Marsh & McLennan Companies, Inc. and Subsidiaries
Ratio of Earnings to Fixed Charges
(In millions, except ratios)

	Years Ended December 31,
	2006		2005		2004		2003		2002
Earnings
Income before income taxes and minority interest	$	1,219	$	568	$	399	$	2,287	$	2,095
Interest expense		303		332		219		185		160
Portion of rents representative ofthe interest factor		176		157		162		150		128
	$	1,698	$	1,057	$	780	$	2,622	$	2,383
Fixed Charges
Interest expense	$	303	$	332	$	219	$	185	$	160
Portion of rents representative ofthe interest factor		176		157		162		150		128
	$	479	$	489	$	381	$	335	$	288
Ratio of Earnings to Fixed Charges		3.5		2.2		2.0		7.8		8.3