Statement of Attorney Barry Richard on Behalf of Marsh & Mc Lennan Companies, Inc. in Response to Florida Complaint

This complaint never should have been filed. It distorts thefacts, disregards the events of the past eighteen months and ignoresreleases signed by the State of Florida itself.

These allegations have been cut and pasted from a 2004 lawsuitthat Marsh resolved with the New York Attorney General andSuperintendent of Insurance in January 2005. As part of thatsettlement, Marsh implemented sweeping business reforms and agreed topay $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 haveresponded favorably to this settlement. Marsh's Florida clients,including many of those referenced in the complaint, haveoverwhelmingly accepted the settlement and have begun to receive over$21,000,000 in distributions. Indeed, in connection with thissettlement process, the State of Florida itself has executed legallybinding documents releasing all claims against Marsh. In addition,through the auspices of the National Association of InsuranceCommissioners, insurance commissioners in more than 33 states haveendorsed the Marsh settlement. Just yesterday Marsh reached asettlement with the California Department of Insurance in which Marshresolved all claims and did not pay any fine or penalty.

Marsh will defend its interests.

Marsh & McLennan Companies, Inc. and its subsidiaries ("MMC") andtheir representatives may from time to time make verbal or writtenstatements (including certain statements contained in this pressrelease and MMC filings with the Securities and Exchange Commissionand in our reports to stockholders) relating to future results, whichare forward-looking statements as that term is defined in the PrivateSecurities Litigation Reform Act of 1995. Such statements may include,without limitation, discussions concerning the matters raised in thecomplaint filed by the New York Attorney General's Office stating aclaim for, among other things, fraud and violations of New York Stateantitrust and securities laws, the complaint filed by the ConnecticutAttorney General and numerous other investigations being conducted byother state attorneys general and state superintendents orcommissioners of insurance, elimination of market services agreements("MSA"), the new business model of Marsh Inc., the adverseconsequences arising from market-timing issues at Putnam, includingfines and restitution, revenues, expenses, earnings and cash flow,capital structure, existing credit facilities, and access to publiccapital markets including commercial paper markets, pension funding,market and industry conditions, premium rates, financial markets,interest rates, foreign exchange rates, claims, lawsuits and othercontingencies, and matters relating to MMC's operations and incometaxes.

Such forward-looking statements are based on management'sexpectations concerning current and future events impacting MMC.Forward-looking statements by their very nature involve risks anduncertainties. Factors that may cause actual results to differmaterially from those contemplated by forward-looking statements thatwe 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 theyare made, and MMC undertakes no obligation to update anyforward-looking statement to reflect events or circumstances after thedate on which it is made or to reflect the occurrence of unanticipatedevents.

MMC and its operating companies use their websites to conveymeaningful information about their businesses, including theanticipated release of quarterly financial results and the posting ofupdates of assets under management at Putnam. Monthly updates of totalassets under management at Putnam will be posted to the MMC websitethe first business day following the end of each month. Putnam postsmutual fund and performance data to its website regularly. Assets formost Putnam retail mutual funds are posted approximately two weeksafter each month-end. Mutual fund net asset value (NAV) is posteddaily. Historical performance and Lipper rankings are also provided.Investors can link to MMC and its operating company websites throughwww.mmc.com.