Marsh & McLennan Companies

Results throughFirst Quarter 2006

2

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.

MMC’s Vision Statement

3

MMC Revenue

$11.6 Billion55,000 employees

100 countries

Marsh38%

Kroll8%

Guy Carpenter7%

Risk Capital Holdings 2%

Mercer SpecialtyConsulting

9%

Mercer Human Resource Consulting

24%

Putnam12%

Risk andInsuranceServices

Last 4 quarters through 3/31/06

4

Growth Opportunities

Global competitive forces

Legislative, regulatory, societal changes

Increased complexity of risk

Demographic changes

5

MMC Revenue Growth

$11.6$11.8$11.2

$10.1$9.6

$10.0

$9.0

$7.2

$11.7

$6.0

$4.4

$0

$2

$4

$6

$8

$10

$12

1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 L4Q

Billions

1999-2005 is reclassified to exclude $470 million in revenues from sold operations

10-Year Compound Growth: 11%

Last 4 quarters through 3/31/06

6

World’s leading risk and insurance services firm

– Risk management, consulting and transfer

– Design and administration of insurance programs

– Managing general agency– Claims management

World’s leading risk and insurance services firm

– Risk management, consulting and transfer

– Design and administration of insurance programs

– Managing general agency– Claims management

Global leader for trusted HR and related financial advice, products, and services

– Pension and retirement account admin– Investment consulting– Talent management– Health cost management– Asset management

Global leader for trusted HR and related financial advice, products, and services

– Pension and retirement account admin– Investment consulting– Talent management– Health cost management– Asset management

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

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

World’s leading risk consulting company

– Legal technologies– Background screening– Credit screening– Substance abuse testing– Corporate investigations– Competitive intelligence– Forensic accounting– Restructuring advice– Security consulting and training

World’s leading risk consulting company

– Legal technologies– Background screening– Credit screening– Substance abuse testing– Corporate investigations– Competitive intelligence– Forensic accounting– Restructuring advice– Security consulting and training

Global provider of specialty consulting services

– Strategy and operations advice– Financial services consulting– Brand strategy– Organizational design advice– Economic consulting– Expert testimony

Global provider of specialty consulting services

– Strategy and operations advice– Financial services consulting– Brand strategy– Organizational design advice– Economic consulting– Expert testimony

World’s leading risk and reinsurance specialist

– Reinsurance placement– Risk quantification and assessment– Run-off administration

World’s leading risk and reinsurance specialist

– Reinsurance placement– Risk quantification and assessment– Run-off administration

MMC Today

KROLL

7

Risk & Insurance Services

8

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

Source: Industry data, MMC estimates, and IMF

9

2005 P&C Insurance Industry Premiums

United States36%

Canada3%

$1.3 Trillion

Latin America2%

Other1%

Source: Industry data and MMC estimates

GermanyUnited KingdomFranceItaly

Japan

Asia Pacific18%

Europe40%

Spain

10

Risk & Insurance Services Risk Consulting & Technology

10-Year Compound Growth: 13%

Billions Revenues

1999-2005 is reclassified to exclude $470 million in revenues from sold operations

Last 4 quarters through 3/31/06

11

MarshWorld’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

12

U.S.37%

Europe30%

Risk & Insurance Services 2005 Revenue

Rest of World15%

Risk Capital Holdings3%

$5.6 Billion

Guy Carpenter15%

Marsh

13

Industry Specialties

Automotive

Aviation

Chemicals

Construction

Forest Products

Health Care

Education

Hospitality & Gaming

Life Sciences

Mining

Power & Utilities

Real Estate

Retail/Wholesale

Sports & Entertainment

Technology & Telecom

Transportation

Financial Institutions & Professional Services

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Risk Specialties

Property

Casualty

Business Continuity

Corporate Governance

Crime

Directors & Officers Liability

e-Business

Employment Practices Liability

Environmental

Errors & Omissions

Intellectual Capital

Marine & Energy

Mergers & Acquisitions

Political & Credit Risk

Product Liability/Recall

Safety & Security

Supply Chain

Surety

Workers Compensation

Wrap-Up

Fiduciary Liability

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Global Reinsurance Premiums

Broker Placement with Traditionally

Direct Markets18%

Broker Market49%

Direct Market33%

$160 Billion

$78B

$29B

$53B

Source: MMC, A.M. Best, Swiss Re, Conning, S&P

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Guy CarpenterWorld’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

17

KrollWorld’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

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Kroll’s Integrated Services

IntegratedSolutions

Investigations Business Intelligence Due Diligence Forensic Accounting & Litigation Consulting Claims Accounting & Preparation Business Valuation Compliance & Integrity Services Corporate Preparedness

Security Consulting & Engineering Protective Services Security Operations & Management Crisis & Kidnap Response Information & Intelligence Training Programs Government Services

Data Recovery Computer Forensics Electronic & Paper Discovery Employee Background Investigations Substance Abuse Testing Business Screening Resident & Consumer Screening Mortgage Credit Reporting Identity Theft Services

Interim & Crisis Management Operational Turnaround Strategic Advisory Services Corporate Finance Services Recovery & Restructuring

Services Liquidation

19

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Mercer Human Resource ConsultingGlobal 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

21

1

2

3

4

5

6

7

1975 2000 2025

1

2

3

4

5

6

7

Germany

Japan

Worldwide DemographicsDeclining Ratio of Workers per Retiree

Sweden

Italy

U.S.

U.K.

France

Source: IMF, MMC

22

0%

3%

6%

9%

12%

15%

1970 1975 1980 1985 1990 1995 2000 2003

0%

3%

6%

9%

12%

15%

Germany

Japan

Health Care Spendingas a Percent of GDP

Canada

Italy

U.S.

France

Australia

U.K.

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

23

Mercer HumanResource Consulting

74%

$3.9 Billion

Mercer Specialty Consulting

26%

Mercer Revenue

Last 4 quarters through 3/31/06

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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.

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Mercer Revenue

$3.9$3.8$3.6

$3.3

$2.9

$2.3$2.3$2.1

$1.7

$1.3$1.2

$0.0

$0.5

$1.0

$1.5

$2.0

$2.5

$3.0

$3.5

1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 L4Q

10-Year Compound Growth: 14%Billions

Last 4 quarters through 3/31/06

26

$1.5 billion in revenue

3,000 employees

$189 billion AUM as of 3/31/06

Over 200 institutional clients

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$3.2

$2.7

$2.3

$1.9

$1.3

$2.4

$2.1$2.0

$1.7$1.5 $1.5

$0

$1

$2

$3

1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 L4Q

Putnam Revenue

Billions

10-Year Compound Growth: 4%

Last 4 quarters through 3/31/06

28

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

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Broad product mix

Growth17%

Fixed Income17%

Blend 14%

Fixed Income

15%Equity18%

$189 Billion3/31/06

Value19%

Mutual Funds$126 Billion67% of AUM

100 mutual funds11 million accounts

Institutional$63 Billion

33% of AUM200 clients

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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.