[0] Jeffrey W. Greenberg Elected Chairman of MMC.

Business Editors

NEW YORK--(BUSINESS WIRE)--May 18, 2000

The Board of Directors of Marsh & McLennan Companies, Inc. (MMC) today elected Jeffrey W. Greenberg chairman of MMC. Mr. Greenberg, 48, became president of MMC in January 1999 and chief executive officer in November 1999. He succeeds A.J.C. Smith, 66, who is retiring but who will continue to serve as a member of the company's board.

MMC also announced that at its annual meeting today, shareholders elected two new board members, Mathis Cabiallavetta and Charles A. Davis. Mr. Cabiallavetta, 55, joined MMC in April 1999 as vice chairman. He was subsequently appointed chairman of MMC Europe. Mr. Davis, 51, was appointed vice chairman of MMC in September 1999. He has served as president of Marsh & McLennan Capital, Inc. since 1998 and as its chief executive officer since 1999.

MMC shareholders also reelected Peter Coster, Gwendolyn S. King, Lawrence J. Lasser, David A. Olsen and John T. Sinnott to the board of directors. In addition, shareholders approved the 2000 Senior Executive Incentive and Stock Award Plan, adopted an amendment to the MMC Stock Investment Plan and ratified the appointment of Deloitte & Touche LLP as independent auditors for the company for 2000.

In his remarks at the meeting, Mr. Greenberg told shareholders, "MMC performed well in 1999. Marsh successfully began the integration of Sedgwick and is well positioned in global risk and insurance services. Putnam had another year of extraordinary growth and profitability. Mercer achieved excellent results and enhanced its leadership in consulting services. Marsh & McLennan Capital raised its second private equity fund. And we added significantly to the executive team at MMC.

"As we look to the future, our financial position is strong. Our company is operationally sound. We have an excellent team. We value our culture and our history. We can be confident in MMC's prospects."

Mr. Greenberg paid tribute to Mr. Smith, who has had a remarkable 39-year career with the company. "Since he became chief executive officer of MMC in 1992, revenues and net income have more than tripled and market value has increased fivefold. He has left an indelible mark."

MMC is a global professional services firm with annual revenues exceeding $9 billion. It is the parent company of Marsh Inc., the world's leading risk and insurance services firm; Putnam Investments, one of the largest investment management companies in the United States; and Mercer Consulting Group, a major global provider of consulting services. More than 50,000 employees provide analysis, advice and transactional capabilities to clients in over 100 countries. Its stock (ticker symbol: MMC) is listed on the New York, Chicago, Pacific and London stock exchanges. MMC's Web site address is www.mmc.com.

This press release includes certain statements relating to future results which are forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements by their nature involve risks and uncertainties. Please refer to Marsh & McLennan Companies' 1999 Annual Report on Form 10-K for Information Concerning Forward-Looking Statements and a description of certain factors that may cause actual results to differ from goals referred to herein or contemplated by such statements.