Merrill Lynch Creates External Diversity Advisory Board; Will Advise Senior Management, Work with Employee Advisory Council.

Business Editors

NEW YORK--(BUSINESS WIRE)--July 22, 2003

Merrill Lynch & Co., Inc. (NYSE: MER), today said it has established a Diversity Advisory Board comprised of distinguished leaders from business and academia to advise senior management on recruitment, retention and development of a diverse talent pool as well as business development in diverse markets. The board is co-chaired by Stan O'Neal, Merrill Lynch chairman and chief executive officer and Terry Kassel, senior vice president and head of Human Resources.

Merrill Lynch recently placed responsibility and accountability for workforce diversity directly with the firm's business and support groups. Previously it had been the responsibility of the company's human resources group. As part of this initiative, Merrill Lynch formed a Diversity Employee Advisory Council -- a group of 14 senior managers representing Merrill Lynch's business and support groups and employee networks. The Diversity Advisory Board will work with the Diversity Employee Advisory Council to advise management on diversity issues.

"Ensuring that our employee base reflects the communities and clients we serve is critical to our future success," said Mr. O'Neal. "Teaming the Diversity Advisory Board with our council will better enable us to measure our progress. At the same time, we are striving for a culture where people are recognized and rewarded solely on the basis of their skills and accomplishments."

Mr. O'Neal and Ms. Kassel named to the Diversity Advisory Board:

-- Anna Escobedo Cabral, head of the Smithsonian Institution's

Center for Latino Initiatives. She was appointed by U.S.

President George W. Bush to serve on the President's Council

on the 21st Century Workforce. Previously, she was president

and chief executive officer of the Hispanic Association on

Corporate Responsibility, a nonprofit coalition of the largest

and most influential national Hispanic organizations in the

United States.

-- Dame Judith Mayhew Jonas, provost-elect of King's College,

Cambridge. When she takes office on 1 October, she will become

the first woman to be elected provost, and the first

non-Kingsman for centuries. The first woman to serve as

chairman of the Royal Opera House, Dame Judith was appointed a

Dame Commander of the Order of the British Empire in 2002.

-- Hugh B. Price, former longtime president and chief executive

officer of the National Urban League, which is devoted to

economic empowerment of African Americans. Previously, he was

vice president of the Rockefeller Foundation, where he oversaw

its domestic investments to improve education for at-risk

youth and increase opportunities for people of color.

-- Dr. David Thomas, a recognized authority on mentoring,

executive development and the challenges of creating and

managing a diverse workforce, is the H. Naylor Fitzhugh

Professor of Business Administration at the Harvard Graduate

School of Business Administration. He joined the school's

faculty in 1990 and became a tenured full professor in 1998.

The Diversity Advisory Board will meet twice a year, and the Diversity Employee Advisory Council will meet four times a year.

"These individuals bring special expertise, perspective and experience to our efforts to build a performance-based culture," said Ms. Kassel. "Together with our council they will help us drive results in our businesses where decisions about talent are made every day."

Merrill Lynch is one of the world's leading financial management and advisory companies with offices in 36 countries and total client assets of approximately $1.4 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.