Steven Spiegel Joins MMC

Marsh & McLennan Co Inc
12 March 2004


News Release

Media Contacts:                                   Investor Contact:
Barbara Perlmutter    Jim Fingeroth               Mike Bischoff
MMC                   Kekst and Company           MMC
[phone]        [phone]              [phone]


                            STEVEN SPIEGEL JOINS MMC
                         TO LEAD CORPORATE DEVELOPMENT


NEW YORK, NEW YORK, March 12, 2004 - Steven Spiegel, vice chairman of Putnam
Investments, has joined Marsh & McLennan Companies, Inc. (MMC), Putnam's parent
company, as director of corporate development, it was announced by Jeffrey W.
Greenberg, chairman and chief executive officer of MMC. Mr. Spiegel will be
based in New York and will report to Mr. Greenberg. During the past nine years
at Putnam, Mr. Spiegel has had responsibility for distribution and client
relationships for domestic and international businesses and corporate
development.


Mr. Greenberg said, 'Corporate development has been and will be a major factor
in MMC's growth. I am delighted that Steven, who has led this activity in our
investment management business, will now also work with colleagues at MMC's
other businesses-Marsh, Mercer, and MMC Capital-on corporate development. He
will continue to work with management at Putnam on developing international
clients and strategic relationships.'


Mr. Spiegel commented, 'I look forward to working with my colleagues at MMC to
help implement the company's plans for growth and development. This includes
steps to continue the company's geographic expansion, as well as the addition of
services and capabilities which will add long-term value to each of MMC's
businesses.'


Mr. Spiegel, 58, has more than 30 years of financial services experience. Before
joining Putnam in 1995, Mr. Spiegel was with Lehman Brothers, Inc. for 17 years,
where he held numerous positions, including president of Lehman Brothers'
Financial Services Division, which included global asset management and
distribution to mid-size institutions and private clients. He serves as a
director of Nissay Asset Management, PanAgora Asset Management, Sceptre
Investment Counsel Limited, and the FinecoGroup. Mr. Spiegel holds a B.S. from
Babson College and attended the University of Massachusetts Graduate School of
Business.


MMC is a global professional services firm with annual revenues exceeding $11
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 Inc., a major global
provider of consulting services. Approximately 60,000 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.


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