Re Directorate

Marsh & McLennan Co Inc
20 September 2001

FOR IMMEDIATE RELEASE

Contact:    Barbara Perlmutter         Jim Fingeroth
            MMC                        Kekst and Company
            [phone]             [phone]


                     OSCAR FANJUL ELECTED TO THE
                      BOARD OF DIRECTORS OF MMC


NEW YORK, NEW YORK, September 20, 2001 - Oscar Fanjul was elected to the board
of directors of Marsh & McLennan Companies, Inc. (MMC) at a meeting of the
board held today, it was announced by J. W. Greenberg, chairman.  Since 1993,
he has been a member of MMC's International Advisory Board, on which he will
continue to serve.

Mr. Fanjul, age 52, was the first chairman and chief executive officer of
Repsol, S.A. from its creation in 1986 until 1996 and is currently honorary
chairman of the company. He also served as chairman of The Instituto Nacional
de Hidrocaburos (INH), and more recently he was chairman of Hidroelectrica del
Cantabrico.  In 1983 and 1984 he was technical secretary general and
undersecretary of the Ministry of Industry and Energy for Spain, and during his
tenure was a member of the team that negotiated Spain's entry into the European
Economic Community.

Mr. Fanjul is a member of the boards of Banco Bilbao Vizcaya Argentaria BBVA;
Ericsson, S.A.; Acerinox; Tecnicas Reunidas; the London Stock Exchange and
Unilever (advisory director).  He is an international advisor to Goldman Sachs
and is a member of the Trilateral Commission and the European Advisory Board of
The Chubb Corporation.

He has served as a full professor at Universidad Autonoma de Madrid and has
been a visiting scholar at Harvard University and the Massachusetts Institute
of Technology.

Marsh & McLennan Companies (MMC) is a global professional services firm with
annual revenues of $10 billion.  It is the parent company of Marsh, 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.
Approximately 57,000 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
website address is www.mmc.com.