Merrill Lynch Investment Managers Names Frank Porcelli Chief Operating

    Business Editors/Financial Editors

    PLAINSBORO, N.J.--(BUSINESS WIRE)--Feb. 9, 2005--Merrill Lynch Investment Managers (MLIM) announced today that Frank Porcelli is joining the firm as chief operating officer (COO) for the Americas.
    In this role, Mr. Porcelli will be responsible for MLIM's proprietary, institutional and non-proprietary businesses as well as marketing. He will be charged with driving sales results in the channels.
    "Frank brings tremendous business and sales knowledge to this role, in addition to significant leadership experience," said Robert Doll, president and chief investment officer (CIO) of MLIM. "I am delighted to welcome Frank to the MLIM team."
    Prior to joining MLIM, Mr. Porcelli served as managing director of institutional sales and consultant relations at Putnam Investments. Between 1997 and 1999, Mr. Porcelli worked at Goldman Sachs, where he served as director of corporate asset management services and was responsible for cash management, defined contribution, non-qualified deferred compensation and investment banking cross-selling. Between 1988 and 1997, Mr. Porcelli held various senior leadership roles at Smith Barney, including director of retirement services, head of unit investment trust, chief operating officer Smith Barney Mutual Funds and manager of strategic planning.
    Mr. Porcelli will become a member of the MLIM Executive Committee, the senior governing body for Merrill Lynch's investment management business. The Committee is chaired by Mr. Doll and also includes Robert Fairbairn, COO for Europe, Middle East, Africa and Pacific (EMEA), John Fosina, global chief administrative officer, Brian Fullerton, CIO for the Americas and Peter Gibbs, CIO for EMEA.
    Merrill Lynch (NYSE:MER) is one of the world's leading financial management and advisory companies, with offices in 36 countries and total client assets of approximately $1.6 trillion. As an investment bank, it is a leading global underwriter of debt and equity securities and strategic advisor to corporations, governments, institutions and individuals worldwide. Through Merrill Lynch Investment Managers, the company is one of the world's largest managers of financial assets. Firmwide assets under management total $501 billion. For more information on Merrill Lynch, please visit www.ml.com.

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CONTACT: Merrill Lynch Megan Frank, 212-449-7284 megan_frank@ml.com

KEYWORD: CALIFORNIA NEW YORK NEW JERSEY INDUSTRY KEYWORD: BANKING MANAGEMENT CHANGES SOURCE: Merrill Lynch

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