Global Interdependence CenterConference, Dublin June 12, 2007

Michael G. RyanMerrill Lynch International Bank Limited

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GIC ConferenceOverview

Merrill Lynch International Bank Limitedo Business o History

What’s the attraction?

Challenges

The road ahead. . .

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Headquartered in Dublin

o operates through international branches and subsidiaries

The Bank employs 2,350, 750 in Dublin

Total assets $150 bn

$7 bn in capital

Broad base of global markets and private client businesses

Global Markets

Debt Derivatives Foreign Exchange

Corporate Lending Debt & Equity sales

Loan Trading

Non U.S. Global Private Client

Private Client Advisory Retail Lending & Deposit Taking

Merrill Lynch International Bank Limited

GIC Conference: Merrill Lynch International Bank Limited

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Established in 1995 in Dublin, with 35 employees

Expanded to approx 200 people by 2002

Commenced execution on a new phase of expansion in 2003

HistoryGIC Conference: History

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EU market access

Capacity and opportunity to innovate

◦ Efficient and effective legal, tax, and regulatory environment

Operating leverage; a competitive edge

◦ Balancing cost, productivity, and opportunity

◦ A long-term view . . .

Availability of talent; human capital

Flexibility; ability to react and adapt

◦ Reduce or remove structural barriers

What the attraction?

GIC Conference: What’s the Attraction

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Globalization◦ . . . challenges from the east, west and within. . .

Managing success

Costs◦ Changes the business case; justify the premium◦ Targeted offerings from lower cost economies

Addressing the skills needs◦Multidimensional challenge

Challenges

GIC Conference: Challenges

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GIC Conference: The road ahead . . .

Transitional

Initially:

Export driven Connectivity with local business

As we move forward . . .

Firms are still export driven, but also more engaged with each other and the local market

Focus on high-end activities Manage the challenges of success

◦ Define the brand

The road ahead . . .