EX-99 4 exhibit99-2.htm (AMEND ITEM 6 - FINANCIAL DATA)

EXHIBIT 99.2

AMENDED ITEM 6. SELECTED FINANCIAL/DATA OF MMC'S ANNUAL REPORT ON 10-K FOR THE YEAR ENDED DECEMBER 31, 2004


For the Years Ended December 31,
(In millions except per share figures)
2004 2003 2002 2001 2000 Compound
Growth
Rate
1999-2004

Revenue:              
Service Revenue  $ 11,959   $ 11,444   $ 10,321   $   9,968   $ 10,187   6 %
Investment Income (Loss)  200   100   67   (142 ) 76  

    Total Revenue  12,159   11,544   10,388   9,826   10,263   6 %

Expenses: 
Compensation and Benefits  6,714   5,926   5,199   4,877   4,941   8 %
Other Operating Expenses  3,828   3,112   2,915   3,186   3,143   4 %
Regulatory and Other Settlements  969   10   --   --   --  

    Total Expenses  11,511   9,048   8,114   8,063   8,084   8 %

Operating Income       648 (b) 2,496   2,274   1,763 (a) 2,179   (15 )%
Interest Income  21   24   19   23   23  
Interest Expense  (219 ) (185 ) (160 ) (196 ) (247 )

Income Before Income Taxes and Minority Interest  450   2,335   2,133   1,590   1,955   (19 )%
Income Taxes  259   770   747   599   753  
Minority Interest, Net of Tax  15   25   21   17   21  

Net Income  $      176   $   1,540   $   1,365   $      974   $   1,181   (25 )%

Basic Net Income Per Share Information: 
Net Income Per Share  $      .33   $     2.89   $     2.52   $     1.77   $     2.18   (25 )%
Average Number of Shares Outstanding  526   533   541   550   543  

Diluted Net Income Per Share Information: 
Net Income Per Share  $      .33   $     2.81   $     2.45   $     1.70   $     2.05   (24 )%
Average Number of Shares Outstanding  535   548   557   572   569  

Dividends Paid Per Share  $     1.30   $     1.18   $     1.09   $     1.03   $      .95   9 %
Return on Average Stockholders' Equity  3 % 29 % 27 % 19 % 25 %
Year-end Financial Position: 
Working capital  $      152   $      189   $    (199 ) $    (622 ) $    (855 )
Total assets  $ 18,337   $ 15,053   $ 13,855   $ 13,769   $ 14,144  
Long-term debt  $   4,691   $   2,910   $   2,891   $   2,334   $   2,347  
Stockholders' equity  $   5,056   $   5,451   $   5,018   $   5,173   $   5,228  
Total shares outstanding (excluding 
    treasury shares)  527   527   538   548   552  
Other Information: 
Number of employees  63,900   60,400   59,400   57,800   57,000  
Stock price ranges 
       U.S. exchanges- High  $   49.69 $   54.97 $   57.30 $   59.03   $   67.85    
                                 - Low  $   22.75 $   38.27   $   34.61   $   39.70   $   35.25    

(a) Includes charges related to September 11 and restructuring costs of $396 million.
(b) Includes restructuring costs of $337 million.

See Management's Discussion and Analysis of Financial Condition and Results of Operations for discussion of significant items affecting the results of operations in 2004 and 2003.