Merrill Lynch Corporate Bond Indexes

Performance Comparisons for August 23, 1999 Aaa Baa Rated Corporates Index Avg. Pct. of Total Return % Close Yield Market Prior Wk. Y-T-D ML Corporate Master 991.83 7.33 100.00 +0.67 2.49 Intermediate (1-10 years) 719.65 7.13 80.79 +0.47 0.80 Industrials 251.76 7.23 17.27 +0.44 0.85 Utilities 251.01 7.02 6.93 +0.47 1.64 Finance 248.73 6.98 18.58 +0.46 0.27 Banks 263.12 7.04 8.59 +0.53 1.53 Canadians/Yankees 253.14 7.28 14.07 +0.48 0.57 Long-term (10 years and over) 770.32 7.74 38.27 +1.08 5.58 Industrials 293.98 7.72 13.95 +1.11 5.44 Utilities 293.93 7.83 6.74 +0.99 6.41 Finance 279.52 7.70 3.11 +1.16 5.49 Banks 285.47 7.76 1.85 +1.09 6.75 Canadians/Yankees 379.69 7.61 4.99 +1.07 4.63 Index values reflect the compounded total return growth of each respective market, with values set at 100 at inception dates. Total return equals the sum of price change, interest income, and reinvestment income. Source: Merrill Lynch & Co.

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