MMC COMMENTS ON DEVELOPMENTS ANNOUNCED BY THE NEW YORK STATE ATTORNEY GENERAL AND THE NEW YORK STATE INSURANCE SUPERINTENDENT

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NEW YORK, NEW YORK, September 15, 2005 - In commenting on developments announced today by the New York State Attorney General and the New York State Insurance Superintendent, Michael G. Cherkasky, president and chief executive officer of Marsh & McLennan Companies, Inc. (MMC) said, "The criminal charges announced today are not against MMC, but against eight former employees who worked in the Excess Casualty division of Marsh's former Global Placement department. They stem from the conduct that the Attorney General outlined in his civil complaint against MMC last October. MMC and Marsh settled all charges against our companies by the New York Attorney General and Superintendent of Insurance relating to these matters last January.

"This indictment is about the past. MMC today is focused on the future and is committed to excellence and the highest standards of professionalism and service," Mr. Cherkasky said.

Towards that end, over the past 11 months, the company has implemented an unprecedented series of business reforms and compliance initiatives:

• Appointed new senior management teams at MMC and Marsh;
  
  
• Reconfigured its Board of Directors so that today it is composed of ten outside directors and Mr. Cherkasky, who serves as the single member of management; appointed an independent chairman of the Board; and formed a compliance committee of the Board that monitors the implementation of business reforms;
  
  
• Ended immediately the practice of contingent commissions with insurance carriers in order to avoid any perception of a conflict of interest, even as other brokers have elected to continue to accept contingent commissions;
  
  
• Established an $850,000,000 fund to compensate eligible U.S. policyholders on a no-fault basis and notified eligible clients;
  
  
• Implemented sweeping business reforms that have set the standard for transparency in the industry;
  
  
• Established a new compliance organization led by a chief compliance officer for MMC;
  
  
• Instituted strict compliance policies and procedures;
  
  
• Instituted mandatory training programs for employees to educate them about business ethics and professional obligations.
  
  

MMC is a global professional services firm with annual revenues exceeding $12 billion. It is the parent company of Marsh, the world's leading risk and insurance services firm; Guy Carpenter, the world's leading risk and reinsurance specialist; Kroll, the world's leading risk consulting company; Mercer, a major global provider of human resource and specialty consulting services; and Putnam Investments, one of the largest investment management companies in the United States. Approximately 60,000 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.

Marsh & McLennan Companies, Inc. and its subsidiaries ("MMC") and their representatives may from time to time make verbal or written statements (including certain statements contained in this press release and MMC filings with the Securities and Exchange Commission and in our reports to stockholders) relating to future results, which are forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. Such statements may include, without limitation, discussions concerning the matters raised in the complaint filed by the New York Attorney General's Office stating a claim for, among other things, fraud and violations of New York State antitrust and securities laws, the complaint filed by the Connecticut Attorney General and numerous other investigations being conducted by other state attorneys general and state superintendents or commissioners of insurance, elimination of market services agreements ("MSA"), the new business model of Marsh Inc., the adverse consequences arising from market-timing issues at Putnam, including fines and restitution, revenues, expenses, earnings and cash flow, capital structure, existing credit facilities, and access to public capital markets including commercial paper markets, pension funding, market and industry conditions, premium rates, financial markets, interest rates, foreign exchange rates, claims, lawsuits and other contingencies, and matters relating to MMC's operations and income taxes.

Such forward-looking statements are based on management's expectations concerning current and future events impacting MMC. Forward-looking statements by their very nature involve risks and uncertainties. Factors that may cause actual results to differ materially from those contemplated by forward-looking statements that we make include:

• the impact of litigation and regulatory proceedings brought by the New York Attorney General's Office, the Connecticut Attorney General's Office and other federal and state regulators and law enforcement authorities concerning insurance and reinsurance brokerage operations;
  
  
• the impact of class actions, derivative actions and individual suits brought by policyholders and shareholders (including MMC employees) asserting various claims, including claims under U.S. securities laws, ERISA, RICO, unfair business practices and other common law or statutory claims;
  
  
• loss of producers or key managers;
  
  
• inability to negotiate satisfactory compensation arrangements with insurance carriers or clients;
  
  
• inability to reduce expenses to the extent necessary to achieve desired levels of profitability;
  
  
• inability to collect previously accrued MSA revenue;
  
  
• changes in competitive conditions;
  
  
• changes in the availability of, and the market conditions and the premiums insurance carriers charge for, insurance products;
  
  
• mergers between client organizations;
  
  
• insurance or reinsurance company insolvencies;
  
  
• the impact of litigation and other matters stemming from market-timing issues at Putnam;
  
  
• changes in worldwide and national equity and fixed income markets;
  
  
• actual and relative investment performance of the Putnam mutual funds;
  
  
• the level of sales and redemptions of Putnam mutual fund shares;
  
  
• Putnam's ability to maintain investment management and administrative fees at current levels;
  
  
• the ability of MMC to successfully access the public capital markets to meet long term financing needs;
  
  
• the continued strength of MMC's relationships with its employees and clients;
  
  
• the ability to successfully integrate acquired businesses and realize expected synergies;
  
  
• the impact of terrorist attacks;
  
  
• changes in the value of investments made in individual companies and investment funds;
  
  
• fluctuations in foreign currencies;
  
  
• actions of regulators and law enforcement authorities;
  
  
• changes in interest rates or the inability to access financial markets;
  
  
• adverse developments relating to claims, lawsuits and contingencies;
  
  
• prospective and retrospective changes in the tax or accounting treatment of MMC's operations; and
  
  
• the impact of other legislation and regulation in the jurisdictions in which MMC operates.
  
  

Forward-looking statements speak only as of the date on which they are made, and MMC undertakes no obligation to update any forward-looking statement to reflect events or circumstances after the date on which it is made or to reflect the occurrence of unanticipated events.

MMC and its operating companies use their websites to convey meaningful information about their businesses, including the anticipated release of quarterly financial results and the posting of updates of assets under management at Putnam. Monthly updates of total assets under management at Putnam will be posted to the MMC website the first business day following the end of each month. Putnam posts mutual fund and performance data to its website regularly. Assets for most Putnam retail mutual funds are posted approximately two weeks after each month-end. Mutual fund net asset value (NAV) is posted daily. Historical performance and Lipper rankings are also provided. Investors can link to MMC and its operating company websites through www.mmc.com.