FOR IMMEDIATE RELEASE
New York, New York
April 14, 2004

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Jeffrey W. Greenberg and Martin Lipton Named Co-Chairs of the Partnership for New York City

Greenberg and Lipton to Succeed Henry R. Kravis and Jerry I. Speyer at the Helm of New York City's Leading Business Leadership Organization

Jeffrey W. Greenberg, Chairman and CEO of Marsh & McLennan Companies, Inc., and Martin Lipton, Senior Partner at Wachtell, Lipton, Rosen & Katz, were elected to serve as Co-Chairs of the Partnership for New York City during the business organization's Board of Directors meeting today.

Greenberg and Lipton succeed Henry R. Kravis, Founding Partner of Kohlberg Kravis Roberts & Co., and Jerry I. Speyer, President and CEO of Tishman Speyer Properties.

“Henry Kravis and Jerry Speyer led the Partnership during the difficult post 9/11 period, when our city's security and economic stability were challenged in the most fundamental ways”, said Partnership president Kathryn S. Wylde. “They brought the business community together and helped forge a renewed commitment to sustain New York City's position as the world financial capital and center of global commerce.”

“Jeff Greenberg and Marty Lipton take on the Co-chairmanship at a point when the city faces huge economic development opportunities and challenges,” added Wylde. “Both are highly respected New Yorkers, who will ensure that the Partnership continues to be an effective champion of the city and a promoter of its economic growth.”

Jeffrey W. Greenberg leads a company that includes Marsh, the world's leading risk and insurance services firm; Putnam Investments and Mercer Consulting Group, a major global provider of consulting services. He is a member of the Association of the Bar of the City of New York, the Council on Foreign Relations and The Trilateral Commission. He is a trustee of The Brookings Institution, Brown University, Metropolitan Museum of Art, New York-Presbyterian Hospital, Spence School, and a member of the

Board of Overseers of Weill Medical College and Graduate School of Medical Sciences of Cornell University.

Martin Lipton is Chairman of The Board of Trustees of New York University, a Trustee of the New York University School of Law (Chairman 1988-98), a member of the Council of the American Law Institute, Chairman of the Legal Advisory Committee of the New York Stock Exchange, and a Director of the Institute of Judicial Administration. Mr. Lipton served as Special Counsel to the City of New York in connection with the fiscal crisis (1975-1978); Special Counsel, United States Department of Energy (1979-1980); Acting General Counsel, United States Synthetic Fuels Corporation (1980); Special Counsel to the New York Stock Exchange Committee on Market Structure, Governance and Ownership (19992000); and Special Counsel to the New York Stock Exchange Committee on Corporate Accountability and Listing Standards (2002-2003).

The Partnership for New York City (www.pfnyc.org) is a network of business leaders dedicated to enhancing the economy of the five boroughs of New York City and maintaining the city’s position as the global center of commerce, culture and innovation.