1. Chad Thomas Tuesday, December 1 st 2009

2. What is MMC?  The premier global professional services firm providing advice and solutions in risk, strategy and human capital. Through their market leading brands, colleagues in more than 100 countries help clients identify, plan for and respond to critical business issues and risks.

3. Basic Information  Ticker (MMC)  52 week range: $17.18-25.58  Market Cap: 11.90 B  P/E: 42.95  EPS: 0.53  β of 0.75  Sector: Financial  Industry: Insurance Brokers

4. Overview  MMC helps clients aggregate and share market power relative to a fragmented, competitive insurance industry, and MMC develops intermediary value as it pools risk- management experience and knowledge across industries and borders for the benefit of customers.

5. SWOT Analysis  Strengths  MMC stands out for the breadth and depth of its service expertise, particularly for customers attracted to global service capacity.  has outperformed its industry as a whole since the earnings announcement  The risk-management consulting and insurance brokerage businesses feature attractive economics and low capital requirements.  Weakness  The firm‘s exposure to private litigation, though reduced, is still uncertain.  BUT new management's repair work has substantially reduced regulatory and litigation risk.  Weaker insurance rates have cut into cash-flow growth recently  BUT insurance rates cannot decline forever

6. SWOT Analysis  Opportunities  Communication and data systems have been key to helping customers realize the benefits from MMC's related risk-management services, and we think the firm's first-rate operations people help provide a competitive advantage.  The strategy is to use the "pull" solutions to attract and retain customers instead of "pushing" sales of standardized policies, which gives them a broader perspective that helps the firm find creative new revenue sources and also react to and prosper amid competitive threats.  Threats  MMC's revenue and margins have been sensitive to insurance premium rates and market conditions.

7. Stock Performance (1 year)

8. Performance

9. Valuation

10. Competitors

11. Performance Relative to Industry

12. Quarterly Earnings of 2009  1st Quarter  Net income attributable to MMC was $176 million, or $.33 per share.  Compare with a net loss of $210 million, or $.40 per share, in the first quarter of 2008, which included a non-cash goodwill impairment charge of $425 million in the Risk Consulting and Technology segment.  2 nd Quarter  As a result of the goodwill impairment charge, MMC reported a net loss of $193 million, or $.37 per share, in the second quarter. This compared with net income of $65 million, or $.12 per share, in the second quarter of 2008.  3 rd Quarter  MMC reported net income of $221 million, or $.41 per share, in the third quarter of 2009, compared with a net loss of $8 million, or a loss of $.02 per share, in the third quarter of 2008. Earnings per share on an adjusted basis, which excludes noteworthy items as presented in the attached supplemental schedules, more than doubled to $.48 in the third quarter of 2009, compared with $.20 in the same quarter last year. In the current quarter, both GAAP and adjusted earnings per share were favorably impacted by a net credit of approximately $.18 per share relating to income taxes, primarily due to the resolution of tax matters in several jurisdictions resulting from the expiration of statutes of limitations and audit settlements.

13. Analysts Opinions  Yahoo! has MMC as HOLD  Morningstar Fair Value Estimate is $31.00  Consider Buy—21.70  Consider Sell—34.30