Document:

EX-4.1

 Exhibit 4.1 
  

 
  

MARSH & McLENNAN COMPANIES, INC., 

Issuer, 
 and 

The Bank of New York Mellon, 

Trustee 
  

 
 TWELFTH
SUPPLEMENTAL INDENTURE 
 Dated as of March 21, 2019 
  

 

€550,000,000 aggregate principal amount of 1.349% Senior Notes due 2026 

€550,000,000 aggregate principal amount of 1.979% Senior Notes due 2030 

 
  

 

 TWELFTH SUPPLEMENTAL INDENTURE, dated as of March 21, 2019 between MARSH &
McLENNAN COMPANIES, INC., a Delaware corporation (the “Issuer”), and THE BANK OF NEW YORK MELLON, a New York banking corporation, as Trustee (the “Trustee”). 

W I T N E S S E T H: 
 WHEREAS,
the Issuer and the Trustee executed and delivered an Indenture, dated as of July 15, 2011 (the “Base Indenture” and, as supplemented hereby, the “Indenture”), to provide for the issuance by the Issuer from time
to time of senior debt securities evidencing its unsecured indebtedness, to be issued in one or more series as provided in the Indenture; 

WHEREAS, this Indenture will be subject to the Paying Agency Agreement dated as of March 21, 2019 among the Issuer and The Bank of New
York Mellon, London Branch, as Paying Agent (the “Paying Agent”) or any successor paying agent that may be appointed with respect to the applicable series of Notes in accordance with Section 4.03 of the Base Indenture;

 WHEREAS, pursuant to a Board Resolution, the Issuer has authorized the issuance of a series of securities evidencing its senior
indebtedness, consisting initially of €550,000,000 aggregate principal amount of 1.349% Senior Notes due 2026 (the “2026 Original Notes” and, together with all the Additional 2026 Notes (as defined herein), if any, hereinafter
referred to, the “2026 Notes”); 
 WHEREAS, pursuant to a Board Resolution, the Issuer has authorized the issuance of a
series of securities evidencing its senior indebtedness, consisting initially of €550,000,000 aggregate principal amount of 1.979% Senior Notes due 2030 (the “2030 Original Notes” and, together with all the Additional 2030
Notes (as defined herein), if any, hereinafter referred to, the “2030 Notes”). The 2026 Notes and the 2030 Notes are hereinafter referred to as the “Notes”. The 2026 Original Notes and the 2030 Original Notes are
hereinafter referred to as the “Original Notes”; 
 WHEREAS, the entry into this Twelfth Supplemental Indenture by the
parties hereto is in all respects authorized by the provisions of the Indenture; 
 WHEREAS, the Issuer desires to establish the respective
terms of the Notes of each series in accordance with Section 2.01 of the Indenture and to establish the respective forms of the Notes of each series in accordance with Section 2.02 of the Indenture; and 

WHEREAS, all acts and requirements necessary to make this Twelfth Supplemental Indenture a valid and legally binding indenture and agreement
according to its terms have been done. 

  
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 NOW, THEREFORE, for and in consideration of the premises, the Issuer and the Trustee
mutually covenant and agree for the equal and proportionate benefit of the respective holders from time to time of the Notes as follows: 

ARTICLE 1 
 Section 1.01.
Terms of Notes. The following terms relating to the Notes are hereby established: 
 (a) The 2026 Notes shall constitute a series of
securities having the title “1.349% Senior Notes due 2026”. The 2030 Notes shall constitute a series of securities having the title “1.979% Senior Notes due 2030”. 

(b) The aggregate principal amount of the 2026 Original Notes that may be authenticated and delivered under the Indenture (except for 2026
Notes authenticated and delivered upon registration of, transfer of, or in exchange for, or in lieu of, other 2026 Notes pursuant to Sections 2.05, 2.06, 2.07 or 9.04 of the Base Indenture) shall be up to €550,000,000. The aggregate principal
amount of the 2030 Original Notes that may be authenticated and delivered under the Indenture (except for 2030 Notes authenticated and delivered upon registration of, transfer of, or in exchange for, or in lieu of, other 2030 Notes pursuant to
Sections 2.05, 2.06, 2.07 or 9.04 of the Base Indenture) shall be up to €550,000,000. 
 (c) The entire outstanding principal of the
2026 Notes shall be payable on September 21, 2026 plus any unpaid interest accrued to such date. The entire outstanding principal of the 2030 Notes shall be payable on March 21, 2030 plus any unpaid interest accrued to such date. 

(d) (i) The rate at which the 2026 Notes shall bear interest shall be 1.349% per annum; the date from which interest shall accrue on the
2026 Notes shall be March 21, 2019 or from the most recent Interest Payment Date to which interest has been paid; the Interest Payment Date for the 2026 Notes on which interest will be payable shall be September 21 in each year, beginning
September 21, 2019; the regular record date for the interest payable on the 2026 Notes on any Interest Payment Date shall be the September 6 immediately preceding the applicable Interest Payment Date; and the basis upon which interest on
the 2026 Notes shall be calculated shall be that of the actual number of days in the period for which interest is being calculated and the actual number of days from and including the last date on which interest was paid on the 2026 Notes (or
March 21, 2019, if no interest has been paid on the 2026 Notes), to, but excluding, the next scheduled Interest Payment Date. This payment convention is referred to as Actual/Actual (ICMA) as defined in the rulebook of the International Capital
Market Association. 

  
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 (ii) The rate at which the 2030 Notes shall bear interest shall be 1.979%
per annum; the date from which interest shall accrue on the 2030 Notes shall be March 21, 2019 or from the most recent Interest Payment Date to which interest has been paid; the Interest Payment Date for the 2030 Notes on which interest will be
payable shall be March 21 in each year, beginning March 21, 2020; the regular record date for the interest payable on the 2030 Notes on any Interest Payment Date shall be the March 6 immediately preceding the applicable Interest
Payment Date; and the basis upon which interest on the 2030 Notes shall be calculated shall be that of the actual number of days in the period for which interest is being calculated and the actual number of days from and including the last date on
which interest was paid on the 2030 Notes (or March 21, 2019, if no interest has been paid on the 2030 Notes), to, but excluding, the next scheduled Interest Payment Date. 

(e) The Notes of either series may be redeemed in whole at any time or in part from time to time, at the option of the Issuer. The redemption
price (the “Redemption Price”) of each such series of Notes to be redeemed shall be calculated as follows, plus, in each case, accrued and unpaid interest on the principal amount of the Notes being redeemed to but excluding the
redemption date: 
 (i) If the redemption date is prior to the Applicable Par Call Date (as defined below) for such series of
Notes, the Notes to be redeemed may be redeemed by the Issuer at a Redemption Price equal to the greater of (A) 100% of the principal amount of the Notes to be redeemed and (B) the sum, as determined by an Independent Investment Banker, of the
present values of the remaining scheduled payments of principal of and interest on the Notes to be redeemed that would be due if such series of Notes matured on the Applicable Par Call Date (exclusive of interest accrued to the date of redemption),
discounted to the redemption date on an annual basis (Actual/Actual (ICMA)) at the Comparable Government Bond Rate (as defined below) plus the Applicable Spread (as defined below) for such series of Notes. 

(ii) If the redemption date is on or after the Applicable Par Call Date for such series of Notes, the Notes to be redeemed may
be redeemed by the Issuer at a Redemption Price equal to 100% of the principal amount of the Notes to be redeemed. 
 (iii)
Calculation of the Redemption Price will be made by the Issuer or on the Issuer’s behalf by such person as the Issuer shall designate. 

  
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 (iv) (A) In case the Issuer shall desire to exercise such right to
redeem all or, as the case may be, a portion of any series of the Notes in accordance with Section 1.01(e)(i)-(ii) above, the Issuer shall, or shall cause the Trustee to, give notice of such redemption to holders of the Notes to be redeemed by
transmitting a notice of such redemption not less than 30 days and not more than 60 days before the date fixed for redemption to such holders. Any notice that is delivered in the manner herein provided shall be conclusively presumed to have been
duly given, whether or not the registered holder received the notice. In any case, failure duly to give such notice to the holder of any Note designated for redemption in whole or in part, or any defect in the notice, shall not affect the validity
of the proceedings for the redemption of any other Note. 
 (B) Each such notice of redemption shall specify the series and
amount of Notes to be redeemed, the date fixed for redemption, the applicable Redemption Price at which the Notes to be redeemed are to be redeemed and the place or places where payment will be made upon presentation and surrender of such Notes, and
shall state that interest accrued to the date fixed for redemption will be paid as specified in said notice and, that from and after said date interest will cease to accrue; except that interest shall continue to accrue on any Note or portion
thereof with respect to which the Issuer defaults in the payment of such Redemption Price and accrued interest. If less than all of the Notes of a series are to be redeemed, the notice to the holders of the Notes of that series to be redeemed in
whole or in part shall specify the particular Notes to be redeemed. In case any Notes are to be redeemed in part only, the notice that relates to such Notes shall state the portion of the principal amount thereof to be redeemed, and shall state that
on and after the redemption date, upon surrender of such security, a new Note of such series in principal amount equal to the unredeemed portion thereof will be issued. 

(C) If the Trustee is to provide notice to the holders of the Notes in accordance with this Section 1.01(e)(iv), for a
partial or full redemption, the Issuer shall give the Trustee at least 45 days’ notice in advance of the date fixed for redemption as to the aggregate principal amount of Notes of such series to be redeemed, and thereupon, in the case of a
partial redemption, the Notes, or portions of the Notes, to be redeemed will be selected in accordance with the standard procedures of Clearstream (as defined below) or Euroclear (as defined below). If the Notes to be redeemed are not global notes
then held by Clearstream or Euroclear, the Trustee will select the Notes to be redeemed by lot. Notwithstanding the foregoing, if less than all of a series of Notes are to be redeemed, no Notes of such series of a principal amount of €100,000
or less shall be redeemed in part. 

  
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 (D) The Issuer may, if and whenever it shall so elect, by delivery of
instructions signed on its behalf by its President or any Vice President, instruct the Trustee or the Paying Agent to call all or any part of a series of Notes for redemption and to give notice of redemption in the manner set forth in this Section,
such notice to be in the name of the Issuer or its own name as the Trustee or the Paying Agent may deem advisable. In any case in which notice of redemption is to be given by the Trustee or the Paying Agent, the Issuer shall deliver or cause to be
delivered to, or permit to remain with, the Trustee or the Paying Agent, as the case may be, such Security Register, transfer books or other records, or suitable copies or extracts therefrom, sufficient to enable the Trustee or the Paying Agent to
give any notice that may be required under the provisions of this Section. 
 (E) Subject to Section 2.11 of the Base
Indenture, the Issuer shall not be required (i) to issue, register the transfer of or exchange any Notes of the applicable series during a period beginning at the opening of business 15 days before the day of the delivery of a notice of
redemption of the Notes of such series selected for redemption and ending at the close of business on the day of such delivery, or (ii) to register the transfer of or exchange any Notes of such series so selected for redemption in whole or in
part, except the unredeemed portion of any such Notes being redeemed in part. 
 (F) If the giving of notice of redemption
shall have been completed as above provided, the Notes or portions of the Notes to be redeemed specified in such notice shall become due and payable on the date and at the place stated in such notice at the applicable Redemption Price, and interest
on such Notes shall cease to accrue on and after the date fixed for redemption, unless the Issuer shall default in the payment of such Redemption Price and accrued interest. 

(f) (i) If (A) the Acquisition (as defined below) is not completed by the parties to the Cooperation Agreement (as defined below) on or
prior to December 31, 2019, (B) the Cooperation Agreement is terminated or (C) the Issuer notifies the Trustee that it will not pursue the consummation of the Acquisition (each, a “Special Mandatory Redemption Event”),
then the Issuer shall redeem all of the Notes on the Special Mandatory Redemption Date at a special mandatory redemption price equal to 101% of the aggregate principal amount of the Notes, plus accrued and unpaid interest from and including the date
of initial issuance, or the most recent date to which interest has been paid, whichever is later, to but not including the Special Mandatory Redemption Date (the “Special Mandatory Redemption Price”). 

  
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 (ii) Upon the occurrence of a Special Mandatory Redemption Event, promptly,
but in no event more than five (5) Business Days (as defined below), following such Special Mandatory Redemption Event, the Issuer shall deliver notice to the Trustee of such special mandatory redemption and the date upon which the Notes will
be redeemed, which shall be no later than the third (3rd) Business Day following the date of such notice (the “Special Mandatory Redemption Date”), together with a notice of
Special Mandatory Redemption, which shall be delivered in the name and at the expense of the Issuer. The Trustee shall promptly mail or electronically deliver the Special Mandatory Redemption Notice (as defined below) according to the procedures of
Clearstream and Euroclear, to each registered holder of Notes at such holder’s registered address. 
 (iii) If funds
sufficient to pay the Special Mandatory Redemption Price of all of the Notes on the Special Mandatory Redemption Date are deposited with a Paying Agent or the Trustee on or before such Special Mandatory Redemption Date, then on and after such
Special Mandatory Redemption Date, the Notes shall cease to bear interest and, other than the right to receive the Special Mandatory Redemption Price, all rights under the Notes shall terminate. 

(iv) Notwithstanding anything to the contrary, the Cooperation Agreement may be amended and the form of the Acquisition may be
modified at any time, in each case, without the consent of any holder of the Notes. 
 (g) The Issuer shall have the right to redeem the
Notes of either series at any time in whole, but not in part, on at least 30 days, but no more than 60 days prior notice, at a redemption price equal to 100% of the principal amount of such series of Notes, together with accrued and unpaid interest,
if any, to, but excluding, the redemption date if, as a result of any change in, or amendment to, the laws, regulations or rulings of the United States (or any political subdivision or taxing authority thereof or therein having power to tax), or any
change in official position regarding the application or interpretation of those laws, regulations or rulings (including a holding by a court of competent jurisdiction), which change, amendment, application or interpretation is announced or becomes
effective on or after March 14, 2019, the Issuer becomes or, based upon a written opinion of independent counsel selected by the Issuer, will become obligated to pay additional amounts as described in Section 1.01(h). 

(h) (i) All payments of principal, interest, and premium, if any, in respect of the Notes will be made free and clear of, and without
withholding or deduction for, any present or future taxes, assessments, duties or governmental charges of whatever nature imposed, levied or collected by the United States (or any political subdivision or taxing authority thereof or therein having
power to tax), unless such withholding or deduction is required by law or the official interpretation or administration thereof. 

  
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 (ii) The Issuer will, subject to the exceptions and limitations set forth
below, pay as additional interest in respect of the Notes such additional amounts as are necessary in order that the net payment by the Issuer of the principal of, premium, if any, and interest in respect of the Notes to a holder who is not a United
States person (as defined below), after withholding or deduction for any present or future tax, assessment, duties or other governmental charge imposed by the United States (or any political subdivision or taxing authority thereof or therein having
power to tax), will not be less than the amount provided in the Notes to be then due and payable; provided, however, that the foregoing obligation to pay additional amounts shall not apply: 

(A) to the extent any tax, assessment or other governmental charge would not have been imposed but for the holder (or the
beneficial owner for whose benefit such holder holds such Note), or a fiduciary, settlor, beneficiary, member or shareholder of the holder or beneficial owner if the holder or beneficial owner is an estate, trust, partnership, corporation or other
entity, or a person holding a power over an estate or trust administered by a fiduciary holder, being considered as: 
  

	 	a.	 being or having been engaged in a trade or business in the United States or having or having had a permanent
establishment in the United States; 

  

	 	b.	 having a current or former connection with the United States (other than a connection arising solely as a
result of the ownership of the Notes, the receipt of any payment in respect of the Notes or the enforcement of any rights hereunder), including being or having been a citizen or resident of the United States; 

 

	 	c.	 being or having been a personal holding company, a passive foreign investment company or a controlled foreign
corporation for United States federal income tax purposes, a foreign tax-exempt organization, or a corporation that has accumulated earnings to avoid United States federal income tax; 

 

	 	d.	 being or having been a “10-percent shareholder” of the Issuer
as defined in section 871(h)(3) of the United States Internal Revenue Code of 1986, as amended (the “Code”), or any successor provision; or 

  
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	 	e.	 being a bank receiving payments on an extension of credit made pursuant to a loan agreement entered into in the
ordinary course of its trade or business, as described in section 881(c)(3)(A) of the Code or any successor provision; 

(B) to any holder that is not the sole beneficial owner of the Notes, or a portion of the Notes, or that is a fiduciary,
partnership, limited liability company or other fiscally transparent entity, but only to the extent that a beneficial owner with respect to the holder, a beneficiary or settlor with respect to the fiduciary, or a beneficial owner or member of the
partnership, limited liability company or other fiscally transparent entity would not have been entitled to the payment of an additional amount had the beneficiary, settlor, beneficial owner or member received directly its beneficial or distributive
share of the payment; 
 (C) to the extent any tax, assessment or other governmental charge would not have been imposed but
for the failure of the holder or any other person to comply with certification, identification or information reporting requirements concerning the nationality, residence, identity or connection with the United States of the holder or beneficial
owner of the Notes, if compliance is required by statute, by regulation of the United States or any taxing authority therein or by an applicable income tax treaty to which the United States is a party as a precondition to exemption from, or
reduction in, such tax, assessment or other governmental charge; 
 (D) to any tax, assessment or other governmental charge
that is imposed otherwise than by withholding by the Issuer or a paying agent from the payment; 
 (E) to any tax, assessment
or other governmental charge required to be withheld by any paying agent from any payment of principal of or interest on any Notes, if such payment can be made without such withholding by any other paying agent; 

(F) to any estate, inheritance, gift, sales, transfer, wealth, capital gains or personal property tax or similar tax,
assessment or other governmental charge, or excise tax imposed on the transfer of Notes; 

  
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 (G) to the extent any tax, assessment or other governmental charge would not
have been imposed but for the presentation by the holder of any Note, where presentation is required, for payment on a date more than 30 days after the date on which payment became due and payable or the date on which payment thereof is duly
provided for, whichever occurs later except to the extent that the beneficiary or holder thereof would have been entitled to the payment of additional amounts had such Note been presented for payment on any day during such 30-day period; 
 (H) to any tax, assessment or other governmental charge that is imposed
or withheld solely by reason of the beneficial owner being a bank (i) purchasing the Notes in the ordinary course of its lending business or (ii) that is neither (A) buying the Notes for investment purposes only nor (B) buying
the Notes for resale to a third party that either is not a bank or holding the Notes for investment purposes only; 
 (I) to
any tax, assessment or other governmental charge imposed under sections 1471 through 1474 of the Code (or any amended or successor provisions), any current or future regulations or official interpretations thereof, any agreement entered into
pursuant to section 1471(b) of the Code or any fiscal or regulatory legislation, rules or practices adopted pursuant to any intergovernmental agreement entered into in connection with the implementation of such sections of the Code, whether
currently in effect or as published and amended from time to time; 
 (J) to any tax, assessment or other governmental charge
that is imposed or withheld solely by reason of a change in law, regulation, or administrative or judicial interpretation that becomes effective more than 15 days after the payment becomes due or is duly provided for, whichever occurs later; or 

(K) in the case of any combination of the above items described in Sections 1.01(h)(ii)(A) – (K). 

(iii) The Notes are subject in all cases to any tax, fiscal or other law or regulation or administrative or judicial
interpretation applicable to the Notes. Except as specifically provided under this Section 1.01(h), the Issuer will not be required to make any payment for any tax, assessment or other governmental charge imposed by any government or a
political subdivision or taxing authority of or in any government or political subdivision. 

  
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 (i) As used herein: 

“Acquisition” means the Issuer’s pending acquisition of Jardine Lloyd Thomson Group plc. 

“Applicable Par Call Date” means, (i) with respect to the 2026 Notes, June 21, 2026 (three months prior to the
stated maturity date of such Notes) and (ii) with respect to the 2030 Notes, December 21, 2029 (three months prior to the stated maturity date of such Notes). 

“Applicable Spread” means, (i) with respect to the 2026 Notes, 25 basis points and (ii) with respect to the 2030
Notes, 30 basis points. 
 “Business Day” means any day that is not a Saturday, Sunday or other day on which banking
institutions in New York City, London or another place of payment on the Notes are authorized or required by law to close and on which the Trans-European Automated Real-Time Gross Settlement Express Transfer system (the TARGET2 system), or any
successor thereto, is open. 
 “Clearstream” means Clearstream Banking, société anonyme. 

“Comparable Government Bond” means, in relation to any Comparable Government Bond Rate calculation, at the discretion of the
Independent Investment Banker, a German government bund whose maturity is closest to the Applicable Par Call Date, or if such Independent Investment Banker in its discretion determines that such similar bund is not in issue, such other German
government bund as such Independent Investment Banker may, with the advice of three brokers of, and/or market makers in, German government bunds selected by the Issuer, determine to be appropriate for determining the Comparable Government Bond Rate.

 “Comparable Government Bond Rate” means the price, expressed as a percentage (rounded to three decimal places, with
0.0005 being rounded upwards), at which the gross redemption yield on the Notes to be redeemed, if they were to be purchased at such price on the third Business Day prior to the date fixed for redemption, would be equal to the gross redemption yield
on such Business Day of the Comparable Government Bond on the basis of the middle market price of the Comparable Government Bond prevailing at 11:00 a.m. (London time) on such Business Day as determined by the Independent Investment Banker. 

“Cooperation Agreement” means that certain Cooperation Agreement, dated as of September 18, 2018, by and among the
Issuer, MMC Treasury Holdings (UK) Limited, a wholly-owned subsidiary of the Issuer, and Jardine Lloyd Thomson Group plc. 

“Euroclear” means Euroclear Bank S.A./N.V., as operator of the Euroclear System. 

  
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 “Independent Investment Banker” means one of the Reference Bond Dealers
appointed by the Issuer. 
 “Reference Bond Dealer” means (i) each of Goldman Sachs & Co. LLC, Citigroup
Global Markets Limited, Deutsche Bank AG, London Branch, HSBC Bank plc and Merrill Lynch International (or their respective affiliates that are Primary Bond Dealers), and their respective successors and (ii) any other broker of, and/or market
maker in, German government bonds (a “Primary Bond Dealer”) selected by the Issuer. 
 “Special Mandatory
Redemption Notice” means a notice to registered holders of the Notes that such Notes shall be redeemed and specifying the Special Mandatory Redemption Date and such other information as required, to the extent applicable, by the Base
Indenture. 
 “United States” means the United States of America (including the states of the United States and the
District of Columbia and any political subdivision thereof). 
 “United States person” means (i) any individual who is
a citizen or resident of the United States for U.S. federal income tax purposes, (ii) a corporation, partnership or other entity created or organized in or under the laws of the United States, any state of the United States or the District of
Columbia (other than a partnership that is not treated as a United States person for United States federal income tax purposes), (iii) any estate the income of which is subject to United States federal income taxation regardless of its source or
(iv) any trust if a United States court can exercise primary supervision over the administration of the trust and one or more United States persons can control all substantial trust decisions, or if a valid election is in place to treat the
trust as a United States person. 
 (j) The Notes shall be issuable only in denominations equal to one hundred thousand euros (€100,000)
and integral multiples of €1,000 in excess thereof. 
 (k) The Trustee shall also be the security registrar for the Notes. The Paying
Agent shall serve as paying agent for the Notes. 
 (l) All payments of interest, premium, if any, and principal, including payments made
upon any redemption or repurchase of the Notes, will be made in euro; provided that if the euro is unavailable to the Issuer due to the imposition of exchange controls or other circumstances beyond the Issuer’s control or if the euro is no
longer being used by the then member states of the European Monetary Union that have adopted the euro as their currency or for the settlement of transactions by public institutions of or within the international banking community, then all payments
in respect of the Notes will be made in U.S. dollars 

  
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until the euro is again available to the Issuer or so used. In such circumstances, the amount payable on any date in euro will be converted into U.S. dollars at the rate mandated by the Board of
Governors of the Federal Reserve System as of the close of business on the second Business Day prior to the relevant payment date or, if the Board of Governors of the Federal Reserve System has not announced a rate of conversion, on the basis of the
most recent U.S. dollar/euro exchange rate published in The Wall Street Journal on or prior to the second Business Day prior to the relevant payment date or, in the event The Wall Street Journal has not published such exchange rate, the rate will be
determined by the Issuer in its sole discretion on the basis of the most recently available market exchange rate for the euro. Any payment in respect of the Notes so made in U.S. dollars will not constitute an Event of Default (as defined in the
Indenture). Neither the Trustee nor the Paying Agent shall have any responsibility for any calculation or conversion in connection with the foregoing. 

(m) The holders of the Notes shall have no special rights in addition to those provided in the Indenture upon the occurrence of any particular
events. 
 (n) The Notes shall not be subordinated to any other debt of the Issuer, and shall constitute senior unsecured obligations of the
Issuer. 
 (o) The Notes of each series shall be issued as a Global Security. The Notes are not convertible into shares of common stock or
other securities of the Issuer. Each such Global Security will be deposited with, or on behalf of, a common depositary, and registered in the name of the nominee of the common depositary for the accounts of Clearstream and Euroclear. 

Section 1.02. Form of Note. The form of the 2026 Notes is attached hereto as Exhibit A. The form of the 2030 Notes is attached
hereto as Exhibit B. 
 Section 1.03. Additional Notes. Subject to the terms and conditions contained herein, the Issuer may
issue additional notes of any series (such additional notes of the series of 2026 Notes, the “Additional 2026 Notes” and of the series of 2030 Notes, the “Additional 2030 Notes”, and collectively, the
“Additional Notes”) having the same ranking and the same interest rate, maturity and other terms as the Original Notes of such series (except as otherwise described in the form of the Notes of such series), without the consent of
the holders of the Original Notes of such series then Outstanding. Any such Additional Notes of any series will be a part of the series having the same terms as the Original Notes of such series, provided that, if any additional notes
subsequently issued are not fungible for U.S. federal income tax purposes with any notes previously issued and such additional notes shall trade under a separate CUSIP. The aggregate principal amount of the Additional Notes of any series, if any,
shall be unlimited. The Original Notes and the Additional Notes, if any, of any series shall constitute one series for all purposes under this Twelfth Supplemental Indenture, including, without limitation, amendments, waivers and redemptions. 

  
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 Section 1.04 Amendment of Section 6.01(a)(i) of the Base
Indenture. Solely for the purposes of each series the Notes, respectively, Section 6.01(a)(i) of the Base Indenture is hereby amended by replacing that section in its entirety with the following: 

“the Company defaults in the payment of any installment of interest on the Notes (as defined in this Supplemental Indenture) of such
series, as and when the same shall become due and payable, and continuance of such default for a period of 30 days; provided, however, that a valid extension of an interest payment period by the Company in accordance with the terms of
any indenture supplemental hereto, shall not constitute a default in the payment of interest for this purpose.” 
 ARTICLE 2 

MISCELLANEOUS 

Section 2.01. Definitions. Capitalized terms used but not defined in this Twelfth Supplemental Indenture shall have the meanings
ascribed thereto in the Indenture. 
 Section 2.02. Confirmation of Indenture. The Indenture, as heretofore supplemented and
amended and as further supplemented and amended by this Twelfth Supplemental Indenture, is in all respects ratified and confirmed, and the Indenture, this Twelfth Supplemental Indenture and all indentures supplemental thereto shall be read, taken
and construed as one and the same instrument. 
 Section 2.03. Concerning the Trustee. The Trustee assumes no duties,
responsibilities or liabilities by reason of this Twelfth Supplemental Indenture other than as set forth in the Indenture and, in carrying out its responsibilities hereunder, shall have all of the rights, protections and immunities which it
possesses under the Indenture. The Trustee makes no representations as to the validity or sufficiency of this Twelfth Supplemental Indenture. The recitals herein are deemed to be those of the Issuer and not of the Trustee. 

Section 2.04. Governing Law. This Twelfth Supplemental Indenture, the Indenture and the Notes shall be governed by and construed
in accordance with the law of the State of New York. 
 Section 2.05. Separability. In case any provision in this Twelfth
Supplemental Indenture shall for any reason be held to be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby. 

  
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 Section 2.06. Counterparts. This Twelfth Supplemental Indenture may be executed
in any number of counterparts each of which shall be an original, but such counterparts shall together constitute but one and the same instrument. 

  
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 IN WITNESS WHEREOF, this Twelfth Supplemental Indenture has been duly executed by the Issuer
and the Trustee as of the day and year first written above. 
  

			
	MARSH & McLENNAN COMPANIES, INC.
		
	By:	 	 /s/ Mark C. McGivney

		 	Name: Mark C. McGivney
		 	Title: Chief Financial Officer

  

					
	Attest:	 		 	
		
	By:	 	 /s/ Katherine J. Brennan

		 	Name:	 	Katherine J. Brennan
		 	 Title:
	 	 Deputy General Counsel, Chief Compliance Officer & Corporate Secretary

 [Signature Page to the Twelfth Supplemental Indenture] 

 
			
	 THE BANK OF NEW YORK MELLON,

    as Trustee

		
	By:	 	 /s/ Laurence J. O’Brien

		 	Name: Laurence J. O’Brien
		 	Title: Vice President

 [Signature Page to the Twelfth Supplemental Indenture] 

 Exhibit A 

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF EUROCLEAR BANK S.A./N.V. (“EUROCLEAR”) AND CLEARSTREAM BANKING, S.A.
(“CLEARSTREAM” AND, TOGETHER WITH EUROCLEAR, “EUROCLEAR/CLEARSTREAM”), TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF THE BANK OF NEW YORK
DEPOSITARY (NOMINEES) LIMITED OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF EUROCLEAR/CLEARSTREAM (AND ANY PAYMENT IS MADE TO THE BANK OF NEW YORK DEPOSITARY (NOMINEES) LIMITED OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN
AUTHORIZED REPRESENTATIVE OF EUROCLEAR/CLEARSTREAM), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, THE BANK OF NEW YORK DEPOSITARY (NOMINEES) LIMITED, HAS AN
INTEREST HEREIN. 
 UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR SECURITIES IN DEFINITIVE FORM IN ACCORDANCE WITH THE PROVISIONS OF THE
INDENTURE AND THE TERMS OF THE SECURITIES AND EXCEPT AS OTHERWISE PROVIDED IN SECTION 2.11 OF THE BASE INDENTURE, THIS NOTE MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY EUROCLEAR/CLEARSTREAM TO A NOMINEE OF EUROCLEAR/CLEARSTREAM OR BY A NOMINEE OF
EUROCLEAR/CLEARSTREAM TO EUROCLEAR/CLEARSTREAM OR ANOTHER NOMINEE OF EUROCLEAR/CLEARSTREAM OR BY EUROCLEAR/CLEARSTREAM OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY. 

  
 A-1 

					
	Certificate No. 1	  		  	€550,000,000

 CUSIP No. 571748 BL5 
 ISIN
No. XS1963836892 
 Common Code 196383689 

MARSH & McLENNAN COMPANIES, INC. 

1.349% Senior Notes due 2026 

MARSH & McLENNAN COMPANIES, INC., a Delaware corporation (the “Issuer”, which term includes any successor
corporation under the Indenture hereinafter referred to), for value received, hereby promises to pay to THE BANK OF NEW YORK DEPOSITARY (NOMINEES) LIMITED, as nominee of Euroclear Bank, S.A./N.V. (“Euroclear”) and Clearstream
Banking, S.A. (“Clearstream”), or their registered assigns, the principal sum of FIVE HUNDRED FIFTY MILLION EUROS (€550,000,000) (which aggregate principal amount may from time to time be increased or decreased to such other
aggregate principal amounts by adjustments made on the Schedule of Increases or Decreases in Global Security attached hereto) on September 21, 2026 and to pay interest on said principal sum from March 21, 2019 or from the most recent
interest payment date (each such date, an “Interest Payment Date”) to which interest has been paid or duly provided for annually on September 21 of each year commencing September 21, 2019 at the rate of 1.349% per annum
until the principal hereof shall have become due and payable, and on any overdue principal and premium, if any, and (without duplication and to the extent that payment of such interest is enforceable under applicable law) on any overdue installment
of interest at the same rate per annum. The amount of interest payable on any Interest Payment Date shall be computed on the basis of the actual number of days in the period for which interest is being calculated and the actual number of days from
and including the last date on which interest was paid on the Notes (or March 21, 2019, if no interest has been paid on the Notes), to, but excluding, the next scheduled interest payment date. This payment convention is referred to as
Actual/Actual (ICMA) as defined in the rulebook of the International Capital Market Association. In the event that any date on which interest is payable on this Note is not a Business Day, then payment of interest payable on such date will be made
on the next succeeding day which is a Business Day (and without any interest or other payment in respect of any such delay). The interest installment so payable, and punctually paid or duly provided for, on any Interest Payment Date will, as
provided in the Indenture (hereafter defined), be paid to the person in whose name this Note (or one or more Predecessor Securities, as defined in said Indenture) is registered at the close of business on the regular record date for such interest
installment which shall be the September 6 preceding such Interest Payment Date. Any such interest installment not punctually paid or 

  
 A-2 

 
duly provided for (as defined in the Indenture, the “Defaulted Interest”) shall forthwith cease to be payable to the registered holders on such regular record date, and may be
paid to the person in whose name this Note (or one or more Predecessor Securities) is registered at the close of business on a special record date to be fixed by the Trustee for the payment of such Defaulted Interest, which shall not be more than 15
nor less than 10 days prior to the date of the proposed payment, and not less than 10 days after the receipt by the Trustee of the notice of the proposed payment or at any time in any other lawful manner not inconsistent with the requirements of any
securities exchange on which the Notes may be listed, and upon such notice as may be required by such exchange, all as more fully provided in the Indenture. 

Payment of the principal of (and premium, if any) and the interest on this Note shall be made at the office or agency of the Issuer maintained
for that purpose in the City of London, State of New York or at the office or agency of the Paying Agent maintained for that purpose in the City of London, initially at One Canada Square, London E14 5AL; provided, however, that payment
of interest may be made at the option of the Issuer by check mailed to the registered holder at such address as shall appear in the Security Register. 

All payments of interest, premium (if any), and principal, including payments made upon any redemption or repurchase of this Note, will be
made in Euro, provided that if the euro is unavailable to the Issuer due to the imposition of exchange controls or other circumstances beyond the Issuer’s control or if the euro is no longer being used by the then member states of the European
Monetary Union that have adopted the euro as their currency or for the settlement of transactions by public institutions of or within the international banking community, then all payments in respect of the Notes will be made in U.S. dollars until
the euro is again available to the Issuer or so used. In such circumstances, the amount payable on any date in euro will be converted into U.S. dollars at the rate mandated by the Board of Governors of the Federal Reserve System as of the close of
business on the second Business Day prior to the relevant payment date or, if the Board of Governors of the Federal Reserve System has not announced a rate of conversion, on the basis of the most recent U.S. dollar/euro exchange rate published in
The Wall Street Journal on or prior to the second Business Day prior to the relevant payment date or, in the event The Wall Street Journal has not published such exchange rate, the rate will be determined by the Issuer in its sole discretion on the
basis of the most recently available market exchange rate for the euro. Any payment in respect of the Notes so made in U.S. dollars will not constitute an Event of Default (as defined in the Indenture). Neither the Trustee nor the Paying Agent shall
have any responsibility for any calculation or conversion in connection with the foregoing. 

  
 A-3 

 The indebtedness evidenced by this Note is, to the extent provided in the Indenture, senior
and unsecured and will rank in right of payment on parity with all other senior unsecured obligations of the Issuer. 
 This Note shall not
be entitled to any benefit under the Indenture hereinafter referred to or be valid until the Certificate of Authentication hereon shall have been signed manually by or on behalf of the Trustee. 

The provisions of this Note are continued on the reverse side hereof and such continued provisions shall for all purposes have the same effect
as though fully set forth at this place. 

  
 A-4 

 IN WITNESS WHEREOF, the Issuer has caused this instrument to be executed. 

Dated: March 21, 2019 
  

			
	MARSH & McLENNAN COMPANIES, INC.
		
	By:	 	
                     
                   

		 	Name:
		 	Title:
		
	By:	 	  

		 	Name:
		 	Title:

  

			
	Attest:
		
	By:	 	
                     
               

		 	Name:
		 	Title:

 [Signature Page to Global Note] 

  
 A-5 

 CERTIFICATE OF AUTHENTICATION 

This is one of the Notes of the series of Notes described in the within-mentioned Indenture. 

 

	
	THE BANK OF NEW YORK MELLON, as Trustee
	
	By _____________________________
	     Authorized Signatory
	
	Dated: __________________________

  
 A-6 

 ASSIGNMENT FORM 

FOR VALUE RECEIVED, the undersigned hereby 

sells, assigns and transfers to 
  

 
 (Insert Social Security number or
other identifying number of assignee) 
  
  

(Please print or typewrite name and address, including zip code of assignee) 

 
  

the within Note of Marsh & McLennan Companies, Inc. and hereby does irrevocably constitute and appoint 

 
  

Attorney to transfer said Note on the books of the within-named Issuer with full power of substitution in the premises.

  

							
	Dated:	 	
                 
	 		  	
                     

				
		 	              
	 		  	

 Signature(s) must be guaranteed by an eligible Guarantor Institution (banks, stock brokers, savings and loan associations and
credit unions) with membership in an approved signature guarantee medallion program pursuant to Securities and Exchange Commission Rule 17Ad-15. 

NOTICE: The signature to this assignment must correspond with the name as it appears on the first page of the within Note in every particular, without
alteration or enlargement or any change whatever. 

  
 A-7 

 SCHEDULE OF INCREASES OR DECREASES IN GLOBAL SECURITY 

MARSH & McLENNAN COMPANIES, INC. 

1.349% Senior Notes due 2026 
 The
initial aggregate principal amount of this Global Security is €550,000,000. The following increases or decreases in this Global Security have been made: 

No: _____ 
  

							
	 Date
	 	 Principal Amount of this

Global Security
	 	 Notation Explaining

Principal Amount Recorded
	 	 Signature of authorized

officer of Trustee or

Depositary

	  

    
	 	  
	 	  
	 	  

	  

    
	 	  
	 	  
	 	  

	  

    
	 	  
	 	  
	 	  

	  

    
	 	  
	 	  
	 	  

  
 A-8 

 MARSH & McLENNAN COMPANIES, INC. 

1.349% Senior Notes due 2026 

This Note is one of a duly authorized series of Securities (referred to in the Base Indenture (hereafter defined)), of the Issuer (herein
sometimes referred to as the “Notes”), all such Securities issued or to be issued in one or more series under and pursuant to an indenture (the “Base Indenture”), dated as of July 15, 2011 between the Issuer
and The Bank of New York Mellon, as Trustee (the “Trustee”), as supplemented in the case of the Notes by the Twelfth Supplemental Indenture, dated as of March 21, 2019, between the Issuer and the Trustee (the Base Indenture, as
so supplemented, the “Indenture”), to which Indenture and all indentures supplemental thereto reference is hereby made for a description of the rights, limitations of rights, obligations, duties and immunities thereunder of the
Trustee, the Issuer and the holders of the Notes. This series of Notes is initially limited in aggregate principal amount as specified in said Twelfth Supplemental Indenture. This series of Notes and any Additional Notes of this series shall
constitute one series for all purposes under the Indenture, including without limitation, amendments, waivers and redemptions. The terms and conditions of this series of Notes and any Additional Notes of this series (other than the issue price, the
date of issuance, the payment of interest accruing prior to the issue date of the Additional Notes and the first payment of interest following such issue date) shall be the same and shall bear the same CUSIP number, ISIN number and Common Code. 

The Notes are not subject to any sinking fund. 

The Notes may be redeemed in whole at any time or in part from time to time, at the option of the Issuer. The redemption price (the
“Redemption Price”) of the Notes to be redeemed shall be calculated as follows, plus, in each case, accrued and unpaid interest on the principal amount of the Notes being redeemed to but excluding the redemption date: 

(A) If the redemption date is prior to June 21, 2026, the Notes to be redeemed may be redeemed by the Issuer at a Redemption Price equal
to the greater of (1) 100% of the principal amount of the Notes to be redeemed and (2) the sum, as determined by an Independent Investment Banker, of the present values of the remaining scheduled payments of principal of and interest on the
Notes to be redeemed that would be due if the Notes matured on June 21, 2026 (exclusive of interest accrued to the date of redemption), discounted to the redemption date on an annual basis (Actual/Actual (ICMA)) at the Comparable Government
Bond Rate (as defined below) plus 25 basis points. 

  
 A-9 

 (B) If the redemption date is on or after June 21, 2026, the Notes to be redeemed may
be redeemed by the Issuer at a Redemption Price equal to 100% of the principal amount of the Notes to be redeemed. 
 (C) Calculation of the
Redemption Price will be made by the Issuer or on the Issuer’s behalf by such person as the Issuer shall designate. 
 In case the
Issuer shall desire to exercise such right to redeem all or, as the case may be, a portion of the Notes, the Issuer shall, or shall cause the Trustee to, give notice of such redemption to holders of the Notes to be redeemed by transmitting a notice
of such redemption not less than 30 days and not more than 60 days before the date fixed for redemption to such holders. Any notice that is delivered in the manner herein provided shall be conclusively presumed to have been duly given, whether or
not the registered holder received the notice. In any case, failure duly to give such notice to the holder of any Note designated for redemption in whole or in part, or any defect in the notice, shall not affect the validity of the proceedings for
the redemption of any other Note. 
 Each such notice of redemption shall specify the amount of Notes to be redeemed, the date fixed for
redemption and the applicable Redemption Price at which the Notes to be redeemed are to be redeemed, and shall state the place or places where payment will be made upon presentation and surrender of such Notes, and shall state that interest accrued
to the date fixed for redemption will be paid as specified in said notice and, that from and after said date interest will cease to accrue; except that interest shall continue to accrue on any such Note or portion thereof with respect to which the
Issuer defaults in the payment of such Redemption Price and accrued interest. If less than all of the Notes are to be redeemed, the notice to the holders of the Notes to be redeemed in whole or in part shall specify the particular Notes to be
redeemed. In case any Note is to be redeemed in part only, the notice that relates to such Note shall state the portion of the principal amount thereof to be redeemed, and shall state that on and after the redemption date, upon surrender of such
security, a new Note in principal amount equal to the unredeemed portion thereof will be issued. 
 If the Trustee is to provide notice to
the holders of the Notes as described herein, for a partial or full redemption, the Issuer shall give the Trustee at least 45 days’ notice in advance of the date fixed for redemption as to the aggregate principal amount of Notes to be redeemed,
and thereupon, in the case of a partial redemption, the Notes, or portions of the Notes, to be redeemed will be selected in accordance with the standard procedures of Clearstream or Euroclear. If the Notes to be redeemed are not global notes then
held by Clearstream or Euroclear, the Trustee will select the Notes to be redeemed by lot. Notwithstanding the foregoing, if less than all of the Notes are to be redeemed, no Notes of a principal amount of €100,000 or less shall be redeemed in
part. 

  
 A-10 

 The Issuer may, if and whenever it shall so elect, by delivery of instructions signed on its
behalf by its President or any Vice President, instruct the Trustee or any paying agent to call all or any part of the Notes for redemption and to give notice of redemption in the manner set forth in this Note, such notice to be in the name of the
Issuer or its own name as the Trustee or such paying agent may deem advisable. In any case in which notice of redemption is to be given by the Trustee or any such paying agent, the Issuer shall deliver or cause to be delivered to, or permit to
remain with, the Trustee or such paying agent, as the case may be, such Security Register, transfer books or other records, or suitable copies or extracts therefrom, sufficient to enable the Trustee or such paying agent to give any notice that may
be required under the provisions stated herein. 
 Subject to Section 2.11 of the Base Indenture, the Issuer shall not be required
(i) to issue, register the transfer of or exchange any Notes during a period beginning at the opening of business 15 days before the day of the delivery of a notice of redemption of the Notes selected for redemption and ending at the close of
business on the day of such delivery, or (ii) to register the transfer of or exchange any Notes so selected for redemption in whole or in part, except the unredeemed portion of any such Notes being redeemed in part. 

If the giving of notice of redemption shall have been completed as above provided, the Notes or portions of the Notes to be redeemed specified
in such notice shall become due and payable on the date and at the place stated in such notice at the applicable Redemption Price, and interest on such Notes shall cease to accrue on and after the date fixed for redemption, unless the Issuer shall
default in the payment of such Redemption Price and accrued interest. 
 “Comparable Government Bond” means, in relation to
any Comparable Government Bond Rate calculation, at the discretion of the Independent Investment Banker, a German government bund whose maturity is closest to June 21, 2026, or if such Independent Investment Banker in its discretion determines
that such similar bund is not in issue, such other German government bund as such Independent Investment Banker may, with the advice of three brokers of, and/or market makers in, German government bunds selected by the Issuer, determine to be
appropriate for determining the Comparable Government Bond Rate. 
 “Comparable Government Bond Rate” means the price,
expressed as a percentage (rounded to three decimal places, with 0.0005 being rounded upwards), at which the gross redemption yield on the Notes to be redeemed, if they were to be purchased at such price on the third Business Day prior to the date
fixed for redemption, would be equal to the gross redemption yield on such Business Day of the Comparable Government Bond on the basis of the middle market price of the Comparable Government Bond prevailing at 11:00 a.m. (London time) on such
Business Day as determined by the Independent Investment Banker. 

  
 A-11 

 “Independent Investment Banker” means one of the Reference Bond Dealers
appointed by the Issuer. 
 “Reference Bond Dealer” means (i) each of Goldman Sachs & Co. LLC, Citigroup
Global Markets Limited, Deutsche Bank AG, London Branch, HSBC Bank plc and Merrill Lynch International (or their respective affiliates that are Primary Bond Dealers), and their respective successors and (ii) any other broker of, and/or market
maker in, German government bonds (a “Primary Bond Dealer”) selected by the Issuer. 
 If (A) the Issuer’s
pending acquisition of Jardine Lloyd Thomson Group plc (the “Acquisition”) is not completed by the parties to that certain Cooperation Agreement, dated as of September 18, 2018, by and among the Issuer, MMC Treasury Holdings
(UK) Limited, a wholly-owned subsidiary of the Issuer, and Jardine Lloyd Thomson Group plc (the “Cooperation Agreement”) on or prior to December 31, 2019, (B) the Cooperation Agreement is terminated or (C) the Issuer
notifies the Trustee that it will not pursue the consummation of the Acquisition (each, a “Special Mandatory Redemption Event”), then the Issuer shall redeem all of the Notes on the Special Mandatory Redemption Date at a special
mandatory redemption price equal to 101% of the aggregate principal amount of the Notes, plus accrued and unpaid interest from and including the date of initial issuance, or the most recent date to which interest has been paid, whichever is later,
to but not including the Special Mandatory Redemption Date (the “Special Mandatory Redemption Price”). 
 Upon the
occurrence of a Special Mandatory Redemption Event, promptly, but in no event more than five (5) Business Days, following such Special Mandatory Redemption Event, the Issuer shall deliver notice to the Trustee of such special mandatory
redemption and the date upon which the Notes will be redeemed, which shall be no later than the third (3rd) Business Day following the date of such notice (the “Special Mandatory
Redemption Date”), and a notice to registered holders of the Notes that the Notes shall be redeemed and specifying the Special Mandatory Redemption Date and such other information as required, to the extent applicable, by the Base Indenture
(the “Special Mandatory Redemption Notice”), which shall be delivered in the name and at the expense of the Issuer. The Trustee shall promptly mail or electronically deliver the Special Mandatory Redemption Notice, according to the
procedures of Clearstream and Euroclear, to each registered holder of Notes at such holder’s registered address. 

  
 A-12 

 If funds sufficient to pay the Special Mandatory Redemption Price of all of the Notes to be
redeemed on the Special Mandatory Redemption Date are deposited with a Paying Agent or the Trustee on or before such Special Mandatory Redemption Date, then on and after such Special Mandatory Redemption Date, the Notes shall cease to bear interest
and, other than the right to receive the Special Mandatory Redemption Price, all rights under the Notes shall terminate. 
 The Issuer shall
have the right to redeem the Notes at any time in whole, but not in part, on at least 30 days, but no more than 60 days prior notice, at a redemption price equal to 100% of the principal amount of the Notes, together with accrued and unpaid
interest, if any, to, but excluding, the redemption date if, as a result of any change in, or amendment to, the laws, regulations or rulings of the United States (or any political subdivision or taxing authority thereof or therein having power to
tax), or any change in official position regarding the application or interpretation of those laws, regulations or rulings (including a holding by a court of competent jurisdiction), which change, amendment, application or interpretation is
announced or becomes effective on or after March 14, 2019, the Issuer becomes or, based upon a written opinion of independent counsel selected by the Issuer, will become obligated to pay additional amounts as described in Section 1.01(h)
of the Twelfth Supplemental Indenture. 
 The Indenture contains provisions permitting the Issuer and the Trustee, with the consent of the
holders of not less than a majority in aggregate principal amount of the Securities of all of the series at the time Outstanding affected thereby (all such series voting together as a single class), as defined in the Indenture, to execute
supplemental indentures for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of the Base Indenture or of any supplemental indenture or of modifying in any manner the rights of the holders of the
Notes; provided, however, that no such supplemental indenture shall, without the consent of the holders of each Security then Outstanding and affected thereby (i) extend the fixed maturity of any Securities, including the Notes, or
reduce the principal amount thereof, or reduce the rate or extend the time of payment of interest thereon, or reduce any premium payable upon the redemption thereof, or (ii) reduce the aforesaid percentage of Securities, the holders of which
are required to consent to any such supplemental indenture. The Indenture also contains provisions permitting the holders of a majority in aggregate principal amount of the Securities of all series at the time Outstanding affected thereby (all such
series voting together as a single class), to waive any past default in the performance of any of the covenants contained in the Base Indenture, or established pursuant to the Base Indenture with respect to such series, and its consequences, except
a default in the payment of the principal of or premium, if any, or interest on any Securities, including the Notes, in which case, each such affected series voting as a separate class. Any such consent or waiver by the registered holder of this
Note (unless revoked as provided in the Base Indenture) shall be conclusive and binding upon such holder and upon all future holders and owners of this Note and of any Note issued in exchange herefor or in place hereof (whether by registration of
transfer or otherwise), irrespective of whether or not any notation of such consent or waiver is made upon this Note. 

  
 A-13 

 No reference herein to the Indenture and no provision of this Note or of the Indenture shall
alter or impair the obligation of the Issuer, which is absolute and unconditional, to pay the principal of and premium, if any, and interest on this Note at the time and place and at the rate and in the money herein prescribed. 

The Issuer is subject to certain covenants contained in the Indenture with respect to, and for the benefit of the holders of, the Notes. The
Trustee shall not be obligated to monitor or confirm, on a continuing basis or otherwise, the Issuer’s compliance with the covenants contained in the Indenture or with respect to reports or other certificates filed under the Indenture;
provided, however, that nothing herein shall relieve the Trustee of any obligations to monitor the Issuer’s timely delivery of all reports and certificates required under Section 5.03 of the Base Indenture and to fulfill its
obligations under Article VII of the Indenture. If an Event of Default as defined in the Indenture with respect to the Notes shall occur and be continuing, the principal of the Notes may be declared due and payable in the manner and with the
effect provided in the Indenture. 
 As provided in and subject to the provisions of the Indenture, the holder of this Note shall not have
the right to institute any proceeding with respect to the Indenture or for the appointment of a receiver or Trustee or for any other remedy thereunder, unless such holder shall have previously given the Trustee written notice of a continuing Event
of Default with respect to the Notes, the holders of not less than 25% in principal amount of the Outstanding Notes (in the case of an Event of Default described in clauses (a)(i) or (a)(ii) of Section 6.01 of the Base Indenture, each such
series voting as a separate class, and in the case of an Event of Default described in clauses (a)(iii), (a)(iv), (a)(v) or (a)(vi) of Section 6.01 of the Base Indenture, all affected series voting together as a single class) shall have made
written request to the Trustee to institute proceedings in respect of such Event of Default as Trustee and offered the Trustee reasonable indemnity and the Trustee shall have failed to institute any such proceeding for 60 days after receipt of
such notice, request and offer of indemnity and the Trustee shall not have received from the holders of a majority in principal amount of the Notes at the time Outstanding (voting as provided in Section 6.04(b) of the Base Indenture) a
direction inconsistent with such request. The foregoing shall not apply to any suit instituted by the holder of this Note for the enforcement of any payment of principal hereof or any interest on or after the respective due dates expressed herein.

 As provided in the Indenture and subject to certain limitations therein set forth, this Note is transferable by the registered holder
hereof on the Security Register of the Issuer, upon surrender of this Note for registration of transfer at the office or agency of the Issuer in the City of London or the Borough of 

  
 A-14 

 
Manhattan, the City and State of New York accompanied by a written instrument or instruments of transfer in form satisfactory to the Issuer or the Trustee duly executed by the registered
holder hereof or his attorney duly authorized in writing, and thereupon one or more new Notes of authorized denominations and for the same aggregate principal amount and series will be issued to the designated transferee or transferees. No service
charge will be made for any such transfer, but the Issuer may require payment of a sum sufficient to cover any tax or other governmental charge payable in relation thereto. 

Prior to due presentment for registration of transfer of this Note, the Issuer, the Trustee, any paying agent and any Security Registrar may
deem and treat the registered holder hereof as the absolute owner hereof (whether or not this Note shall be overdue and notwithstanding any notice of ownership or writing hereon made by anyone other than the Security Registrar) for the purpose of
receiving payment of or on account of the principal hereof and premium, if any, and interest due hereon and for all other purposes, and neither the Issuer nor the Trustee nor any paying agent nor any Note Registrar shall be affected by any notice to
the contrary. 
 No recourse shall be had for the payment of the principal of or the interest on this Note, or for any claim based hereon,
or otherwise in respect hereof, or based on or in respect of the Indenture, against any incorporator, stockholder, officer or director, past, present or future, as such, of the Issuer or of any predecessor or successor corporation, whether by virtue
of any constitution, statute or rule of law, or by the enforcement of any assessment or penalty or otherwise, all such liability being, by the acceptance hereof and as part of the consideration for the issuance hereof, expressly waived and released.

 The Notes are issuable only in registered form without coupons in authorized denominations. As provided in the Indenture and subject to
certain limitations herein and therein set forth, Notes so issued are exchangeable for a like aggregate principal amount of Notes of a different authorized denomination, as requested by the holder surrendering the same. 

All terms used in this Note which are defined in the Indenture shall have the meanings assigned to them in the Indenture. 

THE INDENTURE AND THE NOTES INCLUDING THIS NOTE SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAW OF THE STATE OF NEW YORK.

  
 A-15 

 Pursuant to a recommendation promulgated by the Committee on Uniform Security Identification
Procedures, the Issuer has caused “CUSIP” numbers to be printed on the Notes as a convenience to the holders of the Notes. No representation is made as to the correctness or accuracy of such CUSIP numbers as printed on the Notes, and
reliance may be placed only on the other identification numbers printed hereon. 
 Unless the certificate of authentication hereon has been
executed by or on behalf of the Trustee by manual signature, this Note shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purposes. 

  
 A-16 

 Exhibit B 

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF EUROCLEAR BANK S.A./N.V. (“EUROCLEAR”) AND CLEARSTREAM BANKING, S.A.
(“CLEARSTREAM” AND, TOGETHER WITH EUROCLEAR, “EUROCLEAR/CLEARSTREAM”), TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF THE BANK OF NEW YORK
DEPOSITARY (NOMINEES) LIMITED OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF EUROCLEAR/CLEARSTREAM (AND ANY PAYMENT IS MADE TO THE BANK OF NEW YORK DEPOSITARY (NOMINEES) LIMITED OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN
AUTHORIZED REPRESENTATIVE OF EUROCLEAR/CLEARSTREAM), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, THE BANK OF NEW YORK DEPOSITARY (NOMINEES) LIMITED, HAS AN
INTEREST HEREIN. 
 UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR SECURITIES IN DEFINITIVE FORM IN ACCORDANCE WITH THE PROVISIONS OF THE
INDENTURE AND THE TERMS OF THE SECURITIES AND EXCEPT AS OTHERWISE PROVIDED IN SECTION 2.11 OF THE BASE INDENTURE, THIS NOTE MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY EUROCLEAR/CLEARSTREAM TO A NOMINEE OF EUROCLEAR/CLEARSTREAM OR BY A NOMINEE OF
EUROCLEAR/CLEARSTREAM TO EUROCLEAR/CLEARSTREAM OR ANOTHER NOMINEE OF EUROCLEAR/CLEARSTREAM OR BY EUROCLEAR/CLEARSTREAM OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY. 

  
 B-1 

					
	Certificate No. 1	  	 	€550,000,000	 
	CUSIP No. 571748 BM3	  			
	ISIN No. XS1963837197	  			
	Common Code 196383719	  			

 MARSH & McLENNAN COMPANIES, INC. 

1.979% Senior Notes due 2030 

MARSH & McLENNAN COMPANIES, INC., a Delaware corporation (the “Issuer”, which term includes any successor
corporation under the Indenture hereinafter referred to), for value received, hereby promises to pay to THE BANK OF NEW YORK DEPOSITARY (NOMINEES) LIMITED, as nominee of Euroclear Bank, S.A./N.V. (“Euroclear”) and Clearstream
Banking, S.A. (“Clearstream”), or their registered assigns, the principal sum of FIVE HUNDRED FIFTY MILLION EUROS (€550,000,000) (which aggregate principal amount may from time to time be increased or decreased to such other
aggregate principal amounts by adjustments made on the Schedule of Increases or Decreases in Global Security attached hereto) on March 21, 2030 and to pay interest on said principal sum from March 21, 2019 or from the most recent interest
payment date (each such date, an “Interest Payment Date”) to which interest has been paid or duly provided for annually on March 21 of each year commencing March 21, 2020 at the rate of 1.979% per annum until the principal
hereof shall have become due and payable, and on any overdue principal and premium, if any, and (without duplication and to the extent that payment of such interest is enforceable under applicable law) on any overdue installment of interest at the
same rate per annum. The amount of interest payable on any Interest Payment Date shall be computed on the basis of the actual number of days in the period for which interest is being calculated and the actual number of days from and including the
last date on which interest was paid on the Notes (or March 21, 2019, if no interest has been paid on the Notes), to, but excluding, the next scheduled interest payment date. This payment convention is referred to as Actual/Actual (ICMA) as
defined in the rulebook of the International Capital Market Association. In the event that any date on which interest is payable on this Note is not a Business Day, then payment of interest payable on such date will be made on the next succeeding
day which is a Business Day (and without any interest or other payment in respect of any such delay). The interest installment so payable, and punctually paid or duly provided for, on any Interest Payment Date will, as provided in the Indenture
(hereafter defined), be paid to the person in whose name this Note (or one or more Predecessor Securities, as defined in said Indenture) is registered at the close of business on the regular record date for such interest installment which shall be
the March 6 preceding such Interest Payment Date. Any such interest installment not punctually paid or 

  
 B-2 

 
duly provided for (as defined in the Indenture, the “Defaulted Interest”) shall forthwith cease to be payable to the registered holders on such regular record date, and may be
paid to the person in whose name this Note (or one or more Predecessor Securities) is registered at the close of business on a special record date to be fixed by the Trustee for the payment of such Defaulted Interest, which shall not be more than 15
nor less than 10 days prior to the date of the proposed payment, and not less than 10 days after the receipt by the Trustee of the notice of the proposed payment or at any time in any other lawful manner not inconsistent with the requirements of any
securities exchange on which the Notes may be listed, and upon such notice as may be required by such exchange, all as more fully provided in the Indenture. 

Payment of the principal of (and premium, if any) and the interest on this Note shall be made at the office or agency of the Issuer maintained
for that purpose in the City of London, State of New York or at the office or agency of the Paying Agent maintained for that purpose in the City of London, initially at One Canada Square, London E14 5AL; provided, however, that payment
of interest may be made at the option of the Issuer by check mailed to the registered holder at such address as shall appear in the Security Register. 

All payments of interest, premium (if any), and principal, including payments made upon any redemption or repurchase of this Note, will be
made in Euro, provided that if the euro is unavailable to the Issuer due to the imposition of exchange controls or other circumstances beyond the Issuer’s control or if the euro is no longer being used by the then member states of the European
Monetary Union that have adopted the euro as their currency or for the settlement of transactions by public institutions of or within the international banking community, then all payments in respect of the Notes will be made in U.S. dollars until
the euro is again available to the Issuer or so used. In such circumstances, the amount payable on any date in euro will be converted into U.S. dollars at the rate mandated by the Board of Governors of the Federal Reserve System as of the close of
business on the second Business Day prior to the relevant payment date or, if the Board of Governors of the Federal Reserve System has not announced a rate of conversion, on the basis of the most recent U.S. dollar/euro exchange rate published in
The Wall Street Journal on or prior to the second Business Day prior to the relevant payment date or, in the event The Wall Street Journal has not published such exchange rate, the rate will be determined by the Issuer in its sole discretion on the
basis of the most recently available market exchange rate for the euro. Any payment in respect of the Notes so made in U.S. dollars will not constitute an Event of Default (as defined in the Indenture). Neither the Trustee nor the Paying Agent shall
have any responsibility for any calculation or conversion in connection with the foregoing. 

  
 B-3 

 The indebtedness evidenced by this Note is, to the extent provided in the Indenture, senior
and unsecured and will rank in right of payment on parity with all other senior unsecured obligations of the Issuer. 
 This Note shall not
be entitled to any benefit under the Indenture hereinafter referred to or be valid until the Certificate of Authentication hereon shall have been signed manually by or on behalf of the Trustee. 

The provisions of this Note are continued on the reverse side hereof and such continued provisions shall for all purposes have the same effect
as though fully set forth at this place. 

  
 B-4 

 IN WITNESS WHEREOF, the Issuer has caused this instrument to be executed. 

Dated: March 21, 2019 
  

			
	MARSH & McLENNAN COMPANIES, INC.
		
	By:	 	
                     
                    

		 	Name:
		 	Title:
		
	By:	 	  

		 	Name:
		 	Title:

  

			
	Attest:
		
	By:	 	
                     

		 	Name:
		 	Title:

 [Signature Page to Global Note] 

  
 B-5 

 CERTIFICATE OF AUTHENTICATION 

This is one of the Notes of the series of Notes described in the within-mentioned Indenture. 

 

	
	THE BANK OF NEW YORK MELLON, as Trustee
	
	By _____________________________
	     Authorized Signatory
	
	Dated: __________________________

  
 B-6 

 ASSIGNMENT FORM 

FOR VALUE RECEIVED, the undersigned hereby 

sells, assigns and transfers to 
  

 
 (Insert Social Security number or
other identifying number of assignee) 
  
  

(Please print or typewrite name and address, including zip code of assignee) 

 
  

the within Note of Marsh & McLennan Companies, Inc. and hereby does irrevocably constitute and appoint 

 
  

Attorney to transfer said Note on the books of the within-named Issuer with full power of substitution in the premises.

  

							
	Dated:	 	
                 
	 		  	
                     

				
		 	              
	 		  	

 Signature(s) must be guaranteed by an eligible Guarantor Institution (banks, stock brokers, savings and loan associations and
credit unions) with membership in an approved signature guarantee medallion program pursuant to Securities and Exchange Commission Rule 17Ad-15. 

NOTICE: The signature to this assignment must correspond with the name as it appears on the first page of the within Note in every particular, without
alteration or enlargement or any change whatever. 

  
 B-7 

 SCHEDULE OF INCREASES OR DECREASES IN GLOBAL SECURITY 

MARSH & McLENNAN COMPANIES, INC. 

1.979% Senior Notes due 2030 
 The
initial aggregate principal amount of this Global Security is €550,000,000. The following increases or decreases in this Global Security have been made: 

No: _____ 
  

							
	 Date
	 	 Principal Amount of this

Global Security
	 	 Notation Explaining

Principal Amount Recorded
	 	 Signature of authorized

officer of Trustee or

Depositary

	  

    
	 	  
	 	  
	 	  

	  

    
	 	  
	 	  
	 	  

	  

    
	 	  
	 	  
	 	  

	  

    
	 	  
	 	  
	 	  

  
 B-8 

 MARSH & McLENNAN COMPANIES, INC. 

1.979% Senior Notes due 2030 

This Note is one of a duly authorized series of Securities (referred to in the Base Indenture (hereafter defined)), of the Issuer (herein
sometimes referred to as the “Notes”), all such Securities issued or to be issued in one or more series under and pursuant to an indenture (the “Base Indenture”), dated as of July 15, 2011 between the Issuer
and The Bank of New York Mellon, as Trustee (the “Trustee”), as supplemented in the case of the Notes by the Twelfth Supplemental Indenture, dated as of March 21, 2019, between the Issuer and the Trustee (the Base Indenture, as
so supplemented, the “Indenture”), to which Indenture and all indentures supplemental thereto reference is hereby made for a description of the rights, limitations of rights, obligations, duties and immunities thereunder of the
Trustee, the Issuer and the holders of the Notes. This series of Notes is initially limited in aggregate principal amount as specified in said Twelfth Supplemental Indenture. This series of Notes and any Additional Notes of this series shall
constitute one series for all purposes under the Indenture, including without limitation, amendments, waivers and redemptions. The terms and conditions of this series of Notes and any Additional Notes of this series (other than the issue price, the
date of issuance, the payment of interest accruing prior to the issue date of the Additional Notes and the first payment of interest following such issue date) shall be the same and shall bear the same CUSIP number, ISIN number and Common Code. 

The Notes are not subject to any sinking fund. 

The Notes may be redeemed in whole at any time or in part from time to time, at the option of the Issuer. The redemption price (the
“Redemption Price”) of the Notes to be redeemed shall be calculated as follows, plus, in each case, accrued and unpaid interest on the principal amount of the Notes being redeemed to but excluding the redemption date: 

(A) If the redemption date is prior to December 21, 2029, the Notes to be redeemed may be redeemed by the Issuer at a Redemption Price
equal to the greater of (1) 100% of the principal amount of the Notes to be redeemed and (2) the sum, as determined by an Independent Investment Banker, of the present values of the remaining scheduled payments of principal of and interest on
the Notes to be redeemed that would be due if the Notes matured on December 21, 2029 (exclusive of interest accrued to the date of redemption), discounted to the redemption date on an annual basis (Actual/Actual (ICMA)) at the Comparable
Government Bond Rate (as defined below) plus 30 basis points. 

  
 B-9 

 (B) If the redemption date is on or after December 21, 2029, the Notes to be redeemed
may be redeemed by the Issuer at a Redemption Price equal to 100% of the principal amount of the Notes to be redeemed. 
 (C) Calculation of
the Redemption Price will be made by the Issuer or on the Issuer’s behalf by such person as the Issuer shall designate. 
 In case the Issuer shall
desire to exercise such right to redeem all or, as the case may be, a portion of the Notes, the Issuer shall, or shall cause the Trustee to, give notice of such redemption to holders of the Notes to be redeemed by transmitting a notice of such
redemption not less than 30 days and not more than 60 days before the date fixed for redemption to such holders. Any notice that is delivered in the manner herein provided shall be conclusively presumed to have been duly given, whether or not the
registered holder received the notice. In any case, failure duly to give such notice to the holder of any Note designated for redemption in whole or in part, or any defect in the notice, shall not affect the validity of the proceedings for the
redemption of any other Note. 
 Each such notice of redemption shall specify the amount of Notes to be redeemed, the date fixed for
redemption and the applicable Redemption Price at which the Notes to be redeemed are to be redeemed, and shall state the place or places where payment will be made upon presentation and surrender of such Notes, and shall state that interest accrued
to the date fixed for redemption will be paid as specified in said notice and, that from and after said date interest will cease to accrue; except that interest shall continue to accrue on any such Note or portion thereof with respect to which the
Issuer defaults in the payment of such Redemption Price and accrued interest. If less than all of the Notes are to be redeemed, the notice to the holders of the Notes to be redeemed in whole or in part shall specify the particular Notes to be
redeemed. In case any Note is to be redeemed in part only, the notice that relates to such Note shall state the portion of the principal amount thereof to be redeemed, and shall state that on and after the redemption date, upon surrender of such
security, a new Note in principal amount equal to the unredeemed portion thereof will be issued. 
 If the Trustee is to provide notice to
the holders of the Notes as described herein, for a partial or full redemption, the Issuer shall give the Trustee at least 45 days’ notice in advance of the date fixed for redemption as to the aggregate principal amount of Notes to be redeemed,
and thereupon, in the case of a partial redemption, the Notes, or portions of the Notes, to be redeemed will be selected in accordance with the standard procedures of Clearstream or Euroclear. If the Notes to be redeemed are not global notes then
held by Clearstream or Euroclear, the Trustee will select the Notes to be redeemed by lot. Notwithstanding the foregoing, if less than all of the Notes are to be redeemed, no Notes of a principal amount of €100,000 or less shall be redeemed in
part. 

  
 B-10 

 The Issuer may, if and whenever it shall so elect, by delivery of instructions signed on its
behalf by its President or any Vice President, instruct the Trustee or any paying agent to call all or any part of the Notes for redemption and to give notice of redemption in the manner set forth in this Note, such notice to be in the name of the
Issuer or its own name as the Trustee or such paying agent may deem advisable. In any case in which notice of redemption is to be given by the Trustee or any such paying agent, the Issuer shall deliver or cause to be delivered to, or permit to
remain with, the Trustee or such paying agent, as the case may be, such Security Register, transfer books or other records, or suitable copies or extracts therefrom, sufficient to enable the Trustee or such paying agent to give any notice that may
be required under the provisions stated herein. 
 Subject to Section 2.11 of the Base Indenture, the Issuer shall not be required
(i) to issue, register the transfer of or exchange any Notes during a period beginning at the opening of business 15 days before the day of the delivery of a notice of redemption of the Notes selected for redemption and ending at the close of
business on the day of such delivery, or (ii) to register the transfer of or exchange any Notes so selected for redemption in whole or in part, except the unredeemed portion of any such Notes being redeemed in part. 

If the giving of notice of redemption shall have been completed as above provided, the Notes or portions of the Notes to be redeemed specified
in such notice shall become due and payable on the date and at the place stated in such notice at the applicable Redemption Price, and interest on such Notes shall cease to accrue on and after the date fixed for redemption, unless the Issuer shall
default in the payment of such Redemption Price and accrued interest. 
 “Comparable Government Bond” means, in relation to
any Comparable Government Bond Rate calculation, at the discretion of the Independent Investment Banker, a German government bund whose maturity is closest to December 21, 2029, or if such Independent Investment Banker in its discretion
determines that such similar bund is not in issue, such other German government bund as such Independent Investment Banker may, with the advice of three brokers of, and/or market makers in, German government bunds selected by the Issuer, determine
to be appropriate for determining the Comparable Government Bond Rate. 
 “Comparable Government Bond Rate” means the
price, expressed as a percentage (rounded to three decimal places, with 0.0005 being rounded upwards), at which the gross redemption yield on the Notes to be redeemed, if they were to be purchased at such price on the third Business Day prior to the
date fixed for redemption, would be equal to the gross redemption yield on such Business Day of the Comparable Government Bond on the basis of the middle market price of the Comparable Government Bond prevailing at 11:00 a.m. (London time) on such
Business Day as determined by the Independent Investment Banker. 

  
 B-11 

 “Independent Investment Banker” means one of the Reference Bond Dealers
appointed by the Issuer. 
 “Reference Bond Dealer” means (i) each of Goldman Sachs & Co. LLC, Citigroup
Global Markets Limited, Deutsche Bank AG, London Branch, HSBC Bank plc and Merrill Lynch International (or their respective affiliates that are Primary Bond Dealers), and their respective successors and (ii) any other broker of, and/or market
maker in, German government bonds (a “Primary Bond Dealer”) selected by the Issuer. 
 If (A) the Issuer’s
pending acquisition of Jardine Lloyd Thomson Group plc (the “Acquisition”) is not completed by the parties to that certain Cooperation Agreement, dated as of September 18, 2018, by and among the Issuer, MMC Treasury Holdings
(UK) Limited, a wholly-owned subsidiary of the Issuer, and Jardine Lloyd Thomson Group plc (the “Cooperation Agreement”) on or prior to December 31, 2019, (B) the Cooperation Agreement is terminated or (C) the Issuer
notifies the Trustee that it will not pursue the consummation of the Acquisition (each, a “Special Mandatory Redemption Event”), then the Issuer shall redeem all of the Notes on the Special Mandatory Redemption Date at a special
mandatory redemption price equal to 101% of the aggregate principal amount of the Notes, plus accrued and unpaid interest from and including the date of initial issuance, or the most recent date to which interest has been paid, whichever is later,
to but not including the Special Mandatory Redemption Date (the “Special Mandatory Redemption Price”). 
 Upon the
occurrence of a Special Mandatory Redemption Event, promptly, but in no event more than five (5) Business Days, following such Special Mandatory Redemption Event, the Issuer shall deliver notice to the Trustee of such special mandatory
redemption and the date upon which the Notes will be redeemed, which shall be no later than the third (3rd) Business Day following the date of such notice (the “Special Mandatory
Redemption Date”), and a notice to registered holders of the Notes that the Notes shall be redeemed and specifying the Special Mandatory Redemption Date and such other information as required, to the extent applicable, by the Base Indenture
(the “Special Mandatory Redemption Notice”), which shall be delivered in the name and at the expense of the Issuer. The Trustee shall promptly mail or electronically deliver the Special Mandatory Redemption Notice, according to the
procedures of Clearstream and Euroclear, to each registered holder of Notes at such holder’s registered address. 

  
 B-12 

 If funds sufficient to pay the Special Mandatory Redemption Price of all of the Notes to be
redeemed on the Special Mandatory Redemption Date are deposited with a Paying Agent or the Trustee on or before such Special Mandatory Redemption Date, then on and after such Special Mandatory Redemption Date, the Notes shall cease to bear interest
and, other than the right to receive the Special Mandatory Redemption Price, all rights under the Notes shall terminate. 
 The Issuer shall
have the right to redeem the Notes at any time in whole, but not in part, on at least 30 days, but no more than 60 days prior notice, at a redemption price equal to 100% of the principal amount of the Notes, together with accrued and unpaid
interest, if any, to, but excluding, the redemption date if, as a result of any change in, or amendment to, the laws, regulations or rulings of the United States (or any political subdivision or taxing authority thereof or therein having power to
tax), or any change in official position regarding the application or interpretation of those laws, regulations or rulings (including a holding by a court of competent jurisdiction), which change, amendment, application or interpretation is
announced or becomes effective on or after March 14, 2019, the Issuer becomes or, based upon a written opinion of independent counsel selected by the Issuer, will become obligated to pay additional amounts as described in Section 1.01(h)
of the Twelfth Supplemental Indenture. 
 The Indenture contains provisions permitting the Issuer and the Trustee, with the consent of the
holders of not less than a majority in aggregate principal amount of the Securities of all of the series at the time Outstanding affected thereby (all such series voting together as a single class), as defined in the Indenture, to execute
supplemental indentures for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of the Base Indenture or of any supplemental indenture or of modifying in any manner the rights of the holders of the
Notes; provided, however, that no such supplemental indenture shall, without the consent of the holders of each Security then Outstanding and affected thereby (i) extend the fixed maturity of any Securities, including the Notes, or
reduce the principal amount thereof, or reduce the rate or extend the time of payment of interest thereon, or reduce any premium payable upon the redemption thereof, or (ii) reduce the aforesaid percentage of Securities, the holders of which
are required to consent to any such supplemental indenture. The Indenture also contains provisions permitting the holders of a majority in aggregate principal amount of the Securities of all series at the time Outstanding affected thereby (all such
series voting together as a single class), to waive any past default in the performance of any of the covenants contained in the Base Indenture, or established pursuant to the Base Indenture with respect to such series, and its consequences, except
a default in the payment of the principal of or premium, if any, or interest on any Securities, including the Notes, in which case, each such affected series voting as a separate class. Any such consent or waiver by the registered holder of this
Note (unless revoked as provided in the Base Indenture) shall be conclusive and binding upon such holder and upon all future holders and owners of this Note and of any Note issued in exchange herefor or in place hereof (whether by registration of
transfer or otherwise), irrespective of whether or not any notation of such consent or waiver is made upon this Note. 

  
 B-13 

 No reference herein to the Indenture and no provision of this Note or of the Indenture shall
alter or impair the obligation of the Issuer, which is absolute and unconditional, to pay the principal of and premium, if any, and interest on this Note at the time and place and at the rate and in the money herein prescribed. 

The Issuer is subject to certain covenants contained in the Indenture with respect to, and for the benefit of the holders of, the Notes. The
Trustee shall not be obligated to monitor or confirm, on a continuing basis or otherwise, the Issuer’s compliance with the covenants contained in the Indenture or with respect to reports or other certificates filed under the Indenture;
provided, however, that nothing herein shall relieve the Trustee of any obligations to monitor the Issuer’s timely delivery of all reports and certificates required under Section 5.03 of the Base Indenture and to fulfill its
obligations under Article VII of the Indenture. If an Event of Default as defined in the Indenture with respect to the Notes shall occur and be continuing, the principal of the Notes may be declared due and payable in the manner and with the
effect provided in the Indenture. 
 As provided in and subject to the provisions of the Indenture, the holder of this Note shall not have
the right to institute any proceeding with respect to the Indenture or for the appointment of a receiver or Trustee or for any other remedy thereunder, unless such holder shall have previously given the Trustee written notice of a continuing Event
of Default with respect to the Notes, the holders of not less than 25% in principal amount of the Outstanding Notes (in the case of an Event of Default described in clauses (a)(i) or (a)(ii) of Section 6.01 of the Base Indenture, each such
series voting as a separate class, and in the case of an Event of Default described in clauses (a)(iii), (a)(iv), (a)(v) or (a)(vi) of Section 6.01 of the Base Indenture, all affected series voting together as a single class) shall have made
written request to the Trustee to institute proceedings in respect of such Event of Default as Trustee and offered the Trustee reasonable indemnity and the Trustee shall have failed to institute any such proceeding for 60 days after receipt of
such notice, request and offer of indemnity and the Trustee shall not have received from the holders of a majority in principal amount of the Notes at the time Outstanding (voting as provided in Section 6.04(b) of the Base Indenture) a
direction inconsistent with such request. The foregoing shall not apply to any suit instituted by the holder of this Note for the enforcement of any payment of principal hereof or any interest on or after the respective due dates expressed herein.

 As provided in the Indenture and subject to certain limitations therein set forth, this Note is transferable by the registered holder
hereof on the Security Register of the Issuer, upon surrender of this Note for registration of transfer at the office or agency of the Issuer in the City of London or the Borough of 

  
 B-14 

 
Manhattan, the City and State of New York accompanied by a written instrument or instruments of transfer in form satisfactory to the Issuer or the Trustee duly executed by the registered
holder hereof or his attorney duly authorized in writing, and thereupon one or more new Notes of authorized denominations and for the same aggregate principal amount and series will be issued to the designated transferee or transferees. No service
charge will be made for any such transfer, but the Issuer may require payment of a sum sufficient to cover any tax or other governmental charge payable in relation thereto. 

Prior to due presentment for registration of transfer of this Note, the Issuer, the Trustee, any paying agent and any Security Registrar may
deem and treat the registered holder hereof as the absolute owner hereof (whether or not this Note shall be overdue and notwithstanding any notice of ownership or writing hereon made by anyone other than the Security Registrar) for the purpose of
receiving payment of or on account of the principal hereof and premium, if any, and interest due hereon and for all other purposes, and neither the Issuer nor the Trustee nor any paying agent nor any Note Registrar shall be affected by any notice to
the contrary. 
 No recourse shall be had for the payment of the principal of or the interest on this Note, or for any claim based hereon,
or otherwise in respect hereof, or based on or in respect of the Indenture, against any incorporator, stockholder, officer or director, past, present or future, as such, of the Issuer or of any predecessor or successor corporation, whether by virtue
of any constitution, statute or rule of law, or by the enforcement of any assessment or penalty or otherwise, all such liability being, by the acceptance hereof and as part of the consideration for the issuance hereof, expressly waived and released.

 The Notes are issuable only in registered form without coupons in authorized denominations. As provided in the Indenture and subject to
certain limitations herein and therein set forth, Notes so issued are exchangeable for a like aggregate principal amount of Notes of a different authorized denomination, as requested by the holder surrendering the same. 

All terms used in this Note which are defined in the Indenture shall have the meanings assigned to them in the Indenture. 

THE INDENTURE AND THE NOTES INCLUDING THIS NOTE SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAW OF THE STATE OF NEW YORK.

  
 B-15 

 Pursuant to a recommendation promulgated by the Committee on Uniform Security Identification
Procedures, the Issuer has caused “CUSIP” numbers to be printed on the Notes as a convenience to the holders of the Notes. No representation is made as to the correctness or accuracy of such CUSIP numbers as printed on the Notes, and
reliance may be placed only on the other identification numbers printed hereon. 
 Unless the certificate of authentication hereon has been
executed by or on behalf of the Trustee by manual signature, this Note shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purposes. 

  
 B-16EX-4.4

 Exhibit 4.4 

Dated: March 21, 2019 

Marsh & McLennan Companies, Inc. 

as Issuer 
 and 

The Bank of New York Mellon, London Branch 

as Paying Agent 
 PAYING AGENCY
AGREEMENT 

 THIS AGREEMENT is made as of March 21, 2019, between Marsh & McLennan
Companies, Inc., a Delaware corporation, (the “Issuer”), and The Bank of New York Mellon, London Branch, as paying agent (the “Paying Agent”), located at One Canada Square, London E14 5AL. 

WHEREAS, the Issuer proposes to issue 1.349% Senior Notes due 2026 (the “2026 Notes”) and 1.979% Senior Notes due 2030 (the
“2030 Notes” and together with the 2026 Notes, the “Notes”) in the forms attached hereto as Annex A in the aggregate principal amount of €550,000,000 for the 2026 notes and €550,000,000 for the 2030
Notes on the date hereof, pursuant to the indenture dated as of July 15, 2011 (the “Original Indenture”) and as supplemented by the twelfth supplemental indenture relating to the Notes, to be dated as of the date hereof,
(the “Supplemental Indenture”, and, together with the Original Indenture, the “Indenture”), between the Issuer and The Bank of New York Mellon, as trustee (the “Trustee”); 

WHEREAS, solely with respect to the Notes, the Issuer wishes to appoint the Paying Agent, as set forth above, upon the terms and subject to
the conditions set forth herein; 
 WHEREAS, solely with respect to the Notes, the Bank of New York Mellon, London Branch has also been
designated as the common depositary for the Notes. 
 NOW, THEREFORE, in consideration of the mutual promises contained herein, the parties
hereto agree as follows: 
  

	1	 Definitions 

  

	1.1	 All capitalized terms used herein, but not defined, shall have the meanings given to them in the
Indenture. 

  

	1.2	 In addition, the following terms shall have the following meanings: 

“Business Day” means any day other than a Saturday or Sunday, (i) which is not a day on which banking
institutions in the City of New York or London are authorized or required by law, regulation or executive order to close and (2) on which the Trans-European Automated Real-Time Gross Settlement Express Transfer system (the TARGET2 system), or
any successor thereto, is open. 
 “Holder(s)” means the person or persons in whose name or names the Note
is registered in the Security Register. 
 References to the records of Euroclear Bank S.A./N.V.
(“Euroclear”) and Clearstream Banking, societê anonyme, (“Clearstream”) shall be to the records that each of Euroclear and Clearstream holds for its customers which reflect the amount of such
customers’ interests in the Notes. 

	2	 Appointment of Paying Agent 

The Issuer hereby appoints the Paying Agent at its office specified above as the paying agent solely in respect of the Notes upon the terms and
conditions herein contained, and the Paying Agent accepts such appointment. In the event of any inconsistency between the Indenture and this Agreement, the terms of this Agreement shall prevail. 

 

	3	 Payment 

  

	3.1	 In order to provide for all payments due on the Notes as the same shall become due, the Issuer shall
cause to be paid to the Paying Agent, no later than 10:00 a.m. London time on the due date for the payment of each Note, at such bank as the Paying Agent shall previously have notified to the Issuer, in immediately available funds sufficient to meet
all payments due on such Notes. 

  

	3.2	 The Issuer hereby authorizes and directs the Paying Agent, from the amounts paid to it pursuant to this
Section 3, to make or cause to be made all payments on the Notes in accordance with the terms thereof. Such payments shall be made to the Holder or Holders of Notes in accordance with the terms of the Notes, the provisions contained in this
Agreement, and the procedures of Euroclear and Clearstream. All interest payments in respect of the Notes will be made by the Paying Agent on the relevant interest payment date (as set forth in the Note) to the Holders in whose names the Notes are
registered at the close of business (New York) on the record date specified in the Notes next preceding the interest payment date or such other date as is provided in the Notes. So long as the Notes are represented by a single global certificate and
registered in the name of Euroclear and Clearstream or its nominee, all interest payments on the Notes shall be made by the Paying Agent by wire transfer of immediately available funds in euros (€) to Euroclear and Clearstream.

  

	3.3	 The Paying Agent will pay the principal amount of each Note on the applicable maturity date or upon any
redemption date with respect thereto, together with accrued and unpaid interest and any premium due at maturity or such redemption date, if any, upon presentation and surrender of such Note on or after the maturity date or redemption date thereof to
the Paying Agent, or as specified in the Notes. 

  

	3.4	 If for any reason the amounts received by the Paying Agent are insufficient to satisfy all claims in
respect of all payments then due on the Notes, the Paying Agent shall forthwith notify the Issuer, and the Paying Agent shall not be obliged to pay any such claims until the Paying Agent has received the full amount of the monies then due and
payable in respect of such Notes. If, however, the Paying Agent in its sole discretion shall make payment on the Notes on their maturity, redemption, payments of interest or such other payments when otherwise due (it being understood that the Paying
Agent shall have no obligation whatsoever to make any such payment) and the amount which should have been received is not received on such date, the Issuer agrees forthwith on demand to pay, or procure the payment of, to the Paying Agent, in
addition to the amount which should have been paid hereunder, interest thereon from the day 

	 	
following the date when the amount unpaid should have been received under this Agreement to the date when such amount is actually received (inclusive) at a rate equal to the cost of the Paying
Agent of funding such amount, as certified by the Paying Agent and expressed as a rate per annum. 

  

	3.5	 The Paying Agent hereby agrees that: 

 

	 	(i)	 it will hold all sums held by it as Paying Agent for the payment of the principal or interest, if any, on the
Notes in trust for the benefit of the Holders of the Notes entitled thereto, or for the benefit of the Trustee, as the case may be, until such sums shall be paid out to such Holders or otherwise as provided in Section 3.6 below and in the
Indenture; 

  

	 	(ii)	 it will promptly give the Trustee notice of: (x) an Issuer deposit for the payment of principal of or
interest, if any, on the Notes, (y) any failure by the Issuer in the making of any deposit for the payment of principal of or interest, if any, on the Notes that shall have become payable, and (z) any default by the Issuer in making any
payment of the principal of or premium or interest, if any, on the Notes where the same shall be due and payable as provided in the Notes; and 

  

	 	(iii)	 At any time after an Issuer Event of Default in respect of the Notes shall have occurred, Paying Agent shall,
if so required by notice in writing given by the Trustee to the Paying Agent: (y) thereafter, until otherwise instructed by the Trustee, act as agent of the Trustee under the terms of this Agreement; and/or (z) deliver all Notes and all
sums, documents and records held by the Paying Agent in respect of the Notes to the Trustee or as the Trustee shall direct in such notice; provided that such notice shall be deemed not to apply to any document or record which the Paying Agent is
obliged not to release by any applicable law or regulation. 

 3.6 Notwithstanding the foregoing, 

 

	 	(i)	 if any Note is presented or surrendered for payment to the Paying Agent and the Paying Agent has delivered a
replacement therefor or has been notified that the same has been replaced, the Paying Agent shall as soon as is reasonably practicable notify the Issuer in writing of such presentation or surrender and shall not make payment against the same until
it is so instructed by the Issuer and has received the amount to be so paid; and 

  

	 	(ii)	 the Paying Agent shall cancel each Note against surrender of which it has made full payment and shall deliver
each Note so cancelled by it to the Trustee. 

	3.7	 In no event, shall the Paying Agent be obliged to make any payments hereunder if it has not received the
full amount of any payment. 

  

	4	 Indemnity 

  

	4.1	 The Issuer shall indemnify and keep indemnified the Paying Agent against any losses, liabilities, costs,
claims, actions or demands which it may incur or which may be made against it as a result of or in connection with its appointment or the exercise of its powers and duties under this Agreement or in respect of the Issuer’s issue of Notes,
except to the extent that they have resulted from the Paying Agent’s own gross negligence, willful misconduct or bad faith. The Paying Agent shall notify the Issuer promptly of any claim for which it may seek indemnity. The failure of the
Paying Agent to so notify the Issuer will relieve the Issuer from any liability which it may have to the Paying Agent for contribution or otherwise under the indemnity contained in this Section, but only to the extent that the Issuer is materially
prejudiced as a direct result of such failure. The Issuer shall defend the claim and the Paying Agent shall cooperate in the defense. The Paying Agent may have separate counsel in any such defense, but the fees and expenses of such counsel shall be
at the expense of the Paying Agent, unless: (i) the employment of such counsel has been specifically authorized in writing by the Issuer; (ii) the Issuer has failed promptly to assume the defense and employ counsel reasonably satisfactory
to the Paying Agent; or (iii) the named parties to any such action (including any impleaded parties) include both the Paying Agent and the Issuer or any affiliate of the Issuer, and such Paying Agent shall have reasonably concluded that either
(x) there may be one or more legal defenses available to it which are different from or additional to those available to the Issuer or such affiliate of the Issuer or (y) a conflict may exist between the Paying Agent and the Issuer or such
affiliate of the Issuer. The Issuer need not pay for any settlement without its consent, which consent shall not be unreasonably withheld. 

  

	4.2	 The indemnity contained in this Section shall survive the termination or expiry of this Agreement and
the resignation or removal of the Paying Agent. 

 5 General 

 

	5.1	 In acting under this Agreement, the Paying Agent shall not (i) be under any fiduciary duty towards
any person, (ii) be responsible for or liable in respect of the authorization, validity or legality of any Note amount paid by it hereunder (except to the extent that any such liability is determined by a court of competent jurisdiction to have
been resulted from the Paying Agent’s gross negligence or willful misconduct), (iii) be under any obligation towards any person other than the Trustee and Issuer or (iv) assume any relationship of agency or trust for or with any Holder.

  

	5.2	 The Paying Agent shall be entitled to treat the registered Holder of any Note as the absolute owner of
such Note for all purposes and make payments thereon accordingly. 

	5.3	 The Paying Agent may exercise any of its rights or duties hereunder by or through agents or attorneys,
and shall not be responsible for any misconduct thereof, provided such agent or attorney has been appointed by due care. 

  

	5.4	 The Paying Agent shall not exercise any lien, right of set-off
or similar claim against any Holder of a Note in respect of moneys payable by it under this Agreement; however, should Paying Agent elect to make a payment pursuant to Section 3.4 hereof, it shall be entitled to appropriate for its own account
out of the funds received by it under Section 3 an amount equal to the amount so paid by it. 

  

	5.5	 The Paying Agent may (with the Issuer’s written
pre-approval and at the reasonable expense of the Issuer) consult on any matter concerning its duties with regards to the Notes hereunder any legal adviser or other expert selected by it and pre-approved by the Issuer, and the Paying Agent shall not be liable in respect of anything done, or omitted to be done in accordance with that adviser’s opinion. At any time, the Paying Agent may apply to any
duly authorized representative of the Issuer for a written instruction and shall not be liable for action taken or omitted to be taken in accordance with such instruction. For the avoidance of doubt, a duly authorized representative shall be of
vice-president level or above. The Paying Agent shall promptly notify the Issuer of any action taken or omitted by the Paying Agent in reliance upon such advice. 

 

	5.6	 The Paying Agent shall be entitled to rely, and shall not be liable in respect of anything done or
suffered by it in reliance, on any notice, document, communication or information reasonably believed in good faith by it to be genuine and given by the proper parties. 

 

	5.7	 The Paying Agent shall be obliged to perform only such duties as are specifically set forth herein and
in the Notes, and no implied duties or obligations shall be read into this Agreement or the Notes against the Paying Agent. 

  

	5.8	 The Paying Agent shall not be liable to account to the Issuer for any interest or other amounts in
respect of funds received by it from the Issuer. Money held by the Paying Agent need not be segregated except as required by law. 

  

	5.9	 No provision of this Agreement or the Notes shall require the Paying Agent to risk or expend its own
funds, or to take any action which in its reasonable judgment would result in any expense or liability accruing to it. 

  

	5.10	 In no event will the Paying Agent be responsible or liable for any failure or delay in the performance
of its obligations hereunder arising out of or caused by, directly or indirectly, forces beyond its control, including, without limitation, strikes, work stoppages, acts of war or terrorism, civil or military disturbances, nuclear or natural
catastrophes or acts of God, and interruptions, severe loss or malfunctions of utilities, communications or computer (software and hardware) services; it being understood that the Paying Agent will use its best reasonable efforts which are
consistent with accepted practices in the banking industry to resume performance as soon as practicable under the circumstances. 

	5.11	 The Paying Agent shall have no duty to inquire as to the performance of the covenants of the Issuer, nor
shall it be charged with knowledge of any default or Event of Default under the Indenture. 

  

	5.12	 Notwithstanding any provision of this Agreement to the contrary, the Paying Agent will not in any event
be liable for special, punitive or consequential loss or damage of any kind whatsoever (including but not limited to lost profits), whether or not foreseeable, even if the Paying Agent has been advised of the likelihood of such loss or damage and
regardless of the form of action. 

  

	5.13	 The Paying Agent, its officers, directors, employees and shareholders may become the owners of, or
acquire any interest in, the Notes, with the same rights that it or they would have if it were not the Paying Agent, and may engage or be interested in any financial or other transaction with the Issuer as freely as if it were not the Paying Agent.

  

	5.14	 The Paying Agent shall retain the right not to act and shall not be held liable for refusing to act
unless it has received clear and reasonable documentation which complies with the terms of this Agreement. 

  

	5.15	 The Issuer will supply the Paying Agent with the names and specimen signatures of its authorized
persons. 

  

	6	 Change of Paying Agent 

 

	6.1	 Resignation or Removal of Paying Agent. Any time, other than on a day during the forty-five
(45) day period preceding any payment date for Issuer’s Notes, the Paying Agent may resign by giving at least forty-five (45) days’ prior written notice to Issuer; and the Paying Agent’s agency shall be terminated and its
duties shall cease upon expiration of such forty-five (45) days or such lesser period of time as shall be mutually agreeable to Paying Agent and Issuer. At any time, following at least forty-five (45) days’ prior written notice (or
such lesser period of time as shall be mutually agreeable to the Paying Agent and the Issuer) from the Issuer, the Paying Agent may be removed from its agency. Such removal shall become effective upon the expiration of the forty-five (45) day
or agreed lesser time period, and upon payment to the Paying Agent of all amounts payable to it in connection with its agency. In such event, following payment of its fees and expenses, the Paying Agent shall deliver to the Issuer, or to the
Issuer’s designated representative, all Notes (if any) and cash (if any) belonging to the Issuer and, at the Issuer’s expense, shall furnish to the Issuer, or to the Issuer’s designated representative, such information regarding the
status of the Issuer’s outstanding Notes reasonably requested by the Issuer. 

	6.2	 Any corporation into which a Paying Agent may be merged or consolidated or any corporation resulting
from any merger or consolidation to which such Paying Agent is a party or any corporation to which such Paying Agent shall sell or otherwise transfer all or substantially all of its corporate trust or agency assets shall on the date on which such
merger, consolidation or transfer becomes effective, become the successor to such Paying Agent under this Agreement without the execution or filing of any paper or any further act on the part of the parties hereto. 

 

	7	 Compensation, Fees and Expenses 

 

	7.1	 The Issuer will pay to the Paying Agent the compensation, fees and expenses in respect of the Paying
Agent’s services as separately agreed with the Paying Agent. 

  

	7.2	 The Issuer will also pay all reasonable
out-of-pocket expenses (including legal expenses) incurred by the Paying Agent in connection with its services hereunder, together with any applicable value added tax
and stamp, issue, or other documentary taxes and duties. For the avoidance of doubt, the Issuer shall not pay any expenses of or other amounts to the Paying Agent which expenses or amounts are determined to have been caused by the Paying
Agent’s own gross negligence or willful misconduct. 

  

	8	 Notices 

  

	8.1	 Each notice or communication under this Agreement shall be made in writing, by fax, email or otherwise
in accordance with this Section 8. Each communication or document to be delivered to any party under this Agreement shall be sent to that party at the fax number, email address or address, and marked for the attention of the person (if any),
from time to time designated by that party to the Paying Agent (or, in the case of the Paying Agent, by it to each other party) for the purpose of this Agreement. The initial telephone number, fax number, email address, address and person so
designated are: 

 in the case of the Issuer, at: 

Marsh & McLennan Companies, Inc. 

1166 Avenue of the Americas 
 New
York, New York 10036 
 Attention: Ferdinand G. Jahnel 

Telephone: (212) 345-5000 

Facsimile: (212) 948-4312 

in the case of the Paying Agent, to it at: 

The Bank of New York Mellon, London Branch 

One Canada Square, London E14 5AL 

Attention: Corporate Trust Administration 

Telephone: +44 (0) 207 964 5028 

Facsimile: +44 (0) 207 964 2536 

 With a copy to (which shall not constitute notice): 

The Bank of New York Mellon Trust Company, N.A. 

240 Greenwich Street 
 Floor 7E

 New York, NY 10286 

Telephone: 212-815-5082 

Facsimile: (212) 815-5595 
  

	8.2	 All notices under this Agreement shall be effective (if by fax or email) when good receipt is confirmed
by the recipient following enquiry by the sender and (if in writing) when delivered, except that a communication received outside normal business hours shall be deemed to be received on the next Business Day in the city in which the recipient is
located. 

  

	8.3	 In no event, shall the Paying Agent be liable for any losses arising from the Paying Agent receiving or
transmitting any data from or to an authorized person via any non-secure method of transmission or communication, such as but without limitation, by facsimile or email. The Issuer accepts that some methods of
communication are not secure and the Paying Agent shall not incur any liability for receiving instructions via any such non-secure method. The Paying Agent is authorized to comply with and rely upon any such
notice, instruction or other communications reasonably and in good faith believed by it to have been sent or given by an authorized person. The Issuer shall use all reasonable endeavours to ensure that instructions transmitted to the Paying Agent
pursuant to this Agreement are complete and correct. Any instructions shall be conclusively deemed to be valid instructions from the Issuer to the Paying Agent for the purposes of this Agreement. 

 

	9	 Governing Law and Jurisdiction; Waiver of Jury Trial 

 

	9.1	 The interpretation, validity and enforcement of this Agreement, and all legal actions brought under or
in connection with the subject matter of this Agreement, shall be governed by the laws of the State of New York. 

  

	9.2	 Any court action brought under or in connection with the subject matter of this Agreement shall be
brought only in the United States District Court for the Southern District of New York or, if such court would not have jurisdiction over the matter, then only in a New York State court sitting in the Borough of Manhattan, City of New York. Each
Party submits to the exclusive jurisdiction of these courts and agrees not to commence any legal action under or in connection with the subject matter of this Agreement in any other court or forum. 

 

	9.3	 Each Party waives any objection to the laying of the venue of any legal action brought under or in
connection with the subject matter of this Agreement in the Federal or state courts sitting in the Borough of Manhattan, City of New York, and agrees not to plead or claim in such courts that any such action has been brought in an inconvenient
forum. 

	9.4	 THE ISSUER HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL
RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTION CONTEMPLATED HEREBY. 

  

	10	 Tax Matters and Withholding 

 

	10.1	 The Paying Agent shall deliver to the Issuer two properly completed and executed originals of IRS Form W-9 (or appropriate successor form) upon entering into this Agreement (and from time to time thereafter upon reasonable request of the Issuer). The Paying Agent agrees that if any form or certification that it
previously delivered expires or becomes obsolete or inaccurate in any respect, it shall update such form or certification promptly or promptly notify the Issuer in writing of its legal inability to do so. 

Any agent appointed pursuant to this Agreement making any payment on the Notes shall deliver to the Issuer two properly completed and executed
originals of IRS Form W-9 (or appropriate successor form) upon such appointment (and from time to time thereafter upon reasonable request of the Issuer). 

 

	10.2	 Notwithstanding any other provision of this Agreement, the Paying Agent shall be entitled to make a
deduction or withholding (including the deduction of FATCA Withholding Tax) from any payment which it makes under this Agreement for or on account of any present or future taxes, duties or charges if and to the extent so required by any applicable
law and any current or future regulations or agreements thereunder or official interpretations thereof or any law implementing an intergovernmental approach thereto or by virtue of the relevant holder failing to satisfy any certification or other
requirements in respect of the Notes, in which event the Paying Agent shall make such payment after such withholding or deduction has been made and shall account to the relevant authorities for the amount so withheld or deducted, and the Paying
Agent shall have no obligation to gross up any payment hereunder or pay any additional amount as a result of such withholding tax. 

In addition, the Issuer agrees: (i) to provide the Paying Agent tax-information about holders or
the transactions contemplated hereby (including any modification to the terms of such transactions), to the extent such information is directly available to the Issuer, so that the Paying Agent can determine whether it has tax-related obligations under applicable law, (ii) that the Paying Agent shall be entitled to make any withholding or deduction from payments under the transaction documents to the extent necessary to comply
with applicable law for which the Paying Agent shall not have any liability and (iii) to hold harmless the Paying Agent for any losses it may suffer due to the actions it takes to comply with such applicable law. The terms of this section shall
survive the termination of this Agreement. 

 Definitions: 

“FATCA Withholding Tax” shall mean any withholding or deduction pursuant to an agreement described in Section 1471(b) of
the Code or otherwise imposed pursuant to Sections 1471 through 1474 of the Code (or any regulations or agreements thereunder or official interpretations thereof) or any intergovernmental agreement between the United States and another jurisdiction
facilitating the implementation thereof (or any law implementing such an intergovernmental agreement). 
 “Code” shall mean
the US Internal Revenue Code of 1986, as amended. 
  

	11	 Headings 

The headings of the Sections of this Agreement are inserted for convenience only and shall not constitute a part of or affect in any way the
meaning or interpretation of this Agreement. 
  

	12	 Counterparts 

This Agreement may be executed by each of the parties hereto in any number of counterparts and by PDF or other electronic signature, each of
which counterparts, when so executed and delivered, shall be deemed to be an original and all such counterparts shall together constitute one and the same agreement. 

 In witness whereof the parties hereto have caused this Agreement to be duly executed the day
and year first above written. 
  

			
	Marsh & McLennan Companies, Inc.,
	as Issuer
		
	By:	 	 /s/ Ferdinand Jahnel

		 	Name: Ferdinand Jahnel
		 	Title: Vice President & Treasurer

  

			
	The Bank of New York Mellon, London Branch,
	as Paying Agent
		
	By:	 	 /s/ Latoya S. Elvin

		 	Name: Latoya S. Elvin
		 	Title: Vice President

 [Signature Page to Paying Agency Agreement]

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