PDF of Press Release

March 14, 2006 - This complaint never should have been filed. It distorts the facts, disregards the events of the past eighteen months and ignores releases signed by the State of Florida itself.

These allegations have been cut and pasted from a 2004 lawsuit that Marsh resolved with the New York Attorney General and Superintendent of Insurance in January 2005. As part of that settlement, Marsh implemented sweeping business reforms and agreed to pay $850,000,000 to eligible policyholders across the United States, including in the State of Florida.

Over the past year, Marsh's policyholders and regulators have responded favorably to this settlement. Marsh's Florida clients, including many of those referenced in the complaint, have overwhelmingly accepted the settlement and have begun to receive over $21,000,000 in distributions. Indeed, in connection with this settlement process, the State of Florida itself has executed legally binding documents releasing all claims against Marsh. In addition, through the auspices of the National Association of Insurance Commissioners, insurance commissioners in more than 33 states have endorsed the Marsh settlement. Just yesterday Marsh reached a settlement with the California Department of Insurance in which Marsh resolved all claims and did not pay any fine or penalty.

Marsh will defend its interests.

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 regulatory 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;
  
  
• changes in general worldwide and national economic conditions;
  
  
• 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.