Merrill Lynch Corporate Bond Indexes

Performance Comparisons for December 13, 2004

Aaa-Baa Rated Corporates

Index Avg. Pct. of Total Return %

Close Yield Market Prior Wk. Y-T-D

ML Corporate Master 1516.01 4.66 100.00 +0.57 +5.37

Intermediate (1-10 years) 1077.05 4.23 95.53 +0.36 +4.24

Industrials 378.92 4.39 33.07 +0.36 +4.48

Utilities 355.76 4.23 10.22 +0.40 +4.71

Finance 372.58 4.10 16.61 +0.38 +3.95

Banks 405.10 3.98 13.87 +0.31 +3.58

Canadians/Yankees 374.65 3.88 20.40 +0.27 +3.54

Long-term (10 years and over) 1262.98 5.94 30.76 +1.18 +8.95

Industrials 486.06 5.97 12.76 +1.13 +8.97

Utilities 463.56 5.94 5.08 +1.31 +9.94

Finance 474.55 5.84 2.57 +1.27 +8.73

Banks 502.51 5.86 3.08 +1.13 +7.50

Canadians/Yankees 661.93 5.73 5.89 +1.21 +9.85

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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