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Merrill Lynch 2002 Annual Report  
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 Executive Management
 Letter to Shareholders
 and Clients from CEO
 E. Stanley O'Neal
 A Message from
 David H. Komansky,
 Chairman
 Business Unit Overviews
 Excellence & Integrity
 Financial Management
 Board of Directors
 Executive Management
 Corporate Information
Executive Management
David H. Komansky*
Chairman of the Board

E. Stanley O'Neal*
Chairman of the Board-elect
Chief Executive Officer
President

Rosemary T. Berkery
Executive Vice President
General Counsel

Candace Browning
Senior Vice President
Global Securities Research & Economics

Samuel R. Chapin
Senior Vice President
Global Investment Banking

Global Markets & Investment Banking

John W. Cummings
Senior Vice President
Global Technology & Services

Kevin Dolan
Senior Vice President
Public Policy

Robert C. Doll
Senior Vice President
President and Chief Investment Officer
Merrill Lynch Investment Managers

Jeffrey N. Edwards
Senior Vice President
Co-Head, Global Equity Markets
Global Markets & Investment Banking

Sergio Ermotti
Senior Vice President
Co-Head, Global Equity Markets
Global Markets & Investment Banking

Ahmass L. Fakahany
Executive Vice President
Chief Financial Officer

H. McIntyre Gardner
Senior Vice President
Chief Operating Officer
Global Private Client

James P. Gorman
Executive Vice President
President, Global Private Client

Todd Kaplan
Senior Vice President
Chief Operating Officer

Global Markets & Investment Banking

Terry Kassel
Senior Vice President
Human Resources

Dow Kim
Senior Vice President
Global Debt Markets

Global Markets & Investment Banking

Robert E. Mulholland
Senior Vice President
Head, Americas Region
Global Private Client

Thomas H. Patrick
Executive Vice Chairman
Finance and Administration

John Qua
Senior Vice President
Merrill Lynch Global Bank Group

Kevan V. Watts
Senior Vice President
Chairman, Europe, Middle East & Africa and Pacific Regions

Raymundo A. Yu
Senior Vice President
Chairman, Asia Pacific Region
Head, Europe, Middle East & Africa and Pacific Regions
Global Private Client

Arshad R. Zakaria
Executive Vice President
President, Global Markets & Investment Banking

International Executives


Dr. Jacob A. Frenkel
Senior Vice President
Chairman, Merrill Lynch International Incorporated

Yoshiyuki Fujisawa
Senior Vice President
Chairman, Merrill Lynch Japan Securities Company, Ltd.
Vice Chairman, Merrill Lynch International Incorporated

James B. Quigley
Senior Vice President
Global Markets & Investment Banking President, Merrill Lynch International Incorporated

*Mr. Komansky will retire from the Board of Directors immediately following the 2003 Annual Meeting of Shareholders on Monday, April 28, at which time Mr. O'Neal will become Chairman of the Board.

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