[0] Merrill Lynch Hires Christine A. Callies as Chief U.S. Institutional Investment Strategist.

Business Editors

NEW YORK--(BUSINESS WIRE)--June 27, 2000

Merrill Lynch (NYSE: MER) today announced the appointment of Christine A. Callies as chief U.S. investment strategist for the firm's institutional equity investors.

Ms. Callies joins Merrill Lynch from Credit Suisse First Boston, where she served as chief U.S. market strategist.

Ms. Callies will report to David Bowers, Merrill Lynch's chief global investment strategist, with whom she will work closely on managing the firm's U.S. institutional tactical asset allocation model. That model is based on the "Merrill Lynch Investment Clock," which links asset allocation to the business cycle.

"Christine adds another layer of rigorous and systematic analysis to our U.S. investment strategy," said Mr. Bowers. "She will provide added insight for institutional investors and help complete and deepen Merrill Lynch overall U.S. investment strategy coverage."

[pilcrow (paragraph sign)] Andrew Melnick, director of Merrill Lynch's Global Securities Research & Economics group added: "Christine is a great addition to our team. This is yet another example of how expansive the intellectual capital is within Merrill Lynch Research. As we continue to enhance one of the world's most highly acclaimed research group, the ultimate beneficiary is, of course, our clients."

Ms. Callies worked at Credit Suisse First Boston since 1996 and held many positions including chief U.S. market strategist and co-chair of the investment policy committee. She was also an executive member of the equity risk committee and played key analytical roles in sector and group weightings, asset allocations, valuation projections and investment style recommendations.

Previously, Ms. Callies had served as a senior market strategist at Brown Brothers Harriman, SG Cowen and Company and Dean Witter Reynolds.

Ms. Callies has been widely quoted by the press in publications such as The Wall Street Journal, The New York Times and Barron's; she has also appeared frequently on CNBC, CNN and other market-related television segments.

Also joining Merrill Lynch from Credit Suisse First Boston is her associate, Puru Sareen, who will work with Ms. Callies in the U.S. investment strategy group.

Merrill Lynch has more than 800 analysts in 26 countries and is the only firm to place first in five of the six current annual Institutional Investor regional research surveys. Among its many research awards in 1999, the firm was also voted "Best Firm for Research" in Euromoney's Awards for Excellence, sweeping all five categories, a first for any firm.

Merrill Lynch is one of the world's leading financial management and advisory companies with offices in 43 countries and total client assets of about $1.8 trillion. As an investment bank, it is the top global underwriter and market maker of debt and equity securities and a leading 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. For more information on Merrill Lynch, go to www.ml.com.