Form 8-K

8-K — MARSH & MCLENNAN COMPANIES, INC.

Accession: 0001193125-26-434167

Filed: 2026-10-27

Period: 2026-10-27

CIK: 0000062709

SIC: 6411 (INSURANCE AGENTS BROKERS & SERVICES)

Item: Other Events

Item: Financial Statements and Exhibits

Documents

8-K — d170705d8k.htm (Primary)

EX-1.1 (d170705dex11.htm)

EX-4.1 (d170705dex41.htm)

EX-4.4 (d170705dex44.htm)

EX-5.1 (d170705dex51.htm)

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GRAPHIC (g170705img1.jpg)

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8-K

8-K (Primary)

Filename: d170705d8k.htm · Sequence: 1

8-K

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of report (Date of earliest event reported): October 27, 2026

Marsh & McLennan Companies, Inc.

(Exact Name of Registrant as Specified in its Charter)

Delaware

1-5998

36-2668272

(State or Other Jurisdiction

of Incorporation)

(Commission

File Number)

(IRS Employer

Identification No.)

1166 Avenue of the Americas, New York, NY

10036

(Address of Principal Executive Offices)

(Zip Code)

Registrant’s telephone number, including area code: (212) 345-5000

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading

symbol(s)

Name of exchange

on which registered

Common Stock, par value $1.00 per share

MRSH

New York Stock Exchange

Indicate by check mark

Chicago Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 8.01

Other Events

On October 20, 2026, Marsh & McLennan Companies, Inc. (the “Company”) entered into an underwriting agreement (the “Underwriting Agreement”) with the several underwriters party thereto (the “Underwriters”), pursuant to which the Underwriters agreed to purchase from the Company €600 million aggregate principal amount of its 4.250% Senior Notes due 2032 and €600 million aggregate principal amount of its 4.625% Senior Notes due 2036 (collectively, the “Notes”).

The Notes were registered under the Company’s effective shelf registration statement on Form S-3 (Registration No. 333-280979) under the Securities Act of 1933, as amended, as filed with the Securities and Exchange Commission on July 24, 2024, and were offered by means of the Company’s prospectus dated July 24, 2024, as supplemented by the prospectus supplement dated October 20, 2026.

The Notes were issued on October 27, 2026, pursuant to the Indenture dated July 15, 2011, by and between the Company and The Bank of New York Mellon, as trustee (the “Trustee”), filed as Exhibit 4.1 to the Company’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2011 and incorporated herein by reference, as supplemented by the Twenty-Second Supplemental Indenture (the “Supplemental Indenture”), dated as of October 27, 2026, by and between the Company and the Trustee. In connection with the closing of the offering of the Notes, the Company also entered into a Paying Agency Agreement (the “Paying Agency Agreement”), dated as of October 27, 2026, with The Bank of New York Mellon, London Branch, as paying agent.

The foregoing descriptions of the Underwriting Agreement, the Supplemental Indenture, the Notes and the Paying Agency Agreement are summaries and are qualified in their entirety by the Underwriting Agreement, the Supplemental Indenture, the forms of Notes and the Paying Agency Agreement, which are attached hereto as Exhibits 1.1, 4.1, 4.2, 4.3 and 4.4, respectively and incorporated herein by reference.

A copy of the opinion of Davis Polk & Wardwell LLP, counsel to the Company, relating to the legality of the Notes is filed as Exhibit 5.1 hereto.

Item 9.01

Financial Statements and Exhibits

(d) Exhibits

Exhibit

No.

Description

1.1

Underwriting Agreement, dated October 20, 2026, by and among Marsh & McLennan Companies, Inc. and Merrill Lynch International, Deutsche Bank AG, London Branch, Barclays Bank PLC and HSBC Bank plc, as representatives of the several underwriters named therein.

4.1

Twenty-Second Supplemental Indenture, dated October 27, 2026, between Marsh & McLennan Companies, Inc. and The Bank of New York Mellon, as trustee.

4.2

Form of 4.250% Senior Notes due 2032 (included in Exhibit 4.1 above).

4.3

Form of 4.625% Senior Notes due 2036 (included in Exhibit 4.1 above).

4.4

Paying Agency Agreement, dated October 27, 2026, between Marsh & McLennan Companies, Inc. and The Bank of New York Mellon, London Branch, as paying agent.

5.1

Opinion of Davis Polk & Wardwell LLP.

23.1

Consent of Davis Polk & Wardwell LLP (included in Exhibit 5.1 above).

104

Cover Page Interactive Data File (embedded within the Inline XBRL document).

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

MARSH & McLENNAN COMPANIES, INC.

By:

/s/ Connor Kuratek

Name:

Connor Kuratek

Title:

Deputy General Counsel & Corporate Secretary

Date: October 27, 2026

EX-1.1

Filename: d170705dex11.htm · Sequence: 2

EX-1.1

Exhibit 1.1

Execution Version

Marsh & McLennan Companies, Inc.

€600,000,000 aggregate principal amount of 4.250% Senior Notes due 2032

€600,000,000 aggregate principal amount of 4.625% Senior Notes due 2036

UNDERWRITING AGREEMENT

October 20, 2026

Merrill Lynch International

Deutsche Bank AG, London Branch

Barclays Bank PLC

HSBC Bank plc

For themselves and as Representatives

of the other Underwriters

named in

Schedule I hereto

Merrill Lynch International

2 King Edward Street

London EC1A 1HQ

United Kingdom

Deutsche Bank AG, London Branch

21 Moorfields

London EC2Y 9DB

United Kingdom

Barclays Bank PLC

1 Churchill Place

London E14 5HP

United Kingdom

HSBC Bank plc

8 Canada Square

London E14 5HQ

United Kingdom

Dear Sirs and Mesdames:

Marsh &

McLennan Companies, Inc., a Delaware corporation (the “Company”), proposes to issue and sell €600,000,000 aggregate principal amount of 4.250% Senior Notes due 2032 (the “2032 Notes”) and €600,000,000

aggregate principal amount of 4.625% Senior Notes due 2036 (the “2036 Notes” and, together with the 2032 Notes, the “Notes”) each to be issued under an indenture, dated as of July 15, 2011 (the

“Original Indenture”), between the Company, as issuer, and The Bank of New York Mellon, as trustee (the “Trustee”), as supplemented by a twenty-second supplemental indenture relating to the Notes, to be dated as

of the Closing Date (as defined herein) (the “Supplemental Indenture,” and, together with the Original Indenture, the “Indenture”), between the Company, as issuer, and the Trustee, to each

of the Underwriters named in Schedule I hereto (collectively, the “Underwriters”), for whom Merrill Lynch International, Deutsche Bank AG, London Branch, Barclays Bank

PLC and HSBC Bank plc are acting as representatives (such group in such capacity, the “Representatives”). In connection with the issuance of the Notes, the Company and The Bank of New York Mellon, London Branch (the

“Paying Agent”) will enter into a paying agency agreement (the “Paying Agency Agreement”) to be dated as of the Closing Date.

On July 24, 2024, the Company filed with the Securities and Exchange Commission (the “Commission”) a registration

statement on Form S-3 (No. 333-280979) for the registration of the offer and sale of certain securities, including the Notes, from time to time in accordance with Rule 415 under the Securities

Act of 1933, as amended (the “Securities Act”), and the Company has filed such post-effective amendments thereto as may be required prior to the date hereof. Such registration statement, as so amended, has been declared effective

by the Commission, and the Indenture has been qualified under the Trust Indenture Act of 1939, as amended (the “Trust Indenture Act”). The Company has furnished to you, for use by the Underwriters and by dealers, electronic copies

of one or more preliminary prospectus supplements (the “Preliminary Prospectus Supplements”) relating to the Notes. Promptly after execution and delivery of this Agreement, the Company will prepare and file a final prospectus

supplement (the “Final Prospectus Supplement”) reflecting the terms of the Notes, the terms of the offering thereof and the other matters set forth therein, pursuant to Rule 424(b) under the Securities Act. The registration

statement, in the form in which it became effective and all post-effective amendments thereto, is herein called the “Registration Statement.” The prospectus, dated July 24, 2024, in the form in which it appears in the

Registration Statement is hereinafter referred to as the “Basic Prospectus.” The term “Preliminary Prospectus” shall mean any Preliminary Prospectus Supplement relating to the Notes, together with the Basic

Prospectus, that is filed with the Commission pursuant to Rule 424(b). The term “Prospectus” shall mean the final prospectus supplement relating to the Notes, together with the Basic Prospectus, that is filed pursuant to

Rule 424(b) after the date and time that this Agreement is executed (the “Execution Time”) by the parties hereto. If the Company has filed an abbreviated registration statement to register additional Notes or other debt

securities pursuant to Rule 462(b) under the Securities Act (the “Rule 462 Registration Statement”), then any reference herein to the term “Registration Statement” shall be deemed to include

such Rule 462 Registration Statement. Any reference in this Agreement to the Registration Statement, the Basic Prospectus, the Preliminary Prospectus and the Prospectus shall be deemed to refer to and include the documents incorporated by

reference therein pursuant to Item 12 of Form S-3 under the Securities Act, prior to 3:10 p.m. London time on the date of this Agreement (the “Initial Sale Time”), and any

reference to “amend,” “amendment” or “supplement” with respect to the Registration Statement, the Prospectus, the Basic Prospectus, the Preliminary Prospectus Supplements and the Final Prospectus Supplement shall

be deemed to refer to and include any documents filed after the Initial Sale Time under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and the rules and regulations of the Commission thereunder that are

deemed to be incorporated by reference therein.

1. Representations and Warranties of the Company. The Company represents and

warrants to and agrees with each Underwriter that:

(i) The Registration Statement has become effective; no stop order suspending the

effectiveness of the Registration Statement is in effect, and no proceedings for such purpose are pending before or, to the knowledge of the Company, threatened by the Commission.

(ii) At the respective times the Registration Statement and any post-effective amendments

thereto became effective or were filed, as the case may be, at the date hereof and at the Closing Date (as defined in Section 4 hereof), the Registration Statement and any amendments thereto did not, do not and will not

contain any untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading, and complied, comply and will comply in all material respects with the

Securities Act and the applicable rules and regulations of the Commission thereunder. At the date of the Prospectus and at the Closing Date, neither the Prospectus nor any amendment or supplement thereto contained or contains and, as amended or

supplemented, if applicable, will contain any untrue statement of a material fact or omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading,

except that the representations and warranties set forth in this paragraph do not apply to statements or omissions in the Registration Statement or the Prospectus or any amendment or supplement thereto based upon and in conformity with written

information furnished to the Company by any Underwriter through the Representatives expressly for use therein, it being understood and agreed that the only such information furnished by any Underwriter through the Representatives consists of the

information described as such in Section 7 hereof.

(iii) The term “Disclosure Package” shall

mean (i) the Preliminary Prospectus, dated October 19, 2026, (ii) the issuer free writing prospectuses as defined in Rule 433 under the Securities Act (each, an “Issuer Free Writing Prospectus”), if any,

identified in Schedule II(A) hereto and (iii) any other free writing prospectus that the parties hereto shall hereafter expressly agree in writing to treat as part of the Disclosure Package. As of the Initial Sale

Time, the Disclosure Package and each Issuer Free Writing Prospectus listed on Schedule II(B) hereto, as supplemented by and taken together with the Disclosure Package as of the Initial Sale Time, did not contain any untrue

statement of a material fact or omit to state any material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading. The representations and warranties set forth in this

paragraph do not apply to statements or omissions in the Disclosure Package based upon and in conformity with written information furnished to the Company by any Underwriter through the Representatives expressly for use therein, it being understood

and agreed that the only such information furnished by any Underwriter through the Representatives consists of the information described as such in Section 7 hereof.

(iv) (i) At the time of filing the Registration Statement, (ii) at the time of the most recent amendment thereto for the purposes of

complying with Section 10(a)(3) of the Securities Act (whether such amendment was by post-effective amendment, incorporated report filed pursuant to Section 13 or 15(d) of the Exchange Act or form of prospectus), (iii) at the time the

Company or any person acting on its behalf (within the meaning, for this clause only, of Rule 163(c) under the Securities Act) made any offer relating to the Notes in reliance on the exemption of Rule 163 under the Securities Act, and

(iv) as of the Execution Time, the Company was and is a “well-known seasoned issuer” as defined in Rule 405 under the Securities Act. The Registration Statement is an “automatic shelf registration statement,” as

defined in Rule 405 under the Securities Act, that automatically became effective not more than three years prior to the Execution Time; the Company has not received from the Commission any notice pursuant to Rule 401(g)(2) under the

Securities Act objecting to the use of the automatic shelf registration statement form and the Company has not otherwise ceased to be eligible to use the automatic shelf registration form.

(v) (i) At the time of filing the Registration Statement and (ii) as of the

Execution Time (with such date being used as the determination date for purposes of this Section 1(v)), the Company was not and is not an Ineligible Issuer (as defined in Rule 405 under the Securities Act).

(vi) The Company has been duly incorporated, is validly existing as a corporation in good standing under the laws of the jurisdiction of its

incorporation, has the corporate power and authority to own its properties and to conduct its business as described in the Disclosure Package and the Prospectus and is duly qualified to transact business and is in good standing in each jurisdiction

in which the conduct of its business or its ownership or leasing of property requires such qualification, except to the extent that the failure to be so qualified or be in good standing would not reasonably be expected to have a material adverse

effect on the Company and its subsidiaries, taken as a whole.

(vii) Each Issuer Free Writing Prospectus, as of its issue date and at all

subsequent times through the completion of the offering of Notes under this Agreement or until any earlier date that the Company notified or notifies the Representatives as described in the next sentence, did not, does not and will not include any

information that conflicted, conflicts or will conflict with the information contained in the Registration Statement, the Preliminary Prospectus or the Prospectus. If at any time following the issuance of an Issuer Free Writing Prospectus there

occurred or occurs an event or development as a result of which such Issuer Free Writing Prospectus conflicted or would conflict with the information contained in the Registration Statement, the Preliminary Prospectus or the Prospectus, the Company

has promptly notified or will promptly notify the Representatives and has promptly amended or supplemented or will promptly amend or supplement, at its own expense, such Issuer Free Writing Prospectus to eliminate or correct such conflict. The

representations and warranties set forth in this paragraph do not apply to statements or omissions in the Disclosure Package based upon and in conformity with written information furnished to the Company by any Underwriter through the

Representatives expressly for use therein, it being understood and agreed that the only such information furnished by any Underwriter through the Representatives consists of the information described as such in Section 7

hereof.

(viii) The Company has not distributed and will not distribute, prior to the later of the Closing Date and the completion of the

Underwriters’ distribution of the Notes, any offering material in connection with the offering and sale of the Notes other than the Preliminary Prospectus, the Prospectus, any Issuer Free Writing Prospectus reviewed and consented to by the

Representatives and included in Schedule II hereto or the Registration Statement.

(ix) Each subsidiary of the Company that is a “significant subsidiary” of the

Company as defined by Rule 1-02 of Regulation S-X under the Securities Act (each a “Significant Subsidiary,” and collectively, the

“Significant Subsidiaries”) has been duly incorporated, is validly existing as a corporation in good standing under the laws of the jurisdiction of its incorporation, has the corporate power and authority to own its properties and

to conduct its business as described in the Disclosure Package and the Prospectus and is duly qualified to transact business and is in good standing in each jurisdiction in which the conduct of its business or its ownership or leasing of property

requires such qualification, except to the extent that the failure to be so qualified or be in good standing would not reasonably be expected to have a material adverse effect on the Company and its subsidiaries, taken as a whole; except as

described in or contemplated by the Disclosure Package and the Prospectus, all of the issued shares of capital stock of each Significant Subsidiary have been duly and validly authorized and issued and, are fully paid and non-assessable.

(x) This Agreement has been duly authorized, executed and delivered by the Company.

(xi) The authorized capital stock of the Company conforms to the description thereof contained in the Disclosure Package and the

Prospectus. All of the outstanding shares of capital stock of the Company have been duly authorized and are validly issued, fully paid and non-assessable.

(xii) The Original Indenture has been duly and validly authorized by all necessary corporate action by the Company, has been duly executed and

delivered by the Company and (assuming due authorization, execution and delivery by the Trustee) is a valid and binding agreement of the Company, enforceable against the Company in accordance with its terms, subject to applicable bankruptcy,

insolvency, reorganization, moratorium, fraudulent conveyance or similar laws now or hereafter in effect affecting creditors’ rights generally and subject, as to enforceability, to general principles of equity (regardless of whether

enforcement is considered in a proceeding in equity or at law). The Supplemental Indenture has been duly and validly authorized by all necessary corporate action by the Company; upon due execution and delivery by the Company, and upon the due

authorization, execution and delivery by the Trustee, the Supplemental Indenture will be a valid and binding agreement of the Company, enforceable against the Company in accordance with its terms, subject to applicable bankruptcy, insolvency,

reorganization, moratorium, fraudulent conveyance or similar laws now or hereafter in effect affecting creditors’ rights generally and subject, as to enforceability, to general principles of equity (regardless of whether enforcement is

considered in a proceeding in equity or at law). The Paying Agency Agreement has been duly and validly authorized by all necessary corporate action by the Company; upon due execution and delivery by the Company, and upon the due authorization,

execution and delivery by the Paying Agent and the Trustee, the Paying Agency Agreement will be a valid and binding agreement of the Company, enforceable against the Company in accordance with its terms, subject to applicable bankruptcy, insolvency,

considered in a proceeding in equity or at law).The Indenture has been duly qualified under the Trust Indenture Act. The Notes and the Indenture will conform, in each case in all material respects, to the descriptions thereof contained in the

Disclosure Package and the Prospectus.

(xiii) The issuance and sale of the Notes have been duly and validly authorized by all

necessary corporate action by the Company and, when duly executed by the Company and duly authenticated and delivered by the Trustee against payment in accordance with the terms of the Indenture and this Agreement, will be valid and binding

obligations of the Company, enforceable against the Company in accordance with their terms (assuming the due authorization, execution and delivery of the Indenture by the Trustee) and entitled to the benefits of the Indenture, subject to applicable

bankruptcy, insolvency, reorganization, moratorium, fraudulent conveyance or similar laws now or hereafter in effect affecting creditors’ rights generally and subject, as to enforceability, to general principles of equity (regardless of

whether enforcement is considered in a proceeding in equity or at law). When duly executed, authenticated, issued, delivered and paid for as provided herein and in the Indenture, the Notes will constitute direct, general senior, unsecured and

unconditional obligations of the Company and will rank pari passu with all other present and future senior, unsecured indebtedness of the Company (other than obligations preferred by statute or operation of law).

(xiv) The execution, delivery and performance by the Company of this Agreement and the Indenture, the issuance, authentication, sale and

delivery of the Notes and compliance by the Company with the terms thereof, and the consummation of the transactions contemplated herein and therein, will not conflict with or violate any provision of applicable law or the certificate of

incorporation or by-laws of the Company or any agreement or other instrument binding upon the Company or any of its subsidiaries that is material to the Company and its subsidiaries, taken as a whole, or any

judgment, order or decree of, or settlement agreement with, any governmental body, agency or court having jurisdiction over the Company or any subsidiary, except for any such conflicts or violations which, individually or in the aggregate, would not

reasonably be expected to have a material adverse effect on the Company and its subsidiaries taken as a whole; and no consent, approval, authorization or order of or qualification with, any governmental body or agency is required for the execution,

delivery and performance by the Company of this Agreement or the Indenture, the issuance, authentication, sale and delivery of the Notes and compliance by the Company with the terms thereof, and the consummation of the transactions contemplated by

this Agreement or the Indenture, except for the registration of the Notes under the Securities Act, the qualification of the Indenture under the Trust Indenture Act and such consents, approvals, authorizations, filings, registrations or

qualifications (A) which shall have been obtained or made prior to the Closing Date, (B) as may be required to be obtained or made under the Exchange Act and applicable state securities laws in connection with the purchase and distribution

of the Notes by the Underwriters and (C) as may be required in connection with the listing of the Notes on the New York Stock Exchange (the “NYSE”).

(xv) Since the date of the last audited consolidated financial statements included in the Disclosure Package and the Prospectus, there has not

occurred any material adverse change in the condition, financial or otherwise, or in the earnings, business or operations of the Company and its subsidiaries, taken as a whole, from that set forth in the Disclosure Package and the Prospectus

(exclusive of any amendments or supplements thereto subsequent to the date of this Agreement). The interactive data in eXtensible Business Reporting Language included or incorporated by reference in the Registration Statement, the Disclosure Package

and the Prospectus fairly presents the information called for in all material respects and has been prepared in accordance with the Commission’s rules and guidelines applicable thereto.

(xvi) To the knowledge of the Company, there are no legal or governmental proceedings

pending or threatened to which the Company or any of its subsidiaries is a party or to which any of the properties or assets of the Company or any of its subsidiaries is subject that are required to be described in the Registration Statement,

Disclosure Package and the Prospectus and are not so described, or any statutes, regulations, contracts or other documents that are required to be described in the Registration Statement, Disclosure Package and the Prospectus or to be filed as

exhibits to the Registration Statement that are not so described or filed as required.

(xvii) The Company is not, and upon giving effect

to the offering and sale of the Notes and the application of the proceeds thereof as described in the Disclosure Package and the Prospectus will not be, or be required to register as, an “investment company” as such term is defined in

the Investment Company Act of 1940, as amended.

(xviii) There are no contracts, agreements or understandings between the Company and any

person granting such person the right to require the Company to register the resale of any securities of the Company by reason of the filing of the Registration Statement with the Commission.

(xix) The Company has taken all necessary actions to ensure that, upon and at all times after the filing of the Registration Statement, the

Company will be in compliance in all material respects with the applicable provisions of the Sarbanes-Oxley Act of 2002 and the rules and regulations promulgated thereunder.

(xx) The Company and its Significant Subsidiaries have instituted, maintain and will continue to maintain, policies and procedures that are

reasonably designed to promote compliance with (i) the Foreign Corrupt Practices Act of 1977, as amended, and the U.K. Bribery Act of 2010, (ii) applicable financial recordkeeping and reporting requirements of the Currency and Foreign

Transactions Reporting Act of 1970, as amended, and other applicable money laundering statutes, and any applicable rules and regulations issued by government authorities thereunder, and (iii) the economic sanctions laws and regulations

administered by (a) the Office of Foreign Assets Control of the U.S. Treasury Department or the U.S. Department of State, and (b) the United Nations Security Council, the European Union or the United Kingdom.

In addition, any certificate signed by any officer of the Company and delivered to the Underwriters or counsel for the Underwriters in

connection with the offering of the Notes shall be deemed to be a representation and warranty by the Company, as to matters covered thereby, to each Underwriter.

2. Agreements to Sell and Purchase. The Company hereby agrees to sell to the Underwriters, and the Underwriters, severally and not

jointly, upon the basis of the representations and warranties herein contained, but subject to the conditions hereinafter stated, agree to purchase from the Company the principal amount of the Notes set forth opposite such Underwriter’s name

in Schedule I hereto (i) at the purchase price of 99.609% of the principal amount of the 2032 Notes and (ii) at the purchase price of 98.793% of the principal amount of the 2036 Notes.

3. Terms of Public Offering. The Company is advised by you that the Underwriters

propose to make a public offering of the Notes. The Company is further advised by you that the Notes are to be offered to the public on the terms set forth in the Prospectus.

4. Payment and Delivery. Payment for the Notes shall be made to the Company in immediately available funds against delivery of such

Notes for the account of the Underwriters on October 27, 2026 at 10:00 a.m. (London time) at the offices of Skadden, Arps, Slate, Meagher & Flom LLP, One Manhattan West, New York, New York 10001 (or at such other place as may be agreed

to by the Company and the Representatives), or at such time on such later date not more than three business days after the foregoing date as the Representatives shall designate, which date and time may be postponed by agreement between the

Representatives and the Company or as provided in Section 9 hereof (such date and time of delivery and payment for the Notes being herein called the “Closing Date”). Delivery of the Notes shall be made to

the Representatives against payment by the Underwriters of the purchase price thereof to or upon the order of the Company by wire transfer payable in same-day funds to an account specified by the Company, with

any transfer taxes payable in connection with the sale of the Notes duly paid by the Company. Delivery of the Notes shall be made to the common depositary for the respective accounts of the Underwriters of the one or more global notes representing

the Notes (collectively, the “Global Notes”), unless the Representatives shall otherwise instruct. The Settlement Lead Manager (as defined in Section 24 hereof) acknowledges that the Notes represented by the Global Notes will

initially be credited to an account (the “Commissionaire Account”) for the benefit of the Settlement Lead Manager, the terms of which include a third-party beneficiary clause (‘stipulation pour autrui’) with the

Company as the third-party beneficiary and provide that such Notes are to be delivered to others only against payment of the net subscription monies for the Notes (i.e., less the commissions and expenses to be deducted from the subscription monies)

into the Commissionaire Account on a delivery against payment basis. The Settlement Lead Manager acknowledges that (i) the Notes represented by the Global Notes shall be held to the order of the Company as set out above and (ii) the net

subscription monies for the Notes (i.e., less the commissions and expenses to be deducted from the subscription monies) received in the Commissionaire Account will be held on behalf of the Company until such time as they are transferred to the

Company’s order. The Settlement Lead Manager undertakes that the net subscription monies for the Notes (i.e., less the commissions and expenses to be deducted from the subscription monies) will be transferred to the Company’s order

promptly following receipt of such monies in the Commissionaire Account. The Company acknowledges and accepts the benefit of the third-party beneficiary clause (‘stipulation pour autrui’) pursuant to the Civil Code of Belgium and

Luxembourg, as applicable, in respect of the Commissionaire Account.

5. Conditions to the Underwriters’

Obligations. The obligations of the Company to sell the Notes to the Underwriters and the obligation of the Underwriters to purchase and pay for the Notes on the Closing Date are subject to the conditions that the Registration Statement shall be

effective on the Closing Date, no stop order suspending the effectiveness of the Registration Statement shall be in effect and no proceedings for that purpose shall be pending before or threatened by the Commission.

The obligation of the Underwriters is subject to the following further conditions:

(a) Subsequent to the execution and delivery of this Agreement and prior to the Closing Date:

(i) there shall not have occurred any downgrading, nor shall any notice have been given of any intended or potential

downgrading or of any review for a possible change with negative implications, in the rating accorded any of the Company’s securities by any “nationally recognized statistical rating organization,” as that term is used by the

Commission in Section 15E under the Exchange Act; and

(ii) there shall not have occurred any change, or any

development involving a prospective change, in the condition, financial or otherwise, or in the earnings, business or operations of the Company and its subsidiaries, taken as a whole, from that set forth in the Disclosure Package (exclusive of any

amendments or supplements thereto subsequent to the date of this Agreement) that, in your judgment, is material and adverse and that makes it, in your judgment, impracticable to market the Notes on the terms and in the manner contemplated in the

Disclosure Package.

(b) The Representatives shall have received on the Closing Date a certificate, dated the Closing Date,

and signed by an executive officer of the Company, to the effect set forth in Section 5(a) and to the effect that the representations and warranties of the Company contained in this Agreement are true and correct as of the

Closing Date and that the Company has complied with all of the agreements and satisfied all of the conditions on its part to be performed or satisfied hereunder on or before the Closing Date.

The officer signing and delivering such certificate may rely upon the best of his or her knowledge as to proceedings threatened.

(d) The Representatives shall have received on the Closing Date, an opinion and 10b-5

statement of Davis Polk & Wardwell LLP, outside counsel for the Company, dated the Closing Date, in form and substance reasonably satisfactory to the Representatives.

(e) The Representatives shall have received on the Closing Date, an opinion of Connor Kuratek, Deputy General

Counsel & Corporate Secretary for the Company, dated the Closing Date, in form and substance reasonably satisfactory to the Representatives.

(f) The Representatives shall have received on the Closing Date, an opinion and 10b-5

statement of Skadden, Arps, Slate, Meagher & Flom LLP, counsel for the Underwriters, dated the Closing Date, in form and substance reasonably satisfactory to the Representatives, with respect to such related matters as the Underwriters may

reasonably request, and such counsel shall have received such documents and information as they may reasonably request to enable them to pass upon such matters.

(g) The Representatives shall have received on the date hereof, a letter,

dated the date hereof, in form and substance satisfactory to the Representatives, from Deloitte & Touche LLP, independent public accountants, containing statements and information of the type ordinarily included in accountants’

“comfort letters” to Underwriters with respect to the financial statements and certain financial information of the Company contained in the Registration Statement, the Disclosure Package and the Prospectus.

(h) The Representatives shall have received on the Closing Date, a letter, dated the Closing Date, in form and substance

satisfactory to the Representatives, from Deloitte & Touche LLP, independent public accountants, to the effect that they reaffirm the statements made in the letter furnished by them pursuant to Section 5(g), except

that the specified date referred to therein for the carrying out of procedures shall be no more than three business days prior to the Closing Date.

(i) The Notes shall be eligible for clearance and settlement through the facilities of Clearstream Banking,

société anonyme (“Clearstream”), and Euroclear Bank S.A./N.V. (“Euroclear”).

Covenants of the Company. In further consideration of the agreements of the Underwriters herein contained, the Company covenants with the Underwriters as follows:

(a) To make available to you upon request, without charge, two signed copies of the Registration Statement (including exhibits

thereto) and to furnish to you in New York City, without charge, prior to 10:00 a.m. New York City time on the business day next succeeding the date of this Agreement and during the period mentioned in Section 6(c)

below, as many copies of the Disclosure Package, the Prospectus and any supplements and amendments thereto or to the Registration Statement as you may reasonably request.

(b) In connection with the offering of the Notes, before amending or supplementing the Disclosure Package or the Prospectus to

furnish to you a copy of each such proposed amendment or supplement and (other than solely with respect to the filing of a document pursuant to the Exchange Act) not to file any such proposed amendment or supplement to which you reasonably object,

and to file with the Commission within the applicable period specified in Rule 424(b) under the Securities Act any prospectus required to be filed pursuant to such Rule.

development or condition that may cause the Registration Statement to contain an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading or may

cause the Prospectus or Disclosure Package to include an untrue statement of a material fact or omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances existing at the Initial Sale

Time or at the time it is delivered or conveyed to a purchaser, not misleading. If at any time during the period beginning on the date of this Agreement and ending on the later of the Closing

Date or such date as, in the opinion of counsel for the Underwriters, the Prospectus is no longer required by law to be delivered in connection with sales of the Notes by an Underwriter or dealer, including in circumstances where such requirement

may be satisfied pursuant to Rule 172 under the Securities Act (the “Prospectus Delivery Period”), any event shall occur or condition shall exist as a result of which it is necessary, in the opinion of counsel for the

Underwriters or outside counsel for the Company, to amend the Registration Statement in order that the Registration Statement will not contain an untrue statement of a material fact or omit to state a material fact required to be stated therein or

necessary to make the statements therein not misleading or to amend or supplement the Disclosure Package or the Prospectus in order that the Disclosure Package or the Prospectus, as the case may be, will not include an untrue statement of a material

fact or omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances existing at the Initial Sale Time or at the time it is delivered or conveyed to a purchaser, not misleading, or if it shall be

necessary, in the opinion of either such counsel, at any such time to amend the Registration Statement or amend or supplement the Disclosure Package or the Prospectus to comply with applicable law, the Company will, upon notice from such counsel,

promptly prepare and file with the Commission, subject to Section 6(b) hereof, such amendment or supplement as may be necessary to correct such statement or omission or to make the Registration Statement, the Disclosure

Package or the Prospectus comply with such law, and the Company will furnish to the Underwriters, without charge, such number of copies of such amendment or supplement as the Underwriters may reasonably request.

(d) To endeavor to qualify the Notes for offer and sale under the securities or Blue Sky laws of such jurisdictions as you

shall reasonably request, provided that in connection therewith the Company will not be required to (i) qualify as a foreign corporation or file a general consent to service of process in any jurisdiction where it is not now so qualified

or required to file such a consent or (ii) subject itself to taxation in respect of doing business in any jurisdiction where it is not currently subject to taxation.

(e) Whether or not the transactions contemplated in this Agreement are consummated or this Agreement is terminated, to pay or

cause to be paid all expenses incident to the performance of its obligations under this Agreement, including: the fees, disbursements and expenses of the Company’s outside counsel and the Company’s accountants in connection with the

registration and delivery of the Notes under the Securities Act and all other fees or expenses in connection with the preparation and filing of the Disclosure Package, the Prospectus, any Issuer Free Writing Prospectus and amendments and supplements

to any of the foregoing, including all printing costs associated therewith, and the mailing and delivering of copies thereof to the Underwriters and dealers, in the quantities hereinabove specified, all costs and expenses related to the transfer and

delivery of the Notes to the Underwriters, including any transfer or other taxes payable thereon, the cost of printing or producing any Blue Sky memorandum in connection with the offer and sale of the Notes under state securities laws and all

expenses in connection with the qualification of the Notes for offer and sale under state

securities laws as provided in Section 6(d) hereof, including filing fees and the reasonable fees and disbursements of counsel for the Underwriters in connection with

such qualification and in connection with the Blue Sky memorandum, all filing fees and the reasonable fees and disbursements of counsel to the Underwriters incurred in connection with the review and qualification of the offering of the Notes by the

Financial Industry Regulatory Authority, Inc., the cost of printing the Notes, the costs and charges of the Trustee, all fees and expenses of the Company in connection with approval of the Notes for “book-entry” transfer through the

facilities of Clearstream and Euroclear, the costs and expenses of the Company relating to investor presentations on any “road show” undertaken in connection with the marketing of the offering of the Notes, including, without limitation,

expenses associated with the production of road show slides and graphics, fees and expenses of any consultants engaged in connection with the road show presentations with the prior approval of the Company, travel and lodging expenses of the

representatives and officers of the Company and any such consultants, and the cost of any aircraft chartered in connection with the road show and all other costs and expenses incident to the performance of the obligations of the Company hereunder

for which provision is not otherwise made in this Section. It is understood, however, that except as provided in this Section, Section 7 entitled “Indemnity and Contribution,” and the last paragraph of

Section 9 below, each Underwriter will pay all of its costs and expenses in connection with the resale of any of the Notes by it and any advertising expenses connected with any offers it may make.

(f) The Company will file the term sheet attached at Schedule II(C) hereto (the “Final Term

Sheet”) pursuant to Rule 433(d) under the Securities Act within the time required by such rule.

(g) The

Company represents that it has not made, and agrees that, unless it obtains the prior written consent of the Representatives, it will not make, any offer relating to the Notes that would constitute an Issuer Free Writing Prospectus or that would

otherwise constitute a “free writing prospectus” (as defined in Rule 405 under the Securities Act) required to be filed by the Company with the Commission or retained by the Company under Rule 433 under the Securities Act;

provided that the prior written consent of the Representatives shall be deemed to have been given in respect of any Issuer Free Writing Prospectuses included in Schedule II to this Agreement. Any such free writing

prospectus consented to or deemed to be consented to by the Representatives is hereinafter referred to as a “Permitted Free Writing Prospectus.” The Company agrees that (i) it has treated and will treat, as the case may be,

each Permitted Free Writing Prospectus as an Issuer Free Writing Prospectus, and (ii) has complied and will comply, as the case may be, with the requirements of Rules 164 and 433 under the Securities Act applicable to any Permitted Free

Writing Prospectus, including in respect of timely filing with the Commission, legending and record keeping. The Company consents to the use by any Underwriter of a free writing prospectus that (a) is not an “issuer free writing

prospectus” as defined in Rule 433, and (b) contains only (i) information describing the preliminary terms of the Notes or their offering, (ii) information permitted by Rule 134 under the Securities Act or

(iii) information that describes the final terms of the Notes or their offering and that is included in the Final Term Sheet of the Company contemplated in Section 6(f).

(h) If at any time during the Prospectus Delivery Period, the Company

receives from the Commission a notice pursuant to Rule 401(g)(2) or otherwise ceases to be eligible to use the automatic shelf registration statement form, the Company will (i) promptly notify the Representatives, (ii) promptly file a

new registration statement or post-effective amendment on the proper form relating to the Notes, in a form satisfactory to the Representatives, (iii) use its best efforts to cause such registration statement or post-effective amendment to be

declared effective and (iv) promptly notify the Representatives of such effectiveness. The Company will take all other action reasonably necessary or appropriate to permit the public offering and sale of the Notes to continue as contemplated in

the registration statement that was the subject of the Rule 401(g)(2) notice or for which the Company has otherwise become ineligible. References herein to the Registration Statement shall include such new registration statement or

post-effective amendment, as the case may be.

(i) The Company agrees to pay the required Commission filing fees relating

to the Notes within the time required by and in accordance with Rule 456(b)(1) and 457(r) under the Securities Act.

(j) The Company hereby authorizes Merrill Lynch International in its role as stabilizing manager (the “Stabilizing

Manager”) to make adequate public disclosure regarding stabilization of the information required in relation to such stabilization and handling any competent authority requests, in each case, in accordance with Article 6(5) of Commission

Delegated Regulation EU 2016/1052 of 8 March 2016 supplementing Regulation (EU) No 596/2014 and/or Article 6(5) of the Commission Delegated Regulation EU 2016/1052 supplementing Regulation (EU) No 596/2014 as it applies in domestic law by

virtue of the European Union (Withdrawal) Act 2018 (as amended by the Technical Standards (Market Abuse Regulation) (EU Exit) Instrument 2019 (FCA 2019/45)), as applicable with regard to regulatory technical standards for the conditions

applicable to buy-back programs and stabilization measures. The Stabilizing Manager for its own account may, to the extent permitted by applicable laws and regulations and in compliance therewith, over-allot

and/or effect transactions in over-the-counter market or as otherwise in connection with the distribution of the Notes with a view to supporting the market price of the

Notes at a level higher than that which might otherwise prevail in the open market, but in doing so the Stabilizing Manager shall act as principal and not as agent of the Company and any loss resulting from overallotment and stabilization shall be

borne, and any profit arising therefrom shall be beneficially retained, by the Stabilizing Manager. However, there is no assurance that the Stabilizing Manager (or persons acting on behalf of the Stabilizing Manager) will undertake any stabilization

action. Nothing contained in this paragraph shall be construed so as to require the Company to issue in excess of the aggregate principal amount of Notes specified in Schedule I hereto. Such stabilization, if commenced, may be discontinued at any

time and shall be conducted by the Stabilizing Manager in accordance with all applicable laws and directives.

(k) The

Company undertakes that it will use commercially reasonable efforts to cause the Notes to be listed, subject to notice of official issuance, for trading on NYSE as promptly as practicable after the Closing Date.

(l) The Company undertakes that it will cooperate with the Representatives

and use its reasonable best efforts in arranging for the Notes to be eligible for clearance and settlement through Clearstream and Euroclear.

7. Indemnity and Contribution.

(a) The Company agrees to indemnify and hold harmless each Underwriter, its affiliates who participate in the sale of the

Notes, their respective directors and officers, and each person, if any, who controls any Underwriter within the meaning of either Section 15 of the Securities Act or Section 20 of the Exchange Act, from and against any and all losses,

claims, damages and liabilities (including, without limitation, any legal or other expenses reasonably incurred in connection with defending or investigating any such action or claim) caused by any untrue statement or alleged untrue statement of a

material fact contained in the Registration Statement or any amendment thereof, any Preliminary Prospectus, any Issuer Free Writing Prospectus, any “road show” as defined in Rule 433(h) under the Securities Act or the Prospectus or any

amendments or supplements thereto, or caused by any omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein not misleading, except insofar as such losses, claims,

damages or liabilities are caused by any such untrue statement or omission or alleged untrue statement or omission based upon information relating to any Underwriter furnished to the Company in writing by or on behalf of any Underwriter through the

Representatives expressly for use therein.

(b) Each Underwriter severally and not jointly agrees to indemnify and hold

harmless the Company, its directors, its officers who signed the Registration Statement and each person, if any, who controls the Company within the meaning of either Section 15 of the Securities Act or Section 20 of the Exchange Act to

the same extent as the indemnity contained in subsection (a) of this Section, but only with reference to information relating to the Underwriters furnished to the Company in writing by or on behalf of any Underwriter through the Representatives

expressly for use in the Registration Statement, any Preliminary Prospectus, any Issuer Free Writing Prospectus, the Prospectus or any amendments or supplements thereto. The Company hereby acknowledges that the only information furnished to the

Company by any Underwriter through the Representatives expressly for use in the Registration Statement, any Issuer Free Writing Prospectus, the Preliminary Prospectus or the Prospectus (or any amendment or supplement thereto) are the following

statements set forth in the “Underwriting” section in the Preliminary Prospectus and the Prospectus: (i) the fourth paragraph relating to concessions and reallowances; and (ii) the eighth, ninth and tenth paragraphs relating to

stabilization, syndicate covering transactions and penalty bids.

investigation) shall be instituted involving any person in respect of which indemnity may be sought pursuant to Section 7(a) or Section 7(b), such person (the “indemnified

party”) shall promptly notify the person against whom such indemnity may be sought (the “indemnifying party”) in writing and the indemnifying party, upon request of the indemnified party, shall retain counsel reasonably

satisfactory to the indemnified party to represent the

indemnified party and any others the indemnifying party may designate in such proceeding and shall pay the fees and disbursements of such counsel related to such proceeding; but the failure so to

notify the indemnifying party will not, in any event, relieve the indemnifying party from any obligations to any indemnified party other than the indemnification obligation provided in paragraph (a) or (b) above. In any such proceeding, any

indemnified party shall have the right to retain its own counsel, but the fees and expenses of such counsel shall be at the expense of such indemnified party unless (i) the indemnifying party and the indemnified party shall have mutually agreed

to the retention of such counsel, (ii) the named parties to any such proceeding (including any impleaded parties) include both the indemnifying party and the indemnified party and representation of both parties by the same counsel would be

inappropriate due to actual or potential differing interests between them or (iii) the indemnifying party failed to retain satisfactory counsel in a timely manner. It is understood that the indemnifying party shall not, in respect of the legal

expenses of any indemnified party in connection with any proceeding or related proceedings in the same jurisdiction, be liable for the fees and expenses of more than one separate firm (in addition to any local counsel) for all such indemnified

parties and that all such fees and expenses shall be reimbursed as they are incurred. Any such separate firm for any Underwriter and such control persons of such Underwriter shall be designated in writing by the Representatives in the case of

parties indemnified pursuant to Section 7(a); and by the Company, in the case of parties indemnified pursuant to Section 7(b). The indemnifying party shall not be liable for any settlement of any

proceeding effected without its written consent, but if settled with such consent or if there be a final judgment for the plaintiff the indemnifying party agrees to indemnify the indemnified party from and against any loss or liability by reason of

such settlement or judgment. No indemnifying party shall, without the prior written consent of the indemnified party, effect any settlement of any pending or threatened proceeding in respect of which any indemnified party is or could have been a

party and indemnity could have been sought hereunder by such indemnified party, unless such settlement (i) includes an unconditional release of such indemnified party from all liability on claims that are the subject matter of such proceeding

and (ii) does not include a statement as to or an admission of fault, culpability or a failure to act, by or on behalf of any indemnified party.

(d) To the extent the indemnification provided for in paragraph (a) or (b) of this

Section 7 is unavailable to an indemnified party or insufficient in amount in respect of any losses, claims, damages or liabilities referred to therein, then each indemnifying party under such paragraph, in lieu of

indemnifying such indemnified party thereunder, shall contribute to the amount paid or payable by such indemnified party as a result of such losses, claims, damages or liabilities in such proportion as is appropriate to reflect the relative benefits

received by the Company on the one hand and the Underwriters on the other hand from the offering of the Notes or if the allocation provided above is not permitted by applicable law, in such proportion as is appropriate to reflect not only the

relative benefits referred to above but also the relative fault of the Company on the one hand and of the Underwriters on the other hand in connection with the statements or omissions that resulted in such losses, claims, damages or liabilities, as

well as any other relevant equitable considerations. The relative benefits received by the Company on the one hand and the Underwriters on the other hand in connection with the offering of the

Notes shall be deemed to be in the same respective proportions as the net proceeds from the offering of the Notes (before deducting expenses) received by the Company and the total underwriting

discounts and commissions received by the Underwriters, in each case as set forth in the table on the cover of the Prospectus, bear to the aggregate initial public offering price of the Notes as set forth on such cover. The relative fault of the

Company on the one hand and the Underwriters on the other hand shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or the omission or alleged omission to state a material fact

relates to information supplied by the Company or by the Underwriters and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission.

(e) The Company and the Underwriters agree that it would not be just or equitable if contribution pursuant to this

Section 7 were determined by pro rata allocation or by any other method of allocation that does not take account of the equitable considerations referred to in Section 7(d). The amount paid

or payable by an indemnified party as a result of the losses, claims, damages and liabilities referred to in the immediately preceding paragraph shall be deemed to include, subject to the limitations set forth above, any legal or other expenses

reasonably incurred by such indemnified party in connection with investigating or defending any such action or claim. Notwithstanding the provisions of Sections 7(d) and 7(e), no Underwriter shall be required to

contribute any amount in excess of the amount by which the total price at which the Notes underwritten by it and distributed to the public were offered to the public exceeds the amount of any damages that the Underwriter has otherwise been required

to pay by reason of such untrue or alleged untrue statement or omission or alleged omission. No person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any

person who was not guilty of such fraudulent misrepresentation. The remedies provided for in this Section 7 are not exclusive and shall not limit any rights or remedies which may otherwise be available to any indemnified

party at law or in equity. The obligations of the Underwriters in this subsection (e) and subsection (d) above to contribute are several in proportion to their respective underwriting obligations with respect to such Notes and not joint.

(f) The indemnity and contribution provisions contained in this Section 7 and the

representations, warranties and other statements of the Company contained in this Agreement shall remain operative and in full force and effect regardless of any termination of this Agreement, any investigation made by or on behalf of the

Underwriters, its affiliates who participate in the sale of the Notes, their respective directors and officers or any person controlling the Underwriters or by or on behalf of the Company, its officers who signed the Registration Statement, its

directors or any person controlling the Company and acceptance of and payment for any of the Notes.

8. Termination. This Agreement

shall be subject to termination by notice given by the Representatives to the Company if after the execution and delivery of this Agreement and prior to the Closing Date, (a) trading generally shall have been suspended or materially limited on

or by, as the case may be, NYSE or the Financial Industry Regulatory Authority, (b) trading of any securities of the Company shall have been suspended on any exchange or in any

over-the-counter market, (c) a general moratorium on commercial banking activities shall have been

declared by either U.S. federal, New York State, United Kingdom or other competent European Union authorities or a material disruption in commercial banking or securities settlement or clearance

services in the United States or with respect to Euroclear or Clearstream shall have occurred or (d) there shall have occurred any outbreak or escalation of hostilities or any change in financial markets or any calamity or crisis that, in the

Representatives’ judgment, is material and adverse and, in the case of any of the events specified in clauses (a) through (d), such event, singly or together with any other such event, makes it, in the Representatives’ judgment,

impracticable or inadvisable to offer, sell or deliver the Notes on the terms and in the manner contemplated in the Disclosure Package.

9. Defaulting Underwriters.

(a) If any Underwriter shall default in its obligations to purchase Notes of any series which it has agreed to purchase at the

Closing Date under this Agreement, the Representatives may in their discretion arrange for themselves or another party or other parties to purchase such Notes on the terms contained herein. If within

thirty-six hours after such default by any Underwriter, the Representatives do not arrange for the purchase of such Notes, then the Company shall be entitled to a further

thirty-six hours within which to procure another party or parties reasonably satisfactory to the Representatives to purchase such Notes on such terms. In the event that, within the respective prescribed

period, the Representatives notify the Company that they have so arranged for the purchase of such Notes, or the Company notifies the Representatives that it has so arranged for the purchase of such Notes, the Representatives or the Company shall

have the right to postpone the Closing Date for a period of not more than seven days, in order to effect whatever changes may thereby be made necessary in the Registration Statement or the Prospectus, as amended or supplemented, or in any other

documents or arrangements, the Company agrees to file promptly any amendments or supplements to the Registration Statement or the Prospectus which in the opinion of the Representatives may thereby be made necessary. The term

“Underwriter” as used in this Agreement shall include any person substituted under this Section with like effect as if such person had originally been a party to this Agreement with respect to such Notes.

(b) If, after giving effect to any arrangements for the purchase of such Notes of a defaulting Underwriter or Underwriters by

the Representatives and the Company as provided in subsection (a) above, the aggregate principal amount of such Notes of such series which remains unpurchased does not exceed one-eleventh of the aggregate

principal amount of such series of Notes to be purchased on the Closing Date, then the Company shall have the right to require each non-defaulting Underwriter with respect to such series of Notes to purchase

the principal amount of such Notes which such Underwriter has agreed to purchase under this Agreement and, in addition, to require each such non-defaulting Underwriter to purchase its pro rata share (based on

the principal amount of such Notes which such Underwriter agreed to purchase under this Agreement) of such series of Notes of such defaulting Underwriter or Underwriters for which such arrangements have not been made; but nothing herein shall

relieve a defaulting Underwriter from liability for its default.

Notes of a defaulting Underwriter or Underwriters by the Representatives and the Company as provided in subsection (a) above, the aggregate principal amount of such series of Notes which remains unpurchased exceeds one-eleventh of the aggregate principal amount of such series of Notes to be purchased on the Closing Date, as referred to in subsection (b) above, or if the Company shall not exercise the right described in

subsection (b) above to require non-defaulting Underwriters of such series of Notes to purchase the Notes of a defaulting Underwriter or Underwriters, then this Agreement shall thereupon terminate,

without liability on the part of any non-defaulting Underwriter or the Company, except for the expenses to be borne by the Company and the Underwriters as provided in Section 6 hereof

and the indemnity and contribution agreements in Section 7 hereof, but nothing herein shall relieve a defaulting Underwriter from liability for its default.

10. Effectiveness. This Agreement shall become effective upon the execution and delivery hereof by the parties hereto.

11. Reimbursement of Underwriters’ Expenses. If this Agreement shall be terminated by the Underwriters because of

any failure or refusal on the part of the Company to comply with the terms or to fulfill any of the conditions of this Agreement, or if for any reason the Company shall be unable to perform its obligations under this Agreement, the Company will

reimburse the Underwriters for all out-of-pocket expenses reasonably incurred by such Underwriters in connection with this Agreement or the offering contemplated

hereunder.

12. Recognition of the U.S. Special Resolution Regime.

(a) In the event that any Underwriter that is a Covered Entity becomes subject to a proceeding under a U.S. Special Resolution

Regime, the transfer from such Underwriter of this Agreement, and any interest and obligation in or under this Agreement, will be effective to the same extent as the transfer would be effective under the U.S. Special Resolution Regime.

(b) In the event that any Underwriter that is a Covered Entity or a BHC Act Affiliate of such Underwriter becomes subject to a

proceeding under a U.S. Special Resolution Regime, Default Rights under this Agreement that may be exercised against such Underwriter are permitted to be exercised to no greater extent than such Default Rights could be exercised under the U.S.

Special Resolution Regime.

Affiliate” has the meaning assigned to the term “affiliate” in, and shall be interpreted in accordance with, 12 U.S.C. § 1841(k); (ii) the term “Covered Entity” means any of the following: (A) a

“covered entity” as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 252.82(b); (B) a “covered bank” as that term is defined in, and interpreted in accordance with, 12 C.F.R.

§ 47.3(b); or (C) a “covered FSI” as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 382.2(b); (iii) the term “Default Rights” has the meaning assigned to that

term in, and shall be interpreted in accordance with, 12 C.F.R. §§ 252.81, 47.2 or 382.1, as applicable; and (iv) the term “U.S. Special Resolution Regime” means each of (i) the Federal Deposit Insurance

Act and the regulations promulgated thereunder and (ii) Title II of the Dodd-Frank Wall Street Reform and Consumer Protection Act and the regulations promulgated thereunder.

13. Counterparts. This Agreement may be signed in two or more counterparts (including

by facsimile), each of which shall be an original, with the same effect as if the signatures thereto and hereto were upon the same instrument. Counterparts may be delivered via facsimile, electronic mail (including any electronic signature covered

by the U.S. federal ESIGN Act of 2000, the Uniform Electronic Transactions Act, the New York State Electronic Signatures and Records Act or other applicable law, e.g., www.docusign.com) or other transmission method and any counterpart so

delivered shall be deemed to have been duly and validly delivered and be valid and effective for all purposes.

14. Applicable Law.

This Agreement shall be governed by and construed in accordance with the internal laws of the State of New York, without giving effect to the conflicts of laws provisions thereof.

15. Headings. The headings of the sections of this Agreement have been inserted for convenience of reference only and shall not be

deemed a part of this Agreement.

16. No Fiduciary Duty. The Company acknowledges and agrees that (a) the purchase and sale of

the Notes pursuant to this Agreement is an arm’s-length commercial transaction between the Company, on the one hand, and the several Underwriters, on the other, (b) in connection therewith and with

the process leading to such transaction each Underwriter is acting solely as a principal and not the agent or fiduciary of the Company, (c) no Underwriter has assumed an advisory or fiduciary responsibility in favor of the Company with respect

to the offering contemplated hereby or the process leading thereto (irrespective of whether such Underwriter has advised or is currently advising the Company on other matters) or any other obligation to the Company except the obligations expressly

set forth in this Agreement and (d) the Company has consulted its own legal and financial advisors to the extent it deemed appropriate. The Company agrees that it will not claim that the Underwriters, or any of them, has rendered advisory

services of any nature or respect, or owes a fiduciary or similar duty to the Company, in connection with such transaction or the process leading thereto.

17. Entire Agreement. This Agreement supersedes all prior agreements and understandings (whether written or oral) between the Company

and the Underwriters, or any of them, with respect to the subject matter hereof.

18. No Trial By Jury. The Company

and each of the Underwriters 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 transactions contemplated

hereby.

19. Patriot Act Compliance. In accordance with the requirements of the USA Patriot Act (Title III of Pub. L. 107-56 (signed into law October 26, 2001)), the Underwriters are required to obtain, verify and record information that identifies their respective clients, including the Company, which information may

include the name and address of their respective clients, as well as other information that will allow the Underwriters to properly identify their respective clients.

20. Judgment Currency. If for the purposes of obtaining judgment in any court it is

necessary to convert a sum due hereunder into any currency other than United States dollars, the parties hereto agree, to the fullest extent permitted by law, that the rate of exchange used shall be the rate at which in accordance with normal

banking procedures the Underwriters could purchase United States dollars with such other currency in New York City on the business day preceding that on which final judgment is given. The obligation of the Company with respect to any sum due from it

to any Underwriter or any person controlling any Underwriter shall, notwithstanding any judgment in a currency other than United States dollars, not be discharged until the first business day following receipt by such Underwriter or controlling

person of such Underwriter of any sum in such other currency, and only to the extent that such Underwriter or controlling person of such Underwriter may in accordance with normal banking procedures purchase United States dollars with such other

currency. If the United States dollars so purchased are less than the sum originally due to such Underwriter or controlling person of such Underwriter hereunder, the Company agrees, as a separate obligation and notwithstanding any such judgment, to

indemnify such Underwriter or controlling person of such Underwriter against such loss. If the United States dollars so purchased are greater than the sum originally due to such Underwriter or controlling person of such Underwriter hereunder, such

Underwriter or controlling person of such Underwriter agrees to pay to the Company an amount equal to the excess of the United States dollars so purchased over the sum originally due to such Underwriter or controlling person of such Underwriter

hereunder. Any amounts payable by the Company or any Underwriter under this Section 20 shall be paid to the applicable Underwriter(s) or the Company (as applicable) as promptly as reasonably practicable.

21. Notices. All notices and other communications hereunder shall be in writing and shall be deemed to have been given if mailed or

transmitted by any standard form of telecommunication. Notices to the Underwriters shall be directed to the Representatives, c/o Merrill Lynch International, 2 King Edward Street, London EC1A 1HQ, United Kingdom, Attention: Syndicate Desk,

Telephone: +44 (0)20 7995 3966, Email: dcm_london@bofa.com; Deutsche Bank AG, London Branch, 21 Moorfields, London EC2Y 9DB, United Kingdom, Attention: DCM Debt Syndicate, Telephone: +44 207 545 4361; Barclays Bank PLC, 1 Churchill Place, London E14

5HP, United Kingdom, Attention: Debt Syndicate, Telephone: +44 (0) 20 7773 9098, Email: LeadManagedBondNotices@barclayscorp.com; and HSBC Bank plc, 8 Canada Square, London E14 5HQ, United Kingdom, Attention: Head of DCM Legal, Telephone: +44 20

7991 8888, Email: transaction.management@hsbcib.com; with a copy to Skadden, Arps, Slate, Meagher & Flom LLP, One Manhattan West, New York, New York 10001, Attention: Michael J. Schwartz, Facsimile: (917)

777-3694; and notices to the Company shall be directed to it at 1166 Avenue of the Americas, New York, New York 10036, Attention: Ferdinand G. Jahnel, Facsimile: (212)

948-4312.

22. MiFID Product Governance Rules. Solely for the purposes of the requirements of

Article 9(8) of the MiFID Product Governance rules under EU Delegated Directive 2017/593 (the “Product Governance Rules”) regarding the mutual responsibilities of manufacturers under the Product Governance Rules:

(a) Deutsche Bank AG, London Branch (the “Manufacturer”) acknowledges that it understands the

responsibilities conferred upon it under the Product Governance Rules relating to each of the product approval process, the target market and the proposed distribution channels as applying to the Notes and the related information set out in the

Disclosure Package in connection with the Notes; and

(b) the Company and each of the Underwriters note the application of

the Product Governance Rules and acknowledge the target market and distribution channels identified as applying to the Notes by the Manufacturer and the related information set out in the Disclosure Package in connection with the Notes.

23. UK MiFIR Product Governance Rules. Solely for the purposes of the requirements of 3.2.7R of the FCA Handbook Product Intervention

and Product Governance Sourcebook (the “UK MiFIR Product Governance Rules”) regarding the mutual responsibilities of manufacturers under the UK MiFIR Product Governance Rules, (i) Merrill Lynch International, Deutsche Bank

AG, London Branch and, solely with respect to the 2036 Notes, HSBC Bank plc and J.P. Morgan Securities plc (the “UK Manufacturers”) acknowledge to each other UK Manufacturer that it understands the responsibilities conferred upon

it under the UK MiFIR Product Governance Rules relating to each of the product approval process, the target market and the proposed distribution channels as applying to the Notes and the related information set out in the Disclosure Package in

connection with the Notes; and (ii) the Company and the Underwriters (other than the UK Manufacturers) note the application of the UK MiFIR Product Governance Rules and acknowledge the target market and distribution channels identified as

applying to the Notes by the UK Manufacturers and the related information set out in the Disclosure Package in connection with the Notes.

24. ICMA. The execution of this Agreement by each Underwriter constitutes the acceptance of each Underwriter of the ICMA Agreement

Among Managers Version 1/New York Schedule, subject to any amendment notified to the Underwriters in writing at any time prior to the execution of this Agreement. References to the “Managers” shall be deemed to refer to the Underwriters,

references to the “Lead Managers” shall be deemed to refer to Merrill Lynch International, Deutsche Bank AG, London Branch, Barclays Bank PLC and HSBC Bank plc and references to “Settlement Lead Manager” shall be deemed to

refer to Merrill Lynch International with respect to each series of Notes. As applicable to the Underwriters, Clause 3 of the ICMA Agreement Among Managers Version 1/New York Schedule shall be deemed to be deleted in its entirety and replaced with

Section 9 of this Agreement. Each Underwriter agrees severally to pay the portion of the aggregate expenses of the Underwriters represented by such Underwriter’s pro rata share (based on the proportion that the

principal amount of Notes set forth opposite each Underwriter’s name in Schedule I bears to the aggregate principal amount of Notes set forth opposite the names of all Underwriters) of the Notes (with respect to each Underwriter, the

“Pro Rata Expenses”).

25. Contractual Acknowledgement of EU Bail-in

Powers. Notwithstanding and to the exclusion of any other term of this Agreement or any other agreements, arrangements or understandings between the Company and the Underwriters, the Company acknowledges and accepts that a BRRD Liability (as

defined below) arising under this Agreement may be subject to the exercise of Bail-in Powers (as defined below) by the Relevant Resolution Authority (as defined below), and acknowledges, accepts and agrees to

be bound by:

(a) the effect of the exercise of Bail-in Powers by the Relevant

Resolution Authority in relation to any BRRD Liability of Deutsche Bank AG, London Branch, BNP PARIBAS and ING Bank N.V., Belgian Branch (each, a “Relevant BRRD Party”) to the Company under this Agreement, that (without

limitation) may include and result in any of the following, or some combination thereof: (i) the reduction of all, or a portion, of the BRRD Liability or outstanding amounts due thereon; (ii) the conversion of all, or a portion, of the

BRRD Liability into shares, other securities or other obligations of the Relevant BRRD Party or another person, and the issue to or conferral on the Company of such shares, securities or obligations; (iii) the cancellation of the BRRD

Liability; (iv) the amendment or alteration of any interest, if applicable, thereon, or the dates on which any payments are due, including by suspending payment for a temporary period; and

(b) the variation of the terms of this Agreement, as deemed necessary by the Relevant Resolution Authority, to give effect to

the exercise of Bail-in Powers by the Relevant Resolution Authority.

As used in this

Section 25, “Bail-in Legislation” means in relation to a member state of the European Economic Area which has implemented, or which at any time implements, the BRRD, the relevant

implementing law, regulation, rule or requirement as described in the EU Bail-in Legislation Schedule from time to time; “Bail-in Powers” means any

Write-down and Conversion Powers as defined in the EU Bail-in Legislation Schedule, in relation to the relevant Bail-in Legislation; “BRRD” means

Directive 2014/59/EU establishing a framework for the recovery and resolution of credit institutions and investment firms, as amended; “BRRD Liability” means a liability in respect of which the relevant Write Down and Conversion

Powers in the applicable Bail-in Legislation may be exercised; “EU Bail-in Legislation Schedule” means the document described as such, then in effect,

and published by the Loan Market Association (or any successor person) from time to time at http://www.lma.eu.com; and “Relevant Resolution Authority” means the resolution authority with the ability to exercise any Bail-in Powers in relation to the Relevant BRRD Party.

26. Contractual Acknowledgement of UK Bail-in Powers. Notwithstanding and to the exclusion of any other term of this Agreement or any other agreements, arrangements or understandings between the Company and the Underwriters, the Company acknowledges

and accepts that a UK Bail-in Liability (as defined below) arising under this Agreement may be subject to the exercise of UK Bail-in Powers (as defined below) by the

Relevant UK Resolution Authority (as defined below), and acknowledges, accepts, and agrees to be bound by:

(a) the effect

of the exercise of UK Bail-in Powers by the Relevant UK Resolution Authority in relation to any UK Bail-in Liability of Merrill Lynch International, Barclays Bank PLC,

HSBC Bank plc, Morgan Stanley & Co. International plc, MUFG Securities EMEA plc, Citigroup Global Markets Limited, J.P. Morgan Securities plc, Standard Chartered Bank and Wells Fargo Securities International Limited (each, a

“Relevant UK BRRD Party”) to the Company under this Agreement, that (without limitation) may include and result in any of the following, or some combination

thereof: (i) the reduction of all, or a portion, of the UK Bail-in Liability or outstanding amounts due thereon; (ii)the conversion of all, or a

portion of, the UK Bail-in Liability into shares, other securities or other obligations of the Relevant UK BRRD Party or another person, and the issue to or conferral on the other parties to this Agreement of

such shares, securities or obligations; (iii) the cancellation of the UK Bail-in Liability; and (iv) the amendment or alteration of any interest, if applicable, thereon, the maturity or the dates on

which any payments are due, including by suspending payment for a temporary period; and

(b) the variation of the terms of

this Agreement, as deemed necessary by the Relevant UK Resolution Authority, to give effect to the exercise of UK Bail-in Powers by the Relevant UK Resolution Authority.

As used in this Section 26, “Relevant UK Resolution Authority” means the resolution authority with the ability to

exercise any UK Bail-in Powers in relation to the relevant Underwriter; “UK Bail-in Legislation” means Part I of the United Kingdom Banking Act 2009

and any other law or regulation applicable in the United Kingdom relating to the resolution of unsound or failing banks, investment firms or other financial institutions or their affiliates (otherwise than through liquidation, administration or

other insolvency proceedings); “UK Bail-in Liability” means a liability in respect of which the UK Bail-in Powers may be exercised; and “UK Bail-in Powers” means any powers under the UK Bail-in Legislation to cancel, transfer or dilute shares issued by a person that is a bank or investment firm or other

financial institution or affiliate of a bank, investment firm or other financial institution, to cancel, reduce, modify or change the form of a liability of such a person or any contract or instrument under which that liability arises, to convert

all or part of that liability into shares, securities or obligations of that person or any other person, to provide that any such contract or instrument is to have effect as if a right had been exercised under it or to suspend any obligation in

respect of that liability or any of the powers under that UK Bail-in Legislation that are related to or ancillary to any of those powers.

[Signature pages follow]

Very truly yours,

MARSH & McLENNAN COMPANIES, INC.

By:

/s/ Mark C. McGivney

Name: Mark C. McGivney

Title: Executive Vice President,

Chief Operating Officer &

Chief Financial Officer

[Signature Page to

Underwriting Agreement]

Confirmed and Accepted

as of the date hereof:

Merrill Lynch International

By:

/s/ Dharit Patel

Name: Dharit Patel

Title: Managing Director

Deutsche Bank AG, London Branch

By:

/s/ Josh Warren

Name: Josh Warren

Title: Manager Director

By:

/s/ John Han

Name: John Han

Title: Managing Director and Co-Head

of US DCM

Barclays Bank PLC

By:

/s/ Lynda Fleming

Name: Lynda Fleming

Title: Authorised Signatory

HSBC Bank plc

By:

/s/ Elizabeth Newton

Name: Elizabeth Newton

Title: Senior Legal Counsel

[Signature Page to

Underwriting Agreement]

BNP PARIBAS

By:

/s/ Simon Mayes

Name: Simon Mayes

Title: Managing Director

By:

/s/ Amanda Asali

Name: Amanda Asali

Title: Managing Director

Morgan Stanley & Co. International plc

By:

/s/ Kathryn McArdle

Name: Kathryn McArdle

Title: Executive Director

MUFG Securities EMEA plc

By:

/s/ Trevor Kemp

Name: Trevor Kemp

Title: Authorised Signatory

The Toronto-Dominion Bank

By:

/s/ Frances Watson

Name: Frances Watson

Title: Managing Director

[Signature Page to

Underwriting Agreement]

ANZ Securities, Inc.

By:

/s/ Robyn Bedil

Name: Robyn Bedil

Title: Executive Director

Citigroup Global Markets Limited

By:

/s/ Paula Clarke

Name: Paula Clarke

Title: Delegated Signatory

Goldman Sachs & Co. LLC

By:

/s/ Kyle Fischer

Name: Kyle Fischer

Title: Managing Director

ING Bank N.V., Belgian Branch

By:

/s/ Kris Devos

Name: Kris Devos

Title: Global Head of Debt Syndicate

By:

/s/ William de Vreede

Name: William de Vreede

Title: Global Head Legal Wholesale Banking

[Signature Page to

Underwriting Agreement]

J.P. Morgan Securities plc

By:

/s/ Robert Chambers

Name: Robert Chambers

Title: Managing Director

Standard Chartered Bank

By:

/s/ Frederick Davis

Name: Frederick Davis

Title: Executive Director, Head FIG DCM Americas

Wells Fargo Securities International Limited

By:

/s/ Vid Jarc

Name: Vid Jarc

Title: Executive Director, DCM

[Signature Page to

Underwriting Agreement]

SCHEDULE I

Underwriter

Principal

Amount

of the 2032

Notes

Principal

Amount

of the 2036

Notes

Merrill Lynch International

€

96,000,000

€

96,000,000

Deutsche Bank AG, London Branch

€

96,000,000

€

96,000,000

Barclays Bank PLC

€

96,000,000

—

HSBC Bank plc

—

€

96,000,000

BNP PARIBAS

€

96,000,000

—

Morgan Stanley & Co. International plc

—

€

96,000,000

MUFG Securities EMEA plc

€

96,000,000

—

The Toronto-Dominion Bank

—

€

96,000,000

ANZ Securities, Inc.

€

30,000,000

—

Citigroup Global Markets Limited

—

€

30,000,000

Goldman Sachs & Co. LLC

€

30,000,000

€

30,000,000

ING Bank N.V., Belgian Branch

€

30,000,000

—

J.P. Morgan Securities plc

—

€

30,000,000

Standard Chartered Bank

€

30,000,000

—

Wells Fargo Securities International Limited

—

€

30,000,000

Total

€

600,000,000

€

600,000,000

I-1

SCHEDULE II

ISSUER FREE WRITING PROSPECTUSES INCLUDED IN DISCLOSURE PACKAGE

Final Term Sheet, dated October 20, 2026

ISSUER FREE WRITING PROSPECTUSES NOT INCLUDED IN DISCLOSURE PACKAGE

N/A

FORM OF FINAL TERM SHEET

Final Term Sheet Filed Pursuant to Rule 433 Supplementing the Preliminary Prospectus

Supplement, dated October 19, 2026

Registration Statement No. 333-280979

October 20, 2026

Marsh & McLennan Companies, Inc.

€600,000,000 aggregate principal amount of 4.250% Senior Notes due 2032 (the “2032 Notes”)

€600,000,000 aggregate principal amount of 4.625% Senior Notes due 2036 (the “2036 Notes” and, together with the 2032 Notes,

the “Notes”)

Terms Applicable to the Notes

Issuer:

Marsh & McLennan Companies, Inc.

Offering Format:

SEC-Registered

Trade Date:

October 20, 2026

Settlement Date*:

October 27, 2026 (T+5)

Expected Ratings / Outlook

(Moody’s /

S&P / Fitch)**:

[Intentionally omitted]

Net Proceeds to Issuer (before

offering

expenses and underwriting discount):

€1,195,212,000

Listing:

The Issuer intends to apply to list the Notes on the New York Stock Exchange. However, there can be no assurance that any such application will be successful or that any such listing will be granted or maintained.

Use of Proceeds:

The net proceeds of this offering will be used for general corporate purposes.

LEI:

549300XMP3KDCKJXIU47

Denominations:

€100,000 and increments of €1,000 in excess thereof

Terms Applicable to the 2032 Notes

Securities:

4.250% Senior Notes due 2032

Maturity Date:

March 15, 2032

Principal Amount:

€600,000,000

Price to Public:

99.959% of principal amount, plus accrued interest, if any, from October 27, 2026

Benchmark Bund:

DBR 0% due February 15, 2032

Benchmark Bund Yield:

3.213%

Spread to Benchmark Bund:

+105 basis points

Yield to Maturity:

4.263%

Spread to Mid-Swaps:

+80 basis points

Mid-Swaps Yield:

3.463%

Coupon:

4.250%

Interest Payment Date:

Annually on March 15 of each year, commencing on March 15, 2027

Record Date:

March 1 of each year

Optional Redemption – Make-Whole Call:

Then current Comparable Government Bond Rate + 15 basis points prior to February 15, 2032

Optional Redemption – Par Call:

On or after February 15, 2032, one month prior to the Maturity Date

ISIN / Common Code / CUSIP:

XS3551809562 / 355180956 / 571748 CG5

Joint Book-Running Managers:

Merrill Lynch International

Barclays Bank

PLC

Deutsche Bank AG, London Branch

BNP PARIBAS

MUFG Securities EMEA plc

Co-Managers:

ANZ Securities, Inc.

Goldman Sachs &

Co. LLC

ING Bank N.V., Belgian Branch

Standard Chartered

Bank

Terms Applicable to the 2036 Notes

Securities:

4.625% Senior Notes due 2036

Maturity Date:

November 15, 2036

Principal Amount:

€600,000,000

Price to Public:

99.243% of principal amount, plus accrued interest, if any, from October 27, 2026

Benchmark Bund:

DBR 3% due August 15, 2036

Benchmark Bund Yield:

3.412%

Spread to Benchmark Bund:

+131 basis points

Yield to Maturity:

4.722%

Spread to Mid-Swaps:

+120 basis points

Mid-Swaps Yield:

3.522%

Coupon:

4.625%

Interest Payment Date:

Annually on November 15 of each year, commencing on November 15, 2026

Record Date:

November 1 of each year

Optional Redemption – Make-Whole Call:

Then current Comparable Government Bond Rate + 20 basis points prior to August 15, 2036

Optional Redemption – Par Call:

On or after August 15, 2036, three months prior to the Maturity Date

ISIN / Common Code / CUSIP.

XS3551809729 / 355180972 / 571748 CH3

Joint Book-Running Managers:

Merrill Lynch International

Deutsche Bank AG,

London Branch

HSBC Bank plc

Morgan Stanley & Co.

International plc

The Toronto-Dominion Bank

Co-Managers:

Citigroup Global Markets Limited

Goldman

Sachs & Co. LLC

J.P. Morgan Securities plc

Wells

Fargo Securities International Limited

Note: Under Rule 15c6-1 under the Securities Exchange Act, trades in the secondary market are required to

settle in one business day, unless the parties to any such trade expressly agree otherwise. Accordingly, purchasers who wish to trade the Notes on any date prior to one business day before delivery will be required, by virtue of the fact that the

Notes initially settle in T+5, to specify an alternate settlement arrangement at the time of any such trade to prevent a failed settlement. Purchasers of the Notes who wish to trade the Notes during such period should consult their advisors.

Note: A securities rating is not a recommendation to buy, sell or hold securities and may be subject to

revision, suspension or withdrawal at any time. Each credit rating should be evaluated independently of any other credit rating. No report of any rating agency is being incorporated by reference herein.

Neither of Moody’s Investors Service, Inc. (“Moody’s”) or S&P Global Ratings, acting through Standard & Poor’s

Financial Services LLC (“S&P”), is established in the European Union nor registered in accordance with Regulation (EC) No. 1060/2009 on credit rating agencies, as amended (the “CRA Regulation”), and therefore is not

included in the list of credit rating agencies published by the European Securities and Markets Authority (“ESMA”) on its website in accordance with the CRA Regulation; however, the ratings assigned by each of Moody’s and S&P

are endorsed in the European Union by Moody’s Investors Service Ltd. and S&P Global Ratings Europe Limited, respectively.

The Issuer has filed a registration statement, including a prospectus and a related preliminary

prospectus supplement, with the SEC for the offering to which this communication relates. Before you invest, you should read the preliminary prospectus supplement, the prospectus in the registration statement and other documents the issuer has filed

with the SEC for more complete information about the issuer and this offering. You may get these documents for free by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, the Joint Book-Running Managers will arrange to send you the

prospectus and prospectus supplement if you request it by contacting: (i) Merrill Lynch International at 1-800-294-1322,

(ii) Deutsche Bank AG, London Branch toll-free at 1-800-503-4611, (iii) Barclays Bank PLC toll-free at 1-888-603-5847 and (iv) HSBC Bank plc toll-free at 1-866-811-8049.

This communication should be read in conjunction with the preliminary prospectus

supplement and the accompanying prospectus. The information in this communication supersedes the information in the preliminary prospectus supplement and the accompanying prospectus to the extent it is inconsistent with the information in such

preliminary prospectus supplement or the accompanying prospectus. Terms used but not defined herein have the meanings given in the preliminary prospectus supplement.

Prohibition of Sales to EEA Retail Investors: The Notes are not intended to be offered, sold or otherwise made available to any retail investor in the

European Economic Area, and no key information document required by Regulation (EU) No. 1286/2014 has been or will be prepared for offering or sale to retail investors in the European Economic Area.

Prohibition of Sales to UK Retail Investors: The Notes are not intended to be offered, sold, distributed or otherwise made available to any retail investor

in the United Kingdom, and no disclosure document required by the FCA Product Disclosure Sourcebook has been or will be prepared for offering, selling or distribution to retail investors in the United Kingdom.

This document is only for distribution to and directed at: (i) in the UK, persons having professional experience in matters relating to investments

falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (as amended) (the “Order”) and high net worth entities falling within Article 49(2)(a) to (d) of the Order;

(ii) persons who are outside the UK; and (iii) any other person to whom it can otherwise be lawfully distributed (all such persons together being referred to as “Relevant Persons”). Any investment or investment activity to

which this document relates is available only to and will be engaged in only with Relevant Persons, and any person who is not a Relevant Person should not rely on it.

Target market assessment under MiFID II and the UK MiFIR: eligible counterparties and professional clients only; no retail distribution.

Any disclaimers or other notices that may appear below are not applicable to this communication and should be disregarded. Such disclaimers or other

notices were automatically generated as a result of this communication being sent via Bloomberg or another email system.

EX-4.1

Filename: d170705dex41.htm · Sequence: 3

EX-4.1

Exhibit 4.1

Execution Version

MARSH & McLENNAN

COMPANIES, INC.,

Issuer,

and

The Bank of New York Mellon,

Trustee

TWENTY-SECOND SUPPLEMENTAL INDENTURE

Dated as of October 27, 2026

€600,000,000 aggregate principal amount of 4.250% Senior Notes due 2032

€600,000,000 aggregate principal amount of 4.625% Senior Notes due 2036

TWENTY-SECOND SUPPLEMENTAL INDENTURE, dated as of October 27, 2026, 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 October 27, 2026 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 €600,000,000 aggregate principal amount of 4.250% Senior Notes due 2032 (the “Original 2032 Notes” and, together with all the Additional 2032 Notes (as defined herein), if any, hereinafter referred to,

the “2032 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 €600,000,000 aggregate principal amount of 4.625% Senior Notes due 2036 (the “Original 2036 Notes” and, together with all the Additional 2036 Notes (as

defined herein), if any, hereinafter referred to, the “2036 Notes”). The 2032 Notes and the 2036 Notes are hereinafter referred to as the “Notes”. The Original 2032 Notes and the Original 2036 Notes are

hereinafter referred to as the “Original Notes”;

WHEREAS, the entry into this Twenty-Second 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 Twenty-Second Supplemental Indenture a valid and legally binding indenture and

agreement according to its terms have been done.

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 2032 Notes shall constitute a series of securities having

the title “4.250% Senior Notes due 2032”. The 2036 Notes shall constitute a series of securities having the title “4.625% Senior Notes due 2036”.

(b) The aggregate principal amount of the Original 2032 Notes that may be authenticated and delivered under the Indenture (except for 2032 Notes authenticated

and delivered upon registration of, transfer of, or in exchange for, or in lieu of, other 2032 Notes pursuant to Sections 2.05, 2.06, 2.07 or 9.04 of the Base Indenture) shall be up to €600,000,000. The aggregate principal amount of the

Original 2036 Notes that may be authenticated and delivered under the Indenture (except for 2036 Notes authenticated and delivered upon registration of, transfer of, or in exchange for, or in lieu of, other 2036 Notes pursuant to Sections 2.05,

2.06, 2.07 or 9.04 of the Base Indenture) shall be up to €600,000,000.

March 15, 2032, plus any unpaid interest accrued to such date. The entire outstanding principal of the 2036 Notes shall be payable on November 15, 2036, plus any unpaid interest accrued to such date.

(d) The rate at which the 2032 Notes shall bear interest shall be 4.250% per annum; the date from which interest shall accrue on the 2032 Notes shall be

October 27, 2026, or from the most recent Interest Payment Date to which interest has been paid or provided for; the Interest Payment Date for the 2032 Notes on which interest will be payable shall be March 15 in each year, beginning

March 15, 2027; the regular record date for the interest payable on the 2032 Notes on any Interest Payment Date shall be the March 1 immediately preceding the applicable Interest Payment Date; and the basis upon which interest on the 2032

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 2032 Notes (or

October 27, 2026, if no interest has been paid on the 2032 Notes), to, but excluding, the next scheduled Interest Payment Date. This payment convention is referred to as Actual/Actual (ICMA) as defined in the Primary Market Handbook of the

International Capital Market Association.

(e) The rate at which the 2036 Notes shall bear interest shall be 4.625% per annum; the date from which

interest shall accrue on the 2036 Notes shall be October 27, 2026, or from the most recent Interest Payment Date to which interest has been paid or provided for; the Interest Payment Date for the 2036 Notes on which interest will be payable

shall be November 15 in each year, beginning November 15, 2026; the regular record date for the interest payable on the 2036 Notes on any Interest Payment Date shall be the November 1 immediately preceding the applicable Interest

Payment Date; and the basis upon which interest on the 2036 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 2036 Notes (or October 27, 2026, if no interest has been paid on the 2036 Notes), to, but excluding, the next scheduled Interest Payment Date. This payment convention is referred to as Actual/Actual (ICMA) as

defined in the Primary Market Handbook of the International Capital Market Association.

(f) Prior to the Applicable Par Call Date the Issuer may redeem the Notes of either series, at its option,

in whole or in part at any time and from time to time, 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 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 plus the Applicable Spread for such series of Notes,

in each case plus

accrued and unpaid interest on the Notes to be redeemed to, but not including, the date of redemption. Calculation of the redemption price will be made by the Issuer or on the Issuer’s behalf by such person as the Issuer designates.

On or after the Applicable Par Call Date, the Issuer may redeem the Notes of either series, in whole or in part at any time and from time to

time, at a redemption price equal to 100% of the principal amount of the Notes to be redeemed plus accrued and unpaid interest on the Notes to be redeemed to, but not including the date of redemption.

The Issuer shall have the right to redeem the Notes of either series at any time in whole, but not in part, 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 October 20, 2026, 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).

The Issuer’s actions and determinations in

determining the redemption price shall be conclusive and binding for all purposes, absent manifest error. Neither the Trustee nor the Paying Agent shall have any responsibility to calculate, determine or verify the redemption price or the Comparable

Government Bond Rate.

(g) In case the Issuer shall desire to exercise its right to redeem all or, as the case may be, a portion of either series of the

Notes in accordance with Section 1.01(f) above, the Issuer shall, or shall cause the Trustee to, give notice of such redemption to holders of the Notes to be redeemed. Notice of any redemption will be mailed or electronically delivered (or

otherwise transmitted in accordance with the Clearstream’s or Euroclear’s procedures) at least 10 days but not more than 60 days before the redemption date to each holder of Notes to be redeemed. 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 series and 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, 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 applicable redemption price and accrued interest. 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.

Notice of any redemption of Notes of either series may, at the Issuer’s discretion, be given subject to one or more conditions

precedent, including, but not limited to, completion of a corporate transaction that is pending. In such event, the related notice of redemption will describe each such condition and, if applicable, will state that, at the Issuer’s discretion,

the redemption date may be delayed until such time (including more than 60 days after the notice of redemption was given) as any or all such conditions are satisfied (or waived by the Issuer in its sole discretion), or such redemption may not occur

and such notice may be rescinded in the event that any or all such conditions have not been satisfied (or waived by the Issuer in its sole discretion) by the redemption date, or by the redemption date as so delayed. If any such redemption has been

rescinded or delayed, the Issuer will provide written notice to the Trustee prior to the close of business two Business Days before the redemption date and, upon receipt, the Trustee will provide such notice to each registered holder.

If the Trustee is to provide notice on behalf of the Issuer to the holders of either series of Notes in accordance with this

Section 1.01(g), for a partial or full redemption, the Issuer shall give the Trustee at least three days’ notice in advance, a period which can be reduced upon further negotiation between the Issuer and the Trustee, of the date fixed for

redemption as to the aggregate principal amount of Notes of such series to be redeemed.

If less than all of the applicable series of

Notes are to be redeemed at the Issuer’s option, 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 of a series are to be redeemed, no Notes of such series of a principal amount of €100,000 or

less shall be redeemed in part.

If money sufficient to pay the redemption price on the series of Notes (or portions thereof) to be

redeemed on the redemption date is deposited with the Paying Agent on or before the redemption date and certain other conditions are satisfied, then on and after such redemption date, interest will cease to accrue on such series of Notes (or such

portion thereof) called for redemption.

Subject to Section 2.11 of the Base Indenture, the Issuer shall not be required

(i) to issue, register the transfer of or exchange the Notes of either series during the 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 Notes

being redeemed in part.

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, notify the Trustee or the Paying Agent that the Issuer has elected to call all or any part of a series of Notes for redemption and instruct the Trustee to give notice of redemption in the manner set forth in this

Section 1.01(g), 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 1.01(g).

(h) 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.

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, 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: (i) 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; (ii) 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; (iii) 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; (iv) 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

(v) 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;

(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 holder or beneficial owner 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)(A) – (J).

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.

(i) As used in this Section 1.01:

“Applicable Par Call Date” means (i) with respect to the 2032 Notes, February 15, 2032 (one month prior to their

maturity date of the 2032 Notes) and (ii) with respect to the 2036 Notes, August 15, 2036 (three months prior to their maturity date of the 2036 Notes).

“Applicable Spread” means (i) with respect to the 2032 Notes, 15 basis points and (ii) with respect to the 2036

Notes, 20 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 real-time gross settlement system operated by Eurosystem or any successor system (T2) 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.

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

Euroclear System.

“Independent Investment Banker” means one of the Reference Bond Dealers appointed by the Issuer.

“Reference Bond Dealer” means (i) each of Merrill Lynch International, Deutsche Bank AG, London Branch, Barclays

Bank PLC and HSBC Bank plc (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.

“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 Issuer is unable to obtain euro in amounts sufficient to make a required payment under the Notes due to the imposition of exchange controls or other circumstances

beyond the Issuer’s control (including the dissolution of the European Monetary Union) 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.

(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 2032 Notes is attached hereto as Exhibit A. The form

of the 2036 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 2032 Notes, the “Additional 2032 Notes” and of the 2036 Notes, the “Additional 2036 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 of such series previously issued, such additional notes shall trade under a separate CUSIP, Common Code and ISIN number. 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 Twenty-Second Supplemental Indenture, including, without

limitation, amendments, waivers and redemptions.

Section 1.04. Amendment of Section 6.01(a)(i) of the Base

Indenture. Solely for the purposes of each series of 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.”

Section 1.05. FATCA. Each of the Company and the Trustee agrees to reasonably

cooperate and, at the reasonable request of the other, to provide the other with such information as each may have in its possession that is necessary to enable the determination of whether any payments hereunder are subject to FATCA Withholding

Tax. The Company acknowledges that the Trustee shall be entitled to withhold or deduct, without any liability therefore (except in cases of the Trustee’s gross negligence or willful misconduct), any FATCA Withholding Tax from payments made

under this Indenture.”

As used herein: “FATCA Withholding Tax” means any withholding or deduction required

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).

Section 1.06. Amendment of Section 13.04 of the Base Indenture.

Solely for the purposes of the Notes, respectively, Section 13.04 of the Base Indenture is hereby amended by adding the following

paragraph

at the end thereof:

“The

Trustee shall have the right to accept and act upon instructions, including funds transfer instructions (“Instructions”) given pursuant to this Indenture and delivered using Electronic Means; provided, however, that the Company shall

provide to the Trustee an incumbency certificate listing officers with the authority to provide such Instructions (“Authorized Officers”) and containing specimen signatures of such Authorized Officers, which incumbency certificate shall

be amended by the Company whenever a person is to be added or deleted from the listing. If the Company elects to give the Trustee Instructions using Electronic Means and the Trustee in its reasonable discretion elects to act upon such Instructions,

the Trustee’s understanding of such Instructions shall be deemed controlling. The Company understands and agrees that the Trustee cannot determine the identity of the actual sender of such Instructions and that, so long as such presumption is

reasonable, the Trustee shall conclusively presume that directions that purport to have been sent by an Authorized Officer listed on the incumbency certificate provided to the Trustee have been sent by such Authorized Officer. The Company shall be

responsible for ensuring that only Authorized Officers transmit such Instructions to the Trustee and that the Company and all Authorized Officers are solely responsible to safeguard the use and confidentiality of applicable user and authorization

codes, passwords and/or authentication keys upon receipt by the Company. The Trustee shall not be liable for any losses, costs or expenses arising directly or indirectly from the Trustee’s reasonable reliance

upon and compliance with such Instructions notwithstanding such directions conflict or are inconsistent with a subsequent written instruction, except for any such losses, costs or expenses due to

the Trustee’s gross negligence or willful misconduct. The Company agrees: (i) to assume all risks arising out of the use of Electronic Means to submit Instructions to the Trustee, including without limitation the risk of the Trustee

acting on unauthorized Instructions, and the risk of interception and misuse by third parties; (ii) that it is fully informed of the protections and risks associated with the various methods of transmitting Instructions to the Trustee and that

there may be more secure methods of transmitting Instructions than the method(s) selected by the Company; (iii) that the security procedures (if any) to be followed in connection with its transmission of Instructions provide to it a

commercially reasonable degree of protection in light of its particular needs and circumstances; and (iv) to notify the Trustee immediately upon learning of any compromise or unauthorized use of the security procedures. “Electronic

Means” shall mean the following communications methods: e-mail, secure electronic transmission containing applicable authorization codes, passwords and/or authentication keys issued by the Trustee, or

another method or system specified by the Trustee as available for use in connection with its services hereunder.”

ARTICLE 2

MISCELLANEOUS

Section 2.01. Definitions. Capitalized terms used but not defined in this Twenty-Second 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 Twenty-Second Supplemental Indenture, is in all respects ratified and confirmed, and the Indenture, this Twenty-Second 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 Twenty-Second 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 Twenty-Second Supplemental Indenture. The recitals herein are deemed to be those of the Issuer and not of the Trustee.

Section 2.04. Governing Law. This Twenty-Second 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

Twenty-Second 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.

Section 2.06. Counterparts. This Twenty-Second 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. Exchange of signature pages to this Twenty-Second Supplemental Indenture and the Notes by

electronic transmission shall constitute effective execution and delivery of this Twenty-Second Supplemental Indenture and the Notes.

[Signature pages follow]

IN WITNESS WHEREOF, this Twenty-Second 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: Executive Vice President,

Chief Operating Officer &

Chief Financial Officer

Attest:

By:

/s/ Connor Kuratek

Name: Connor Kuratek

Title: Deputy General Counsel & Corporate Secretary

[Signature Page to the

Twenty-Second Supplemental Indenture]

THE BANK OF NEW YORK MELLON, as Trustee

By:

/s/ Nathan Hodd

Name: Nathan Hodd

Title: Authorised Signatory

As Agent

[Signature Page to the

Twenty-Second 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. [__]

€[__________]

CUSIP No. 571748 CG5

ISIN No.

XS3551809562

Common Code 355180956

MARSH & McLENNAN COMPANIES, INC.

4.250% Senior Notes due 2032

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 [__________________] EUROS (€[__________]) (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 15, 2032 and to pay interest on said principal sum from October 27, 2026 or from the most recent date to

which interest has been paid or provided for (each such date, an “Interest Payment Date”) to which interest has been paid or duly provided for annually on March 15 of each year commencing March 15, 2027 at the

rate of 4.250% 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 October 27, 2026, 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 Primary Market Handbook 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 1 preceding such Interest Payment Date. Any such interest installment not punctually paid or 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

A-2

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 160 Queen Victoria Street, London EC4V 4LA; 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 Issuer is unable to obtain euro in amounts sufficient to make a required payment under the Notes due to the imposition of exchange controls or other circumstances

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.

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-3

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

Dated:

MARSH & McLENNAN COMPANIES, INC.

By:

Name: Mark C. McGivney

Title: Executive Vice President,

Chief Operating Officer and

Chief Financial Officer

By:

Name: Ferdinand Jahnel

Title: Vice President & Treasurer

Attest:

By:

Name: Connor Kuratek

Title: Deputy General Counsel & Corporate Secretary

[Signature Page to Global Note]

A-4

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-5

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-6

SCHEDULE OF INCREASES OR DECREASES IN GLOBAL SECURITY

MARSH & McLENNAN COMPANIES, INC.

4.250% Senior Notes due 2032

The

initial aggregate principal amount of this Global Security is €[_____________]. 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-7

MARSH & McLENNAN COMPANIES, INC.

4.250% Senior Notes due 2032

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 Twenty-Second Supplemental Indenture, dated as of October 27, 2026, 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 Twenty-Second 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.

Prior to February 15, 2032 (the “Par Call Date”), the Issuer may redeem the Notes, at its option, in

whole or in part, at any time and from time to time, at a redemption price (expressed as a percentage of principal amount and rounded to three decimal places) 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 and

interest on the Notes to be redeemed that would be due if such series of Notes matured on the 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 plus 15 basis points,

in each case, plus accrued and unpaid interest on the Notes to be redeemed to, but not including,

the date of redemption. Calculation of the redemption price will be made by the Issuer or on the Issuer’s behalf by such person as the Issuer designates.

On or after the Par Call Date, the Issuer may redeem the Notes, in whole or in part, at any time and from time to time, at a redemption price

equal to 100% of the principal amount of the Notes to be redeemed plus accrued and unpaid interest on the Notes to be redeemed to, but not including, the date of redemption.

A-8

The Issuer shall have the right to redeem the Notes at any time in whole, but not in part,

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 October 20, 2026, 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 Twenty-Second Supplemental Indenture.

“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 February 15, 2032, or if such Independent Investment Banker in its discretion determines that such similar bund is not in issue, such other German

“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.

“Independent Investment Banker” means one of the Reference Bond Dealers appointed by the Issuer.

“Reference Bond Dealer” means (i) each of Merrill Lynch International, Deutsche Bank AG, London Branch, Barclays Bank

PLC and HSBC Bank plc (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.

The Issuer’s actions and determinations in determining the redemption price shall be conclusive and binding

for all purposes, absent manifest error. Neither the Trustee nor any paying agent shall have any responsibility to calculate, determine or verify the redemption price or the Comparable Government Bond Rate.

In case the Issuer shall desire to exercise its 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. Notice of any redemption will be mailed or electronically delivered (or otherwise transmitted in accordance with Clearstream’s or Euroclear’s

procedures) at least 10 days but not more than 60 days before the redemption date to each holder of Notes to be redeemed. 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.

A-9

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 applicable redemption price and accrued interest. 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 in principal amount equal to the unredeemed portion thereof will be issued.

Notice of any redemption of Notes may, at the Issuer’s discretion, be given subject to one or more conditions precedent, including, but

not limited to, completion of a corporate transaction that is pending. In such event, the related notice of redemption will describe each such condition and, if applicable, will state that, at the Issuer’s discretion, the redemption date may

be delayed until such time (including more than 60 days after the notice of redemption was given) as any or all such conditions are satisfied (or waived by the Issuer in its sole discretion), or such redemption may not occur and such notice may be

rescinded in the event that any or all such conditions have not been satisfied (or waived by the Issuer in its sole discretion) by the redemption date, or by the redemption date as so delayed. If any such redemption has been rescinded or delayed,

the Issuer will provide written notice to the Trustee prior to the close of business two Business Days before the redemption date and, upon receipt, the Trustee will provide such notice to each registered holder.

If the Trustee is to provide notice on behalf of the Issuer to the holders of the Notes as described herein, for a partial or full redemption,

the Issuer shall give the Trustee at least three days’ notice in advance, a period which can be reduced upon further negotiation between the Issuer and the Trustee, of the date fixed for redemption as to the aggregate principal amount of Notes

to be redeemed.

If less than all of the applicable series of Notes are to be redeemed at the Issuer’s option, 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.

If money sufficient to pay the redemption price on the Notes (or portions thereof) to be redeemed on the redemption date is deposited with a

paying agent on or before the redemption date and certain other conditions are satisfied, then on and after such redemption date, interest will cease to accrue on the Notes (or such portion thereof) called for redemption.

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, notify the Trustee or any paying agent that the Issuer has elected to call all or any part of the Notes for redemption and instruct the Trustee 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 the Notes during the 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 Notes being

redeemed in part.

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 Notes 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 Notes 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-11

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 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.

A-12

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.

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, which may be delivered via electronic transmission, this Note shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purposes.

A-13

Exhibit B

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF EUROCLEAR BANK S.A./N.V. (“EUROCLEAR”) AND CLEARSTREAM BANKING,

(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

B-1

Certificate No. [__]

€[__________]

CUSIP No. 571748 CH3

ISIN

No. XS3551809729

Common Code 355180972

MARSH & McLENNAN COMPANIES, INC.

4.625% Senior Notes due 2036

MARSH & McLENNAN COMPANIES, INC., a Delaware corporation (the “Issuer”, which term includes any successor

aggregate principal amounts by adjustments made on the Schedule of Increases or Decreases in Global Security attached hereto) on November 15, 2036 and to pay interest on said principal sum from October 27, 2026 or from the most recent date

to which interest has been paid or provided for (each such date, an “Interest Payment Date”) to which interest has been paid or duly provided for annually on November 15 of each year commencing November 15, 2026 at the

rate of 4.625% 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

regular record date for such interest installment which shall be the November 1 preceding such Interest Payment Date. Any such interest installment not punctually paid or duly provided for (as defined in the Indenture, the “Defaulted

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

B-2

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 160 Queen Victoria Street, London EC4V 4LA;

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 Issuer is unable to obtain euro in amounts sufficient to make a required payment under the Notes due to the imposition of exchange controls or other circumstances beyond the Issuer’s control (including the

dissolution of the European Monetary Union) 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.

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-3

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

Dated:

MARSH & McLENNAN COMPANIES, INC.

By:

Name:

Mark C. McGivney

Title:

Executive Vice President,

Chief Operating

Officer and Chief Financial Officer

By:

Name:

Ferdinand Jahnel

Title:

Vice President & Treasurer

Attest:

By:

Name: Connor Kuratek

Title: Deputy General Counsel &

Corporate Secretary

[Signature Page to Global Note]

B-4

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-5

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-6

SCHEDULE OF INCREASES OR DECREASES IN GLOBAL SECURITY

MARSH & McLENNAN COMPANIES, INC.

4.625% Senior Notes due 2036

The

initial aggregate principal amount of this Global Security is €[_____________]. 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-7

MARSH & McLENNAN COMPANIES, INC.

4.625% Senior Notes due 2036

This Note is one of a duly authorized series of Securities (referred to in the Base Indenture (hereafter defined)), of the Issuer (herein

Common Code.

Prior to August 15, 2036 (the “Par Call Date”), the Issuer may redeem the Notes, at its option, in

whole or in part, at any time and from time to time, at a redemption price (expressed as a percentage of principal amount and rounded to three decimal places) 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 and

Comparable Government Bond Rate plus 20 basis points,

in each case, plus accrued and unpaid interest on the Notes to be redeemed to, but not including,

the date of redemption. Calculation of the redemption price will be made by the Issuer or on the Issuer’s behalf by such person as the Issuer designates.

On or after the Par Call Date, the Issuer may redeem the Notes, in whole or in part, at any time and from time to time, at a redemption price

equal to 100% of the principal amount of the Notes to be redeemed plus accrued and unpaid interest on the Notes to be redeemed to, but not including, the date of redemption.

B-8

The Issuer shall have the right to redeem the Notes at any time in whole, but not in part,

the Issuer, will become obligated to pay additional amounts as described in Section 1.01(h) of the Twenty-Second Supplemental Indenture.

“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 August 15, 2036, 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.

“Independent Investment Banker” means one of the Reference Bond Dealers appointed by the Issuer.

“Reference Bond Dealer” means (i) each of Merrill Lynch International, Deutsche Bank AG, London Branch, Barclays Bank

selected by the Issuer.

The Issuer’s actions and determinations in determining the redemption price shall be conclusive and binding

In case the Issuer shall desire to exercise its right to redeem all or, as the case may be, a portion of the Notes, the Issuer shall, or shall

Euroclear’s procedures) at least 10 days but not more than 60 days before the redemption date to each holder of Notes to be redeemed. 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-9

Each such notice of redemption shall specify the amount of Notes to be redeemed, the date

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.

Notice of any redemption of Notes may, at the Issuer’s discretion, be given subject to one or more conditions precedent, including, but

If the Trustee is to provide notice on behalf of the Issuer to the holders of the Notes as described herein, for a partial or full redemption,

to be redeemed.

If less than all of the applicable series of Notes are to be redeemed at the Issuer’s option, the Notes, or

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

If money sufficient to pay the redemption price on the Notes (or portions thereof) to be

redeemed on the redemption date is deposited with a paying agent on or before the redemption date and certain other conditions are satisfied, then on and after such redemption date, interest will cease to accrue on the Notes (or such portion

thereof) called for redemption.

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, notify the Trustee or any paying agent that the Issuer has elected to call all or any part of the Notes for redemption and instruct the Trustee 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 the Notes during the 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 Notes being redeemed in

part.

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 Notes 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 Notes 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-11

No reference herein to the Indenture and no provision of this Note or of the Indenture shall

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

effect provided in the Indenture.

As provided in and subject to the provisions of the Indenture, the holder of this Note shall not have

As provided in the Indenture and subject to certain limitations therein set forth, this Note is transferable by the registered holder

governmental charge payable in relation thereto.

B-12

Prior to due presentment for registration of transfer of this Note, the Issuer, the Trustee,

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

for the issuance hereof, expressly waived and released.

The Notes are issuable only in registered form without coupons in authorized

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.

Pursuant to a recommendation promulgated by the Committee on Uniform Security Identification Procedures, the Issuer has

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, which may be delivered via electronic transmission, this Note shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purposes.

B-13

EX-4.4

Filename: d170705dex44.htm · Sequence: 4

EX-4.4

Exhibit 4.4

Execution Version

Dated:

October 27, 2026

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 October 27, 2026, 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 160 Queen Victoria Street, London EC4V 4LA,

United Kingdom.

WHEREAS, the Issuer proposes to issue euro-denominated 4.250% Senior Notes due 2032 (the “2032 Notes”)

and 4.625% Senior Notes due 2036 (the “2036 Notes” and, together with the 2032 Notes, the “Notes”) in the forms attached hereto as Annex A in the aggregate principal amount of €600,000,000 for the

2032 notes and €600,000,000 for the 2036 Notes on the date hereof, pursuant to the indenture dated as of July 15, 2011 (the “Original Indenture”) and as supplemented by the twenty-second 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:

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 (ii) 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.

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.

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 for

each series of Notes 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.

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 not relieve the Issuer from its obligation to indemnify or keep indemnifying the Paying Agent. 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 if the 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.

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 (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 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.

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, epidemics or pandemics, 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, indirect, 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 incur no liability hereunder except to the extent such liability has been

determined by a court of competent jurisdiction to have resulted from the Paying Agent’s gross negligence or wilful misconduct.

5.15

Neither the Paying Agent nor its officers, directors, employees, agents or attorneys shall be liable to

the Issuer for any act or omission hereunder, or for any error of judgment made in good faith by it or them, except to the extent such liability has been determined by a court of competent jurisdiction to have resulted from the Paying Agent’s

gross negligence or wilful misconduct.

5.16

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.

5.17

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

persons.

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.

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.

Notices

8.1

Each notice or communication under this Agreement shall be made in writing, by 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 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, 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

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

The Bank of New York Mellon, London Branch

160 Queen Victoria Street, London EC4V 4LA

Attention: Corporate Trust Administration

Telephone: 412-236-1201

Email: Raymond.K.Oneil@bny.com; corpsov2@bny.com

8.2

All notices under this Agreement shall be effective (if by 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

The Paying Agent shall have the right to accept and act upon instructions, including funds transfer

instructions (“Instructions”) given pursuant to this Agreement and delivered using Electronic Means (as defined below); provided, however, that the Issuer shall provide to the Paying Agent an incumbency certificate listing

officers with the authority to provide such Instructions (“Authorized Officers”) and containing specimen signatures of such Authorized Officers, which incumbency certificate shall be amended by the Issuer whenever a person is to

be added or deleted from the listing. If the Issuer elects to give the Paying Agent Instructions using Electronic Means and the Paying Agent in its discretion elects to act upon such Instructions, the Paying Agent’s understanding of such

Instructions shall be deemed controlling. The Issuer understands and agrees that the Paying Agent cannot determine the identity of the actual sender of such Instructions and that the Paying Agent shall conclusively presume that directions that

purport to have been sent by an Authorized Officer listed on the incumbency certificate provided to the Paying Agent have been sent by such Authorized Officer. The Issuer shall be responsible for ensuring that only Authorized Officers transmit such

Instructions to the Paying Agent and that the Issuer and all Authorized Officers are solely responsible to safeguard the use and confidentiality of applicable user and authorization codes, passwords and/or authentication keys upon receipt by the

Issuer. The Paying Agent shall not be liable for any losses, costs or expenses arising directly or indirectly from the Paying Agent’s reliance upon and compliance with such Instructions notwithstanding such directions conflict or are

inconsistent with a subsequent written instruction. The Issuer agrees: (i) to assume all risks arising out of the use of Electronic Means to submit Instructions to the Paying Agent, including without limitation the risk of the Paying Agent

that there may be more secure methods of transmitting Instructions than the method(s) selected by the Issuer; (iii) that the security procedures (if any) to be followed in connection with its transmission of Instructions provide to it a

commercially reasonable degree of protection in light of its particular needs and circumstances; and (iv) to notify the Paying Agent immediately upon learning of any compromise or unauthorized use of the security procedures.

“Electronic Means” means the following communications methods:

e-mail, secure electronic transmission containing applicable authorization codes, passwords and/or authentication keys issued by the Paying Agent, or another method or system specified by the Paying Agent as

available for use in connection with its services hereunder.

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.

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.

Sanctions

The Issuer covenants and represents that neither it nor any of its affiliates, subsidiaries, directors or officers: (A) are the target or

subject of any sanctions enforced by the US Government (including, without limitation, the Office of Foreign Assets Control of the US Department of the Treasury or the US Department of State), the United Nations Security Council, the European Union,

His Majesty’s Treasury, or other relevant sanctions authority (collectively “Sanctions”), and (B) will use any payments made pursuant to this Agreement, (i) to fund or facilitate any activities of or business with any

person who, at the time of such funding or facilitation, is the subject or target of Sanctions, (ii) to fund or facilitate any activities of or business with any country or territory that is the target or subject of Sanctions, or (iii) in

any other manner that will result in a violation of Sanctions by any person.

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.

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/ Mark C. McGivney

Name:

Mark C. McGivney

Title:

Executive Vice President,

Chief Operating Officer &

Chief Financial Officer

The Bank of New York Mellon, London Branch,

as Paying Agent

By:

/s/ Nathan Hodd

Name:

Nathan Hodd

Title:

Authorised Signatory

As Agent

[Signature Page to

Paying Agency Agreement]

Annex A

Form of Global Notes

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. [__]

€[__________]

CUSIP No. 571748 CG5

ISIN No. XS3551809562

Common Code 355180956

MARSH & McLENNAN

COMPANIES, INC.

4.250% Senior Notes due 2032

MARSH & McLENNAN COMPANIES, INC., a Delaware corporation (the “Issuer”, which term includes any successor

special record date to be fixed by the Trustee for the payment of such Defaulted Interest, which shall not

A-2

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

as shall appear in the Security Register.

All payments of interest, premium (if any), and principal, including payments made upon any

in connection with the foregoing.

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-3

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

Dated:

MARSH & McLENNAN COMPANIES, INC.

By:

Name: Mark C. McGivney

Title: Executive Vice President,

Chief Operating Officer and

Chief Financial Officer

By:

Name: Ferdinand Jahnel

Title: Vice President & Treasurer

Attest:

By:

Name: Connor Kuratek

Title: Deputy General Counsel & Corporate Secretary

[Signature Page to Global Note]

A-4

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-5

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-6

SCHEDULE OF INCREASES OR DECREASES IN GLOBAL SECURITY

MARSH & McLENNAN COMPANIES, INC.

4.250% Senior Notes due 2032

The

initial aggregate principal amount of this Global Security is €[_____________]. 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-7

MARSH & McLENNAN COMPANIES, INC.

4.250% Senior Notes due 2032

This Note is one of a duly authorized series of Securities (referred to in the Base Indenture (hereafter defined)), of the Issuer (herein

Common Code.

Prior to February 15, 2032 (the “Par Call Date”), the Issuer may redeem the Notes, at its option, in

whole or in part, at any time and from time to time, at a redemption price (expressed as a percentage of principal amount and rounded to three decimal places) 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 and

Comparable Government Bond Rate plus 15 basis points,

in each case, plus accrued and unpaid interest on the Notes to be redeemed to, but not including,

the date of redemption. Calculation of the redemption price will be made by the Issuer or on the Issuer’s behalf by such person as the Issuer designates.

On or after the Par Call Date, the Issuer may redeem the Notes, in whole or in part, at any time and from time to time, at a redemption price

equal to 100% of the principal amount of the Notes to be redeemed plus accrued and unpaid interest on the Notes to be redeemed to, but not including, the date of redemption.

A-8

The Issuer shall have the right to redeem the Notes at any time in whole, but not in part,

the Issuer, will become obligated to pay additional amounts as described in Section 1.01(h) of the Twenty-Second Supplemental Indenture.

“Comparable Government Bond” means, in relation to any Comparable Government Bond Rate calculation, at the discretion of

“Comparable Government Bond Rate” means the price, expressed as a percentage (rounded to three decimal places, with

“Independent Investment Banker” means one of the Reference Bond Dealers appointed by the Issuer.

“Reference Bond Dealer” means (i) each of Merrill Lynch International, Deutsche Bank AG, London Branch, Barclays Bank

selected by the Issuer.

The Issuer’s actions and determinations in determining the redemption price shall be conclusive and binding

In case the Issuer shall desire to exercise its right to redeem all or, as the case may be, a portion of the Notes, the Issuer shall, or shall

the redemption of any other Note.

A-9

Each such notice of redemption shall specify the amount of Notes to be redeemed, the date

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.

Notice of any redemption of Notes may, at the Issuer’s discretion, be given subject to one or more conditions precedent, including, but

If the Trustee is to provide notice on behalf of the Issuer to the holders of the Notes as described herein, for a partial or full redemption,

to be redeemed.

If less than all of the applicable series of Notes are to be redeemed at the Issuer’s option, the Notes, or

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

If money sufficient to pay the redemption price on the Notes (or portions thereof) to be

thereof) called for redemption.

The Issuer may, if and whenever it shall so elect, by delivery of instructions signed on its behalf by

agent to give any notice that may be required under the provisions stated herein.

Subject to Section 2.11 of the Base Indenture, the

part.

The Indenture contains provisions permitting the Issuer and the Trustee, with the consent of the holders of not less than a

or not any notation of such consent or waiver is made upon this Note.

A-11

No reference herein to the Indenture and no provision of this Note or of the Indenture shall

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

effect provided in the Indenture.

As provided in and subject to the provisions of the Indenture, the holder of this Note shall not have

As provided in the Indenture and subject to certain limitations therein set forth, this Note is transferable by the registered holder

governmental charge payable in relation thereto.

A-12

Prior to due presentment for registration of transfer of this Note, the Issuer, the Trustee,

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

for the issuance hereof, expressly waived and released.

The Notes are issuable only in registered form without coupons in authorized

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.

Pursuant to a recommendation promulgated by the Committee on Uniform Security Identification Procedures, the Issuer has

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, which may be delivered via electronic transmission, this Note shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purposes.

A-13

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF EUROCLEAR BANK

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

DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY.

B-1

Certificate No. [__]

€[__________]

CUSIP No. 571748 CH3

ISIN

No. XS3551809729

Common Code 355180972

MARSH & McLENNAN COMPANIES, INC.

4.625% Senior Notes due 2036

MARSH & McLENNAN COMPANIES, INC., a Delaware corporation (the “Issuer”, which term includes any successor

special record date to be fixed by the Trustee for the payment of such Defaulted Interest, which shall not

B-2

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

as shall appear in the Security Register.

All payments of interest, premium (if any), and principal, including payments made upon any

in connection with the foregoing.

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-3

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

Dated:

MARSH & McLENNAN COMPANIES, INC.

By:

Name:

Mark C. McGivney

Title:

Executive Vice President,

Chief Operating

Officer and

Chief Financial Officer

By:

Name:

Ferdinand Jahnel

Title:

Vice President & Treasurer

Attest:

By:

Name:

Connor Kuratek

Title:

Deputy General Counsel & Corporate Secretary

[Signature Page to Global Note]

B-4

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-5

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-6

SCHEDULE OF INCREASES OR DECREASES IN GLOBAL SECURITY

MARSH & McLENNAN COMPANIES, INC.

4.625% Senior Notes due 2036

The

initial aggregate principal amount of this Global Security is €[_____________]. 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-7

MARSH & McLENNAN COMPANIES, INC.

4.625% Senior Notes due 2036

This Note is one of a duly authorized series of Securities (referred to in the Base Indenture (hereafter defined)), of the Issuer (herein

Common Code.

Prior to August 15, 2036 (the “Par Call Date”), the Issuer may redeem the Notes, at its option, in

whole or in part, at any time and from time to time, at a redemption price (expressed as a percentage of principal amount and rounded to three decimal places) 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 and

Comparable Government Bond Rate plus 20 basis points,

in each case, plus accrued and unpaid interest on the Notes to be redeemed to, but not including,

the date of redemption. Calculation of the redemption price will be made by the Issuer or on the Issuer’s behalf by such person as the Issuer designates.

On or after the Par Call Date, the Issuer may redeem the Notes, in whole or in part, at any time and from time to time, at a redemption price

equal to 100% of the principal amount of the Notes to be redeemed plus accrued and unpaid interest on the Notes to be redeemed to, but not including, the date of redemption.

B-8

The Issuer shall have the right to redeem the Notes at any time in whole, but not in part,

the Issuer, will become obligated to pay additional amounts as described in Section 1.01(h) of the Twenty-Second Supplemental Indenture.

“Comparable Government Bond” means, in relation to any Comparable Government Bond Rate calculation, at the discretion of

“Comparable Government Bond Rate” means the price, expressed as a percentage (rounded to three decimal places, with 0.0005

“Independent Investment Banker” means one of the Reference Bond Dealers appointed by the Issuer.

“Reference Bond Dealer” means (i) each of Merrill Lynch International, Deutsche Bank AG, London Branch, Barclays Bank

selected by the Issuer.

The Issuer’s actions and determinations in determining the redemption price shall be conclusive and binding

In case the Issuer shall desire to exercise its right to redeem all or, as the case may be, a portion of the Notes, the Issuer shall, or shall

proceedings for the redemption of any other Note.

B-9

Each such notice of redemption shall specify the amount of Notes to be redeemed, the date

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.

Notice of any redemption of Notes may, at the Issuer’s discretion, be given subject to one or more conditions precedent, including, but

If the Trustee is to provide notice on behalf of the Issuer to the holders of the Notes as described herein, for a partial or full redemption,

to be redeemed.

If less than all of the applicable series of Notes are to be redeemed at the Issuer’s option, the Notes, or

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

If money sufficient to pay the redemption price on the Notes (or portions thereof) to be

thereof) called for redemption.

The Issuer may, if and whenever it shall so elect, by delivery of instructions signed on its behalf by

agent to give any notice that may be required under the provisions stated herein.

Subject to Section 2.11 of the Base Indenture, the

part.

The Indenture contains provisions permitting the Issuer and the Trustee, with the consent of the holders of not less than a

or not any notation of such consent or waiver is made upon this Note.

B-11

No reference herein to the Indenture and no provision of this Note or of the Indenture shall

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

effect provided in the Indenture.

As provided in and subject to the provisions of the Indenture, the holder of this Note shall not have

As provided in the Indenture and subject to certain limitations therein set forth, this Note is transferable by the registered holder

governmental charge payable in relation thereto.

B-12

Prior to due presentment for registration of transfer of this Note, the Issuer, the Trustee,

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

for the issuance hereof, expressly waived and released.

The Notes are issuable only in registered form without coupons in authorized

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.

Pursuant to a recommendation promulgated by the Committee on Uniform Security Identification Procedures, the Issuer has

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, which may be delivered via electronic transmission, this Note shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purposes.

B-13

EX-5.1

Filename: d170705dex51.htm · Sequence: 5

EX-5.1

Exhibit 5.1

Davis Polk & Wardwell LLP

450 Lexington Avenue

New

York, NY 10017

davispolk.com

October 27, 2026

Marsh & McLennan Companies, Inc.

1166 Avenue of the

Americas

New York, New York 10036

Ladies and Gentlemen:

Marsh & McLennan Companies, Inc., a Delaware corporation (the “Company”), has filed with the Securities and Exchange

Commission a Registration Statement on Form S-3 (File No. 333-280979) (the “Registration Statement”) for the purpose of registering under the Securities Act of 1933, as amended (the

“Securities Act”), certain securities, including the Company’s €600,000,000 aggregate principal amount of its 4.250% Senior Notes due 2032 and €600,000,000 aggregate principal amount of its 4.625% Senior Notes due

2036 (collectively, the “Securities”). The Securities are to be issued pursuant to the provisions of the Indenture dated as of July 15, 2011 between the Company and The Bank of New York Mellon, as trustee (the

“Trustee”), as supplemented by the Twenty-Second Supplemental Indenture dated as of October 27, 2026 between the Company and the Trustee (as so supplemented, the “Indenture”), and will be subject to the

Paying Agency Agreement dated as of October 27, 2026 between the Company and The Bank of New York Mellon, London Branch, as Paying Agent (the “Paying Agency Agreement”). The Securities are to be sold pursuant to the

Underwriting Agreement dated October 20, 2026 (the “Underwriting Agreement”) among the Company and the several underwriters named therein (the “Underwriters”).

We, as your counsel, have examined originals or copies of such documents, corporate records, certificates of public officials and other instruments as we have

deemed necessary or advisable for the purpose of rendering this opinion.

In rendering the opinion expressed herein, we have, without independent inquiry

or investigation, assumed that (i) all documents submitted to us as originals are authentic and complete, (ii) all documents submitted to us as copies conform to authentic, complete originals, (iii) all signatures on all documents

that we reviewed are genuine, (iv) all natural persons executing documents had and have the legal capacity to do so, (v) all statements in certificates of public officials and officers of the Company that we reviewed were and are accurate

and (vi) all representations made by the Company as to matters of fact in the documents that we reviewed were and are accurate.

Based on the

foregoing, and subject to the additional assumptions and qualifications set forth below, we advise you that, in our opinion, when the Securities have been duly executed and authenticated in accordance with the provisions of the Indenture and

delivered to and paid for by the Underwriters pursuant to the Underwriting Agreement, the Securities will constitute valid and binding obligations of the Company, enforceable in accordance with their terms, subject to applicable bankruptcy,

insolvency and similar laws affecting creditors’ rights generally, concepts of reasonableness and equitable principles of general applicability, provided that we express no opinion as to the validity, legally binding effect or enforceability

of any provision that permits holders to collect any portion of stated principal amount upon acceleration of the Securities to the extent determined to constitute unearned interest.

In addition, we have assumed that the Indenture, the Paying Agency Agreement and the Securities

(collectively, the “Documents”) are valid, binding and enforceable agreements of each party thereto (other than as expressly covered above in respect of the Company). We have also assumed that the execution, delivery and

performance by each party to each Document to which it is a party (a) are within its corporate powers, (b) do not contravene, or constitute a default under, the certificate of incorporation or bylaws or other constitutive documents of such

party, (c) require no action by or in respect of, or filing with, any governmental body, agency or official and (d) do not contravene, or constitute a default under, any provision of applicable law or regulation or any judgment,

injunction, order or decree or any agreement or other instrument binding upon such party.

We are members of the Bar of the State of New York and the

foregoing opinion is limited to the laws of the State of New York and the General Corporation Law of the State of Delaware, except that we express no opinion as to (i) any law, rule or regulation that is applicable to the Company, the Documents

or such transactions solely because such law, rule or regulation is part of a regulatory regime applicable to any party to any of the Documents or any of its affiliates due to the specific assets or business of such party or such affiliate or

(ii) any law, rule or regulation relating to national security.

We hereby consent to the filing of this opinion as an exhibit to a report on Form 8-K to be filed by the Company on the date hereof and its incorporation by reference into the Registration Statement and further consent to the reference to our name under the caption “Legal Matters” in

the prospectus supplement which is a part of the Registration Statement. In giving this consent, we do not admit that we are in the category of persons whose consent is required under Section 7 of the Securities Act.

Very truly yours,

/s/ Davis Polk & Wardwell LLP

October 27, 2026

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The Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b-2

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Local phone number for entity.

+ References

No definition available.

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- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 13e

-Subsection 4c

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Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 14d

-Subsection 2b

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- Definition

Title of a 12(b) registered security.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b

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Name of the Exchange on which a security is registered.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection d1-1

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Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as soliciting material pursuant to Rule 14a-12 under the Exchange Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 14a

-Subsection 12

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Trading symbol of an instrument as listed on an exchange.

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No definition available.

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- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Securities Act

-Number 230

-Section 425

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