental coverage Mercer generates more revenue Based on 2014 enrollment 17

Mercer Marketplace 18

Exchanges Mercer Marketplace is a Leading Group Active Exchange Platform scale of 100 to over 100,000 employees Funding flexibility of fully insured and self funded options Multi carrier and single carrier platform Defined Benefits and Defined Contribution options 30 products including voluntary benefits Exceptional online and live decision making support Acquisition of Transition Assist gives us integrated retiree conversion and individual Medicare capability 19

Our parent Well-positioned to continue to: Grow revenues Increase earnings Capitalize on key market trends A Global Leader in the People Business Achieve competitive and sustainable success 20

Forward-Looking Statements This presentation contains forward-looking statements, as defined in the Private Securities Litigation Reform Act of 1995. These statements, which express management's current views concerning future events or results, use words like anticipate, assume, believe, continue, estimate, expect, future, intend, plan, project and similar terms, and future or conditional tense verbs like could, may, might, should, will and would. For example, we use forward-looking statements when addressing topics such as: growth in our businesses and earnings per share; increased cash flows; the volume of share repurchases and our total share count; growth in our dividend; the expected impact of acquisitions; and pension obligations. Forward-looking statements are subject to inherent risks and uncertainties. Factors that could cause actual results to differ materially from those expressed or implied in our forward-looking statements include, among other things: our exposure to potential liabilities arising from errors and omissions claims against us; the impact of competition, including with respect to our geographic reach, the sophistication and quality of our services, our pricing relative to competitors, our customers' option to selfinsure or utilize internal resources instead of consultants, and our corporate tax rates relative to a number of our competitors; the extent to which we retain existing clients and attract new business, and our ability to incentivize and retain key employees; our ability to maintain adequate physical, technical and administrative safeguards to protect the security of confidential information or data, and the potential of a system or network disruption that results in regulatory penalties, remedial costs and/or the improper disclosure of confidential information or data; our exposure to potential criminal sanctions or civil remedies if we fail to comply with foreign and U.S. laws and regulations that are applicable in the domestic and international jurisdictions in which we operate, including trade sanctions laws relating to countries such as Cuba, Iran, Sudan and Syria, anti-corruption laws such as the U.S. Foreign Corrupt Practices Act and the U.K. Bribery Act 2010, local laws prohibiting corrupt payments to government officials, as well as import and export restrictions; our ability to make acquisitions and dispositions and to integrate, and realize expected synergies, savings or benefits from, the businesses we acquire; changes in the funded status of our global defined benefit pension plans and the impact of any increased pension funding resulting from those changes; the impact on our net income caused by fluctuations in foreign currency exchange rates; our ability to successfully recover should we experience a disaster or other business continuity problem, such as an earthquake, hurricane, flood, terrorist attack, pandemic, security breach, cyber attack, power loss, telecommunications failure or other natural or man-made disaster; the impact of changes in interest rates and deterioration of counterparty credit quality on our results related to our cash balances and investment portfolios, including corporate and fiduciary funds; the potential impact of rating agency actions on our cost of financing and ability to borrow, as well as on our operating costs and competitive position; changes in applicable tax or accounting requirements; and potential income statement effects from the application of FASB's ASC Topic No. 740 ( Income Taxes ) regarding accounting treatment of uncertain tax benefits and valuation allowances, including the effect of any subsequent adjustments to the estimates we use in applying this accounting standard. The factors identified above are not exhaustive. Marsh & McLennan Companies and its subsidiaries operate in a dynamic business environment in which new risks may emerge frequently. Accordingly, we caution readers not to place undue reliance on the above forward-looking statements, which speak only as of the dates on which they are made. The Company undertakes no obligation to update or revise any forward-looking statement to reflect events or circumstances arising after the date on which it is made. Further information concerning Marsh & McLennan Companies and its businesses, including information about factors that could materially affect our results of operations and financial condition, is contained in the Company's filings with the Securities and Exchange Commission, including the Risk Factors section of our most recently filed Annual Report on Form 10-K.