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.

MMC Revenue $11.6 Billion Risk and Insurance Services 55,000 employees Mercer Human Resource Consulting 24% Risk Capital Holdings 2% Mercer Specialty Consulting 9% Guy Carpenter 7% Risk and Insurance Services Putnam 12% Kroll 8% Marsh 38% $11.6 Billion 55,000 employees 100 countries Last 4 quarters through 3/31/06

Growth Opportunities Global competitive forces Legislative, regulatory, societal changes Increased complexity of risk Demographic changes

10-Year Compound Growth: 11% MMC Revenue Growth 10-Year Compound Growth: 11% Billions Last 4 quarters through 3/31/06 1999-2005 is reclassified to exclude $470 million in revenues from sold operations

MMC Today KROLL World’s leading risk and insurance services firm Risk management, consulting and transfer Design and administration of insurance programs Managing general agency Claims management KROLL 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 and reinsurance specialist Reinsurance placement Risk quantification and assessment Run-off administration 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 provider of specialty consulting services Strategy and operations advice Financial services consulting Brand strategy Organizational design advice 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

Risk & Insurance Services

1984-2004 CAGR of P&C Insurance Premiums & GDP Source: Industry data, MMC estimates, and IMF

2005 P&C Insurance Industry Premiums Canada 3% United States 36% Asia Pacific 18% Japan Latin America 2% Spain United Kingdom Germany Italy France Other 1% Europe 40% $1.3 Trillion Source: Industry data and MMC estimates

Risk & Insurance Services Risk Consulting & Technology Revenues Billions 10-Year Compound Growth: 13% Last 4 quarters through 3/31/06 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

Risk & Insurance Services 2005 Revenue Risk Capital Holdings 3% Guy Carpenter 15% U.S. 37% Rest of World 15% Marsh Europe 30% $5.6 Billion

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

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

Global Reinsurance Premiums $160 Billion Source: MMC, A.M. Best, Swiss Re, Conning, S&P

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

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

Kroll’s Integrated Services Consulting Services Group Technology Services Group Security Group Corporate Advisory & Restructuring Group Integrated Solutions 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

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

Worldwide Demographics Declining Ratio of Workers per Retiree U.S. U.K. France Germany Sweden Italy Japan Source: IMF, MMC

Health Care Spending as a Percent of GDP U.S. Germany France Canada Australia Italy Japan U.K. Sources: Centers for Medicare & Medicaid Services, Office of the Actuary, National Health Statistics Group; Organization for Economic Cooperation and Development

Mercer Specialty Consulting Mercer Revenue Mercer Human Resource Consulting 74% Mercer Specialty Consulting 26% $3.9 Billion Last 4 quarters through 3/31/06

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.

10-Year Compound Growth: 14% Mercer Revenue Billions 10-Year Compound Growth: 14% Last 4 quarters through 3/31/06

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

10-Year Compound Growth: 4% Putnam Revenue 10-Year Compound Growth: 4% Billions Last 4 quarters through 3/31/06

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

Broad product mix $189 Billion 3/31/06 Institutional $63 Billion 33% of AUM 200 clients Fixed Income 15% Fixed Income 17% Equity 18% Blend 14% Mutual Funds $126 Billion 67% of AUM 100 mutual funds 11 million accounts Value 19% Growth 17% $189 Billion 3/31/06

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.