MMC BUSINESSES COMBINING TO CREATE NEW GLOBAL HUMAN RESOURCES OUTSOURCING LEADER New Mercer HR Outsourcing Organization Will Provide Clients with Integrated Solutions	PDF of Press Release

NEW YORK, NEW YORK, June 29, 2004 - Marsh & McLennan Companies, Inc. (MMC) today announced the formation of a new organization, which will bring together the defined contribution administration business of Putnam Investments and Mercer HR Outsourcing to create a unified, full-service global leader in human resources outsourcing.

With a broader range of people, products and services, Mercer HR Outsourcing will offer its clients a total global human resources outsourcing solution—including defined benefit administration, defined contribution administration, health and group administration, and other human resources services. The organization's clients will benefit from access to consulting and actuarial expertise, a full array of investment products and services and leading-edge technologies.

Mercer HR Outsourcing will have combined annual revenues of approximately $500 million worldwide. Brian Storms, the newly appointed vice chairman of Mercer Human Resource Consulting, will oversee the organization. The U.S. business will be led by Dave Carlson, current national practice leader for human resources outsourcing at Mercer Human Resource Consulting and formerly the chief executive officer and co-founder of Synhrgy HR Technologies, which was acquired by Mercer Human Resource Consulting earlier this year.

"We see this combination as an important opportunity to serve clients better in the changing and growing benefits and human resources market," said Jeffrey W. Greenberg, chairman and chief executive officer of MMC. "By bringing together Putnam's and Mercer's strong benefits administration businesses into one cohesive human resources outsourcing organization, we will be able to deliver the total retirement outsourcing and other human resources solutions that our clients increasingly need."

"Having built one of the most service-oriented defined contribution businesses in the industry, we at Putnam now see the business and market evolving to the point where our defined contribution clients will receive greater value if the administration of their retirement plans is handled by a total human resources organization," said Ed Haldeman, chief executive officer and president of Putnam. "Putnam will continue to manage investments of our plan participants as well as investments and servicing of all our other institutional and retail clients and advisors. We are confident that this reorganization, which has been planned for over a year, will benefit both our clients and employees."

"We are committed to building on this exciting combination of compatible expertise, technology, and service excellence to contribute to our clients' business success," said Mr. Carlson. "By combining the strength of the two organizations, we will enhance our ability to provide flexible, customized solutions and high-quality service for each client's unique human resources needs."

Employees of both entities will become part of the new business, and there will be no immediate change to client accounts or business locations.

MMC is a global professional services firm with annual revenues exceeding $11 billion. It is the parent company of Marsh Inc., the world's leading risk and insurance services firm; Putnam Investments, one of the largest investment management companies in the United States; and Mercer Inc., a major global provider of consulting services. More than 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 certain statements relating to future results, which are forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. Such statements may include, without limitation, discussions concerning revenues, expenses, earnings, cash flow, capital structure, pension funding, and the adverse consequences arising from market-timing issues at Putnam, including fines and restitution, as well as market and industry conditions, premium rates, financial markets, interest rates, foreign exchange rates, contingencies, and matters relating to MMC's operations and income taxes. Such 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 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 any forward-looking statements contained herein include, in the case of MMC's risk and insurance services business, changes in competitive conditions, movements in premium rate levels, the conditions for the transfer of commercial risk and other changes in the global property and casualty insurance markets, natural catastrophes, mergers between client organizations, and insurance or reinsurance company insolvencies. Factors to be considered in the case of MMC's investment management business include changes in worldwide and national equity and fixed income markets, actual and relative investment performance, the level of sales and redemptions, and the ability to maintain investment management and administrative fees at historic levels; and with respect to all of MMC's activities, 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 competitors or regulators, changes in interest rates or in the ability to access financial markets, 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 tax and other legislation and regulation in the jurisdictions in which MMC operates.

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. Please refer to Marsh & McLennan Companies' 2003 Annual Report on Form 10-K for "Information Concerning Forward-Looking Statements," its reports on Form 8-K, and quarterly reports on Form 10-Q.

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.