Exhibit 21

MMC SUBSIDIARY LIST
AS OF 2/27/2004

NAME DOMICILE

1302318 Ontario Inc. Canada
A. Constantinidi & CIA. S.C. Uruguay
Actuarios Consultores Asociados Portugal
Administradora de Inmuebles Fin, S.A. de C.V. Mexico
Admiral Holdings Limited England and Wales
Admiral Ireland Limited Ireland
Admiral Underwriting Agencies (Ireland) Limited Ireland
Admiral Underwriting Agencies Limited England and Wales
AFCO Premium Acceptance Inc. California
AFCO Premium Credit LLC Delaware
Affinity Financial Incorporated Iowa
Affinity Groups Advantage Limited England and Wales
Albert Willcox & Co. of Canada Ltd. Canada
Aldgate Investments Limited Bermuda
Aldgate US Investments England and Wales
Alfram Consultores S.A.C. Peru
All Asia Sedgwick Insurance Brokers Corporation Philippines
Allied Medical Assurance Services Limited England and Wales
America Surplus Lines Insurance Company Mississippi
American Overseas Management Corporation (Canada) Canada
Antah Sedgwick Insurance Brokers Sdn. Bhd. Malaysia
APRIMAN, Inc. California
Assivalo Comercial E Representacoes Ltda. Brazil
Assur Conseils Cecar & Jutheau S.A. Senegal
Australian World Underwriters Pty Ltd. Australia
Aviation Risk Management Services Limited England and Wales
B.K. Thomas & Partners Limited England and Wales
Balis & Co., Inc. Pennsylvania
Bargheon US LLC Delaware
Bau Assekuranz Vermittlungs GmbH Germany
Beneficios Ltda. Colombia
Bland Payne (South Aust.) Pty Limited Australia
Bonnor Holding A/S Denmark
Border Insurance Services, Inc. California
Bowring (Bermuda) Investments Ltd. Bermuda
Bowring Marine Limited England and Wales
Bowring Risk Management Limited England and Wales

BRW Insurance & Financial Services Limited Ireland
BRW Insurance Brokers Limited Ireland
ByS Servicios Especiales, Agente de Seguros, S.A. de C.V. Mexico
C.T. Bowring & Co. (Insurance) Limited England and Wales
C.T. Bowring and Associates (Private) Limited Zimbabwe
C.T. Bowring Ireland Limited Ireland
C.T. Bowring Limited England and Wales
California Insurance Services, Inc. California
Capatho AB Sweden
CarLease Luxembourg SA Luxembourg
Carpenter Bowring (UK) Limited England and Wales
Casualty Insurance Company Services, Inc. California
Cecar Brasil Administracao e Corretagem de Seguros Ltda. Brazil
Claims, Inc Texas
Cofast S.A. France
Combined Performance Measurement Services Limited Ireland
Companias DeLima S.A. Colombia
Confidentia Life Insurance Agency Ltd. Israel
Confidentia Marine Insurance Agency (1983) Ltd. Israel
Constantinidi Marsh SA Uruguay
Consulmercer-Consultores de Gestao, Sociedade Unipessoal, Lda. Portugal
Consultores 2020 Venezuela
Consultores en Garantias, S.A. de C.V. Mexico
Corporate Pensions & Financial Services Limited Scotland
Corporate Resources Group (Holdings) Ltd. British Virgin Islands
Corporate Resources Group (UK) Limited England and Wales
Corporate Risk Limited Scotland
Countryside, Inc Tennessee
CRG (India) Private Ltd. India
CRG (Singapore) Pte Ltd Singapore
CRG (Thailand) Ltd. Thailand
CRG A/S Denmark
CRG Finland OY Finland
CRG Holdings, Inc. Philippines
CRG HR SDN BHD Malaysia
CRG Iberica, SL Spain
CRG Ltd. Hong Kong
CRG S.A. Switzerland
CRG Sverige AB Sweden
Cruiselook Limited England and Wales

Crump E&S of California Insurance Services, Inc. California
Crump E&S of San Francisco Insurance Services, Inc. California
Crump Financial Services, Inc. Tennessee
Crump Group, Inc. Delaware
Crump Insurance Agency Services, Inc. Delaware
Crump Insurance Services Northwest, Inc. Washington
Crump Insurance Services of Atlanta, Inc. Georgia
Crump Insurance Services of Boston, Inc. Massachusetts
Crump Insurance Services of Colorado, Inc. Colorado
Crump Insurance Services of Florida, Inc. Florida
Crump Insurance Services of Houston, Inc. Texas
Crump Insurance Services of Illinois, Inc. Illinois
Crump Insurance Services of Louisiana, Inc. Louisiana
Crump Insurance Services of Memphis, Inc. Tennessee
Crump Insurance Services of Michigan Michigan
Crump Insurance Services of Texas, Inc. Texas
Crump Insurance Services, Inc. Texas
Crump of New Jersey, Inc. New Jersey
Crump of New York, Inc. New York
Crump Transportation Insurance Services, Inc. California
Cumberland Brokerage Limited Bermuda
CVA Consultants, Inc. Nevada
Danish Re (Bermuda) Limited Bermuda
Decision Research Corporation Massachusetts
DeLima Marsh S.A. - Los Corredores de Seguros S.A. Colombia
DeLima Mercer Agencia de Seguros Ltda. Colombia
DeLima Mercer Consultoria de Recursos Humanos Ltda. Colombia
Deutsche Post Assekuranz Vermittlungs GmbH Germany
Digitsuper Limited England and Wales
Don A. Harris & Associates, Inc. Nevada
DVA - Deutsche Verkehrs-Assekuranz-Vermittlungs GmbH Germany
Elysees Prevoyance Gestion France
EnBW Versicherungs Vermittlung GmbH Germany
Encon Group Inc. Canada
Encon Holdings, Inc. Canada
Encon Reinsurance Managers Inc. Canada
Encon Underwriting Agency, Inc. Texas
Encon Underwriting Limited England and Wales
English Pension Trustees Limited England and Wales
Epsilon Insurance Company, Ltd. Cayman Islands

Espana Cinco, Inc. Delaware
Espana Cuatro, Inc. Delaware
Espana Dos, Inc. Delaware
Espana Ocho, Inc. Delaware
Espana Seis, Inc. Delaware
Espana Siete, Inc. Delaware
Espana Tres, Inc. Delaware
Espana Uno, Inc. Delaware
Excess and Treaty Management Corporation New York
Exmoor Management Company Limited Bermuda
Fenchurch Insurance Brokers Pty. Limited Australia
Fernando Mesquida y Asociados SA Argentina
G. E. Freeman Insurance Agency Limited Canada
Gaelarachas Teoranta Ireland
Galbraith & Green, Inc of Ohio Ohio
Gem Insurance Company Limited Bermuda
Gradmann & Holler GbR Germany
GSC Grupo de Servicos a Cortoes de Credito S/C Ltda. Brazil
Guy Carpenter & Cia., S.A. Spain
Guy Carpenter & Co. Labuan Ltd. Malaysia
Guy Carpenter & Company (Pty) Limited South Africa
Guy Carpenter & Company AB Sweden
Guy Carpenter & Company B.V. Netherlands
Guy Carpenter & Company Corredores de Reaseguros Ltda Chile
Guy Carpenter & Company GmbH Germany
Guy Carpenter & Company Limited Canada
Guy Carpenter & Company Limited Hong Kong
Guy Carpenter & Company Limited England and Wales
Guy Carpenter & Company Limited Dublin
Guy Carpenter & Company Peru Corredores de Reaseguros S.A. Peru
Guy Carpenter & Company Private Limited Singapore
Guy Carpenter & Company Pty. Limited Australia
Guy Carpenter & Company S.r.l. Italy
Guy Carpenter & Company Venezuela, C.A. Venezuela
Guy Carpenter & Company, Inc. Delaware
Guy Carpenter & Company, Inc. of Pennsylvania Pennsylvania
Guy Carpenter & Company, Ltda. Brazil
Guy Carpenter & Company, S.A. Belgium
Guy Carpenter & Company, S.A. France
Guy Carpenter & Company, S.A. (Argentina) Argentina

Guy Carpenter Broking, Inc. Delaware
Guy Carpenter Colombia Corredores de Reaseguros Ltda. Colombia
Guy Carpenter Facultative Pty. Ltd. Australia
Guy Carpenter Facultatives S.A.S. France
Guy Carpenter Insurance Strategy, Inc. Delaware
Guy Carpenter Japan, Inc. Japan
Guy Carpenter Reinmex Corredores de Reaseguros Ltda Colombia
Guy Carpenter Reinmex Intermediario de Reaseguros, S.A. De C.V. Mexico
Guy Carpenter Reinsurance Brokers Philippines, Inc. Philippines
Hansen International Limited Delaware
Healthcare Agencies Limited England and Wales
Healthcare Risk Management Services, Inc. Washington
Henry Ward Johnson & Company Insurance Services, Inc. California
Industrial Risks Protection Consultants Nigeria
Informed Sources Holdings Limited England and Wales
Informed Sources International Limited England and Wales
Informed Sources International, Inc. Delaware
Insbrokers Ltda. Uruguay
Insurance Brokers of Nigeria Limited Nigeria
Inter-Ocean Management (Cayman) Limited Cayman Islands
Inverbys, S.A. de C.V. Mexico
Invercol Ltd. Bermuda
IPT Actuarial Services Limited Ireland
Irish Pension Trustees Limited Ireland
Irish Pensions Trust Limited Ireland
Ivoiriennes Assurances Conseil Ivory Coast
J&H Benefits Plus Inc. Philippines
J&H Investments (Bermuda) Ltd. Bermuda
J&H Marsh & McLennan (Colombia) Ltda. Colombia
J&H Marsh & McLennan (UK) Limited England and Wales
J&H Marsh & McLennan Ireland Limited Ireland
J&H Marsh & McLennan Limited (HK) Hong Kong
J&H Marsh & McLennan Norway A.S. Norway
James Wigham Poland International Limited England and Wales
JHM Holdings, Inc. New York
Johnson & Higgins (Bermuda) Limited Bermuda
Johnson & Higgins (Peru) S.A. Corredores De Seguro Peru
Johnson & Higgins (USVI) Ltd. Virgin Islands
Johnson & Higgins Consulting (Far East) Ltd. Hong Kong
Johnson & Higgins Holdings Limited England and Wales

Johnson & Higgins Intermediaries (Cayman) Ltd. Cayman Islands
Johnson & Higgins Ireland Limited Ireland
Johnson & Higgins Limited England and Wales
Johnson & Higgins Managment Services, Ltd. Bermuda
Johnson & Higgins Willis Faber (U.S.A.) Inc. New York
Johnson & Higgins Willis Faber Holdings, Inc. New York
Kessler & Co Inc. Switzerland
Kessler Prevoyance S.A. Switzerland
Legal & Commercial Insurances Limited Ireland
Les Conseillers Dpt. Inc. Canada
Liberty Place Underwriters, Inc. Delaware
Lippincott & Margulies, Inc. New York
Llenrup Participaues S.C. Ltda. Brazil
Lynch Insurance Brokers Limited Barbados
M&M Insurance Management Canada Ltd. Canada
M&M Vehicle, L.P. Delaware
M.B. Fitzpatrick Limited Ireland
Mactras (Bermuda) Limited Bermuda
Marclen Holdings, Inc. Delaware
Marclen LLC Delaware
Mariners Insurance Agency, Inc. Massachusetts
Maritime Adjusters, Inc. Massachusetts
Marsh & Co. S.p.A. Italy
Marsh & McLennan (PNG) Limited Papua New Guinea
Marsh & McLennan (Singapore) Pte Ltd Singapore
Marsh & McLennan (South Australia) Pty Ltd Australia
Marsh & McLennan (WA) Pty. Ltd. Australia
Marsh & McLennan Agencies Pty. Ltd. Australia
Marsh & McLennan Argentina SA Corredores de Reaseguros Argentina
Marsh & McLennan C&I, GP, Inc. Delaware
Marsh & McLennan Companies UK Limited England and Wales
Marsh & McLennan Companies, Inc. Delaware
Marsh & McLennan Financial Markets, Inc. Delaware
Marsh & McLennan Finland Oy Finland
Marsh & McLennan GbR Holdings, Inc. Delaware
Marsh & McLennan Global Broking (Bermuda) Ltd. Bermuda
Marsh & McLennan GP I, Inc. Delaware
Marsh & McLennan GP II, Inc. Delaware
Marsh & McLennan Holdings GmbH Germany
Marsh & McLennan Holdings II, Inc. Delaware

Marsh & McLennan Holdings Limited England and Wales
Marsh & McLennan Holdings, Inc. Delaware
Marsh & McLennan Limited Hong Kong
Marsh & McLennan Management Services (Bermuda) Limited Bermuda
Marsh & McLennan Pallas Holdings GmbH Germany
Marsh & McLennan Pallas Holdings, Inc. Delaware
Marsh & McLennan Properties (Bermuda) Ltd. Bermuda
Marsh & McLennan Properties, Inc. Delaware
Marsh & McLennan Real Estate Advisors, Inc. Delaware
Marsh & McLennan Risk Capital Holdings, Ltd. Delaware
Marsh & McLennan Securities Group Limited England and Wales
Marsh & McLennan Securities International, Ltd. Bermuda
Marsh & McLennan Services Limited England and Wales
Marsh & McLennan Servicios, S.A. De C.V. Mexico
Marsh & McLennan Sweden AB Sweden
Marsh & McLennan Tech GP II, Inc. Delaware
Marsh & McLennan, Incorporated Virgin Islands
Marsh (Bahrain) Company WLL United Arab Emirates
Marsh (Hong Kong) Limited Hong Kong
Marsh (Insurance Brokers) LLP Kazakhstan
Marsh (Insurance Services) Limited England and Wales
Marsh (Isle of Man) Limited Isle of Man
Marsh (Jersey) Limited Jersey
Marsh (Middle East) Limited England and Wales
Marsh (Namibia) (Proprietary) Limited Namibia
Marsh (Proprietary) Limited Botswana
Marsh (South Africa) (Proprietary) Limited South Africa
Marsh - Insurance Brokers ZAO Russia
Marsh A/S Denmark
Marsh AB Sweden
Marsh Advanced Risk Services Limited England and Wales
Marsh Advanced Risk Solutions Limited England and Wales
Marsh AG Switzerland
Marsh Argentina S.R.L. Argentina
Marsh Asia Pacific Management Pty. Ltd. Australia
Marsh Assessoria e Consultoria Empresarial S/C Ltda. Brazil
Marsh Assistencia e Administracao S/C Ltda. Brazil
Marsh Austria G.m.b.H. Austria
Marsh B.V. Netherlands

Marsh Brockman y Schuh Agente de Seguros y de Fianzas, S.A. de C.V. Mexico
Marsh Broker Japan, Inc. Japan
Marsh Canada Limited/Marsh Canada Limitee Canada
Marsh Canada Securities Limited/Marsh Canada Valeurs Mobilieres Limitee Canada
Marsh Captive Management Services Pty. Ltd. Australia
Marsh Caspian Services LLC Azerbaijan
Marsh CISO Limited England and Wales
Marsh Claims Management Services (Canada) Limited Canada
Marsh Commercial Insurance Agencies Pty Ltd. Australia
Marsh Conseil S.A.S. France
Marsh Corporate Services (Barbados) Limited Barbados
Marsh Corporate Services Limited England and Wales
Marsh Corretora de Seguros Ltda. Brazil
Marsh d.o.o. Beograd Serbia & Montenegro
Marsh d.o.o. za posredovanje u osiguranju Croatia
Marsh Direct Korea
Marsh E00D Bulgaria
Marsh Employee Benefit Services Limited England and Wales
Marsh Eurofinance BV Netherlands
Marsh Europe S.A. Belgium
Marsh Financial Insurance Services of Massachusetts, Inc. Massachusetts
Marsh Financial Services (Guernsey) Limited Guernsey
Marsh Financial Services International Ltd. Bermuda
Marsh Financial Services Limited England and Wales
Marsh Financial Services Limited Ireland
Marsh Financial Services of Texas, Inc. Texas
Marsh Financial Services, Inc. Indiana
Marsh Financial Services, Inc. New York
Marsh Georgia Limited England and Wales
Marsh Global Broking (Bermuda) Ltd. Bermuda
Marsh Global Broking (Dublin) Limited Ireland
Marsh Global Broking GmbH Germany
Marsh Global Broking Inc. (Connecticut) Connecticut
Marsh Global Broking Inc. (Missouri) Missouri
Marsh Global Broking Inc. (New Jersey) New Jersey
Marsh Global Broking Inc. (Texas) Texas
Marsh GmbH Germany
Marsh Holding AB Sweden
Marsh Holdings (Proprietary) Limited South Africa
Marsh Holdings B.V. Netherlands

Marsh Holdings Limited England and Wales
Marsh Inc. Delaware
Marsh India Private Limited India
Marsh INSCO LLC United Arab Emirates
Marsh Insurance & Investments Corp. Delaware
Marsh Insurance and Risk Management Consultants Co. Ltd. China
Marsh Insurance Brokers (Malaysia) Sdn Bhd Malaysia
Marsh Insurance Brokers (Private) Limited Zimbabwe
Marsh Insurance Brokers Limited England and Wales
Marsh Insurance Services Spolka z.o.o. Poland
Marsh Intermediaries, Inc. New York
Marsh International Broking Holdings Limited England and Wales
Marsh International Holdings (Korea) Inc. Delaware
Marsh International Holdings II, Inc. Delaware
Marsh International Holdings, Inc. Delaware
Marsh International Limited England and Wales
Marsh Ireland Holdings Limited Ireland
Marsh Ireland Limited Ireland
Marsh Israel (1999) Ltd. Israel
Marsh Israel (Holdings) Ltd. Israel
Marsh Israel Consultants Ltd. Israel
Marsh Israel Insurance Agency Ltd. Israel
Marsh Japan, Inc. Japan
Marsh Kft. Hungary
Marsh Kindlustusmaakler AS Estonia
Marsh Korea, Inc. Korea
Marsh Life & Pension Oy Finland
Marsh Limited England and Wales
Marsh Limited (Fiji) Fiji
Marsh Limited (New Zealand) New Zealand
Marsh Link Limited England and Wales
Marsh LLC Ukraine
Marsh LLC Insurance Brokers Greece
Marsh Ltd. Wisconsin
Marsh Ltd. Taiwan Branch Taiwan
Marsh Luxembourg SA Luxembourg
Marsh Management Services (Barbados), Ltd. Barbados
Marsh Management Services (Bermuda) Ltd. Bermuda
Marsh Management Services (British Virgin Islands) Ltd British Virgin Islands
Marsh Management Services (Cayman) Ltd. Cayman Islands

Marsh Management Services (Dublin) Limited Ireland
Marsh Management Services (Labuan) Limited Malaysia
Marsh Management Services (Luxembourg) SA Luxembourg
Marsh Management Services (USVI) Ltd. Virgin Islands
Marsh Management Services Guernsey Limited Guernsey
Marsh Management Services Inc. New York
Marsh Management Services Isle of Man Limited Isle of Man
Marsh Management Services Jersey Limited Jersey
Marsh Management Services Singapore Pte. Ltd. Singapore
Marsh Marine & Energy AB Sweden
Marsh Marine & Energy AS Norway
Marsh Marine & Energy Limited England and Wales
Marsh Mercer Holdings Australia Pty Ltd Australia
Marsh Mercer Pension Fund Trustee Limited England and Wales
Marsh Micronesia Guam
Marsh Norway AS Norway
Marsh Oy Finland
Marsh PB Co., Ltd. Thailand
Marsh Peru SA Corredores de Seguros Peru
Marsh Philippines, Inc. Philippines
Marsh Placement Inc. Illinois
Marsh Placement Services Limited England and Wales
Marsh Privat, A.I.E. Spain
Marsh Professional Risk Consultants (Pty) Limited South Africa
Marsh Pty. Ltd. Australia
Marsh Risk Consulting B.V. Netherlands
Marsh Risk Consulting Services S.r.l. Italy
Marsh Risk Management Pvt Ltd. India
Marsh S.A. Belgium
Marsh S.A. France
Marsh S.A. Corredores De Seguros Chile
Marsh S.p.A. Italy
Marsh S.R.L. Romania
Marsh s.r.o. Czech Republic
Marsh s.r.o. (Slovakia) Slovak Republic
Marsh SA (Argentina) Argentina
Marsh SA (Luxembourg) Luxembourg
Marsh Saldana Inc. Puerto Rico
Marsh San Sigorta Ve Reasurans Brokerligi A.S. Turkey
Marsh Secretarial Services Limited England and Wales

Marsh Services Limited England and Wales
Marsh Services S.A.S. France
Marsh SIA Latvia
Marsh Singapore Pte Ltd. Singapore
Marsh Space Projects Limited England and Wales
Marsh Specialty Operations Limited England and Wales
Marsh Spolka z.o.o. Poland
Marsh Treasury Services (Dublin) Limited Ireland
Marsh Treasury Services Limited England and Wales
Marsh Tunisia S.A.R.L. Tunisia
Marsh UK Group Limited England and Wales
Marsh UK Limited England and Wales
Marsh Ukraine Limited England and Wales
Marsh USA (India) Inc. Delaware
Marsh USA Agency Inc. Texas
Marsh USA Benefits Inc. Texas
Marsh USA Inc. (Alabama) Alabama
Marsh USA Inc. (Alaska) Alaska
Marsh USA Inc. (Arkansas) Arkansas
Marsh USA Inc. (Connecticut) Connecticut
Marsh USA Inc. (Delaware) Delaware
Marsh USA Inc. (Idaho) Idaho
Marsh USA Inc. (Illinois) Illinois
Marsh USA Inc. (Indiana) Indiana
Marsh USA Inc. (Kentucky) Kentucky
Marsh USA Inc. (Louisiana) Louisiana
Marsh USA Inc. (Massachusetts) Massachusetts
Marsh USA Inc. (Michigan) Michigan
Marsh USA Inc. (Mississippi) Mississippi
Marsh USA Inc. (Nevada) Nevada
Marsh USA Inc. (Ohio) Ohio
Marsh USA Inc. (Oklahoma) Oklahoma
Marsh USA Inc. (Pennsylvania) Pennsylvania
Marsh USA Inc. (Rhode Island) Rhode Island
Marsh USA Inc. (Texas) Texas
Marsh USA Inc. (Utah) Utah
Marsh USA Inc. (Virginia) Virginia
Marsh USA Inc. (West Virginia) West Virginia
Marsh USA Risk Services Inc. Maine
Marsh USA, Inc. China

Marsh Venezuela C.A. Venezuela
Marsh, Lda. Portugal
Marsh, Risk Consulting, S.L. Spain
Marsh, S.A. Mediadores de Seguros Spain
Marsh-Assureurs Conseils Tchadiens SARL Chad
Matthiessen Assurans AB Sweden
Matthiessen Reinsurance Ltd AB Sweden
Mearbridge LLC Delaware
Mediservice Administradora De Planos De Saude Ltda.B Brazil
Medisure Affinity Services Limited England and Wales
Medisure Corporate Services Limited England and Wales
Medisure Trustees Limited England and Wales
Mees & Zoonen Argentina SA Argentina
Members Insurance Club Agency, Inc. Louisiana
Members Insurance Club Agency, Inc. Ohio
Mercer Asesores de Seguros SA Argentina
Mercer Australia Limited Australia
Mercer Broking Ltd. Taiwan
Mercer Consulting Group Verwaltungs GmbH Germany
Mercer Consulting Holdings Sdn. Bhd. Malaysia
Mercer Corredores de Seguros Ltda. Chile
Mercer Corretora de Seguros Ltda Brazil
Mercer Cullen Egan Dell Limited New Zealand
Mercer Delta Consulting Limited Canada
Mercer Delta Consulting Limited England and Wales
Mercer Delta Consulting LLC Delaware
Mercer Delta Consulting SAS France
Mercer Holdings Canada, Inc. Delaware
Mercer Holdings, Inc. Delaware
Mercer Human Resource Consulting Turkey
Mercer Human Resource Consulting (S) Pte Ltd Singapore
Mercer Human Resource Consulting a.s. Czech Republic
Mercer Human Resource Consulting A/S Denmark
Mercer Human Resource Consulting and Insurance Brokers Limited Hungary
Mercer Human Resource Consulting AS Norway
Mercer Human Resource Consulting B.V. Netherlands
Mercer Human Resource Consulting CA Venezuela
Mercer Human Resource Consulting GmbH Germany
Mercer Human Resource Consulting GmbH Austria
Mercer Human Resource Consulting Korea Ltd. Korea

Mercer Human Resource Consulting Lda. Portugal
Mercer Human Resource Consulting Limited Ireland
Mercer Human Resource Consulting Limited England and Wales
Mercer Human Resource Consulting Limited Canada
Mercer Human Resource Consulting Limited Hong Kong
Mercer Human Resource Consulting Limited China
Mercer Human Resource Consulting LLC Delaware
Mercer Human Resource Consulting Ltd Japan
Mercer Human Resource Consulting Ltd Thailand
Mercer Human Resource Consulting Ltd. New Zealand
Mercer Human Resource Consulting Ltd. Taiwan
Mercer Human Resource Consulting Ltda Brazil
Mercer Human Resource Consulting Ltda. Chile
Mercer Human Resource Consulting of Indiana, Inc. Indiana
Mercer Human Resource Consulting of Kentucky, Inc. Kentucky
Mercer Human Resource Consulting of Louisiana, Inc. Louisiana
Mercer Human Resource Consulting of Massachusetts, Inc. Massachusetts
Mercer Human Resource Consulting of Michigan, Inc. Michigan
Mercer Human Resource Consulting of Ohio, Inc. Ohio
Mercer Human Resource Consulting of Oklahoma, Inc. Oklahoma
Mercer Human Resource Consulting of Puerto Rico, Inc. Puerto Rico
Mercer Human Resource Consulting of Texas, Inc. Texas
Mercer Human Resource Consulting of Virginia, Inc. Virginia
Mercer Human Resource Consulting OY Finland
Mercer Human Resource Consulting PT Indonesia
Mercer Human Resource Consulting Pty Ltd Australia
Mercer Human Resource Consulting Pvt Ltd India
Mercer Human Resource Consulting S.A. France
Mercer Human Resource Consulting SA Switzerland
Mercer Human Resource Consulting SA Argentina
Mercer Human Resource Consulting SA de CV Mexico
Mercer Human Resource Consulting SA-NV Belgium
Mercer Human Resource Consulting Sdn. Bhd. Malaysia
Mercer Human Resource Consulting SP. Z.O.O. Poland
Mercer Human Resource Consulting Srl Italy
Mercer Human Resource Consulting, Inc. Delaware
Mercer Human Resource Consulting, Inc. Philippines
Mercer Human Resource Consulting, S.L. Spain
Mercer Inc. Delaware
Mercer Insurance Services, Inc. Massachusetts

Mercer Investment Consulting Limited Ireland
Mercer Investment Consulting, Inc. Kentucky
Mercer Investment Nominees Ltd Australia
Mercer Ireland Holdings Limited Ireland
Mercer Legal (NSW) Pty Ltd Australia
Mercer Legal Pty Ltd. Australia
Mercer Limited England and Wales
Mercer Management Consulting AG Switzerland
Mercer Management Consulting GmbH Germany
Mercer Management Consulting Group GmbH & Co. KG Germany
Mercer Management Consulting Limited England and Wales
Mercer Management Consulting Limited Canada
Mercer Management Consulting S.L. Spain
Mercer Management Consulting Servicios, S. de R.L. De C.V. Mexico
Mercer Management Consulting SNC France
Mercer Management Consulting, Inc. Delaware
Mercer Management Consulting, Ltd. Bermuda
Mercer Management Consulting, S. De R.L. De C.V. Mexico
Mercer Oliver Wyman Actuarial Consulting, Inc Delaware
Mercer Pensionsraadgivning A/S Denmark
Mercer Personenversicherungs-makler GmbH Austria
Mercer R.H. SARL France
Mercer Risk, Finance and Insurance Consulting Limited Canada
Mercer SA France
Mercer Securities, Inc. Delaware
Mercer Services B.V. Netherlands
Mercer Sweden AB Sweden
Mercer Tax Agents Pty Ltd Australia
Mercer Trustees Limited Ireland
Mercer Trustees Limited England and Wales
Mercer Zainal Consulting Sdn Bhd Malaysia
Mercer-Faugere & Jutheau SA France
MercerHR.com LLC Delaware
MercerHR.com, Inc. Delaware
MMC Capital C&I GP, Inc. Delaware
MMC Capital Limited England and Wales
MMC Capital Tech GP II, Inc. Delaware
MMC Capital, Inc. Delaware

MMC Executive Services, Inc. Delaware
MMC France S.A. France
MMC Realty, Inc. New York
MMC Securities Corp. Delaware
MMOW Limited England and Wales
MMRC LLC Delaware
MMRCH LLC Delaware
MMSC Holdings, Inc. Delaware
MMSC Risk Advisors, Inc. Delaware
MOW Holding LLC Delaware
MPA (International) Limited England and Wales
Muir Beddal (Zimbabwe) Limited Zimbabwe
MVM Versicherungsberatungs Gesellschaft m.b.H. Austria
MVM Versicherungsmakler AG Switzerland
N.V. Algemene Verzekeringsmaatschappij 'De Zee' Netherlands
National Economic Research Associates KK Japan
National Economic Research Associates, Inc. California
National Economic Research Associates, Inc. Delaware
National Medical Audit California
NERA do Brasil Ltda. Brazil
NERA S.R.L. Italy
NERA UK Limited England and Wales
Neuburger Noble Lowndes GmbH Germany
New S.A. Peru
Niu Marsh Limited Papua New Guinea
Noble Lowndes Personal Financial Services Limited England and Wales
Normandy Reinsurance Company Limited Bermuda
OCR Ltd. Australia
Omega Indemnity (Bermuda) Limited Bermuda
Organizacion Brockman y Schuh, S.A. de C.V. Mexico
P.I.C. Advisory Services Limited Ireland
Paladin Reinsurance Corporation New York
Palamerican Corporation Delaware
Pallas Marsh Corretagem de Seguros Ltda. Brazil
Panagora Asset Management, Inc. Delaware
Panhandle Insurance Agency, Inc. Texas
Payment Protection Services Limited Ireland
Pension Trustees Limited England and Wales
Peter Smart Associates Limited England and Wales

PFT Limited England and Wales
PI Financial Risk Services (Proprietary) Limited South Africa
PI Indemnity Company, Limited Ireland
PII Holdings, Inc. Massachusetts
Potomac Insurance Managers, Inc. Delaware
Price Forbes Australia Limited Australia
Price Forbes Limited England and Wales
PRIESTIM SCI France
PT. Marsh Indonesia Indonesia
PT. Peranas Agung Indonesia
Putnam Aviation Holdings, LLC Delaware
Putnam Capital, LLC Delaware
Putnam Fiduciary Trust Company Massachusetts
Putnam Futures Advisors, Inc. Massachusetts
Putnam International Advisory Company S.A. Luxembourg
Putnam International Distributors, Ltd. Cayman Islands
Putnam Investment Holdings, LLC Delaware
Putnam Investment Management Trust Massachusetts
Putnam Investment Management, LLC Delaware
Putnam Investments Argentina, S.A. Argentina
Putnam Investments Australia Pty Limited Australia
Putnam Investments Inc. Canada
Putnam Investments Limited (Ireland) Ireland
Putnam Investments Limited (UK) England and Wales
Putnam Investments Securities Co., Ltd. Japan
Putnam Investments Trust Massachusetts
Putnam Investments Trust II Massachusetts
Putnam Investments, LLC Delaware
Putnam Investor Services, Inc. Massachusetts
Putnam Retail Management GP, Inc. Massachusetts
Putnam Retail Management Limited Partnership Massachusetts
Putnam, LLC Delaware
R. Mees & Zoonen Holdings B.V. Netherlands
R.I.A.S. Insurance Services Limited Scotland
R.W. Gibbon & Son (Underwriting Agencies) Limited England and Wales
Reclaim Consulting Services Limited England and Wales
Reinmex Mexico
Reinmex de Colombia Corredores de Reaseguos, Ltda. Mexico
Reinmex Florida, Inc. Florida
Reinsurance Solutions International, L.L.C. Delaware

Reitmulders & Partners B.V. Netherlands
Resolutions International Limited Delaware
ReSolutions International Limited England and Wales
Resource Benefit Associates Nigeria
Retach Corporation Delaware
Retirement Pension Trustee's Limited Zimbabwe
RIC Management Services Limited Ireland
Richard Sparrow and Company (International Non Marine) Limited England and Wales
Richard Sparrow and Company Limited England and Wales
Richard Sparrow Holdings Limited England and Wales
Rivers Group Limited England and Wales
RMB-Risk Management Beratungs-GmbH Germany
Rockefeller Risk Advisors of Florida, Inc. Florida
Rockefeller Risk Advisors, Inc. New York
RSI Solutions International, Inc. New York
Sackville House Limited England and Wales
SAFCAR Cecar & Jutheau Mali
SCIB (Bermuda) Limited Bermuda
SCMS Administrative Services, Inc. Illinois
Seabury & Smith Agency, Inc. Ohio
Seabury & Smith Group Limited England and Wales
Seabury & Smith Limited England and Wales
Seabury & Smith of Georgia, Inc. Georgia
Seabury & Smith of Idaho, Inc. Idaho
Seabury & Smith of Illinois, Inc. Illinois
Seabury & Smith, Inc. (Delaware) Delaware
Seabury & Smith, Inc. (Indiana) Indiana
Seabury & Smith, Inc. (Louisiana) Louisiana
Seabury & Smith, Inc. (Massachusetts) Massachusetts
Seabury & Smith, Inc. (Michigan) Michigan
Seabury & Smith, Inc. (Nevada) Nevada
Seabury & Smith, Inc. (Oklahoma) Oklahoma
Seabury & Smith, Inc. (Texas) Texas
Seabury & Smith, Inc. (Virginia) Virginia
SEDFEMA Insurance Brokers, Inc. Philippines
Sedgwick (Bermuda) Limited Bermuda
Sedgwick (Deutschland) GmbH Germany
Sedgwick (Holdings) Pty. Limited Australia
Sedgwick (Isle of Man) Limited Isle of Man
Sedgwick (PNG) Limited Papua New Guinea

Sedgwick Affinity Group Services Limited England and Wales
Sedgwick Africa Holdings (Proprietary) Limited South Africa
Sedgwick Alpha Limited England and Wales
Sedgwick Asia Pacific Limited Australia
Sedgwick Aviation Limited England and Wales
Sedgwick Azeri Limited England and Wales
Sedgwick Benefits, Inc. Utah
Sedgwick Bergvall Holdings AS Norway
Sedgwick Brimex (Guernsey) Limited Guernsey
Sedgwick Claims Management Services Limited Ireland
Sedgwick Claims Management Services, Inc. Illinois
Sedgwick CMS Holdings, Inc. Delaware
Sedgwick Construction Asia Limited Hong Kong
Sedgwick Consulting Group Limited England and Wales
Sedgwick Corporate and Employee Benefits Limited Australia
Sedgwick Corporate Services Limited Isle of Man
Sedgwick Dineen Group Limited Ireland
Sedgwick Dineen Ireland Limited Ireland
Sedgwick Dineen Limited Ireland
Sedgwick Dineen Trustees Limited Ireland
Sedgwick Energy & Marine Limited England and Wales
Sedgwick Energy (Insurance Services) Inc. Texas
Sedgwick Energy Limited England and Wales
Sedgwick Europe Benefit Consultants B.V. Netherlands
Sedgwick Far East Limited England and Wales
Sedgwick Financial Services (Deutschland) GmbH Germany
Sedgwick Financial Services Consulting Division BV Netherlands
Sedgwick Financial Services Limited England and Wales
Sedgwick Financial Services, Inc Delaware
Sedgwick Forbes Middle East Limited Jersey
Sedgwick Group (Australia) Pty. Limited Australia
Sedgwick Group (Bermuda) Limited Bermuda
Sedgwick Group (Netherlands) B.V. Netherlands
Sedgwick Group (Zimbabwe) Limited Zimbabwe
Sedgwick Group Limited England and Wales
Sedgwick Holding A/S Denmark
Sedgwick Holdings (Private) Limited Zimbabwe
Sedgwick Hung Kai Insurance & Risk Management Consultants Limited Hong Kong
Sedgwick Inc. New York
Sedgwick Insurance Agencies Pty Limited Australia

Sedgwick Internationaal BV Netherlands
Sedgwick International Broking Services Limited England and Wales
Sedgwick International Marketing Services Inc Delaware
Sedgwick International Risk Management, Inc. Delaware
Sedgwick Kassman Limited Papua New Guinea
Sedgwick Kazakhstan Limited England and Wales
Sedgwick Life and Benefits, Inc. Texas
Sedgwick Limited England and Wales
Sedgwick Ltd. Australia
Sedgwick Management Services (Antigua) Limited Antigua
Sedgwick Management Services (Barbados) Limited Barbados
Sedgwick Management Services (Bermuda) Limited Bermuda
Sedgwick Management Services (Cayman) Limited Cayman Islands
Sedgwick Management Services (Guernsey) Limited Guernsey
Sedgwick Management Services (Ireland) Ireland
Sedgwick Management Services (Isle of Man) Limited Isle of Man
Sedgwick Management Services (London) Limited England and Wales
Sedgwick Management Services (Private) Limited Zimbabwe
Sedgwick Management Services (Singapore) Pte Limited Singapore
Sedgwick Management Services (U.S.) Ltd. vermont
Sedgwick Managing General Agency, Inc. Texas
Sedgwick Noble Lowndes (NZ) Ltd. New Zealand
Sedgwick Noble Lowndes (PNG) Limited Papua New Guinea
Sedgwick Noble Lowndes (UK) Limited England and Wales
Sedgwick Noble Lowndes Actuarial Limited Australia
Sedgwick Noble Lowndes Asia Pacific Limited Australia
Sedgwick Noble Lowndes B.V. Netherlands
Sedgwick Noble Lowndes Conseil SA France
Sedgwick Noble Lowndes Financial Planning Limited Australia
Sedgwick Noble Lowndes Group Limited England and Wales
Sedgwick Noble Lowndes Insurance Division BV Netherlands
Sedgwick Noble Lowndes Limited Hong Kong
Sedgwick Noble Lowndes Limited England and Wales
Sedgwick Noble Lowndes Limited (Ireland) Ireland
Sedgwick Noble Lowndes North America, Inc. Delaware
Sedgwick Noble Lowndes Trusteeship Services Limited Australia
Sedgwick Northern Ireland Risk Services Limited Northern Ireland
Sedgwick OS Limited England and Wales
Sedgwick Overseas Investments Limited England and Wales
Sedgwick Oy Finland

Sedgwick Parekh Health Management (Private) Limited India
Sedgwick Pte Ltd Singapore
Sedgwick Re Asia Pacific (Consultants) Private Limited Singapore
Sedgwick Re Asia Pacific Limited Australia
Sedgwick Risk Management & Consultants (Private) Limited Zimbabwe
Sedgwick Risk Services AB Sweden
Sedgwick Superannuation Pty Limited Australia
Sedgwick Sweden Aktiebolag Sweden
Sedgwick Trustees Limited England and Wales
Sedgwick UK Risk Services Limited England and Wales
Sedgwick Ulster Pension Trustees Limited Northern Ireland
Settlement Trustees Limited England and Wales
Shariffuddin-Sedgwick (B) Sdn Bhd Brunei Darussalam
SIMS Nominees Limited England and Wales
SOC Group Plc England and Wales
Societe Bargheon S.A. France
Societe Conseil Mercer Limitee Canada
Societe d'Assurances et de Participations Guian S.A. France
Societe Internationale de Courtage d'Assurances et de Burkina Faso
Reassurances Cecar & Jutheau
Southampton Place Trustee Company Limited England and Wales
Southern Marine & Aviation Underwriters, Inc. Louisiana
Southern Marine & Aviation, Inc. Louisiana
Stephen F. Beard, Inc. Puerto Rico
Sudzucker Versicherungs-Vermittlungs GmbH Germany
Sundance B.V. Rotterdam
Syndicate and Corporate Management Services Inc. Delaware
Syndicate and Corporate Management Services Limited Bermuda
Technical Insurance Management Services Pty Limited Australia
Terra Nova (Bermuda) Holdings Ltd. Bermuda
TH Lee Putnam Equity Managers Trust Massachusetts
TH Lee, Putnam Capital Management, LLC Delaware
TH Lee, Putnam Capital, LLC Delaware
The ARC Group LLC Delaware
The Carpenter Management Corporation Delaware
The Financial & Insurance Advice Centre Limited England and Wales
The Marsh Centre Limited England and Wales
The Medisure Group Limited England and Wales
The Putnam Advisory Company Trust Massachusetts
The Putnam Advisory Company, LLC Delaware

The Schinnerer Group, Inc. Delaware
Tobelan S.A. Uruguay
Tower Hill Limited England and Wales
Tower Place Developments (West) Limited England and Wales
Tower Place Developments Limited England and Wales
Transbrasil Ltda. Brazil
Transglobe Management (Bermuda) Ltd. Bermuda
Travelgold Mexico, S.A. de C.V. Mexico
Triad Services, Inc. Delaware
Triad Underwriting Management Agency, Inc. Delaware
Troika Insurance Company Limited England and Wales
U.T.E. Marsh - Aon Gil y Carvajal Spain
U.T.E. Marsh - Chang Spain
U.T.E. Marsh - Disbrok Spain
U.T.E. Marsh - Eurobrok Spain
U.T.E. Marsh McLennan - Cobian & Cobian Spain
U.T.E. Marsh McLennan - Cobian & Cobian - La Coruna Spain
UABDB Marsh Lietuva Lithuania
UBM Consulting France International Management ConsultantsFr France
UBM Consultoria Internacional S/C Ltda. Brazil
Ulster Insurance Services Limited Northern Ireland
Uniservice Insurance Service Limited Bermuda
Unison Management (Bermuda) Limited Bermuda
Unison Management (Dublin) Limited Ireland
Unison Management (Finland) Oy Finland
Unison Management (Scandinavia) AB Sweden
Unison Technical Services s.c.r.l. Belgium
Universal Ray S.A. Uruguay
Unused Subsidiary, Inc. New York
Unused Subsidiary, Inc. Texas
Van Vugt & Beukers B.V. Netherlands
Victor O. Schinnerer & Company Limited England and Wales
Victor O. Schinnerer & Company, Inc. (Delaware) Delaware
Victor O. Schinnerer & Company, Inc. (Ohio) Ohio
Victor O. Schinnerer of Illinois, Inc. Illinois
Victoria Hall Company Limited Bermuda
Vikela Marsh (Proprietary) Limited South Africa
VW Versicherungsvermittlungs-GmbH Germany
Wigham Poland (Hellas) Limited Greece
Wigham Poland Australia Pty. Limited Australia

Wigham Poland Aviation Limited England and Wales
Wigham Poland Limited England and Wales
Willcox Johnson & Higgins Limited England and Wales
Willcox, Barringer & Co. (California) Inc. California
William M. Mercer (Aust) Limited Australia
William M. Mercer (Isle of Man) Limited Isle of Man
William M. Mercer Cullen Egan Dell Limited Australia
William M. Mercer Europe France
William M. Mercer Fraser (Irish Pensioneer Trustees) Limited Ireland
William M. Mercer Fraser Limited England and Wales
William M. Mercer Limited England and Wales
William M. Mercer Limited (NZ) New Zealand
William M. Mercer Philippines, Incorporated Philippines
William M. Mercer Ten Pas B.V. Netherlands
William M. Mercer-Faugere & Jutheau (S.A.R.L.) France
Wilson McBride, Inc. Ohio
Winchester Bowring Limited England and Wales
WMM Haneveld Investment Consulting B.V.N Netherlands
WMM Services, Inc. Delaware
World Insurance Network Limited England and Wales
Yarmouth Insurance Limited Bermuda