Merrill Lynch Names Patrick E. Kelleher, New York City's 1st Deputy Police Commissioner, as Worldwide Security Director.

Business Editors

NEW YORK--(BUSINESS WIRE)--July 13, 2000

Merrill Lynch (NYSE: MER) today named Patrick E. Kelleher, first deputy commissioner of the New York Police Department (NYPD), as the firm's new director of worldwide security, effective September 5.

He succeeds Charles P. Connolly, who will retire this fall following a transition period.

Mr. Kelleher's responsibilities will include fraud control, executive protection, corporate security, the ethics hotline and physical security for the firm's 68,600 employees.

A 31-year veteran of the NYPD, Mr. Kelleher will report to Merrill Lynch vice chairman Stephen L. Hammerman.

"Patrick Kelleher will bring a long and distinguished background in law enforcement to Merrill Lynch," said Mr. Hammerman. "All of us are delighted to have a professional of his caliber as a member of our management team."

Mr. Connolly joined Merrill Lynch in 1993 after spending 36 years in law enforcement working in a variety of roles including a five-year stint as police commissioner of Yonkers, NY, following 31 years with the NYPD. Under his leadership, the firm's security group has grown from a headquarters function to a world-class global operation. Through his relationships with the global security and intelligence community, Mr. Hammerman said, Mr. Connolly has enhanced the ability of Merrill Lynch employees to conduct business safely around the world.

"Charlie has made many contributions to Merrill Lynch, and we will miss his professionalism as well as his good cheer," Mr. Hammerman said. "We wish him all the best in his future endeavors."

Mr. Kelleher, 53, the second-ranking official in the 55,000-employee NYPD, has a long list of accomplishments, including service as chief of Detectives and chief of Internal Affairs as well as assignments in the Department's Organized Crime Control Bureau, the Police Academy and the Drug Enforcement Task Force. As first deputy commissioner, Mr. Kelleher serves as the executive aide to the police commissioner and administers all budgetary, management and personnel functions of the Department.

Additionally, he supervises the Department's discipline system, represents the Department in labor negotiations and advises all commanders on contract administrations.

Mr. Kelleher served in the US Army from 1966 to 1968 and holds a bachelor of arts degree from the College of Staten Island. He has served as president of the American Academy of Professional Law Enforcement, has been inducted into the New York City Police Department Honor Legion and, in 1999, was awarded the Ellis Island Medal of Honor.

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.