Benefits Handbook

The Plan uses share accounting to value the mutual fund investments and collective investment trusts it offers.

With share accounting, the mutual fund is priced using the daily market price of a mutual fund. This means that you will be able to track the daily price of the mutual funds through newspapers and financial websites.

The BlackRock LifePath Index Funds, Putnam Large Cap Value Trust, T. Rowe Price Blue Chip Growth Trust, Capital Group EuroPacific Growth Trust and T. Rowe Price Small & Mid-Cap Core Trust are collective investment trusts. With share accounting, the collective trust is priced using the daily market price of the collective investment trust. Collective trusts are accessible only to qualified retirement plans, not retail investors. You will not be able to track the daily prices of the collective investment trusts through newspapers and online financial websites.

Investments in the MMC Stock Fund, Invesco Fixed Income Fund, S&P 500 Index Fund, US Bond Index Fund, US Extended Equity Market Index Fund and Non-US Equity Index Fund are valued using a unit accounting method. Under unit accounting, participants are credited with "units" which represents a proportionate interest in any shares and other assets that are held in the Plan. Because the MMC Stock Fund holds cash as well as Company stock and uses unit accounting, the value of a unit in the MMC Stock Fund will never exactly match the share price of a share of Company stock.

The Plan Trustee retains the right to determine the Plan's cash needs to fund withdrawals and distributions, and, to meet these needs, can sell assets of the MMC Stock Fund. The Plan Trustee is also responsible for buying and selling Marsh & McLennan Companies stock in accordance with Plan requirements and investment direction elections.

Because the number of Marsh & McLennan Companies shares sold on any given day can affect the unit price under certain conditions, Marsh & McLennan Companies and the Trustee have established procedures that are to be followed by the Trustee if the amount of stock liquidated in the Plan on any given day is unusually large.

An element of these procedures is to base transactions on a weighted-blended average of the unit price over two or more days. The Trustee will take steps to reduce the likelihood of relying on this measure, including increasing the cash held by the MMC Stock Fund. However, you should be aware that this measure may be implemented but only if the Trustee determines that it serves the best interests of the Plan participants as a whole.

Further, in the unlikely event that it becomes necessary for the Trustee to implement this measure, all investment transactions requested under the Plan for the duration of the event will be affected –– not just transactions involving the MMC Stock Fund. (For example, if the event lasts for two days, fund-to-fund transfers between any of the investment funds requested on days one and two will be settled as of the end of day two. Ordinarily, such a fund transfer would be settled as of the end of the day in which it was requested.) If this happens, your Plan account balance shown on the MMA 401(k) Plan's website, Colleague Connect (https://mmcglobal.sharepoint.com/sites/Home) for active employees and https://careers.marshmclennan.com/global/en/us-benefits for terminated employees, will not reflect final settlement of the transaction until after the event.

In order to meet the Plan's cash needs to fund withdrawals and distributions certain Plan procedures may require selling assets of the MMC Stock Fund. These Plan procedures also require that Marsh & McLennan Companies stock be purchased and sold in accordance with Plan requirements and investment direction elections. Because the number of Marsh & McLennan Companies shares sold on any given day can affect the unit price under certain conditions, Plan procedures must be followed by the Trustee if the amount of stock liquidated in the Plan on any given day is unusually large.