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Merrill Hires New Manager for Global Tech Fund

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Oct. 4, 2002 — Merrill Lynch Investment Managers named David Poiesz senior portfolio manager of the Merrill Lynch Global Technology Fund/A (MAGTX), succeeding Elise Baum.

Merrill said Baum will continue as senior portfolio manager of the Merrill Lynch Small-Cap Value Fund/A (MASPX) and the Merrill Lynch Mid-Cap Value Fund (MBRFX).

Baum had been overseeing the Global Technology fund since December 2001, taking over from Paul Meeks during the search for another manager, Merrill said.

Meeks left Merrill at the end of 2001 following a plan to merge the ailing Merrill Lynch Internet Strategies fund into the Global Technology fund approved in May 2001.

The Global Technology fund declined 42.7% for the 12-month period ended Aug. 30, 2002, while the average tech fund dropped 39.7%.

For the three years ended August 30, the fund plunged 31.7%, on an average annualized basis, versus a 25.9% loss for the peer group. The portfolio is ranked 2-Stars by Standard & Poor’s.

Merrill said that Poiesz, 44, will work with technology team members Rob Zidar, associate fund manager, and Dominic Vignola, a fund analyst.

In 1999, Poiesz had co-founded RiverRock Capital Management, L.P., a technology-oriented private investment partnership.

Prior to co-founding RiverRock, Poiez was an executive vice president and portfolio manager at Jennison Associates LLC, a wholly owned subsidiary of Prudential Financial.

Poiesz was responsible for $8 billion in diversified, large-cap growth portfolios. He also started several mutual funds that were offered to both institutional and retail clients, including the Prudential Jennison Growth Fund/A (PJFAX).


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