MMC Announces $800 Million Accelerated Share Re...

Marsh & McLennan
                  

Marsh & McLennan Companies, Inc. (MMC) today announced that it has entered into
an agreement with a financial institution counterparty to repurchase $800
million worth of outstanding MMC common stock in an accelerated share repurchase
transaction.

MMC will conduct the transaction pursuant to the Board of Directors' $1.5
billion share repurchase authorization announced on August 7, 2007. MMC will
fund the transaction with proceeds from the recent sale of Putnam Investments.

'This $800 million buyback continues MMC's ongoing commitment and substantive
actions to return value to shareholders,' said Michael G. Cherkasky, president
and chief executive of MMC. 'The successful closing of the Putnam transaction
bolsters our financial flexibility and sharpens our focus on the firm's core
businesses in risk, strategy and human capital.'

As of July 31, 2007, before giving effect to the repurchase transaction, MMC has
541.0 million shares of common stock outstanding. The total number of shares to
be repurchased will be based on the volume-weighted average price of MMC's stock
through a contractually specified averaging period.

MMC (Marsh & McLennan Companies) is a global professional services firm
providing advice and solutions in the areas of risk, strategy and human capital.
It is the parent company of a number of the world's leading risk experts and
specialty consultants, including Marsh, the insurance broker and business risk
advisor; Guy Carpenter, the risk and reinsurance specialist; Kroll, the risk
consulting firm; Mercer Human Resource Consulting, the provider of HR and
related financial advice and services; and Oliver Wyman, the management
consultancy. With more than 54,000 employees worldwide and annual revenue of
approximately $11 billion, MMC provides analysis, advice, and transactional
capabilities to clients in more than 100 countries. Its stock (ticker symbol:
MMC) is listed on the New York, Chicago, and London stock exchanges. MMC's
website address is www.mmc.com.

This press release contains 'forward-looking statements,' as defined in the
Private Securities Litigation Reform Act of 1995. These statements, which
express management's current views concerning future events or results, use
words like 'anticipate,' 'assume,' 'believe,' 'continue,' 'estimate,' 'expect,'
'intend,' 'plan,' 'project' and similar terms, and future or conditional tense
verbs like 'could,' 'should,' 'will' and 'would.' For example, we may use
forward-looking statements when addressing topics such as: future actions by
regulators; the outcome of contingencies; changes in our business strategies 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 and the outcome of restructuring and other cost-saving initiatives;
share repurchase programs; the expected 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 described in the notes to our financial statements;

    --  our ability to effectively deploy the proceeds received by MMC in August
        2007 from the sale of Putnam, and the timing of our use of those
        proceeds;

    --  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, and our
        ability to recruit and retain key employees;

    --  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 premium
        rates and market capacity 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, utilization
        rates, legislative changes affecting client demand, and the general
        economic environment;

    --  our ability to implement our restructuring initiatives and otherwise
        reduce or control expenses and achieve operating efficiencies, including
        our ability to generate anticipated savings and operational improvements
        from the actions we announced in September 2006;

    --  the impact of competition, including with respect to pricing and the
        emergence of new competitors;

    --  fluctuations in the value of Risk Capital Holdings' investments;

    --  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;

    --  our ability to make strategic acquisitions and dispositions and to
        integrate, and realize expected synergies, savings or strategic benefits
        from, the businesses we acquire;

    --  the impact on our operating results of foreign exchange fluctuations;

    --  changes in applicable tax or accounting requirements, and potential
        income statement effects from the application of FIN 48 ('Accounting for
        Uncertainty in Income Taxes') and SFAS 142 ('Goodwill and Other
        Intangible Assets'); and

    --  the impact of, and potential challenges in complying with, legislation
        and regulation in the jurisdictions in which we operate, particularly
        given the global scope of our businesses and the possibility of
        conflicting regulatory requirements across the jurisdictions in which we
        do business.

The factors identified above are not exhaustive. MMC and its subsidiaries
operate in a dynamic business environment in which new risks may emerge
frequently. Accordingly, 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, including the 'Risk Factors' section of MMC's annual report
on Form 10-K for the year ended December 31, 2006.

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CONTACT: MMC
         Media:
         Christine Walton, 212-345-0675
         [e-mail]
         or
         Investors:
         Mike Bischoff, 212-345-5470
         [e-mail]
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