Merrill Lynch Appoints Ahmass Fakahany as Chief Operating Officer for Corporate and Institutional Client Group; Also Named to Firm's Executive Management Committee.

Business Editors

NEW YORK--(BUSINESS WIRE)--Oct. 18, 2001

Jeffrey Edwards, Sergio Ermotti Named Co-heads of Global Equity

Markets Group; Dow Kim Appointed Head of Global Debt Markets Group;

Thomas Troy Appointed Head of Global Securities Services Group

Merrill Lynch (NYSE:MER) today appointed Ahmass Fakahany as the new chief operating officer (COO) for its Corporate and Institutional Client Group (CICG), responsible for developing and implementing the group's strategy across divisions, regions and clients. The firm also announced that he will join the parent company's Executive Management Committee.

In addition to Mr. Fakahany's appointment as COO, CICG co-presidents Arshad Zakaria and Paul Roy also announced that Jeffrey Edwards and Sergio Ermotti will be co-heads of the firm's Global Equity Markets group and that Dow Kim will be the new head of the Global Debt Markets division.

Further, Messrs. Zakaria and Roy named Thomas Troy as head of the firm's Global Securities Services group, responsible for Merrill Lynch's securities clearing, custody and financing businesses for institutional and hedge fund clients.

"These appointments reflect the high quality and depth of our management team around the world," Messrs. Roy and Zakaria said. "Each of these leaders has the expertise, discipline and client focus to enable us to further build our core businesses in the years to come, regardless of market environment."

Mr. Fakahany will focus on coordinating and integrating the firm's investment banking, debt and equities activities to optimize performance and profitability. He will also serve as chairman of the CICG Operating Committee with responsibility for key support areas including human resources, recruiting, diversity, technology, finance, legal, control, operations, marketing and communications.

Since 1999, Mr. Fakahany has served as senior vice president and finance director for Merrill Lynch and Co. In his new role, he succeeds Robert J. McCann, who was recently appointed head of Merrill Lynch's Global Securities Research and Economics group.

Messrs. Ermotti and Edwards will share responsibility for the firm's equity and equity-linked trading, sales and underwriting businesses on a global basis. Mr. Edwards, who will continue to be based in New York, has been co-head of the firm's global equity capital markets group since 2000. Mr. Ermotti has been head of equity markets for Europe, the Middle East and Africa since 1999; he will remain in London. In their new roles, Messrs. Edwards and Ermotti succeed Mr. Roy.

Mr. Kim will be responsible for the company's global fixed-income trading, sales, underwriting, derivatives and syndicated lending businesses. Previously, he served as head of the enterprise solutions group within the fixed income department, where he was responsible for Merrill Lynch's fixed-income derivatives businesses globally. Mr. Kim succeeds Kelly Martin, who earlier this month was named head of the firm's International Private Client Group.

Mr. Troy most recently served as head of equity markets for the Americas, with responsibility for primary and secondary cash trading and sales. He succeeds Richard Dunn, who is exploring other senior management opportunities within the 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 approximately $1.5 trillion. As an investment bank, it is the top global underwriter 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, please visit www.ml.com.

Biographies of the new appointments follow.

BIOGRAPHIES

Ahmass Fakahany, 43, is senior vice president and chief operating officer for CICG, responsible for developing and implementing the group's strategy across divisions, regions and clients. He is a member of the Merrill Lynch & Co. Executive Management Committee. Before that, he was the firm's finance director. Mr. Fakahany joined the firm in 1987 and has held a number of global positions, including chief financial officer and chief administration officer for CICG; chief administration officer of the Japan Region; chief financial officer for the Asia Regions (Japan/Asia Pacific/Australasia); Japan Region chief financial officer; and prior to that, regional controller for Europe, the Middle East, and Africa. Before joining Merrill Lynch, Mr. Fakahany held several senior finance positions with Exxon Corp. He received an MBA from Columbia University.

Jeffrey Edwards, 40, is senior vice president and co-head of global equity markets, responsible for the firm's equity and equity-linked trading, underwriting and sales businesses globally. He is based in New York. Since March 2000, he has served as co-head of global equity capital markets, responsible for the origination and execution of all equity and equity-linked new issue products. Mr. Edwards joined Merrill Lynch in 1987 as an associate in the firm's investment banking division, where he worked in New York and London. Since moving to equity capital markets in 1991, he has held a wide variety of senior positions in the group and worked on many of the firm's landmark equity offerings in that period. Mr. Edwards received an MBA. from Harvard University in 1987.

Sergio Ermotti, 41, is senior vice president and co-head of global equity markets, responsible for the firm's equity and equity-linked trading, underwriting and sales businesses globally. He is based in London. Since 1999, he had served as head of equity markets for Europe, the Middle East and Africa, with responsibility for primary and secondary cash equity trading and sales in the region. Mr. Ermotti joined Merrill Lynch in Zurich as a vice president in 1987, in equity-linked trading. From 1993 to 1996, Mr. Ermotti served as head of global equity derivatives. From 1997 to 1999, he served as head of global equity linked products, with responsibility for sales, trading and origination of equity derivatives, convertibles, portfolio trading and equity financial futures and options. He is a Swiss Certified Banking Expert (Master/Federal Diploma) and a graduate of the Advanced Management Program at Oxford University.

Dow Kim, 38, is senior vice president and head of global debt markets with responsibility for Merrill Lynch's global fixed income underwriting, trading, sales, derivatives and syndicated lending businesses. Before that, Mr. Kim was head of the global enterprise solutions group within debt markets, where he was responsible for the firm's fixed income derivatives businesses and foreign exchange globally. He began his career in 1985 at Manufacturer's Hanover Bank in New York.

Since joining Merrill Lynch in 1994 in Tokyo, Mr. Kim has held a variety of senior management positions within fixed income trading and derivatives in Japan, including as the head of Japan fixed income. Mr. Kim received a BSE and an MBA from The Wharton School and attended Harvard Business School's Advanced Management Program.

Thomas Troy, 46, is senior vice president and head of the securities services Division, with responsibility for Merrill Lynch's securities clearing, custody, and financing businesses for institutional and hedge fund clients. Before that, he was head of equity markets for the Americas, with responsibility for primary and secondary cash equity trading and sales. From 1996 to 1999, he served head of equity markets for Europe, the Middle East and Africa, based in London. He joined Merrill Lynch's MBA training program in 1985 and has held a wide variety of responsibilities, including a number of management positions in listed and international trading in New York.