For the past six years, I have had the privilege of serving as chief executive of an extraordinary company — as it continued to develop, dramatically, into a financial services leader, with an unparalleled presence in markets around the world.

It has been a remarkable experience — with seasons of triumph and tribulation — but never, for a moment, dull. We enjoyed the longest bull market in history, helped bring capital to developing countries, and created unprecedented opportunities for clients, shareholders and employees.

We also endured unprecedented challenges: the Asian currency crisis; the near-collapse of Long Term Capital Management; the bursting of the largest stock market bubble in history; a stunning and tenacious bear market; and, of course, the tragedy of September 11th. Through it all, the people of Merrill Lynch responded with courage, compassion and strength.

On April 28, 2003, I retire after nearly 35 years with the firm. I feel enormous pride in the accomplishments of Merrill Lynch employees. We have done our best to serve our clients with dedication and, always, with their best interests at heart. I thank everyone whose hard work, creativity and loyalty helped make my career so fulfilling. I will never forget you.

Today, we face new challenges — geopolitical, economic and reputational. History has shown that the markets, the industry and our company respond powerfully in the face of adversity. Merrill Lynch was founded on the idea that the world is full of opportunity. And, while some people question the very concept of globalization, I remain convinced that open, fair and free markets are the surest path to global prosperity.

Markets change, but our leadership and principles endure. This is the fabric of our company — who we are and how we operate. Under the leadership of Stan O'Neal and his talented management team, Merrill Lynch is poised for an exceptional future. Much has been accomplished. The best is yet to come.

David H. Komansky Chairman March 4, 2003