Marsh Pens Letter of Intent to Purchase Saldana & Associates

October 7, 2002

Marsh Inc. has signed a letter of intent to acquire Saldana & Associates, the leading insurance broker in Puerto Rico and the Caribbean.

Saldana, currently a Marsh correspondent, was established in 1972. The company has a staff of 170 professionals, operates from offices in San Juan and Ponce, and serves a diversified book of local and multinational clients in the region.

“This business combination with Saldana will provide important service benefits for Marsh’s clients in Puerto Rico and the Caribbean,” Robert Solomon, chairman and CEO of Marsh’s International Specialty Operations, commented. “It also will give us a strong base for accelerating the growth of our business in the region.”

He added that Saldana’s senior management team of Ralph Christiansen, president; Eduardo Emanuelli, executive vice president, Ruben Jordan, treasurer; and Board Members Joe Murray, Francisco Tirado, Alfonso Lozada, Jaime Calaf and Manuel Mendez; as well as the firm’s other partners and executives, will continue in their current positions.

“By joining with Marsh, we will combine our strong regional presence with access to the most extensive global resources available in the risk management and insurance broking field,” Christiansen said. “I know our clients will welcome this linking of capabilities.”

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