MARSH INC. MOVES TO COLLECT OUTSTANDING MSA FEES

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NEW YORK, NEW YORK, November 1, 2004 - Marsh & McLennan Companies, Inc. (MMC) announced today that Marsh Inc., its risk and insurance services subsidiary, is taking steps to collect all amounts owed to it by insurance markets under market services agreements (MSAs) that were in effect prior to October 15, 2004, when Marsh announced it was terminating the practice. The company said it will place amounts collected into a segregated account to be used in connection with any restitution agreement it may reach with the Attorney General of the State of New York. As of September 30, 2004, such amounts were approximately $230 million.

MMC is a global professional services firm with annual revenues exceeding $11 billion. It is the parent company of Marsh Inc., the world's leading risk and insurance services firm; Putnam Investments, one of the largest investment management companies in the United States; and Mercer Inc., a major global provider of consulting services. More than 63,000 employees provide analysis, advice, and transactional capabilities to clients in over 100 countries. Its stock (ticker symbol: MMC) is listed on the New York, Chicago, Pacific, and London stock exchanges. MMC's website address is www.mmc.com.

This press release may contain forward-looking statements, which by their very nature involve risks and uncertainties. Please refer to Marsh & McLennan Companies, Inc.'s most recent Current Reports on Form 8-K for "Information Concerning Forward-Looking Statements" and a description of factors that may cause actual results to differ from those contemplated by such statements.