Innovative Global Wealth Management Products Launched by Merrill Lynch.

Business Editors

LONDON & NEW YORK--(BUSINESS WIRE)--Oct. 24, 2002

Merrill Lynch International Private Client (IPC) today announced an innovative series of wealth management products and enhancements to others to help global clients with their asset allocation and risk management in today's volatile markets.

The new products and enhancements to existing products complement IPC's wide range of investment solutions and enable clients to regularly rebalance their asset allocation, diversify their portfolios, maintain an investment strategy that best suits their financial objectives, and in certain cases, protect their invested principal.

"This range of innovative solutions was developed in response to requests from our clients around the globe for enhanced asset allocation, investment protection and diversification," said John Morris, IPC's head of marketing and product development.

Mr. Morris said: "They were developed by harnessing Merrill Lynch's global resources, local expertise and world-class research capabilities." The new investment solutions include:

Merrill Lynch Global Funds Advisor program (MLGFA) - MLIM only strategies - offers several investment strategies: conservative balanced, balanced, long-term growth and aggressive growth, which provide a risk-controlled investing process through asset allocation and diversification. These strategies compliment those already available through the MLGFA.

Bob Doll, president and chief investment officer of Merrill Lynch Investment Managers (MLIM), provides the overall asset allocation policy for each of these new strategies to be implemented by MLIM.

The MLGFA provide investors with portfolios with many benefits, including:

- Freedom from the day-to-day responsibility of making investment and long-term allocation decisions; Allocations that are suitable for client's investment objectives and risk level;

- A rigorous and consistent investment process that includes periodic rebalancing, and

- The ability to switch among strategies, as investment needs change.

Protected Large-Small Cap Notes - these are principal protected five-year investments linked to two top-tier MLIM funds - Merrill Lynch International Investment Fund (MLIIF) global equity fund and MLIIF global small cap fund. The notes offer either 90% and 100% protection at maturity. The underlying investment strategy is dynamic and involves switches between U.S. government bonds, the global equity fund and global small cap fund according to a disciplined investment process managed by Merrill Lynch. The notes are denominated in either U.S. dollar or Euros.

"Investors also should consider the possibility of including some of these or other similar products in their portfolio when they review their asset allocations," suggested Mr. Morris. "However, as with any other investment, no matter how simple or complex, investors should discuss them with their financial consultant in the context of their personal risk-tolerance and investment objectives."

"Merrill Lynch's client-focused financial consultants, using our global market and economic experts and the expanded array of products and services, can assist in the development of a properly structured and diversified wealth management portfolio," he said.

Merrill Lynch's International Private Client group is one of the world's pre-eminent private wealth management and advisory services. With a global presence, its financial consultants combine world-class global resources with local expertise and experience to add value to their clients' wealth management.

Merrill Lynch (NYSE: MER) is one of the world's leading financial management and advisory companies with offices in 37 countries and total client assets of approximately $1.3 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. For more information on Merrill Lynch, please visit www.ml.com.