PDF of Press Release

NEW YORK, NEW YORK, September 18, 2006 — Marsh & McLennan Companies, Inc. (MMC) announced today that it has been recognized by the Carbon Disclosure Project's (CDP) 2006 Climate Leadership Index for its work in addressing and advising on global climate change issues. The Index is based on the CDP's annual survey of the world's largest companies, which asks them to openly disclose investment-relevant information on climate change risks and opportunities.

Earlier this year at the World Economic Forum, Michael G. Cherkasky, president and chief executive officer of MMC, identified climate change as one of the most significant long-term issues facing world businesses. The company continues to bring awareness to the issue by promoting dialogue, research and new alliances.

MMC anticipates significant new business opportunities from emerging climate risks and their solutions, particularly in the area of helping companies to optimize their own climate-related business opportunities. MMC expects to continue to grow its business in the burgeoning market of renewable energy and is formulating a set of renewable energy risk management tools in partnership with the United Nations Environment Program. The company is also developing insurance placements for innovative energy projects, such as offshore wind generation. MMC is currently working closely with the insurance markets to expand and improve upon carbon emissions credit delivery guarantees, which the company believes will respond to some of the financial concerns related to emissions reductions in developing countries.

MMC is uniquely positioned to provide a range of management, operational and financial advice on climate risk through its various operating companies, which are active in providing risk solutions across a range of professional disciplines. These companies include Marsh (risk management and insurance services), Guy Carpenter (reinsurance services), Mercer Oliver Wyman (strategy and risk management consulting), Lippincott Mercer (branding impacts), Kroll (risk consulting and technology), National Economic Research Associates (complex business and regulatory consulting), and Mercer Investment Consulting.

Some of the climate risk solutions MMC is currently developing for clients include business risk assessments and economic evaluations; business continuity planning; climate risk strategy development; directors and officers liability analysis; arrangement of insurance related to renewable energy risks; and development of "wrap around" insurance products designed to facilitate emissions trading.

The CDP, a coalition of institutional investors with more than US$31.5 trillion in assets, now has 225 signatories and is working to encourage the development of strategies to reduce greenhouse gas emissions (GHGs).

MMC is a global professional services firm with annual revenues of approximately $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 55,000 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 contains "forward-looking statements," as defined in the Private Securities Litigation Reform Act of 1995. These statements, which express management's current views or assumptions concerning future events or results, use words like "anticipate," "assume," "believe," "continue," "estimate," "expect," "intend," "plan," "project" and similar terms, and future or conditional tense verbs like "could," "should," "will" and "would." For example, we may use forward-looking statements when addressing topics such as: future actions by our management or regulators; the outcome of contingencies; changes in our business strategy; changes in our business practices and methods of generating revenue; the development and performance of our services and products; market and industry conditions, including competitive and pricing trends; changes in the composition or level of MMC's revenues; our cost structure; the impact of acquisitions and dispositions; and MMC's cash flow and liquidity.

Forward-looking statements are subject to inherent risks and uncertainties. Factors that could cause actual results to differ materially from those expressed or implied in our forward-looking statements include:

• the economic and reputational impact of: litigation and regulatory proceedings brought by federal and state regulators and law enforcement authorities concerning our insurance and reinsurance brokerage and investment management operations (including the complaints relating to market service agreements and other matters filed by, respectively, the New York Attorney General's office in October 2004, the Connecticut Attorney General's office in January 2005 and the Florida Attorney General's office and Department of Financial Services in March 2006, and proceedings relating to market-timing matters at Putnam); and class actions, derivative actions and individual suits filed by policyholders and shareholders in connection with the foregoing;
  
  
• in light of Marsh's elimination of contingent commission arrangements in late 2004, our ability to achieve profitable revenue growth in our risk and insurance services segment by providing both traditional insurance brokerage services and additional risk advisory services;
  
  
• our ability to retain existing clients and attract new business, particularly in our risk and insurance services segment, and our ability to retain key employees;
  
  
• period-to-period revenue fluctuations in risk and insurance services relating to the net effect of new and lost business production and the timing of policy inception dates;
  
  
• the impact on risk and insurance services commission revenues of changes in the availability of, and the premiums insurance carriers charge for, insurance and reinsurance products, including the impact on premiums attributable to catastrophic events such as hurricanes;
  
  
• the impact on renewals in our risk and insurance services segment of pricing trends in particular insurance markets, fluctuations in the general level of economic activity and decisions by insureds with respect to the level of risk they will self-insure;
  
  
• the impact on our consulting segment of pricing trends and utilization rates;
  
  
• the actual and relative investment performance of Putnam's mutual funds and institutional and other advisory accounts, and the extent to which Putnam reverses its recent net redemption experience, increases assets under management and maintains management and administrative fees at historical levels;
  
  
• our ability to implement our restructuring initiatives and otherwise reduce or control expenses and achieve operating efficiencies;
  
  
• the impact of competition, including with respect to pricing and the emergence of new competitors;
  
  
• the impact of increasing focus by regulators, clients and others on potential conflicts of interest, particularly in connection with the provision of consulting and investment advisory services;
  
  
• fluctuations in the value of Risk Capital Holdings' investments in individual companies and investment funds;
  
  
• our ability to make strategic acquisitions and to integrate, and realize expected synergies, savings or strategic benefits from, the businesses we acquire;
  
  
• our exposure to potential liabilities arising from errors and omissions claims against us;
  
  
• our ability to meet our financing needs by generating cash from operations and accessing external financing sources, including the potential impact of rating agency actions on our cost of financing or ability to borrow;
  
  
• the impact on our operating results of foreign exchange fluctuations; and
  
  
• changes in the tax or accounting treatment of our operations, and the impact of other legislation and regulation in the jurisdictions in which we operate.
  
  

The factors identified above are not exhaustive. MMC and its subsidiaries operate in a dynamic business environment in which new risks may emerge frequently. Accordingly, MMC cautions readers not to place undue reliance on its forward-looking statements, which speak only as of the dates on which they are made.

MMC undertakes no obligation to update or revise any forward-looking statement to reflect events or circumstances arising after the date on which it is made. Further information concerning MMC and its businesses, including information about factors that could materially affect our results of operations and financial condition, is contained in MMC's filings with the Securities and Exchange Commission. 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.