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					Marsh & McLennan Companies



                       Results through
                    First Quarter 2006
MMC’s Vision Statement


      Our vision is to be the world’s leading global
              advice and solutions firm.
Through our expertise and commitment to excellence, we
are dedicated to managing risk, maximizing growth, and
     creating value for our clients and shareholders.




                                                         2
MMC Revenue
                                             Mercer Human
                                           Resource Consulting
                                                  24%
  Risk Capital Holdings
                                                                 Mercer Specialty
           2%
                                                                   Consulting
                                                                       9%
Guy Carpenter
     7%
                                       Risk and                              Putnam
                                                                              12%
                                      Insurance
                                       Services

             Marsh                                                  Kroll
              38%                                                    8%



                                          $11.6 Billion
                                          55,000 employees
    Last 4 quarters through 3/31/06
                                            100 countries                             3
Growth Opportunities


    Global competitive forces

    Legislative, regulatory, societal changes

    Increased complexity of risk

    Demographic changes


                                                 4
MMC Revenue Growth

Billions                                             10-Year Compound Growth: 11%
                                                                                                              $11.8   $11.7   $11.6
 $12                                                                                                  $11.2
                                                                       $10.0                  $10.1
 $10                                                                                   $9.6
                                                         $9.0

   $8                                     $7.2
                            $6.0
   $6
             $4.4
   $4

   $2

   $0
           1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 L4Q
        Last 4 quarters through 3/31/06
        1999-2005 is reclassified to exclude $470 million in revenues from sold operations                                            5
MMC Today
                                                              World’s leading risk and insurance
                                                               services firm
                                                                   – Risk management, consulting and
                                                                     transfer
                 KROLL                                             – Design and administration of insurance
                                                                     programs
                                                                   – Managing general agency
     World’s leading risk consulting                              – Claims management
      company
           –   Legal technologies                                                                                     World’s leading risk and reinsurance
           –   Background screening                                                                                    specialist
           –   Credit screening                                                                                             – Reinsurance placement
           –   Substance abuse testing                                                                                      – Risk quantification and assessment
           –   Corporate investigations                                                                                     – Run-off administration
           –   Competitive intelligence
           –   Forensic accounting
           –   Restructuring advice
           –   Security consulting and training




                                                                                                                     Global leader for trusted HR and related
              Global provider of specialty
                                                                                                                      financial advice, products, and services
               consulting services                                                                                      –   Pension and retirement account admin
                 –   Strategy and operations advice
                                                                                                                        –   Investment consulting
                 –   Financial services consulting
                                                                                                                        –   Talent management
                 –   Brand strategy
                                                                                                                        –   Health cost management
                 –   Organizational design advice
                                                                                                                        –   Asset management
                 –   Economic consulting
                 –   Expert testimony
                                                             One of the largest investment
                                                              management companies in the U.S.
                                                               –   Mutual funds
                                                               –   Tax advantaged accounts
                                                               –   Customized institutional management
                                                               –   Quantitative investment strategies
                                                               –   Private equity investments


                                                                                                                                                                   6
Risk & Insurance Services




                            7
1984-2004 CAGR of P&C
Insurance Premiums & GDP

12%                                                                                    11%
                                                            11%          11%
10%             9%
                                                                  8%
8%                                               7%                            7%
                          7%
                                                      6%                                     6%
6%

4%

2%

0%
                 Global                           North      Europe     Asia Pacific Latin America
                                                 America

                                                   P&C Premiums        GDP
 Source: Industry data, MMC estimates, and IMF                                                    8
  2005 P&C Insurance
  Industry Premiums
                                                         Canada
                                                           3%                           United States
                   Asia Pacific
                       18%                                                                  36%


                                       Japan
Latin America
      2%


                                               Spain                 United   Germany
                                                       Italy France Kingdom


                                                                                           Other
                              Europe                                                        1%
                               40%


                                                   $1.3 Trillion
     Source: Industry data and MMC estimates
                                                                                                        9
Risk & Insurance Services
Risk Consulting & Technology
Billions                                                   Revenues
  $7                                      10-Year Compound Growth: 13% $6.6                                    $6.5   $6.4
                                                                                                   $6.2
  $6                                                                                        $5.6
                                                                                   $4.9
  $5                                                                $4.6
                                                     $4.4
  $4
                                         $3.4
  $3                     $2.8

           $1.9
  $2

  $1

  $0
         1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 L4Q
                                  Risk & Insurance Services                     Risk Consulting & Technology
       Last 4 quarters through 3/31/06
                                                                                                                             10
       1999-2005 is reclassified to exclude $470 million in revenues from sold operations
Marsh
World’s leading risk & insurance services firm


   Maximize global capabilities and provide thought leadership in
    the commercial risk space

   Encourage collaboration to provide advice and solutions that
    address the complex needs of our clients

   Facilitate regional optimization by reorganizing local office
    structures through zone management, risk specialties, and
    industry expertise

   Focus on improved profitability and long-term vitality through
    streamlined account management systems, tools and practices


                                                                     11
Risk & Insurance Services
2005 Revenue

                      Risk Capital Holdings
                               3%
      Guy Carpenter
                                              U.S.
          15%
                                              37%




 Rest of
 World
  15%                        Marsh


                Europe
                 30%

                         $5.6 Billion
                                                     12
Industry Specialties

   Automotive                                    Life Sciences
   Aviation                                      Mining
   Chemicals                                     Power & Utilities
   Construction                                  Real Estate
   Forest Products                               Retail/Wholesale
   Health Care                                   Sports & Entertainment
   Education                                     Technology & Telecom
   Hospitality & Gaming                          Transportation

                   Financial Institutions & Professional Services


                                                                            13
Risk Specialties

   Property                                     Intellectual Capital
   Casualty                                     Marine & Energy
   Business Continuity                          Mergers & Acquisitions
   Corporate Governance                         Political & Credit Risk
   Crime                                        Product Liability/Recall
   Directors & Officers Liability               Safety & Security
   e-Business                                   Supply Chain
   Employment Practices Liability               Surety
   Environmental                                Workers Compensation
   Errors & Omissions                           Wrap-Up
                           Fiduciary Liability
                                                                             14
Global Reinsurance Premiums

                                                               Direct Market
                                                                   33%

    Broker Market
        49%
                                                           $53B
                                           $78B


                                                        $29B


                                                                     Broker Placement
                                                                     with Traditionally
                                                                      Direct Markets
                                                                            18%
                                                  $160 Billion
 Source: MMC, A.M. Best, Swiss Re, Conning, S&P                                           15
Guy Carpenter
World’s leading risk & reinsurance specialist


   Deliver best-in-class bundled offerings of risk advisory
    services, program analytics, and placement capabilities

   Invest in reinsurance catastrophe analysis and risk
    transfer

   Focus on specialized technical, market, and quantitative
    expertise

   Leverage existing capabilities to maximize opportunities in
    alternative markets

                                                                  16
Kroll
World’s leading risk consulting company


   Broaden global infrastructure capabilities and develop
    integrated solutions to address the needs of corporate clients

   Expand capabilities to address the proliferation of electronic
    data and meet the demand for compliance-based document
    management solutions

   Expand service offering to achieve broad spectrum, high
    threat environment capabilities including logistical support
    (medical, evacuation) and crisis response capabilities

   Continue to build technology-based businesses

                                                                     17
Kroll’s Integrated Services

                                            Investigations
                                            Business Intelligence
                                            Due Diligence
                                            Forensic Accounting & Litigation Consulting
                                            Claims Accounting & Preparation
                                            Business Valuation
                                            Compliance & Integrity Services
   Data Recovery                           Corporate Preparedness
   Computer Forensics                                                    Security Consulting & Engineering
   Electronic & Paper Discovery                                          Protective Services
   Employee Background Investigations                                    Security Operations & Management
   Substance Abuse Testing                      Integrated               Crisis & Kidnap Response
   Business Screening                           Solutions                Information & Intelligence
   Resident & Consumer Screening                                         Training Programs
   Mortgage Credit Reporting                                             Government Services
   Identity Theft Services
                                          Interim & Crisis Management
                                          Operational Turnaround
                                          Strategic Advisory Services
                                          Corporate Finance Services
                                          Recovery & Restructuring Services
                                          Liquidation




                                                                                                               18
19
Mercer Human Resource Consulting
Global leader in HR advice, products, and services


   Maximize global capabilities and address the complex needs of our
    clients

   Develop and enhance bundled solutions in retirement, health and
    benefits, HR outsourcing, and global investment products

   Emphasize lines of business--retirement, healthcare, HR services,
    and human capital--through a global geographic footprint

   Fill in capabilities to meet increasing client demand for HR BPO

   Increase capabilities in all service segments to address the
    growing globalization of companies


                                                                        20
Worldwide Demographics
Declining Ratio of Workers per Retiree
7                                                                      7


6                                                                      6
                                  U.S.

5   U.K.                                                               5

               Germany                          France
4                                                                      4
                         Sweden
3                                                   Italy              3


2                                                           Japan      2


1                                                                      1
1975                                     2000                       2025
    Source: IMF, MMC
                                                                           21
Health Care Spending
as a Percent of GDP
15%                                                                                                                                             15%


12%                                                                  U.S.
                                                                                                                                                12%
                                                                                                          Germany
                                                                           Canada                                      France
9%                                                                                                                                              9%

                                                                    Australia Italy
6%                                                                                                 Japan                                        6%
                                                U.K.

3%                                                                                                                                              3%


0%                                                                                                                                               0%
 1970              1975                 1980                1985                 1990                 1995                2000                2003

      Sources: Centers for Medicare & Medicaid Services, Office of the Actuary, National Health Statistics Group; Organization for Economic
      Cooperation and Development                                                                                                                     22
Mercer Revenue

                                                     Health & Benefits
                                                           19%

        HR Services
           20%
                                      Mercer Human                               Human Capital
                                    Resource Consulting                             10%
                                           74%
                                                      Mercer Specialty                Mercer
                                                                                    Management
                                                        Consulting
                                                                                     Consulting
                                                           26%
                                                                                        9%


                Retirement                                               Mercer Oliver
                   25%                                                     Wyman
                                                 Economic & Other
                                                                             10%
                                                       7%



                                         $3.9 Billion
  Last 4 quarters through 3/31/06                                                                 23
Mercer Specialty Consulting

   Mercer Oliver Wyman is a leader in financial services
    and risk management consulting.

   Mercer Management Consulting helps enterprises
    develop, build and operate strong businesses.

   NERA Economic Consulting advises on the economics
    of competition, regulation, and finance.

   Mercer Delta Organizational Consulting works on
    issues of leadership, organization, and change.

                                                            24
Mercer Revenue
Billions
                                          10-Year Compound Growth: 14%                         $3.9
                                                                                        $3.8
                                                                                 $3.6
$3.5                                                                      $3.3
                                                                   $2.9
$3.0

$2.5                                                 $2.3   $2.3
                                              $2.1
$2.0
                                       $1.7
$1.5                     $1.3
           $1.2
$1.0

$0.5

$0.0
           1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 L4Q

     Last 4 quarters through 3/31/06
                                                                                                      25
   $1.5 billion in revenue
      3,000 employees
$189 billion AUM as of 3/31/06
Over 200 institutional clients

                                 26
Putnam Revenue
                                              10-Year Compound Growth: 4%
Billions
                                                      $3.2

$3
                                               $2.7
                                                             $2.4
                                       $2.3
                                                                    $2.1
                                                                           $2.0
$2                   $1.9
                                                                                  $1.7
                                                                                         $1.5 $1.5
       $1.3

$1



$0
      1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 L4Q
     Last 4 quarters through 3/31/06
                                                                                                     27
Putnam Business Model

   Broad range of investment choices

   Marketing through intermediaries and to pension
    advisors

   Industry-leading client service

   Integrated research and team-based portfolio
    management

   Cultural changes to build entrepreneurial
    environment
                                                      28
   Broad product mix

                                                              Institutional
                                                               $63 Billion
                                             Fixed            33% of AUM
                            Fixed Income    Income
                                              15%
                                                               200 clients
                                17%
                                                     Equity
                      Blend 14%                       18%

   Mutual Funds               Value        Growth
                               19%          17%
    $126 Billion
   67% of AUM
 100 mutual funds
11 million accounts


                           $189 Billion
                                      3/31/06
                                                                              29
             Information Concerning Forward-
             Looking Statements
This presentation contains “forward-looking statements,” as defined in the Private Securities Litigation Reform Act of 1995. These statements, which use words like “anticipate,”
“believe,” “estimate,” “expect,” “intend,” “plan,” “project,” “should” and similar terms, express management’s current views concerning future events or results. 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; the extent to which we are able to replace the revenues we previously derived from contingent
commissions, which we eliminated in late 2004; our ability to retain existing clients and attract new business, particularly in our risk and insurance services segment, and our ability
to continue employment of key revenue producers and managers; period-to-period revenue fluctuations relating to the net effect of new and lost business production and the timing
of policy inception dates; the impact on our commission revenues of changes in the availability of, and the premiums insurance carriers charge for, insurance products, including the
degree and timing of the impact of 2005 hurricanes on reinsurance premium 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 expenses; 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; changes in the value of MMC’s 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, acquired businesses; 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.

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.

Regulation G Disclosure: This presentation may include certain non-GAAP financial measures as defined under rules promulgated by the Securities and Exchange Commission. As
required by SEC rules, reconciliations are provided of those measures to the most directly comparable GAAP measures.                                                  30

				
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