MMC Comments on Putnam Investments

"Over the last few months there have been repeated inquiries fromparties interested in either acquiring or partnering with Putnam.Therefore, in consultation with MMC's board, I decided it was in theinterest of our shareholders to do a market check to determine thevalue others would put on Putnam. We have just commenced this processand have not decided to take any specific action in regard to Putnamat this time."

About MMC

MMC is a global professional services firm with annual revenues ofapproximately $12 billion. It is the parent company of Marsh, theworld's leading risk and insurance services firm; Guy Carpenter, theworld's leading risk and reinsurance specialist; Kroll, the world'sleading risk consulting company; Mercer, a major global provider ofhuman resource and specialty consulting services; and PutnamInvestments, one of the largest investment management companies in theUnited States. Approximately 55,000 employees provide analysis,advice, and transactional capabilities to clients in over 100countries. Its stock (ticker symbol: MMC) is listed on the New York,Chicago, Pacific, and London stock exchanges. MMC's website address iswww.mmc.com.

About Putnam Investments

Founded in 1937, Putnam Investments is one of the nation's oldestand largest money management firms. As of June 30, 2006, Putnammanaged $180 billion in assets, of which $119 billion is for mutualfund investors and $61 billion is for institutional accounts. Putnamhas offices in Boston, London and Tokyo. For more information, go towww.putnam.com.

This press release contains "forward-looking statements," asdefined in the Private Securities Litigation Reform Act of 1995. Thesestatements, which express management's current views or assumptionsconcerning future events or results, use words like "anticipate,""assume," "believe," "continue," "ensure," "estimate," "expect,""intend," "plan," "project" and similar terms, and future orconditional tense verbs like "could," "should," "will" and "would."For example, we may use forward-looking statements when addressingtopics such as: future actions by our management or regulators; theoutcome of contingencies; changes in our business strategy; changes inour business practices and methods of generating revenue; thedevelopment and performance of our services and products; market andindustry conditions, including competitive and pricing trends; changesin the composition or level of MMC's revenues; our cost structure; theimpact of acquisitions and dispositions; and MMC's cash flow andliquidity.

Forward-looking statements are subject to inherent risks anduncertainties. Factors that could cause actual results to differmaterially from those expressed or implied in our forward-lookingstatements 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;

-- in light of Marsh's elimination of contingent commission arrangements in late 2004, our ability to achieve profitable revenue growth in our risk and insurance services segment by providing both traditional insurance brokerage services and additional risk advisory services;

-- our ability to retain existing clients and attract new business, particularly in our risk and insurance services segment, and our ability to retain key employees;

-- period-to-period revenue fluctuations in risk and insurance services relating to the net effect of new and lost business production and the timing of policy inception dates;

-- the impact on risk and insurance services commission revenues of changes in the availability of, and the premiums insurance carriers charge for, insurance and reinsurance products, including the impact on premiums attributable to catastrophic events such as hurricanes;

-- the impact on renewals in our risk and insurance services segment of pricing trends in particular insurance markets, fluctuations in the general level of economic activity and decisions by insureds with respect to the level of risk they will self-insure;

-- the impact on our consulting segment of pricing trends and utilization 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 or control expenses and achieve operating efficiencies;

-- 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;

-- fluctuations in the value of Risk Capital Holdings' 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, the businesses we acquire;

-- 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.

The factors identified above are not exhaustive. MMC and itssubsidiaries operate in a dynamic business environment in which newrisks may emerge frequently. Accordingly, MMC cautions readers not toplace undue reliance on its forward-looking statements, which speakonly as of the dates on which they are made.

MMC undertakes no obligation to update or revise anyforward-looking statement to reflect events or circumstances arisingafter the date on which it is made. Further information concerning MMCand its businesses, including information about factors that couldmaterially affect our results of operations and financial condition,is contained in MMC's filings with the Securities and ExchangeCommission.

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.