Merrill Lynch Corporate Bond Indexes

Performance Comparisons for February 13, 1998

Aaa - Baa Rated Corporates

Index Avg. Pct. of Total Return %

Close Yield Market Prior Wk. Y-T-D

ML Corporate Master 949.95 6.51 100.00 0.64 1.54

Intermediate (1-10 years) 680.55 6.22 72.46 0.46 1.60

Industrials 238.89 6.28 18.13 0.48 1.58

Utilities 236.62 6.16 6.68 0.48 1.64

Finance 234.26 6.18 17.58 0.39 1.53

Banks 249.56 6.16 8.27 0.48 1.76

Canadians/Yankees 239.87 6.26 10.16 0.53 1.58

Long-term (10 years and over) 756.04 7.00 43.46 0.93 1.43

Industrials 289.77 6.96 15.13 0.97 1.44

Utilities 285.74 7.26 7.89 0.85 1.40

Finance 273.94 6.95 4.09 0.96 1.56

Banks 280.12 6.86 2.45 1.01 1.58

Canadians/Yankees 372.60 6.90 5.76 0.88 1.32