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Guy ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 50.00 142.65 Td (Carpenter's strong underlying revenue growth in the quarter) Tj ET Q q 0 0 0 rg BT 340.10 142.65 Td (, which was driven by international ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 50.00 123.55 Td (operations, extends the trend of quarterly growth into the fourth consecutive year) Tj ET Q q 0 0 0 rg BT 441.96 123.55 Td (. ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 50.00 87.00 Td (Our Consulting segment also produced strong underlying revenue growth in the quarter) Tj ET Q q 0 0 0 rg BT 478.03 87.00 Td (, with) Tj ET Q endstream endobj 5 0 obj <> endobj 6 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 303.50 31.60 Td (2) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 50.00 741.00 Td (substantial margin improvement. Mercer's results reflect revenue growth in its Health & ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 50.00 721.90 Td (Benefits; ) Tj ET Q q 0 0 0 rg BT 95.66 721.90 Td (T) Tj ET Q q 0 0 0 rg BT 101.16 721.90 Td (alent, Rewards & Communications; Outsourcing; and Investments businesses. ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 50.00 702.75 Td (Oliver W) Tj ET Q q 0 0 0 rg BT 92.07 702.75 Td (yman's revenue growth was led by its Consumer and Health & Life Sciences industry ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 50.00 683.60 Td (sectors. ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 50.00 652.45 Td ("W) Tj ET Q q 0 0 0 rg BT 64.09 652.45 Td (e are pleased with the double-digit growth in adjusted operating income and earnings per ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 50.00 633.30 Td (share in the first quarter) Tj ET Q q 0 0 0 rg BT 165.56 633.30 Td (, concluded Mr) Tj ET Q q 0 0 0 rg BT 240.76 633.30 Td (. Duperreault. ) Tj ET Q BT /F3 11.00 Tf ET 0 0 0 RG /GS0 gs 0.81 w 0 i [] 0 d 1 J 1 j 3 M 50 595.231640625 m 153.94677734375 595.231640625 l s q 0 0 0 rg BT 50.00 596.80 Td (Consolidated Results) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 50.00 577.65 Td (Consolidated revenue in the first quarter of 2012 was $3.1 billion, an increase of 6% on both a ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 50.00 558.50 Td (reported and underlying basis from the first quarter of 201) Tj ET Q q 0 0 0 rg BT 329.84 558.50 Td (1. Underlying revenue measures the ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 50.00 539.35 Td (change in revenue using consistent currency exchange rates, excluding the impact of items ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 50.00 520.20 Td (such as acquisitions, dispositions and transfers among businesses. Operating income rose ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 50.00 501.10 Td (12% to $527 million. ) Tj ET Q q 0 0 0 rg BT 151.51 501.10 Td (Adjusted operating income, which excludes noteworthy items as ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 50.00 481.95 Td (presented in the attached supplemental schedules, rose 12% to $530 million in the first ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 50.00 462.80 Td (quarter) Tj ET Q q 0 0 0 rg BT 84.25 462.80 Td (. ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 50.00 426.25 Td (Income from continuing operations in the first quarter of 2012 was $354 million, or $.63 per ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 50.00 407.10 Td (share, compared with $319 million, or $.56 per share, in the first quarter of 201) Tj ET Q q 0 0 0 rg BT 431.33 407.10 Td (1. ) Tj ET Q q 0 0 0 rg BT 442.95 407.10 Td (Adjusted ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 50.00 388.00 Td (earnings per share in the quarter was also $.63, an increase of 13% from $.56 in the first ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 50.00 368.85 Td (quarter of 201) Tj ET Q q 0 0 0 rg BT 117.68 368.85 Td (1. Net income was $347 million, compared with $325 million in the first quarter ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 50.00 349.70 Td (of 201) Tj ET Q q 0 0 0 rg BT 79.77 349.70 Td (1. ) Tj ET Q BT /F3 11.00 Tf ET 0 0 0 RG /GS0 gs 0.81 w 0 i [] 0 d 1 J 1 j 3 M 50 311.581640625 m 189.39599609375 311.581640625 l s q 0 0 0 rg BT 50.00 313.15 Td (Risk and Insurance Services) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 50.00 294.00 Td (Risk and Insurance Services revenue in the first quarter of 2012 was $1.7 billion, an increase ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 50.00 274.90 Td (of 7% on both a reported and underlying basis. Operating income increased 9% to $417 ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 50.00 255.75 Td (million, compared with $383 million. ) Tj ET Q q 0 0 0 rg BT 226.08 255.75 Td (Adjusted operating income in the first quarter increased ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 50.00 236.60 Td (9% to $416 million from $383 million. ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 50.00 200.05 Td (Marsh's revenue in the first quarter of 2012 increased 8% to $1.4 billion, or 7% on an ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 50.00 180.90 Td (underlying basis. International operations reported underlying revenue growth of 7% in the ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 50.00 161.80 Td (first quarter) Tj ET Q q 0 0 0 rg BT 105.02 161.80 Td (, reflecting growth of 18% in Latin ) Tj ET Q q 0 0 0 rg BT 270.12 161.80 Td (America, 10% in ) Tj ET Q q 0 0 0 rg BT 352.66 161.80 Td (Asia Pacific, and 5% in EMEA.) Tj ET Q endstream endobj 7 0 obj <> endobj 8 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 303.50 31.60 Td (3) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 50.00 741.00 Td (In the United States/Canada division, underlying revenue grew 6%. Guy Carpenter's first ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 50.00 721.90 Td (quarter revenue was $357 million, an increase of 5%, or 7% on an underlying basis. ) Tj ET Q BT /F3 11.00 Tf ET 0 0 0 RG /GS0 gs 0.81 w 0 i [] 0 d 1 J 1 j 3 M 50 683.781640625 m 101.97607421875 683.781640625 l s q 0 0 0 rg BT 50.00 685.35 Td (Consulting) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 101.98 685.35 Td ( ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 50.00 666.20 Td (Consulting segment revenue in the first quarter of 2012 was $1.3 billion, an increase of 4% on ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 50.00 647.05 Td (both a reported and underlying basis. Operating income increased 24% to $159 million, ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 50.00 627.90 Td (compared with $128 million in the prior year period. ) Tj ET Q q 0 0 0 rg BT 301.91 627.90 Td (Adjusted operating income in the first ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 50.00 608.80 Td (quarter rose 24% to $162 million, compared with $131 million. ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 50.00 572.25 Td (Mercer's revenue in the first quarter of 2012 was $957 million, an increase of 4% on both a ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 50.00 553.10 Td (reported and underlying basis. Retirement, with revenue of $278 million, was flat on an ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 50.00 533.95 Td (underlying basis; Health & Benefits, with revenue of $253 million, was up 6%; ) Tj ET Q q 0 0 0 rg BT 428.90 533.95 Td (T) Tj ET Q q 0 0 0 rg BT 434.40 533.95 Td (alent, Rewards ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 50.00 514.80 Td (& Communications, with revenue of $125 million, was up 5%; Outsourcing, with revenue of ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 50.00 495.70 Td ($177 million, increased 4%; and Investments, with revenue of $124 million, rose 7%. Oliver ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 50.00 476.55 Td (W) Tj ET Q q 0 0 0 rg BT 60.29 476.55 Td (yman's revenue increased 5% to $356 million in the first quarter of 2012, or 6% on an ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 50.00 457.40 Td (underlying basis. ) Tj ET Q BT /F3 11.00 Tf ET 0 0 0 RG /GS0 gs 0.81 w 0 i [] 0 d 1 J 1 j 3 M 50 419.281640625 m 107.4599609375 419.281640625 l s q 0 0 0 rg BT 50.00 420.85 Td (Other Items) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 50.00 401.70 Td (Investment income, including mark-to-market gains in private equity investments, was $20 ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 50.00 382.60 Td (million in the first quarter of 2012, compared with $19 million in 201) Tj ET Q q 0 0 0 rg BT 375.07 382.60 Td (1. ) Tj ET Q q 0 0 0 rg BT 386.70 382.60 Td (At the end of the first ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 50.00 363.45 Td (quarter of 2012, cash and cash equivalents was $1.4 billion, compared with $1.3 billion at the ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 50.00 344.30 Td (end of the first quarter of 201) Tj ET Q q 0 0 0 rg BT 190.44 344.30 Td (1. Net debt, which is total debt less cash and cash equivalents, ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 50.00 325.15 Td (was $1.5 billion, compared with $1.7 billion at the end of the first quarter of 201) Tj ET Q q 0 0 0 rg BT 432.58 325.15 Td (1. ) Tj ET Q BT /F3 11.00 Tf ET 0 0 0 RG /GS0 gs 0.81 w 0 i [] 0 d 1 J 1 j 3 M 50 287.031640625 m 128.87451171875 287.031640625 l s q 0 0 0 rg BT 50.00 288.60 Td (Conference Call) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 50.00 269.50 Td (A) Tj ET Q q 0 0 0 rg BT 56.73 269.50 Td ( conference call to discuss first quarter 2012 results will be held today at 8:30 a.m. Eastern ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 50.00 250.35 Td (T) Tj ET Q q 0 0 0 rg BT 56.31 250.35 Td (ime. ) Tj ET Q q 0 0 0 rg BT 79.95 250.35 Td (T) Tj ET Q q 0 0 0 rg BT 85.45 250.35 Td (o participate in the teleconference, please dial +1 888 500 6973. Callers from outside ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 50.00 231.20 Td (the United States should dial +1 719 457 2601. ) Tj ET Q q 0 0 0 rg BT 281.89 231.20 Td (The access code for both numbers is ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 50.00 212.05 Td (3462595. ) Tj ET Q q 0 0 0 rg BT 98.74 212.05 Td (The live audio webcast may be accessed at ) Tj ET Q BT /F3 11.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.81 w 0 i [] 0 d 1 J 1 j 3 M 314.57470703125 210.48164062499995 m 388.5185546875 210.48164062499995 l s q 0 0 1 rg BT 314.57 212.05 Td (www) Tj ET Q q 0 0 1 rg BT 337.80 212.05 Td (.mmc.com) Tj ET Q BT /F3 11.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 388.52 212.05 Td (. ) Tj ET Q q 0 0 0 rg BT 397.08 212.05 Td (A) Tj ET Q q 0 0 0 rg BT 403.81 212.05 Td ( replay of the ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 50.00 192.90 Td (webcast will be available approximately two hours after the event. ) Tj ET Q BT /F4 11.00 Tf ET q 0 0 0 rg BT 50.00 156.40 Td (About Marsh & McLennan Companies) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 50.00 137.25 Td (MARSH & McLENNAN COMP) Tj ET Q q 0 0 0 rg BT 197.70 137.25 Td (ANIES \(NYSE: MMC\) is a global team of professional services ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 50.00 118.10 Td (companies of) Tj ET Q q 0 0 0 rg BT 115.23 118.10 Td (fering clients advice and solutions in the areas of risk, strategy and human ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 50.00 98.95 Td (capital. ) Tj ET Q BT /F3 11.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.81 w 0 i [] 0 d 1 J 1 j 3 M 87.9091796875 97.38164062500005 m 127.6337890625 97.38164062500005 l s q 0 0 1 rg BT 87.91 98.95 Td (MARSH) Tj ET Q BT /F3 11.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 127.63 98.95 Td ( is a global leader in insurance broking andrisk management; ) Tj ET Q BT /F3 11.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.81 w 0 i [] 0 d 1 J 1 j 3 M 430.3056640625 97.38164062500005 m 454.04296875 97.38164062500005 l s q 0 0 1 rg BT 430.31 98.95 Td (GUY) Tj ET Q endstream endobj 9 0 obj <> endobj 10 0 obj <> stream BT /F1 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 303.50 31.60 Td (4) Tj ET Q BT /F3 11.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.81 w 0 i [] 0 d 1 J 1 j 3 M 50 739.431640625 m 117.84228515625 739.431640625 l s q 0 0 1 rg BT 50.00 741.00 Td (CARPENTER) Tj ET Q BT /F3 11.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 117.84 741.00 Td ( is a global leader in providing risk and reinsurance intermediary services; ) Tj ET Q BT /F3 11.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.81 w 0 i [] 0 d 1 J 1 j 3 M 50 720.331640625 m 97.66845703125 720.331640625 l s q 0 0 1 rg BT 50.00 721.90 Td (MERCER) Tj ET Q BT /F3 11.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 97.67 721.90 Td ( is a global leader in human resource consulting and related services; and ) Tj ET Q BT /F3 11.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.81 w 0 i [] 0 d 1 J 1 j 3 M 459.65869140625 720.331640625 m 503.0625 720.331640625 l s q 0 0 1 rg BT 459.66 721.90 Td (OLIVER ) Tj ET Q BT /F3 11.00 Tf ET 0 0 1 RG /GS0 gs 0.81 w 0 i [] 0 d 1 J 1 j 3 M 50 701.181640625 m 92.1630859375 701.181640625 l s q 0 0 1 rg BT 50.00 702.75 Td (WYMAN) Tj ET Q BT /F3 11.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 92.16 702.75 Td ( is a global leader in management consulting. Marsh & McLennan Companies' ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 50.00 683.60 Td (53,000 colleagues worldwide provide analysis, advice and transactional capabilities to clients ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 50.00 664.45 Td (in more than 100 countries. ) Tj ET Q q 0 0 0 rg BT 186.16 664.45 Td (The Company prides itself on being a responsible corporate ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 50.00 645.30 Td (citizen and making a positive impact in the communities in which it operates. V) Tj ET Q q 0 0 0 rg BT 431.32 645.30 Td (isit ) Tj ET Q BT /F3 11.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.81 w 0 i [] 0 d 1 J 1 j 3 M 50 624.631640625 m 123.94384765625 624.631640625 l s q 0 0 1 rg BT 50.00 626.20 Td (www) Tj ET Q q 0 0 1 rg BT 73.22 626.20 Td (.mmc.com) Tj ET Q BT /F3 11.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 123.94 626.20 Td ( for more corporate information, or ) Tj ET Q BT /F3 11.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.81 w 0 i [] 0 d 1 J 1 j 3 M 293.9013671875 624.631640625 m 427.78125 624.631640625 l s q 0 0 1 rg BT 293.90 626.20 Td (www) Tj ET Q q 0 0 1 rg BT 317.13 626.20 Td (.PartneringImpact.com) Tj ET Q BT /F3 11.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 427.78 626.20 Td ( to learn more ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 50.00 607.05 Td (about the Company's world-class capabilities and its solutions to the complex problems ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 50.00 587.90 Td (enterprises face today) Tj ET Q q 0 0 0 rg BT 157.41 587.90 Td (.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 537.60 Td (This press release contains forward-looking statements, as defined in the Private Securities Litigation ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 525.60 Td (Reform ) Tj ET Q q 0 0 0 rg BT 85.01 525.60 Td (Act of 1995. ) Tj ET Q q 0 0 0 rg BT 140.98 525.60 Td (These statements, which express management's current views concerning future ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 513.60 Td (events or results, use words like anticipate, assume, believe, continue, estimate, expect, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 501.60 Td (future, intend, plan, project and similar terms, and future or conditional tense verbs like could, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 489.60 Td (may) Tj ET Q q 0 0 0 rg BT 71.48 489.60 Td (, might, should, will and would. For example, we may use forward-looking statements when ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 477.60 Td (addressing topics such as: the outcome of contingencies; the expected impact of acquisitions and ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 465.60 Td (dispositions; pension obligations; market and industry conditions; the impact of foreign currency ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 453.60 Td (exchange rates; our ef) Tj ET Q q 0 0 0 rg BT 149.33 453.60 Td (fective tax rates; the impact of competition; changes in our business strategies ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 441.60 Td (and methods of generating revenue; the development and performance of our services and products; ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 429.60 Td (changes in the composition or level of our revenues; our cost structure, dividend policy) Tj ET Q q 0 0 0 rg BT 434.46 429.60 Td (, cash flow and ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 417.60 Td (liquidity; future actions by regulators; and the impact of changes in accounting rules. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 393.60 Td (Forward-looking statements are subject to inherent risks and uncertainties. Factors that could cause ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 381.60 Td (actual results to dif) Tj ET Q q 0 0 0 rg BT 133.19 381.60 Td (fer materially from those expressed or implied in our forward-looking statements ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 369.60 Td (include, among other things:) Tj ET Q BT /F2 10.00 Tf ET /GS0 gs q 18.00 0 0 10.09 68.00 343.44 cm /I2 Do Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 86.00 345.60 Td (our exposure to potential liabilities arising from errors and omissions claims against us, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 86.00 333.60 Td (particularly in our Marsh and Mercer businesses; ) Tj ET Q BT /F2 10.00 Tf ET /GS0 gs q 18.00 0 0 10.09 68.00 307.44 cm /I3 Do Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 86.00 309.60 Td (our ability to make strategic acquisitions and dispositions and to integrate, and realize expected ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 86.00 297.60 Td (synergies, savings or strategic benefits from the businesses we acquire;) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 86.00 285.60 Td ( ) Tj ET Q BT /F2 10.00 Tf ET /GS0 gs q 18.00 0 0 10.09 68.00 271.44 cm /I4 Do Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 86.00 273.60 Td (changes in the funded status of our global defined benefit pension plans and the impact of any ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 86.00 261.60 Td (increased pension funding resulting from those changes;) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 86.00 249.60 Td ( ) Tj ET Q BT /F2 10.00 Tf ET /GS0 gs q 18.00 0 0 10.09 68.00 235.44 cm /I5 Do Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 86.00 237.60 Td (the impact of any regional, national or global political, economic, regulatory or market ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 86.00 225.60 Td (conditions on our results of operations and financial condition, including the European debt ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 86.00 213.60 Td (crisis and market perceptions concerning the instability of the Euro;) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 86.00 201.60 Td ( ) Tj ET Q BT /F2 10.00 Tf ET /GS0 gs q 18.00 0 0 10.09 68.00 187.44 cm /I6 Do Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 86.00 189.60 Td (the impact on our net income caused by fluctuations in foreign currency exchange rates;) Tj ET Q BT /F2 10.00 Tf ET /GS0 gs q 18.00 0 0 10.09 68.00 163.44 cm /I7 Do Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 86.00 165.60 Td (the impact on our net income or cash flows and our ef) Tj ET Q q 0 0 0 rg BT 323.72 165.60 Td (fective tax rate in a particular period ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 86.00 153.60 Td (caused by settled tax audits and expired statutes of limitation;) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 86.00 141.60 Td ( ) Tj ET Q BT /F2 10.00 Tf ET /GS0 gs q 18.00 0 0 10.09 68.00 127.44 cm /I8 Do Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 86.00 129.60 Td (the extent to which we retain existing clients and attract new business, and our ability to ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 86.00 117.60 Td (incentivize and retain key employees;) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 86.00 105.60 Td ( ) Tj ET Q BT /F2 10.00 Tf ET /GS0 gs q 18.00 0 0 10.09 68.00 91.44 cm /I9 Do Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 86.00 93.60 Td (our exposure to potential criminal sanctions or civil remedies if we fail to comply with foreign ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 86.00 81.60 Td (and U.S. laws and regulations that are applicable to our international operations, including ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 86.00 69.60 Td (import and export requirements, anti-corruption laws such as the U.S. Foreign Corrupt) Tj ET Q endstream endobj 11 0 obj <> endobj 12 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 303.50 31.60 Td (5) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 86.00 741.75 Td (Practices ) Tj ET Q q 0 0 0 rg BT 129.35 741.75 Td (Act and the UK Bribery ) Tj ET Q q 0 0 0 rg BT 233.29 741.75 Td (Act 2010, local laws prohibiting corrupt payments to ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 86.00 729.75 Td (government of) Tj ET Q q 0 0 0 rg BT 149.75 729.75 Td (ficials, as well as various trade sanctions laws;) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 717.75 Td ( ) Tj ET Q BT /F2 10.00 Tf ET /GS0 gs q 18.00 0 0 10.09 68.00 703.59 cm /I10 Do Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 86.00 705.75 Td (the impact of competition, including with respect to our geographic reach, the sophistication ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 86.00 693.75 Td (and quality of our services, our pricing relative to competitors, our customers' option to self-) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 86.00 681.75 Td (insure or utilize internal resources instead of consultants, and our corporate tax rates relative to ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 86.00 669.75 Td (our competitors;) Tj ET Q BT /F2 10.00 Tf ET /GS0 gs q 18.00 0 0 10.09 68.00 643.59 cm /I11 Do Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 86.00 645.75 Td (the potential impact of rating agency actions on our cost of financing and ability to borrow) Tj ET Q q 0 0 0 rg BT 479.01 645.75 Td (, as ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 86.00 633.75 Td (well as on our operating costs and competitive position; ) Tj ET Q BT /F2 10.00 Tf ET /GS0 gs q 18.00 0 0 10.09 68.00 607.59 cm /I12 Do Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 86.00 609.75 Td (our ability to successfully recover should we experience a disaster or other business continuity ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 86.00 597.75 Td (problem;) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 86.00 585.75 Td ( ) Tj ET Q BT /F2 10.00 Tf ET /GS0 gs q 18.00 0 0 10.09 68.00 571.59 cm /I13 Do Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 86.00 573.75 Td (our ability to maintain adequate physical, technical and administrative safeguards to protect the ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 86.00 561.75 Td (security of our data;) Tj ET Q BT /F2 10.00 Tf ET /GS0 gs q 18.00 0 0 10.09 68.00 535.59 cm /I14 Do Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 86.00 537.75 Td (changes in applicable tax or accounting requirements; and) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 86.00 525.75 Td ( ) Tj ET Q BT /F2 10.00 Tf ET /GS0 gs q 18.00 0 0 10.09 68.00 511.59 cm /I15 Do Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 86.00 513.75 Td (potential income statement ef) Tj ET Q q 0 0 0 rg BT 216.45 513.75 Td (fects from the application of F) Tj ET Q q 0 0 0 rg BT 347.07 513.75 Td (ASB's ) Tj ET Q q 0 0 0 rg BT 376.21 513.75 Td (ASC ) Tj ET Q q 0 0 0 rg BT 399.37 513.75 Td (T) Tj ET Q q 0 0 0 rg BT 404.37 513.75 Td (opic No.740 \(Income ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 86.00 501.75 Td (T) Tj ET Q q 0 0 0 rg BT 91.00 501.75 Td (axes\) regarding accounting treatment of uncertain tax benefits and valuation allowances, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 86.00 489.75 Td (including the ef) Tj ET Q q 0 0 0 rg BT 153.09 489.75 Td (fect of any subsequent adjustments to the estimates we use in applying this ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 86.00 477.75 Td (accounting standard.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 86.00 465.75 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 453.75 Td (The factors identified above are not exhaustive. Marsh & McLennan Companies and its subsidiaries ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 441.75 Td (operate in a dynamic business environment in which new risks may emerge frequently) Tj ET Q q 0 0 0 rg BT 430.55 441.75 Td (. ) Tj ET Q q 0 0 0 rg BT 435.56 441.75 Td (Accordingly) Tj ET Q q 0 0 0 rg BT 486.50 441.75 Td (, we ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 429.75 Td (caution readers not to place undue reliance on the above forward-looking statements, which speak only ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 417.75 Td (as of the dates on which they are made. ) Tj ET Q q 0 0 0 rg BT 229.93 417.75 Td (The Company undertakes no obligation to update or revise ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 405.75 Td (any forward-looking statement to reflect events or circumstances arising after the date on which it is ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 393.75 Td (made. Further information concerning Marsh & McLennan Companies and its businesses, including ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 381.75 Td (information about factors that could materially af) Tj ET Q q 0 0 0 rg BT 262.71 381.75 Td (fect our results of operations and financial condition, is ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 369.75 Td (contained in the Company's filings with the Securities and Exchange Commission, including the Risk ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 357.75 Td (Factors section of our most recently filed ) Tj ET Q q 0 0 0 rg BT 235.07 357.75 Td (Annual Report on Form 10-K.) Tj ET Q endstream endobj 13 0 obj <> endobj 14 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 303.50 31.60 Td (6) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 193.40 741.75 Td (Marsh & McLennan Companies, Inc.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 193.95 729.75 Td (Consolidated Statements of Income) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 197.00 717.75 Td (\(In millions, except per share figures\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 252.85 705.75 Td (\(Unaudited\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 693.75 Td () Tj ET Q 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 364.5 648.25 m 416.5 648.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 364.5 634.25 m 416.5 634.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 416.5 648.25 m 420.5 648.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 420.5 648.25 m 471.5 648.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 364.5 620.25 m 416.5 620.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 420.5 634.25 m 471.5 634.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 420.5 620.25 m 471.5 620.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 364.5 567.25 m 416.5 567.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 364.5 553.25 m 416.5 553.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 420.5 567.25 m 471.5 567.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 420.5 553.25 m 471.5 553.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 364.5 472.25 m 416.5 472.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 420.5 472.25 m 471.5 472.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 364.5 432.25 m 416.5 432.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 420.5 432.25 m 471.5 432.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 364.5 391.25 m 416.5 391.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 420.5 391.25 m 471.5 391.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 364.5 341.25 m 416.5 341.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 364.5 322.25 m 416.5 322.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 364.5 320.25 m 416.5 320.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 420.5 341.25 m 471.5 341.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 420.5 322.25 m 471.5 322.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 420.5 320.25 m 471.5 320.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 420.5 288.25 m 471.5 288.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 420.5 286.25 m 471.5 286.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 364.5 286.25 m 416.5 286.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 364.5 288.25 m 416.5 288.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 364.5 274.25 m 416.5 274.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 364.5 272.25 m 416.5 272.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 420.5 274.25 m 471.5 274.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 420.5 272.25 m 471.5 272.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 364.5 246.25 m 416.5 246.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 364.5 244.25 m 416.5 244.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 420.5 246.25 m 471.5 246.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 420.5 244.25 m 471.5 244.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 364.5 232.25 m 416.5 232.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 364.5 230.25 m 416.5 230.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 420.5 232.25 m 471.5 232.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 420.5 230.25 m 471.5 230.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 364.5 212.25 m 416.5 212.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 364.5 210.25 m 416.5 210.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 420.5 212.25 m 471.5 212.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 420.5 210.25 m 471.5 210.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 364.5 198.25 m 416.5 198.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 364.5 196.25 m 416.5 196.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 420.5 198.25 m 471.5 198.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 420.5 196.25 m 471.5 196.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 364.5 178.25 m 416.5 178.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 364.5 176.25 m 416.5 176.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 420.5 178.25 m 471.5 178.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 420.5 176.25 m 471.5 176.25 l s BT /F3 10.00 Tf ET q 0 0 0 rg BT 53.00 652.87 Td () Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 368.05 662.87 Td (Three Months Ended) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 394.40 652.87 Td (March 31,) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 53.00 638.47 Td () Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 390.75 638.47 Td (2012) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 445.75 638.47 Td (2011) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 53.00 624.47 Td (Revenue) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 367.00 624.47 Td ($) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 387.60 624.47 Td (3,051) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 423.00 624.47 Td ($) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 442.60 624.47 Td (2,884) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 53.00 599.87 Td (Expense:) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 468.00 599.87 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 53.00 585.47 Td (Compensation and Benefits) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 387.60 585.47 Td (1,796) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 442.60 585.47 Td (1,721) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 53.00 571.47 Td (Other Operating Expenses) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 395.95 571.47 Td (728) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 450.95 571.47 Td (691) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 53.00 557.47 Td () Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 66.89 557.47 Td (T) Tj ET Q q 0 0 0 rg BT 72.26 557.47 Td (otal Expense) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 387.60 557.47 Td (2,524) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 442.60 557.47 Td (2,412) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 53.00 537.87 Td (Operating Income) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 395.95 537.87 Td (527) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 450.95 537.87 Td (472) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 53.00 517.87 Td (Interest Income) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 407.05 517.87 Td (6) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 462.05 517.87 Td (7) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 53.00 496.87 Td (Interest Expense) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 398.15 496.87 Td (\(46) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 412.65 496.87 Td (\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 453.15 496.87 Td (\(51) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 467.65 496.87 Td (\)) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 53.00 476.87 Td (Investment Income) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 401.50 476.87 Td (20) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 456.50 476.87 Td (19) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 53.00 456.87 Td (Income Before Income Taxes) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 395.95 456.87 Td (507) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 450.95 456.87 Td (447) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 53.00 436.87 Td (Income Tax Expense) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 395.95 436.87 Td (153) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 450.95 436.87 Td (128) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 53.00 416.87 Td (Income from Continuing Operations) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 395.95 416.87 Td (354) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 450.95 416.87 Td (319) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 53.00 395.87 Td (Discontinued Operations, Net of Tax) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 402.65 395.87 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 456.50 395.87 Td (12) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 53.00 375.87 Td (Net Income Before Non-Controlling Interest) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 367.00 375.87 Td ($) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 395.95 375.87 Td (354) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 423.00 375.87 Td ($) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 450.95 375.87 Td (331) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 53.00 345.87 Td (Less: Net Income Attributable to Non-Controlling Interest) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 407.05 345.87 Td (7) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 462.05 345.87 Td (6) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 53.00 325.87 Td (Net Income Attributable to the Company) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 367.00 325.87 Td ($) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 395.95 325.87 Td (347) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 423.00 325.87 Td ($) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 450.95 325.87 Td (325) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 53.00 305.87 Td (Basic Net Income Per Share) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 65.00 291.47 Td (- Continuing Operations) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 367.00 291.47 Td ($) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 393.15 291.47 Td (0.64) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 423.00 291.47 Td ($) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 448.15 291.47 Td (0.57) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 65.00 277.47 Td (- Net Income ) Tj ET Q q 0 0 0 rg BT 127.42 277.47 Td (Attributable to the Company) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 367.00 277.47 Td ($) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 393.15 277.47 Td (0.64) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 423.00 277.47 Td ($) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 448.15 277.47 Td (0.59) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 53.00 263.47 Td (Diluted Net Income Per Share) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 65.00 249.47 Td (- Continuing Operations) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 367.00 249.47 Td ($) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 393.15 249.47 Td (0.63) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 423.00 249.47 Td ($) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 448.15 249.47 Td (0.56) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 65.00 235.47 Td (- Net Income ) Tj ET Q q 0 0 0 rg BT 127.42 235.47 Td (Attributable to the Company) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 367.00 235.47 Td ($) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 393.15 235.47 Td (0.63) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 423.00 235.47 Td ($) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 448.15 235.47 Td (0.58) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 53.00 215.87 Td (Average Number of Shares Outstanding - Basic) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 395.95 215.87 Td (542) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 450.95 215.87 Td (544) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 53.00 201.47 Td ( - Diluted) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 395.95 201.47 Td (551) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 450.95 201.47 Td (552) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 53.00 181.87 Td (Shares Outstanding at 3/31) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 395.95 181.87 Td (546) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 450.95 181.87 Td (548) Tj ET Q BT /F2 10.00 Tf ET endstream endobj 15 0 obj <> endobj 16 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 303.50 31.60 Td (7) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 193.40 741.75 Td (Marsh & McLennan Companies, Inc.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 170.25 729.75 Td (Supplemental Information - Revenue ) Tj ET Q q 0 0 0 rg BT 346.57 729.75 Td (Analysis) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 229.55 717.75 Td (Three Months Ended) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 231.45 705.75 Td (\(Millions\) \(Unaudited\)) Tj ET Q 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 364.5 681.25 m 415.5 681.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 415.5 681.25 m 419.5 681.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 419.5 681.25 m 476.5 681.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 476.5 681.25 m 480.5 681.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 480.5 681.25 m 531.5 681.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 198.5 654.25 m 249.5 654.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 198.5 643.25 m 249.5 643.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 249.5 654.25 m 253.5 654.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 253.5 654.25 m 304.5 654.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 253.5 643.25 m 304.5 643.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 480.5 643.25 m 531.5 643.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 308.5 643.25 m 360.5 643.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 364.5 643.25 m 415.5 643.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 419.5 643.25 m 476.5 643.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 198.5 605.25 m 249.5 605.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 253.5 605.25 m 304.5 605.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 198.5 581.25 m 249.5 581.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 198.5 569.25 m 249.5 569.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 253.5 581.25 m 304.5 581.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 253.5 569.25 m 304.5 569.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 198.5 522.25 m 249.5 522.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 198.5 510.25 m 249.5 510.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 253.5 522.25 m 304.5 522.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 253.5 510.25 m 304.5 510.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 198.5 493.25 m 249.5 493.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 198.5 477.25 m 249.5 477.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 198.5 475.25 m 249.5 475.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 253.5 493.25 m 304.5 493.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 253.5 477.25 m 304.5 477.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 253.5 475.25 m 304.5 475.25 l s BT /F3 8.00 Tf ET q 0 0 0 rg BT 53.00 685.48 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 201.00 685.48 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 311.00 685.48 Td () Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 383.00 685.48 Td (Components of Revenue Change*) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 53.00 658.48 Td () Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 211.40 666.48 Td (Three Months Ended) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 232.50 658.48 Td (March 31,) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 314.65 663.48 Td (% Change) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 322.50 655.48 Td (GAAP) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 317.30 647.48 Td (Revenue) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 371.90 655.48 Td (Currency) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 376.60 647.48 Td (Impact) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 422.35 663.48 Td (Acquisitions/) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 423.45 655.48 Td (Dispositions ) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 434.60 647.48 Td (Impact) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 484.60 655.48 Td (Underlying) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 488.80 647.48 Td (Revenue) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 53.00 645.93 Td () Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 228.20 645.93 Td (2012) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 283.20 645.93 Td (2011) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 53.00 633.48 Td (Risk and Insurance Services) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 201.00 633.48 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 256.00 633.48 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 311.00 633.48 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 367.00 633.48 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 422.00 633.48 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 483.00 633.48 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 53.00 620.93 Td (Marsh) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 201.00 620.93 Td ($) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 226.25 620.98 Td (1,379) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 256.00 620.93 Td ($) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 281.25 620.98 Td (1,282) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 348.40 620.93 Td (8) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 352.85 620.93 Td (%) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 398.05 620.93 Td (\(1) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 405.20 620.93 Td (\)%) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 461.75 620.93 Td (2) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 468.85 620.93 Td (%) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 519.40 620.93 Td (7) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 523.85 620.93 Td (%) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 53.00 608.93 Td (Guy Carpenter) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 232.95 608.93 Td (357) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 287.95 608.93 Td (340) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 348.40 608.93 Td (5) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 352.85 608.93 Td (%) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 398.05 608.93 Td (\(1) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 405.20 608.93 Td (\)%) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 459.05 608.93 Td (\(1) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 466.20 608.93 Td (\)%) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 519.40 608.93 Td (7) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 523.85 608.93 Td (%) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 53.00 596.93 Td ( Subtotal) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 226.25 596.98 Td (1,736) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 281.25 596.98 Td (1,622) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 348.40 596.93 Td (7) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 352.85 596.93 Td (%) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 398.05 596.93 Td (\(1) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 405.20 596.93 Td (\)%) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 461.75 596.93 Td (1) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 468.85 596.93 Td (%) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 519.40 596.93 Td (7) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 523.85 596.93 Td (%) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 53.00 584.93 Td (Fiduciary Interest Income) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 237.35 584.93 Td (11) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 292.40 584.98 Td (12) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 53.00 572.93 Td ( Total Risk and Insurance Services) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 226.25 572.98 Td (1,747) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 281.25 572.98 Td (1,634) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 348.40 572.93 Td (7) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 352.85 572.93 Td (%) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 398.05 572.93 Td (\(1) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 405.20 572.93 Td (\)%) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 461.75 572.93 Td (1) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 468.85 572.93 Td (%) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 519.40 572.93 Td (7) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 523.85 572.93 Td (%) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 53.00 550.48 Td (Consulting) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 301.00 550.48 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 53.00 537.93 Td (Mercer) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 232.95 537.93 Td (957) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 287.95 537.93 Td (922) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 348.40 537.93 Td (4) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 352.85 537.93 Td (%) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 398.05 537.93 Td (\(1) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 405.20 537.93 Td (\)%) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 461.75 537.93 Td (1) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 468.85 537.93 Td (%) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 519.40 537.93 Td (4) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 523.85 537.93 Td (%) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 53.00 525.93 Td (Oliver Wyman Group) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 232.95 525.93 Td (356) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 287.95 525.93 Td (339) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 348.40 525.93 Td (5) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 352.85 525.93 Td (%) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 398.05 525.93 Td (\(1) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 405.20 525.93 Td (\)%) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 458.20 525.93 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 519.40 525.93 Td (6) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 523.85 525.93 Td (%) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 53.00 513.93 Td ( Total Consulting) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 226.25 513.98 Td (1,313) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 281.25 513.98 Td (1,261) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 348.40 513.93 Td (4) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 352.85 513.93 Td (%) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 398.05 513.93 Td (\(1) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 405.20 513.93 Td (\)%) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 458.20 513.93 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 519.40 513.93 Td (4) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 523.85 513.93 Td (%) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 53.00 497.48 Td (Corporate / Eliminations) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 239.10 497.48 Td (\(9) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 246.30 497.48 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 289.70 497.48 Td (\(11) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 301.30 497.48 Td (\)) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 53.00 480.48 Td ( Total Revenue) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 201.00 480.48 Td ($) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 226.25 480.53 Td (3,051) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 256.00 480.48 Td ($) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 281.25 480.53 Td (2,884) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 348.40 480.48 Td (6) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 352.85 480.48 Td (%) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 398.05 480.48 Td (\(1) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 405.20 480.48 Td (\)%) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 461.75 480.48 Td (1) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 468.85 480.48 Td (%) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 519.40 480.48 Td (6) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 523.85 480.48 Td (%) Tj ET Q BT /F2 10.00 Tf ET BT /F4 9.00 Tf ET q 0 0 0 rg BT 50.00 453.95 Td (Revenue Details) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 50.00 443.15 Td (The following table provides more detailed revenue information for certain of the components presented ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 50.00 432.35 Td (above:) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 77.02 432.35 Td () Tj ET Q 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 367.5 407.85 m 416.5 407.85 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 416.5 407.85 m 420.5 407.85 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 420.5 407.85 m 477.5 407.85 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 477.5 407.85 m 481.5 407.85 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 481.5 407.85 m 532.5 407.85 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 198.5 383.85 m 249.5 383.85 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 198.5 370.85 m 249.5 370.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 249.5 383.85 m 253.5 383.85 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 253.5 383.85 m 304.5 383.85 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 253.5 370.85 m 304.5 370.85 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 308.5 370.85 m 363.5 370.85 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 367.5 370.85 m 416.5 370.85 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 420.5 370.85 m 477.5 370.85 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 481.5 370.85 m 532.5 370.85 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 198.5 320.85 m 249.5 320.85 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 253.5 320.85 m 304.5 320.85 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 198.5 296.85 m 249.5 296.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 198.5 285.85 m 249.5 285.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 198.5 283.85 m 249.5 283.85 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 253.5 296.85 m 304.5 296.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 253.5 285.85 m 304.5 285.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 253.5 283.85 m 304.5 283.85 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 198.5 204.85000000000002 m 249.5 204.85000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 198.5 188.85000000000002 m 249.5 188.85000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 198.5 186.85000000000002 m 249.5 186.85000000000002 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 253.5 204.85000000000002 m 304.5 204.85000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 253.5 188.85000000000002 m 304.5 188.85000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 253.5 186.85000000000002 m 304.5 186.85000000000002 l s BT /F3 8.00 Tf ET q 0 0 0 rg BT 53.00 412.08 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 201.00 412.08 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 311.00 412.08 Td () Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 385.00 412.08 Td (Components of Revenue Change*) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 53.00 388.08 Td () Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 211.40 396.08 Td (Three Months Ended) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 232.50 388.08 Td (March 31,) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 316.15 391.08 Td (% Change) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 324.00 383.08 Td (GAAP) Tj ET Q q 0 0 0 rg BT 346.97 383.08 Td ( ) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 318.80 375.08 Td (Revenue) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 373.90 383.08 Td (Currency) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 378.60 375.08 Td (Impact) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 423.35 391.08 Td (Acquisitions/) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 424.45 383.08 Td (Dispositions ) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 435.60 375.08 Td (Impact) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 485.60 383.08 Td (Underlying) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 489.80 375.08 Td (Revenue) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 53.00 375.08 Td () Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 228.20 375.08 Td (2012) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 283.20 375.08 Td (2011) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 53.00 361.08 Td (Marsh:) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 201.00 361.08 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 256.00 361.08 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 311.00 361.08 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 370.00 361.08 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 423.00 361.08 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 484.00 361.08 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 53.00 348.53 Td (EMEA) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 201.00 348.53 Td ($) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 232.95 348.53 Td (577) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 256.00 348.53 Td ($) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 287.95 348.53 Td (551) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 348.75 348.53 Td (5) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 355.80 348.53 Td (%) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 399.05 348.53 Td (\(4) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 406.20 348.53 Td (\)%) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 462.75 348.53 Td (3) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 469.85 348.53 Td (%) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 520.40 348.53 Td (5) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 524.85 348.53 Td (%) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 53.00 336.53 Td (Asia Pacific) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 232.95 336.53 Td (142) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 287.95 336.53 Td (125) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 344.30 336.53 Td (14) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 355.80 336.53 Td (%) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 401.75 336.53 Td (3) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 408.80 336.53 Td (%) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 462.75 336.53 Td (1) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 469.85 336.53 Td (%) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 515.95 336.53 Td (10) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 524.85 336.53 Td (%) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 53.00 324.53 Td (Latin America) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 237.35 324.53 Td (74) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 292.40 324.58 Td (61) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 344.30 324.53 Td (22) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 355.80 324.53 Td (%) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 401.75 324.53 Td (4) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 408.80 324.53 Td (%) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 459.20 324.53 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 515.95 324.53 Td (18) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 524.85 324.53 Td (%) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 53.00 312.53 Td ( Total International) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 232.95 312.53 Td (793) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 287.95 312.53 Td (737) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 348.75 312.53 Td (8) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 355.80 312.53 Td (%) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 399.05 312.53 Td (\(2) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 406.20 312.53 Td (\)%) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 462.75 312.53 Td (3) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 469.85 312.53 Td (%) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 520.40 312.53 Td (7) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 524.85 312.53 Td (%) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 53.00 300.53 Td (U.S. / Canada) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 232.95 300.53 Td (586) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 287.95 300.53 Td (545) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 348.75 300.53 Td (7) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 355.80 300.53 Td (%) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 398.20 300.53 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 462.75 300.53 Td (1) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 469.85 300.53 Td (%) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 520.40 300.53 Td (6) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 524.85 300.53 Td (%) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 53.00 288.53 Td ( Total Marsh) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 201.00 288.53 Td ($) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 226.25 288.58 Td (1,379) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 256.00 288.53 Td ($) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 281.25 288.58 Td (1,282) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 348.75 288.53 Td (8) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 355.80 288.53 Td (%) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 399.05 288.53 Td (\(1) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 406.20 288.53 Td (\)%) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 462.75 288.53 Td (2) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 469.85 288.53 Td (%) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 520.40 288.53 Td (7) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 524.85 288.53 Td (%) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 53.00 270.08 Td (Mercer:) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 301.00 270.08 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 53.00 257.53 Td (Retirement) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 201.00 257.53 Td ($) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 232.95 257.53 Td (278) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 256.00 257.53 Td ($) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 287.95 257.53 Td (281) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 346.05 257.53 Td (\(1) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 353.20 257.53 Td (\)%) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 399.05 257.53 Td (\(2) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 406.20 257.53 Td (\)%) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 462.75 257.53 Td (1) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 469.85 257.53 Td (%) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 516.85 257.58 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 53.00 245.53 Td (Health and Benefits) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 232.95 245.53 Td (253) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 287.95 245.53 Td (237) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 348.75 245.53 Td (7) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 355.80 245.53 Td (%) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 399.05 245.53 Td (\(1) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 406.20 245.53 Td (\)%) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 462.75 245.53 Td (1) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 469.85 245.53 Td (%) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 520.40 245.53 Td (6) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 524.85 245.53 Td (%) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 53.00 233.08 Td (Talent, Rewards & Communications) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 232.95 233.08 Td (125) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 287.95 233.08 Td (117) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 348.75 233.08 Td (7) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 355.80 233.08 Td (%) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 399.05 233.08 Td (\(1) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 406.20 233.08 Td (\)%) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 462.75 233.08 Td (3) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 469.85 233.08 Td (%) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 520.40 233.08 Td (5) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 524.85 233.08 Td (%) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 53.00 220.53 Td (Outsourcing) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 232.95 220.53 Td (177) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 287.95 220.53 Td (176) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 348.75 220.53 Td (0) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 355.80 220.53 Td (%) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 401.75 220.53 Td (1) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 408.80 220.53 Td (%) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 460.05 220.53 Td (\(5) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 467.20 220.53 Td (\)%) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 520.40 220.53 Td (4) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 524.85 220.53 Td (%) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 53.00 208.53 Td (Investments) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 232.95 208.53 Td (124) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 287.95 208.53 Td (111) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 344.30 208.53 Td (12) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 355.80 208.53 Td (%) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 398.20 208.53 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 462.75 208.53 Td (4) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 469.85 208.53 Td (%) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 520.40 208.53 Td (7) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 524.85 208.53 Td (%) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 53.00 192.08 Td ( Total Mercer) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 201.00 192.08 Td ($) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 232.95 192.08 Td (957) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 256.00 192.08 Td ($) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 287.95 192.08 Td (922) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 348.75 192.08 Td (4) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 355.80 192.08 Td (%) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 399.05 192.08 Td (\(1) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 406.20 192.08 Td (\)%) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 462.75 192.08 Td (1) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 469.85 192.08 Td (%) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 520.40 192.08 Td (4) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 524.85 192.08 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 176.35 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 53.00 157.53 Td (Notes) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 53.00 142.08 Td (Underlying revenue measures the change in revenue using consistent currency exchange rates, excluding the impact of) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 53.00 134.08 Td (certain items such as:acquisitions, dispositions and transfers among businesses.) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 53.00 111.08 Td (* Components of revenue change may not add due to rounding.) Tj ET Q BT /F2 10.00 Tf ET endstream endobj 17 0 obj <> endobj 18 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 303.50 31.60 Td (8) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 193.40 741.75 Td (Marsh & McLennan Companies, Inc.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 228.80 729.75 Td (Non-GAAP) Tj ET Q q 0 0 0 rg BT 280.28 729.75 Td ( Measures) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 206.45 717.75 Td (Three Months Ended March 31) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 231.45 705.75 Td (\(Millions\) \(Unaudited\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 693.75 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 53.00 674.93 Td (The Company presents below certain additional financial measures that are "non-GAAP) Tj ET Q q 0 0 0 rg BT 363.42 674.93 Td ( measures," within the meaning of Regulation G ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 53.00 666.93 Td (under the Securities Exchange ) Tj ET Q q 0 0 0 rg BT 163.74 666.93 Td (Act of 1934. ) Tj ET Q q 0 0 0 rg BT 210.73 666.93 Td (These measures are: a) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 293.00 666.93 Td (djusted operating income \(loss\); adjusted operating margin; ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 505.56 666.93 Td (and) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 518.91 666.93 Td ( ) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 53.00 658.93 Td (adjusted income, net of tax.) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 53.00 643.48 Td (The Company presents these non-GAAP measures to provide investors with additional information to analyze the Company's) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 53.00 635.48 Td (performance from period to period.Management also uses these measures to assess performance for incentive compensation purposes) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 53.00 627.48 Td (and to allocate resources in managing the Company's businesses.However, investors should not consider these non-GAAP measures) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 53.00 619.48 Td (in isolation from, or as a substitute for, the financial information that the Company reports in accordance with GAAP.The Company's) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 53.00 611.48 Td (non-GAAP measures reflect subjective determinations by management, and may differ from similarly titled non-GAAP measures) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 53.00 603.48 Td (presented by other companies.) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 53.00 582.48 Td (Adjusted Operating Income \(Loss\) and Adjusted Operating Margin) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 53.00 569.93 Td (Adjusted operating income \(loss\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 169.50 569.93 Td ( is calculated by excluding the impact of certain noteworthy items from the Company's GAAP) Tj ET Q q 0 0 0 rg BT 497.26 569.93 Td ( operating ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 53.00 561.93 Td (income or loss.) Tj ET Q q 0 0 0 rg BT 111.10 561.93 Td (The following tables identify these noteworthy items and reconcile adjusted operating income \(loss\) to GAAP) Tj ET Q q 0 0 0 rg BT 494.71 561.93 Td ( operating ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 53.00 553.93 Td (income or loss, on a consolidated and segment basis, for the three months ended March 31, 2012 and 201) Tj ET Q q 0 0 0 rg BT 429.98 553.93 Td (1.) Tj ET Q q 0 0 0 rg BT 440.95 553.93 Td (The following tables also ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 53.00 545.93 Td (present a) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 86.36 545.93 Td (djusted operating margin) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 174.41 545.93 Td (, which is calculated by dividing adjusted operating income by consolidated or segment GAAP) Tj ET Q q 0 0 0 rg BT 506.01 545.93 Td ( ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 53.00 537.93 Td (revenue.) Tj ET Q 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 50.5 476.25 m 240.5 476.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 244.5 490.25 m 311.5 490.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 315.5 490.25 m 382.5 490.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 396.5 490.25 m 462.5 490.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 480.5 490.25 m 536.5 490.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 244.5 462.25 m 311.5 462.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 315.5 462.25 m 382.5 462.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 396.5 462.25 m 462.5 462.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 480.5 462.25 m 536.5 462.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 244.5 422.25 m 311.5 422.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 244.5 408.25 m 311.5 408.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 315.5 422.25 m 382.5 422.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 315.5 408.25 m 382.5 408.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 396.5 422.25 m 462.5 422.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 396.5 408.25 m 462.5 408.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 480.5 422.25 m 536.5 422.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 480.5 408.25 m 536.5 408.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 244.5 395.25 m 311.5 395.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 244.5 393.25 m 311.5 393.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 315.5 395.25 m 382.5 395.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 315.5 393.25 m 382.5 393.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 396.5 395.25 m 462.5 395.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 396.5 393.25 m 462.5 393.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 480.5 395.25 m 536.5 395.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 480.5 393.25 m 536.5 393.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 244.5 381.25 m 311.5 381.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 244.5 379.25 m 311.5 379.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 315.5 381.25 m 382.5 381.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 315.5 379.25 m 382.5 379.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 396.5 381.25 m 462.5 381.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 396.5 379.25 m 462.5 379.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 480.5 381.25 m 536.5 381.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 480.5 379.25 m 536.5 379.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 244.5 367.25 m 311.5 367.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 244.5 365.25 m 311.5 365.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 315.5 367.25 m 382.5 367.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 315.5 365.25 m 382.5 365.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 396.5 367.25 m 462.5 367.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 396.5 365.25 m 462.5 365.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 480.5 367.25 m 536.5 367.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 480.5 365.25 m 536.5 365.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 50.5 336.25 m 240.5 336.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 244.5 322.25 m 311.5 322.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 315.5 322.25 m 382.5 322.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 396.5 322.25 m 462.5 322.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 480.5 322.25 m 536.5 322.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 244.5 283.25 m 311.5 283.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 244.5 269.25 m 311.5 269.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 315.5 283.25 m 382.5 283.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 315.5 269.25 m 382.5 269.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 396.5 283.25 m 462.5 283.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 396.5 269.25 m 462.5 269.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 480.5 283.25 m 536.5 283.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 480.5 269.25 m 536.5 269.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 244.5 256.25 m 311.5 256.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 244.5 254.25 m 311.5 254.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 315.5 256.25 m 382.5 256.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 315.5 254.25 m 382.5 254.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 396.5 256.25 m 462.5 256.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 396.5 254.25 m 462.5 254.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 480.5 256.25 m 536.5 256.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 480.5 254.25 m 536.5 254.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 244.5 242.25 m 311.5 242.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 244.5 240.25 m 311.5 240.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 315.5 242.25 m 382.5 242.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 315.5 240.25 m 382.5 240.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 396.5 242.25 m 462.5 242.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 396.5 240.25 m 462.5 240.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 480.5 242.25 m 536.5 242.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 480.5 240.25 m 536.5 240.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 244.5 228.25 m 311.5 228.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 244.5 226.25 m 311.5 226.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 315.5 228.25 m 382.5 228.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 315.5 226.25 m 382.5 226.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 396.5 228.25 m 462.5 228.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 396.5 226.25 m 462.5 226.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 480.5 228.25 m 536.5 228.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 480.5 226.25 m 536.5 226.25 l s BT /F3 9.00 Tf ET q 0 0 0 rg BT 53.00 494.65 Td () Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 263.45 512.65 Td (Risk &) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 256.20 503.65 Td (Insurance) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 258.95 494.65 Td (Services) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 325.00 494.65 Td (Consulting) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 406.20 503.65 Td (Corporate/) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 402.20 494.65 Td (Eliminations) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 497.55 494.65 Td (Total) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 53.00 480.65 Td (Three Months Ended March 31, 2012) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 247.00 480.65 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 318.00 480.65 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 399.00 480.65 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 483.00 480.65 Td () Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 53.00 466.65 Td (Operating income \(loss\)) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 247.00 466.65 Td ($) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 287.90 466.65 Td (417) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 318.00 466.65 Td ($) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 358.90 466.65 Td (159) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 399.00 466.65 Td ($) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 445.60 466.65 Td (\(49) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 458.65 466.65 Td (\)) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 483.00 466.65 Td ($) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 512.90 466.65 Td (527) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 53.00 452.65 Td (Add \(Deduct\) Impact of Noteworthy Items:) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 53.00 438.65 Td ( Restructuring Charges \(a\)) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 294.90 438.65 Td (\(1) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 302.95 438.65 Td (\)) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 368.90 438.65 Td (3) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 453.60 438.65 Td (2) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 522.90 438.65 Td (4) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 53.00 425.20 Td ( Other \(b\)) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 293.95 425.20 Td () Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 364.95 425.20 Td () Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 450.60 425.20 Td (\(1) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 458.65 425.20 Td (\)) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 519.90 425.20 Td (\(1) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 527.95 425.20 Td (\)) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 53.00 412.65 Td ( Operating income adjustments) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 294.90 412.65 Td (\(1) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 302.95 412.65 Td (\)) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 368.90 412.65 Td (3) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 453.60 412.65 Td (1) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 522.90 412.65 Td (3) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 53.00 398.65 Td (Adjusted operating income \(loss\)) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 247.00 398.65 Td ($) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 287.90 398.65 Td (416) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 318.00 398.65 Td ($) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 358.90 398.65 Td (162) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 399.00 398.65 Td ($) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 445.60 398.65 Td (\(48) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 458.65 398.65 Td (\)) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 483.00 398.65 Td ($) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 512.90 398.65 Td (530) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 53.00 384.65 Td (Operating margin) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 285.40 384.65 Td (23.9) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 302.95 384.65 Td (%) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 356.40 384.65 Td (12.1) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 373.95 384.65 Td (%) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 443.80 384.65 Td (N/A) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 510.40 384.65 Td (17.3) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 527.95 384.65 Td (%) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 53.00 370.65 Td (Adjusted operating margin) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 285.40 370.65 Td (23.8) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 302.95 370.65 Td (%) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 356.40 370.65 Td (12.4) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 373.95 370.65 Td (%) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 443.80 370.65 Td (N/A) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 510.40 370.65 Td (17.4) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 527.95 370.65 Td (%) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 53.00 340.65 Td (Three Months Ended March 31, 2011) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 308.00 340.65 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 379.00 340.65 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 459.00 340.65 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 533.00 340.65 Td () Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 53.00 326.65 Td (Operating income \(loss\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 247.00 326.65 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 287.90 326.65 Td (383) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 318.00 326.65 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 358.90 326.65 Td (128) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 399.00 326.65 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 445.60 326.65 Td (\(39) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 458.65 326.65 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 483.00 326.65 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 512.90 326.65 Td (472) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 53.00 312.65 Td (Add \(Deduct\) Impact of Noteworthy Items:) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 53.00 298.65 Td ( Restructuring Charges \(a\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 293.95 298.65 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 368.90 298.65 Td (3) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 453.60 298.65 Td (1) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 522.90 298.65 Td (4) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 53.00 285.25 Td ( Other \(b\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 293.95 285.25 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 364.95 285.25 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 450.60 285.25 Td (\(3) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 458.65 285.25 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 519.90 285.25 Td (\(3) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 527.95 285.25 Td (\)) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 53.00 273.65 Td ( Operating income adjustments) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 293.95 273.65 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 368.90 273.65 Td (3) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 450.60 273.65 Td (\(2) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 458.65 273.65 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 522.90 273.65 Td (1) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 53.00 259.65 Td (Adjusted operating income \(loss\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 247.00 259.65 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 287.90 259.65 Td (383) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 318.00 259.65 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 358.90 259.65 Td (131) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 399.00 259.65 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 445.60 259.65 Td (\(41) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 458.65 259.65 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 483.00 259.65 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 512.90 259.65 Td (473) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 53.00 245.65 Td (Operating margin) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 285.40 245.65 Td (23.4) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 302.95 245.65 Td (%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 356.40 245.65 Td (10.2) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 373.95 245.65 Td (%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 444.45 245.65 Td (N/A) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 510.40 245.65 Td (16.4) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 527.95 245.65 Td (%) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 53.00 231.65 Td (Adjusted operating margin) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 285.40 231.65 Td (23.4) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 302.95 231.65 Td (%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 356.40 231.65 Td (10.4) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 373.95 231.65 Td (%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 444.45 231.65 Td (N/A) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 510.40 231.65 Td (16.4) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 527.95 231.65 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 215.75 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 53.00 178.48 Td (\(a\)Includes severance from restructuring activities and related charges, costs for future rent and other real estate costs, and fees and) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 53.00 170.48 Td (consulting costs related to recent acquisitions and cost reduction activities.) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 53.00 148.48 Td (\(b\) Includes credits for payments received related to the Corporate Advisory and Restructuring businesses divested in 2008.) Tj ET Q BT /F2 10.00 Tf ET endstream endobj 19 0 obj <> endobj 20 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 303.50 31.60 Td (9) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 193.40 741.75 Td (Marsh & McLennan Companies, Inc.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 228.80 729.75 Td (Non-GAAP) Tj ET Q q 0 0 0 rg BT 280.28 729.75 Td ( Measures) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 206.45 717.75 Td (Three Months Ended March 31) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 231.45 705.75 Td (\(Millions\) \(Unaudited\)) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 61.00 685.48 Td (Adjusted income, net of tax) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 61.00 663.48 Td (Adjusted income, net of tax) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 157.50 663.48 Td ( is calculated as: the Company's GAAP) Tj ET Q q 0 0 0 rg BT 296.28 663.48 Td ( income from continuing operations, adjusted to reflect ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 61.00 655.48 Td (the after-tax impact of the operating income adjustments set forth in the preceding table.) Tj ET Q q 0 0 0 rg BT 377.03 655.48 Td (The related adjusted diluted ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 61.00 647.48 Td (earnings per share as calculated under the two-class method, reflects reductions for the portion of each item attributable to ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 61.00 639.48 Td (non-controlling interests and participating securities so that the calculation is based only on the amounts attributable to ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 61.00 631.48 Td (common shareholders.) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 343 564.25 m 399 564.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 403 564.25 m 473 564.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 63 553.25 m 279 553.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 343 520.25 m 399 520.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 283 487.25 m 339 487.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 343 476.25 m 399 476.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 403 476.25 m 473 476.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 343 466.25 m 399 466.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 343 464.25 m 399 464.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 403 466.25 m 473 466.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 403 464.25 m 473 464.25 l s BT /F4 8.00 Tf ET q 0 0 0 rg BT 65.50 593.48 Td (Reconciliation of the Impact of Non-GAAP Measures on diluted earnings per share - Three Months Ended) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 65.50 585.48 Td (March 31, 2012 and 2011:) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 200.50 568.48 Td () Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 355.35 568.48 Td (Amount) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 414.80 568.48 Td (Diluted EPS) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 65.50 555.93 Td (Three Months Ended March 31, 2012) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 310.50 555.93 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 370.50 555.93 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 437.50 555.93 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 65.50 544.93 Td (Income from continuing operations) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 345.50 544.93 Td ($) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 382.45 544.98 Td (354) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 65.50 533.93 Td (Less: Non-controlling interest, net of tax) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 391.30 533.93 Td (7) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 65.50 522.93 Td ( Amount attributable to participating securities) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 391.30 522.93 Td (1) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 65.50 511.93 Td ( Subtotal) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 345.50 511.93 Td ($) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 382.45 511.98 Td (346) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 454.20 511.98 Td (0.63) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 65.50 500.93 Td (Add operating income adjustments) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 285.50 500.93 Td ($) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 331.30 500.93 Td (3) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 65.50 489.93 Td (Deductimpact of income taxes) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 328.65 489.93 Td (\(1) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 335.80 489.93 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 170.50 478.93 Td () Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 391.30 478.93 Td (2) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 461.80 478.98 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 86.45 467.93 Td (Income from continuing operations, as adjusted) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 345.50 467.93 Td ($) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 382.45 467.98 Td (348) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 405.50 467.93 Td ($) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 454.20 467.98 Td (0.63) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 495.50 465.75 Td () Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 64.5 444.25 m 280.5 444.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 344.5 411.25 m 400.5 411.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 284.5 378.25 m 340.5 378.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 344.5 367.25 m 400.5 367.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404.5 367.25 m 476.5 367.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 344.5 357.25 m 400.5 357.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 344.5 355.25 m 400.5 355.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404.5 357.25 m 476.5 357.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404.5 355.25 m 476.5 355.25 l s BT /F4 8.00 Tf ET q 0 0 0 rg BT 67.00 446.93 Td (Three Months Ended March 31, 2011) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 67.00 435.93 Td (Income from continuing operations) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 347.00 435.93 Td ($) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 383.95 435.98 Td (319) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 67.00 424.93 Td (Less: Non-controlling interest, net of tax) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 392.80 424.93 Td (6) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 67.00 413.93 Td ( Amount attributable to participating securities) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 392.80 413.93 Td (3) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 67.00 402.93 Td ( Subtotal) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 347.00 402.93 Td ($) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 383.95 402.98 Td (310) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 457.70 402.98 Td (0.56) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 67.00 391.93 Td (Add operating income adjustments) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 287.00 391.93 Td ($) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 332.80 391.93 Td (1) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 67.00 380.93 Td (Deduct impact of income taxes) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 334.55 380.93 Td (-) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 67.00 369.93 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 392.80 369.93 Td (1) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 465.30 369.98 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 87.95 358.93 Td (Income from continuing operations, as adjusted) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 347.00 358.93 Td ($) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 383.95 358.98 Td (311) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 407.00 358.93 Td ($) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 457.70 358.98 Td (0.56) Tj ET Q BT /F2 10.00 Tf ET BT /F4 10.00 Tf ET q 0 0 0 rg BT 193.40 308.75 Td (Marsh & McLennan Companies, Inc.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 217.30 296.75 Td (Supplemental Information) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 235.95 284.75 Td (\(Millions\) \(Unaudited\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 330.98 284.75 Td () Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 335 244.25 m 391 244.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 391 244.25 m 395 244.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395 244.25 m 451 244.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 335 234.25 m 391 234.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395 234.25 m 451 234.25 l s BT /F3 8.00 Tf ET q 0 0 0 rg BT 217.50 248.48 Td () Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 352.90 253.93 Td (Three Months Ended) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 374.00 245.98 Td (March 31,) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 369.70 235.98 Td (2012) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 429.70 235.98 Td (2011) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 107.50 225.93 Td (Depreciation and amortization expense) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 337.50 225.93 Td ($) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 378.90 225.93 Td (83) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 397.50 225.93 Td ($) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 438.90 225.93 Td (83) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 107.50 214.93 Td (Stock option expense \(a\)) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 337.50 214.93 Td ($) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 378.90 214.93 Td (11) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 397.50 214.93 Td ($) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 443.30 214.93 Td (7) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 107.50 203.93 Td (Change in accrual for contingent acquisition consideration) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 337.50 203.93 Td ($) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 383.30 203.93 Td (1) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 397.50 203.93 Td ($) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 440.65 203.93 Td (\(6) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 447.80 203.93 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 107.50 192.93 Td (Capital expenditures) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 337.50 192.93 Td ($) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 378.90 192.93 Td (51) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 397.50 192.93 Td ($) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 438.90 192.93 Td (67) Tj ET Q BT /F2 10.00 Tf ET BT /F3 8.00 Tf ET q 0 0 0 rg BT 108.50 169.15 Td (\(a\) ) Tj ET Q q 0 0 0 rg BT 120.36 169.15 Td (The increase from 2012 is primarily due to accelerated amortization for retiree eligible senior executives. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 53.00 157.15 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 133.15 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 133.15 Td ( ) Tj ET Q q 0 0 0 rg BT 122.00 133.15 Td ( ) Tj ET Q q 0 0 0 rg BT 158.00 133.15 Td ( ) Tj ET Q q 0 0 0 rg BT 194.00 133.15 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 121.15 Td () Tj ET Q endstream endobj 21 0 obj <> endobj 22 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (10) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 194.90 741.75 Td (Marsh & McLennan Companies, Inc.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 208.95 729.75 Td (Consolidated Balance Sheets) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 231.45 717.75 Td (\(Millions\) \(Unaudited\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 705.75 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 693.75 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 681.75 Td () Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 343.5 637.25 m 430.5 637.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 637.25 m 520.5 637.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 343.5 553.25 m 430.5 553.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 553.25 m 520.5 553.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 343.5 455.25 m 430.5 455.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 343.5 442.25 m 430.5 442.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 343.5 440.25 m 430.5 440.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 455.25 m 520.5 455.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 442.25 m 520.5 442.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 440.25 m 520.5 440.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 343.5 315.25 m 430.5 315.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 315.25 m 520.5 315.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 343.5 259.25 m 430.5 259.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 259.25 m 520.5 259.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 343.5 161.25 m 430.5 161.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 161.25 m 520.5 161.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 343.5 134.25 m 430.5 134.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 343.5 132.25 m 430.5 132.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 134.25 m 520.5 134.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 132.25 m 520.5 132.25 l s BT /F3 10.00 Tf ET q 0 0 0 rg BT 53.00 641.87 Td () Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 363.40 651.87 Td (March 31,) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 375.35 641.87 Td (2012) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 445.55 651.87 Td (December 31,) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 466.20 641.87 Td (201) Tj ET Q q 0 0 0 rg BT 482.14 641.87 Td (1) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 53.00 627.47 Td (ASSETS) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 346.00 627.47 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 437.00 627.47 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 53.00 599.47 Td (Current assets:) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 346.00 599.47 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 437.00 599.47 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 53.00 585.47 Td (Cash and cash equivalents) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 346.00 585.47 Td ($) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 401.60 585.47 Td (1,410) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 437.00 585.47 Td ($) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 491.60 585.47 Td (2,113) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 53.00 571.47 Td (Net receivables) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 401.60 571.47 Td (3,008) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 491.60 571.47 Td (2,906) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 53.00 557.47 Td (Other current assets) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 409.95 557.47 Td (617) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 499.95 557.47 Td (629) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 53.00 543.47 Td (Total current assets) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 401.60 543.47 Td (5,035) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 491.60 543.47 Td (5,648) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 53.00 515.47 Td (Goodwill and intangible assets) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 401.60 515.47 Td (7,129) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 491.60 515.47 Td (6,963) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 53.00 501.47 Td (Fixed assets, net) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 409.95 501.47 Td (795) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 499.95 501.47 Td (804) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 53.00 487.47 Td (Pension related assets) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 415.50 487.47 Td (67) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 505.50 487.47 Td (39) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 53.00 473.47 Td (Deferred tax assets) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 401.60 473.47 Td (1,143) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 491.60 473.47 Td (1,205) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 53.00 459.47 Td (Other assets) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 409.95 459.47 Td (841) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 499.95 459.47 Td (795) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 53.00 445.47 Td ( TOTAL ASSETS) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 346.00 445.47 Td ($) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 396.05 445.47 Td (15,010) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 437.00 445.47 Td ($) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 486.05 445.47 Td (15,454) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 53.00 417.47 Td (LIABILITIES AND STOCKHOLDERS' EQUITY) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 53.00 389.47 Td (Current liabilities:) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 53.00 375.47 Td (Short-term debt) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 346.00 375.47 Td ($) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 409.95 375.47 Td (259) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 437.00 375.47 Td ($) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 499.95 375.47 Td (260) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 53.00 361.47 Td (Accounts payable and accrued liabilities) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 401.60 361.47 Td (1,873) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 491.60 361.47 Td (2,016) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 53.00 347.47 Td (Accrued compensation and employee benefits) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 409.95 347.47 Td (699) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 491.60 347.47 Td (1,400) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 53.00 333.47 Td (Accrued income taxes) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 415.50 333.47 Td (80) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 505.50 333.47 Td (63) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 53.00 319.47 Td (Dividends payable) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 409.95 319.47 Td (121) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 506.65 319.47 Td () Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 53.00 305.47 Td (Total current liabilities) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 401.60 305.47 Td (3,032) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 491.60 305.47 Td (3,739) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 53.00 277.47 Td (Fiduciary liabilities) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 401.60 277.47 Td (4,284) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 491.60 277.47 Td (4,082) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 53.00 263.47 Td (Less - cash and investments held in a fiduciary capacity) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg 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