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Merrill Lynch 2002 Annual Report  
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 Excellence & Integrity
 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

It has been said that what we are able to achieve depends, in large part, on what we already are. On our beliefs, shared goals and collective values. In other words, on our culture.

At Merrill Lynch, we recognize that a corporate culture is beyond the realm of any one individual. Rather, culture is what aligns us, and harnesses our ambitions toward the creation of great work.

Our ambition is to provide unparalleled value to clients and shareholders. Standards are changing all the time — being raised by the marketplace, the demands of clients, the evolution of technology. To achieve our goals, we know we must constantly raise our standards, too. That's why we're building a culture focused on performance in all of its dimensions — how we think...how we operate...how we measure success.

Having a performance-based culture means committing to excellence in everything we do. And when we achieve it, never being satisfied. This requires engaging in a clear-eyed analysis of the dynamics of each of our businesses and how they work together. Not just once a year, but continuously. So that we're prepared — day in, day out — to compete and win on the merits.

For our clients, having a performance-based culture means putting them at the center of our business. Then, empowering our employees to deliver intelligent solutions and superior service to meet their needs.

Most importantly, a performance-based culture must be guided by the highest standards of professional integrity. For Merrill Lynch, that's non-negotiable. Our principles are the foundation upon which our company was built. Those values will never change. They help us make good decisions, and keep us from losing sight of why we're in business to begin with.

In the end, people are the company. And the weight of thousands of actions and interactions among them adds up to what kind of company Merrill Lynch is — and what kind of company we aspire to be.

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