Merrill Lynch Corporate Bond Indexes

Performance Comparisons for April 21, 2003 Aaa-Baa Rated Corporates Index Avg. Pct. of Total Return % Close Yield Market Prior Wk. Y-T-D ML Corporate Master 1367.26 4.79 100.00 +0.77 +2.93 Intermediate (1-10 years) 986.47 4.26 97.51 +0.54 +2.70 Industrials 344.44 4.31 30.44 +0.49 +2.35 Utilities 324.64 4.55 11.24 +0.61 +4.65 Finance 343.52 4.29 21.74 +0.69 +2.65 Banks 378.15 3.61 11.76 +0.27 +2.24 Canadians/Yankees 349.98 3.47 20.83 +0.27 +2.06 Long-term (10 years and over) 1085.46 6.49 29.07 +1.53 +3.67 Industrials 414.73 6.45 12.00 +1.62 +3.31 Utilities 398.03 6.71 4.81 +1.63 +5.70 Finance 411.48 6.43 2.78 +1.55 +3.74 Banks 448.78 6.11 2.26 +1.32 +3.86 Canadians/Yankees 572.83 6.10 5.74 +1.25 +3.62 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.