Aon Corporation Investment Committee Charter

November 20, 2003



The Investment Committee ("Committee") was established at the May 16, 2003 meeting of the Aon Corporation board of directors. The Committee is charged with: (1) Underwriting units investment oversight; (2) Longer-term investments underlying business units other than Underwriting oversight; and, (3) Global benefit plans investment performance review.

(1) Underwriting Segment Investments Board of directors or committees thereof at each Underwriting unit will adopt and implement an Investment Policy and Guideline for that unit. The respective Policy and Guideline will be compliant with all regulatory requirements. The board or committee thereof will be charged with responsibility for directing activity in accordance with the Policy and Guideline. Investment Policy will contemplate liability characteristics and stockholders' equity of the underwriting unit. The Guideline will provide managers with stated performance benchmarks to be attained. Quarterly investment performance compared to benchmarks shall be reported to the Aon board Investment Committee for its review.

(2) Longer Term Investments Underlying Business Units Other Than Underwriting The Aon board Investment Committee will review all longer term, private placement investments underlying business units other than Underwriting. Investment performance of such investments will be reported to the Committee.

(3) Global Benefit Plans Benefit plan oversight is responsibility of the Trustees and Investment Committees of each plan. The Aon board Investment Committee shall receive informational reports regarding the investment performance of the plans.