Merrill Lynch Investment Managers Appoints Frederick Gaskin Team Leader of Relative Value Strategy

Business Wire, July 14, 2004

PLAINSBORO, N.J. -- Merrill Lynch Investment Managers (MLIM) today announced the appointment of Frederick L. Gaskin as team leader and portfolio manager for the Relative Value / U.S. Active Large Cap Value strategy, one of MLIM's core strategies and one with significant assets in high net worth and institutional accounts.

"Fred's proven ability to generate alpha in large cap value strategies makes him a great addition to an already seasoned team," said Robert C. Doll, president and chief investment officer of MLIM.

The team, which includes portfolio managers Joel Heymsfeld and John DeClue, will continue to manage the Relative Value / U.S. Active Large Cap Value strategy with the process that has been in place for over 25 years. They also will work to cultivate relationships with Merrill Lynch Financial Advisors, institutional clients and non-proprietary broker/dealers.

Mr. Gaskin's investment philosophy is consistent with that of the Relative Value / U.S. Active Large Cap Value strategy and has been honed through extensive experience as a value equity investment manager. Most recently, he was managing director and portfolio manager with the value equity investment team of Deutsche Asset Management (formerly Scudder Investments), managing $6.5 billion in a variety of institutional accounts and mutual funds.

Prior to joining Scudder Investments in 1996, Mr. Gaskin managed discretionary and non-discretionary accounts for U.S. Trust Company of New Jersey. There he was responsible for all phases of account management, including development and implementation of multiple investment strategies, stock selection, portfolio management, client service and coordination of cross-sell opportunities. His early portfolio management experience includes several years at Dreman Value Management Inc., where he worked from 1989 to 1993. Mr. Gaskin began his financial services career at Eaton Vance.

Merrill Lynch (NYSE:MER) is one of the world's leading financial management and advisory companies with offices in 35 countries and total client assets of approximately $1.5 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, with assets under management of $488 billion. For more information on Merrill Lynch, please visit www.ml.com.