TMP Worldwide Executive Search Releases Fund-Of-Hedge-Fund Compensation Study

--Study Finds Senior Executives at U.S. funds of hedge funds took home an average cash compensation package of $1.275 million in 2001--

New York, May 16, 2002--TMP Worldwide Inc. (NASDAQ: TMPW), the world's leading supplier of human capital solutions, including the pre-eminent Internet career portal Monster®, today released the findings of a recent study of compensation at U.S. funds of hedge funds showing that senior executives took home an average cash compensation package of $1.275 million in 2001.

The study, conducted by TMP Worldwide Executive Search, is one of the first ever to look into compensation in this small but burgeoning corner of the financial services sector. It covers nine professional job titles at funds of hedge funds, including CEOs, analysts, marketing executives and heads of due diligence.

“Though the employment picture in U.S. financial services has been sluggish, we have observed no sign of a slowdown in the market for talented alternative investment professionals, especially those in the fund-of-hedge-fund market,” said Michael Castine, Managing Partner of TMP Worldwide Executive Search's Stamford office and a member of the firm's Investment Management Practice.

“With the poor performance of the equity markets in the last few years, investors are shifting part of their portfolios to alternative asset classes, such as funds of hedge funds, which historically have a low correlation to stocks,” continued Castine. “Increased capital flows, in turn, have led to a number of new fund-of-hedge-fund launches, thereby bolstering demand for experienced professionals.”

Funds of hedge funds pool capital from institutions and sophisticated individual investors and make investments in an array of hedge funds. Management fees typically are higher than those charged by individual hedge funds or mutual funds, but the strategy offers diversified exposure to a number of different hedge funds and often represents the only entrée for smaller investors who want access to elite funds.

A recent report from a top industry consulting firm pegged the size of the global fund-of-hedge-fund market at $90-100 billion and projected 20% annual growth for the next few years. The firms that participated in the survey collectively control more than $26 billion in fund-of-hedge-fund assets.

For a copy of this survey, please contact Greg Joslyn at 212-351-7256.

About TMP Worldwide Founded in 1967, TMP Worldwide Inc., with more than 10,000 employees in 32 countries, is the online recruitment leader, the world's largest Recruitment Advertising agency network, and one of the world's largest Executive Search & Executive Selection agencies. TMP Worldwide, headquartered in New York, is also the world's largest Yellow Pages advertising agency and a provider of direct marketing services. The Company's clients include more than 90 of the Fortune 100 and more than 490 of the Fortune 500 companies. In June 2001, TMP Worldwide was added to the S&P 500 Index. More information about TMP Worldwide is available at www.tmp.com.

Monster, headquartered in Maynard, Mass., is the leading global careers website, recording over 47 million unique visits during the month of April 2002 according to independent research conducted by I/PRO. Monster connects the most progressive companies with the most qualified career-minded individuals, offering innovative technology and superior services that give them more control over the recruiting process. The Monster global network consists of local content and language sites in the United States, United Kingdom, Australia, Canada, the Netherlands, Belgium, New Zealand, Singapore, Hong Kong, France, Germany, Ireland, Spain, Luxembourg, India, Italy, Sweden, Norway, Denmark, Switzerland, Finland and Scotland. Monster is the official online career management services sponsor of the 2002 Olympic Winter Games and 2002 and 2004 U.S. Olympic Teams. More information about Monster is available at www.monster.com or by calling 1-800-MONSTER.

Special Note: Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995: Except for historical information contained herein, the statements made in this release constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such forward-looking statements involve certain risks and uncertainties, including statements regarding the company's strategic direction, prospects and future results. Certain factors, including factors outside of our control, may cause actual results to differ materially from those contained in the forward- looking statements, including economic and other conditions in the markets in which we operate, risks associated with acquisitions, competition, seasonality and the other risks discussed in our Form 10-K and our other filings made with the Securities and Exchange Commission, which discussions are incorporated in this release by reference.

CONTACT: Caroline Lomot (212) 351-7247 caroline.lomot@tmp.com