Merrill Lynch Corporate Bond Indexes

Performance Comparisons for December 7, 1998

Aaa - Baa Rated Corporates

Index Avg. Pct. of Total Return %

Close Yield Market Prior Wk. Y-T-D

ML Corporate Master 1013.15 6.23 100.00 0.20 8.29

Intermediate (1-10 years) 723.01 5.89 74.26 0.16 7.94

Industrials 253.09 6.03 18.05 0.19 7.62

Utilities 254.67 5.69 7.31 0.13 9.39

Finance 248.51 5.79 17.32 0.13 7.70

Banks 266.35 5.79 7.89 0.19 8.60

Canadians/Yankees 253.54 6.00 11.05 0.16 7.37

Long-term (10 years and over) 811.85 6.81 42.07 0.26 8.92

Industrials 310.15 6.79 15.22 0.22 8.58

Utilities 310.54 6.92 7.72 0.18 10.20

Finance 294.38 6.79 3.74 0.32 9.14

Banks 305.86 6.59 2.25 0.38 10.92

Canadians/Yankees 397.53 6.71 5.27 0.39 8.10