Benefits Handbook

Shares of Marsh & McLennan Companies, Inc. common stock are bought:

No. You can withdraw the balance of your payroll deduction account, including any accrued interest before the payroll processing date of the last payroll of the quarter (generally eight business days prior to the final pay date of the quarter). Your contributions plus interest will be returned in the next available pay cycle and your participation in the Plan will cease for the current plan year. You may enroll in the next plan year if you remain eligible.

There is no share minimum; Fidelity Investments allows the purchase of fractional shares.

The share purchase price is 95% of the average market price of Marsh & McLennan Companies, Inc. common stock on the purchase date.

Shares purchased each quarter are placed in a stock plan account with Fidelity Investments, Marsh McLennan's default service provider. If you are a new participant, an account will be opened in your name. If you are an existing participant, shares will be placed in your current Fidelity Investments stock plan account according to the registration you have on file. Since you own the shares outright, you generally may hold, sell or transfer the shares to another service provider account. See "Share Ownership" for details.

Yes. You will be sent a statement from Fidelity Investments after each quarterly purchase.

Generally, shares deposited on the purchase date are available on the second business day following the purchase date. This allows Fidelity Investments, the default service provider, time to record the Plan discount price and number of shares your Plan balance has purchased (previously purchased shares, if any, remain available and can be transacted at any time).

Under the current Internal Revenue Code limit, you may buy up to $25,000 worth of shares during a plan year, based on the undiscounted fair market value of the shares at the start of the plan year.

Under Internal Revenue Code rules, plan participants may buy shares up to the Internal Revenue Code limit. Your contributions to the Plan, and interest thereon, will cease on the last day of the calendar quarter in which you reach the maximum share limit. Once you reach the maximum share limit, you will not be able to participate in any purchases remaining in the Plan year. Your contributions will automatically resume at the start of the next following plan year if you remain eligible.

If your goal is to maximize the number of purchases made during the plan year rather than have calendar quarters during which no purchases are made because you had reached the Internal Revenue Code limit, you may wish to adjust your contribution percent so that your contributions are level throughout the plan year.

If you reach the maximum share limit in any calendar quarter, the balance you accumulated (contributions and interest accrued) that exceeded the amount actually needed to purchase shares will be refunded to you in the next available pay cycle following the purchase date.

Yes, the Plan has a limit on the total number of shares that are available for issuance to all Plan participants. (This limit is in addition to the annual limit that applies to each individual participant, as described above.) Each time shares are purchased under the Plan, the number of shares remaining available for issuance is reduced. (Adding shares for issuance under the Plan requires approval by Marsh & McLennan Companies, Inc. shareholders).

If the share limit is reached and additional shares have not been approved for issuance under the Plan then Marsh McLennan will:

If Marsh McLennan does not make any additional accommodations or does not receive approval for the additional shares, then Marsh McLennan will refund any unused accumulated contribution and interest balance to each participant as soon as administratively practicable in a subsequent paycheck.

Yes. You receive a 5% discount on the average market price of Marsh & McLennan Companies, Inc. common stock on the purchase date on all shares bought with your contributions to the Plan and interest thereon.

The current Employee Stock Purchase Plan Price and Discount History can be accessed at Fidelity Investments on NetBenefits (www.netbenefits.com).

Due to the timing of the Benefits Handbook updates, this Employee Stock Purchase Plan section may not reflect the current Employee Stock Purchase Plan Price and Discount History. As noted above, if you wish to see the current Employee Stock Purchase Plan Price and Discount History please access the current Employee Stock Purchase Plan Price and Discount History at Fidelity Investments on NetBenefits (www.netbenefits.com).

Prices in the table reflect all stock splits to date.