PDF of Press Release

NEW YORK, NEW YORK, June 10, 2005 - Michael G. Cherkasky, president and chief executive officer of Marsh & McLennan Companies, Inc. (MMC), announced today that the company has completed the strategic review initiated in March of its principal businesses, which include Marsh, Guy Carpenter, Kroll, Putnam Investments, Mercer Human Resource Consulting, and Mercer Specialty Consulting. Mr. Cherkasky said that the focus of MMC is to operate these businesses to provide superior service and advice to clients and to deliver value to its shareholders. The company has no plans to sell or spin off any of these businesses.

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; Putnam Investments, one of the largest investment management companies in the United States; and Mercer, a major global provider of consulting services. 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.

This press release contains statements relating to future results, which are forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements are based on available current market and industry materials, experts' reports and opinions, and long-term trends, as well as 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 various state attorneys general and state insurance regulators, including actions filed by the New York Attorney General and the Connecticut Attorney General;
  
  
• 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 the availability of, and the market conditions and the premiums insurance carriers charge for, insurance products;
  
  
• 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;
  
  
• changes in the value of investments made in individual companies and investment funds; and
  
  
• changes in interest rates or the inability to access financial markets.
  
  

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 is committed to providing timely and materially accurate information to the investing public, consistent with our legal and regulatory obligations. To that end, 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.