Annual Shareholders Meeting

Marsh & McLennan Co Inc
15 May 2003


News Release

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



                  MMC ANNOUNCES INCREASE IN QUARTERLY DIVIDEND
                     AT ITS ANNUAL MEETING OF SHAREHOLDERS


NEW YORK, NEW YORK, May 15, 2003 - Marsh & McLennan Companies, Inc. (MMC)
announced today that its Board of Directors has voted to raise the company's
quarterly cash dividend by 11 percent to $0.31 from $0.28 per share on
outstanding common stock. The dividend will be paid on August 15, 2003 to
shareholders of record on July 9, 2003. This action, announced at the company's
annual meeting of shareholders, extends MMC's record of increasing total annual
dividends paid to shareholders every year since the company went public in 1962.

In his remarks to shareholders at the meeting, Jeffrey W. Greenberg, chairman,
said: 'MMC is a strong company with a proven business model, a culture of
excellence, and great people; and all these attributes have helped us create
value for shareholders in good times and bad. We are very well positioned....
Our prospects have never been better.'

MMC also announced that shareholders reelected Peter Coster, Charles A. Davis,
Gwendolyn S. King, Lawrence J. Lasser, and David A. Olsen to the company's Board
of Directors.

                                     (more)

In addition, shareholders approved the adoption of an amendment to MMC's
Restated Certificate Incorporation increasing the number of authorized shares of
common stock and ratified the appointment of Deloitte & Touche LLP as
independent auditors for the company for 2003.

MMC is a global professional services firm with annual revenues exceeding $10
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 59,000 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.

This press release contains 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. Such statements may include, without limitation,
discussions concerning revenues, expenses, earnings, cash flow, capital
structure, pension funding, financial losses and expected insurance recoveries
resulting from the September 11, 2001 attack on the World Trade Center in New
York City, as well as market and industry conditions, premium rates, financial
markets, interest rates, foreign exchange rates, contingencies and matters
relating to MMC's operations and income taxes. Such forward-looking statements
are based on available current market and industry materials, experts' reports
and opinions and long-term trends, as well as management's expectations
concerning future events impacting MMC. Forward-looking statements by their very
nature involve risks and uncertainties. Factors that may cause actual results to
differ materially from those contemplated by any forward-looking statements
contained herein include, in the case of MMC's risk and insurance services and
consulting businesses, the amount of actual insurance recoveries and financial
losses from the September 11 attack on the World Trade Center, or other adverse
consequences from that incident. Other factors that should be considered in the
case of MMC's risk and insurance services business are changes in competitive
conditions, movements in premium rate levels, the continuation of difficult
conditions for the transfer of commercial risk and other changes in the global
property and casualty insurance markets, the impact of terrorist attacks,
natural catastrophes, and mergers between client organizations, including
insurance and reinsurance companies. Factors to be considered in the case of
MMC's investment management business include changes in worldwide and national
equity and fixed income markets, actual and relative investment performance, the
level of sales and redemptions, and the ability to maintain investment
management and administrative fees at appropriate levels; and with respect to
all of MMC's activities, changes in general worldwide and national economic
conditions, changes in the value of investments made in individual companies and
investment funds, fluctuations in foreign currencies, actions of competitors or
regulators, changes in interest rates or in the ability to access financial
markets, developments relating to claims, lawsuits and contingencies,
prospective and retrospective changes in the tax or accounting treatment of
MMC's operations, and the impact of tax and other legislation and regulation in
the jurisdictions in which MMC operates.

Forward-looking statements speak only as of the date on which they are made, and
MMC undertakes no obligation to update any forward-looking statement to reflect
events or circumstances after the date on which it is made or to reflect the
occurrence of unanticipated events. Please refer to Marsh & McLennan Companies'
2002 Annual Report on Form 10-K for 'Information Concerning Forward-Looking
Statements,' its reports on Form 8-K, and quarterly reports on Form 10-Q.

MMC is committed to providing timely and materially accurate information to the
investing public, consistent with our legal and regulatory obligations. To that
end, MMC and its operating companies use their websites to convey meaningful
information about their businesses, including the anticipated release of
quarterly financial results, and the posting of updates of assets under
management at Putnam. Monthly updates of total assets under management at Putnam
will be posted to the MMC website the first business day following the end of
each month, except at the end of March, June, September, and December, when such
information will be released with MMC's quarterly earnings announcement. Putnam
posts mutual fund and performance data to its website regularly. Assets for most
Putnam retail mutual funds are posted approximately two weeks after each
month-end. Mutual fund net asset value (NAV) is posted daily. Historical
performance and Lipper rankings are also provided. Investors can link to MMC and
its operating company websites through www.mmc.com.






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