Benefits Handbook

You can invest your account in any notional investment fund offered under the Plan, including notional investment funds and Marsh & McLennan Companies Stock Units. It is important to remember that you may not diversify any amounts that are credited to your account as Marsh & McLennan Companies Stock Units.

The notional funds available as of December 23, 2024 are listed below by category of investment. Generally, notional investment options based on stable value funds are considered to have the lowest risk and lowest potential returns. The remaining categories of notional investment options are generally believed to have increasing risk and potential returns in the following order: bond funds, balanced funds (bonds and stocks) and stock funds. The list below is not meant to suggest any ranking within a particular category of investment. One important element of investment risk is diversification of investments. Concentrated investments, like notional shares of Marsh & McLennan Companies stock, which are notionally invested solely or primarily in one investment, are generally considered to carry greater risk with the potential for greater return. However, you should remember that investment risk reflects factors in addition to diversification, such as creditworthiness of the issuer and investment term.

To help achieve long-term retirement security, you should give careful consideration to the benefits of a well-balanced and diversified investment portfolio. Diversification, or spreading your assets among different types of notional investments, can help you achieve a favorable rate of return, while helping to lower your overall risk of losing money. This is because at any given time, market or other economic conditions that cause one category of assets, or one particular security, to perform well may cause another asset category, or another particular security, to perform poorly. If you invest more than 20% of your retirement savings in any one company or industry, your savings may not be properly diversified. Although diversification is not a guarantee against loss, it is an effective strategy to help you manage investment risk.

In deciding how to invest your retirement savings, you should take into account all of your assets, including any retirement savings outside of the Supplemental Savings & Investment Plan. No single approach is right for everyone because, among other factors, individuals have different financial goals, different time horizons for meeting their goals, and different tolerances for risk.

It is also important to periodically review your investment portfolio, your investment objectives, and the notional investment options under the Supplemental Savings & Investment Plan to help ensure that your retirement savings will meet your retirement goals.

Investors should carefully consider the investment objective, risks, charges, and expenses of an investment option or fund before investing. For a prospectus and, if available a summary prospectus or offering statement, if applicable for a fund or investment option, or for a fund fact sheet containing this and other information about any investment option or fund in the Plan, call the Plan's toll-free number at +1 866 374 2662 or if you are an active employee, go to Colleague Connect (https://mmcglobal.sharepoint.com/sites/Home). Select Pay & Benefits, and click My Pay & Benefits then under the Savings drop down click Investments then the Fund Performance tab for fund fact sheets and click Fund Prospectus/Offering Statements for prospectuses and offering statements. If you are a terminated employee, go to https://careers.marshmclennan.com/global/en/us-benefits and select Alight; then under the Savings drop down click Investments then the Fund Performance tab for fund fact sheets and click Fund Prospectus/Offering Statements for prospectuses and offering statements. Read the prospectus and, if available, summary prospectus or offering statement, if applicable for a fund or investment option, and fund fact sheet carefully before making any investment decisions. Investing involves risk, including the risk of loss.

Supplemental Savings & Investment Plan participants should carefully consider the investment objectives, risks, charges and expenses of an investment option or fund available for notional investment of your Plan book entry account before electing a notional investment option or fund. For a prospectus and, if available a summary prospectus or offering statement, if applicable for a fund or investment option, or for a fund fact sheet containing this and other information about any investment option or fund option that is available for notional investment in the Plan, please call +1 866 374 2662 or if you are an active employee, go to Colleague Connect (https://mmcglobal.sharepoint.com/sites/Home). Select Pay & Benefits, and click My Pay & Benefits, select Alight under Savings & Financial Planning; then under the Savings drop down click Investments then the Fund Performance tab for fund fact sheets and click Fund Prospectus/Offering Statements for prospectuses and offering statements. If you are a terminated employee, go to https://careers.marshmclennan.com/global/en/us-benefits and select Alight; then under the Savings drop down click Investments then the Fund Performance tab for fund fact sheets and click Fund Prospectus/Offering Statements for prospectuses and offering statements. Read the prospectus and, if available, summary prospectus, or offering statement, if applicable for a fund or investment option and fund fact sheet carefully before making any notional investment decisions.

You assume the responsibility for the investment choices you make for your account with this type of plan.

The notional investment funds offered in the Plan can be classified a number of ways; the categories reflect the general composition of the funds. Alternative classification systems, such as by style (e.g., value, growth, blend) or market capitalization (e.g., large-cap, mid-cap, small-cap), can highlight different aspects of the funds. The following are investment categories and notional funds offered under the Plan. Each category has different risk and return characteristics. It is important that you read the fund prospectus and select the notional fund(s) that meet your investment goals before making your notional investment decision.

Keep in mind that Plan participation involves investment risk. If the value of the notional investment options you have elected for your deferrals decreases, the value of your account will decrease.

The notional investment options are generally similar as the funds available under the tax-qualified Marsh & McLennan Companies 401(k) Savings & Investment Plan, but your investment direction elections under this Plan are independent from those you make under the Marsh & McLennan Companies 401(k) Savings & Investment Plan. The Company may change the available choices from time to time.

Invest in various investment strategies (stocks, bonds, money market instruments, and other asset classes), and link the strategy mix to a target retirement year. Each BlackRock LifePath Dynamic Fund's objective is to maximize total return with a risk level considered appropriate for the particular BlackRock LifePath Dynamic Fund's time horizon. The fund's investment manager changes the strategy mix, making it more conservative, as the target retirement year approaches. Each BlackRock LifePath Dynamic Fund has a different level of risk.

Seeks to provide current income while maintaining liquidity and a stable share price of $1. The fund invests at least 99.5% of its total assets in cash, U.S. government securities, and/or repurchase agreements that are collateralized solely by U.S. government securities or cash (collectively, government securities). Although the fund invests in short-term U.S. government securities, the amount of income that a shareholder may receive will be largely dependent on the current interest rate environment.

Seeks high total investment return through a combination of current income and capital appreciation. Under normal market conditions, the Fund will invest at least 80% of its net assets (plus any borrowings made for investment purposes) in bonds, which include debt securities of any maturity. In addition, the Fund will invest at least 65% of its net assets in investment grade securities. The Fund will generally seek to maintain an effective duration of +/- 2 years relative to the Bloomberg U.S. Aggregate Bond Index. The Fund may also invest up to 20% of its assets, at the time of purchase, in bonds rated below investment grade and up to 10% of its assets in non-U.S. dollar-denominated securities. There is no minimum rating for the securities in which the Fund may invest.

The Fund seeks to track the performance of a broad, market-weighted bond index. The index is the Bloomberg U.S. Aggregate Float Adjusted Index. This Index measures the performance of a wide spectrum of public, investment-grade, taxable, fixed income securities in the United States, all with maturities of more than 1 year.

The investment seeks to provide long-term capital appreciation and moderate current income. The fund invests 60% to 70% of its assets in dividend-paying and, to a lesser extent, non-dividend-paying common stocks of established large companies. The remaining 30% to 40% of the fund's assets are invested mainly in fixed income securities that the advisor believes will generate a moderate level of current income. These securities include investment grade corporate bonds, with some exposure to U.S. Treasury and government agency bonds, and mortgage-backed securities.

The Fund employs an indexing investment approach designed to track the performance of the Standard & Poor's 500 Index, a widely recognized benchmark of U.S. stock market performance that is dominated by the stocks of large U.S. companies. The Fund attempts to replicate the target index by investing all, or substantially all, of its assets in the stocks that make up the Index, holding each stock in approximately the same proportion as its weighting in the Index.

Seeks to provide long-term capital growth with income as a secondary objective. The fund normally invests at least 80% of its net assets in the common stocks of large- and mid-cap blue chip growth companies. Blue chip growth companies are firms that, in the investment adviser's view, are well established in their industries and have the potential for above-average earnings growth. The fund focuses on companies with leading market positions, seasoned management, and strong financial fundamentals. The fund's investment approach reflects the belief that solid company fundamentals (with emphasis on the potential for above-average growth) combined with a positive industry outlook will result in a higher stock price. Some of the companies the adviser targets for the fund should have good prospects for dividend growth. At times, the fund may have a significant portion of its assets invested in the same economic sector, such as the information technology sector. While most assets are typically invested in U.S. common stocks, the fund may invest in foreign stocks in keeping with its objective(s).

Seeks long-term growth of principal and income, and as a secondary objective, seeks to achieve a reasonable current income. Under normal circumstances, the Fund will invest at least 80% of its total assets in equity securities, including common stocks, depositary receipts, certain preferred stocks, securities convertible into common stocks, and securities that carry the right to buy common stocks (e.g., rights and warrants). The Fund may invest up to 20% of its total assets in U.S. dollar-denominated securities of non-U.S. issuers traded in the United States that are not in the S&P 500 Index. The Fund may use equity options or total return swaps referencing single stocks or stock indices to create or hedge equity exposure. The Fund may also use futures referencing stock indices such as the S&P 500 Index to equitize, or create equity market exposure, approximately equal to some or all of its cash and cash equivalents, receivables, and similar nonequity assets, or to hedge against a general downturn in the equity markets. The Fund typically invests in medium-to-large well-established companies based on standards of the applicable market. In selecting investments, the Fund typically invests in companies that, in Dodge & Cox's opinion, appear to be temporarily undervalued by the stock market but have a favorable outlook for long-term growth.

Fund invests mainly in common stocks of U.S. companies, with a focus on value stocks that offer the potential for capital growth, current income, or both. Under normal circumstances, Fund invests at least 80% of the fund's net assets in large-cap companies of a size similar to those in the Russell 1000 Value Index. Fund may also invest in midsize companies.

The Fund employs an indexing investment approach designed to track the performance of the Standard & Poor's Completion Index, a broadly diversified index of stocks of small and mid-size U.S. companies. The S&P Completion Index contains all of the U.S. common stocks regularly traded on the New York Stock Exchange and the Nasdaq over-the-counter market, except those stocks included in the S&P 500 Index. The Fund invests by sampling the Index, meaning that it holds a broadly diversified collection of securities that, in the aggregate, approximates the full Index in terms of key characteristics. These characteristics include industry weightings and market capitalization, as well as certain financial measures, such as price/earnings ratio and dividend yield.

The fund invests primarily in common stocks of issuers in Europe and the Pacific Basin that the investment adviser believes have the potential for growth. Normally the fund will invest at least 80% of its net assets in securities of issuers in Europe and the Pacific Basin. A country will be considered part of Europe if it is part of the MSCI European indexes, and part of the Pacific Basin if any of its borders touches the Pacific Ocean. The fund may invest a portion of its assets in common stocks and other securities of companies in emerging markets.

The Fund employs an indexing investment approach designed to track the performance of the FTSE Global All Cap ex US Index, a float-adjusted market-capitalization-weighted index designed to measure equity market performance of companies located in developed and emerging markets, excluding the United States. The FTSE Global All Cap ex US Index includes approximately 8,327 stocks of companies located in 48 markets. The Fund invests all, or substantially all, of its assets in the common stocks included in its target index.

Seeks a return that closely approximates the return of Marsh & McLennan Companies common stock. The fund consists of notional shares of Marsh & McLennan Companies common stock. Investing in a single-stock fund involves additional risk due to the fund's lack of diversification.