RNS Number:6549N
Merrill Lynch Defined ReturnsII PLC
17 July 2003

                          STOCK EXCHANGE ANNOUNCEMENT



For Immediate Release     17 July 2003



                      Merrill Lynch Defined Returns II Plc

                                (the "Company")



                Re:      Appointment of Director to the Company

The Board of Directors of the Merrill Lynch Defined Returns II Plc (the
"Company") wish to announce the appointment of Mike Fullalove as a director of
the Company, with effect from 19 June 2003.

Mike Fullalove (Nationality: British; Residence: United Kingdom) is the Head of
Origination, Structured Equity Sales of Merrill Lynch International. Mr
Fullalove has worked for Merrill Lynch International since 1997 initially in the
Private Client Strategies Group and then in the Product Development Group before
taking up his current position in 2002. Prior to joining Merrill Lynch
International Mr Fullalove worked for Goldman Sachs International, London in US
Treasury and Money Market, Fixed Income Department (1996-1997).

Mr Fullalove has never:


 i. had any unspent convictions in relation to indictable offences; or

ii. been bankrupt or the subject of a voluntary arrangement, or has had a
    receiver appointed to any of his assets; or

iii. been a director of any company which, while he was a director with an
    executive function or within 12 months after he ceased to be a director with
    an executive function, had a receiver appointed or went into compulsory
    liquidation, creditors voluntary liquidation, administration or company
    voluntary arrangements, or made any composition or arrangements with its
    creditors generally or with any class of its creditors; or

iv. been a partner of any partnership, which while he was a partner or within 12
    months after he ceased to be a partner, went into compulsory liquidation,
    administration or partnership voluntary arrangement, or had a receiver
    appointed to any partnership asset;

 v. had any public criticism by statutory or regulatory authorities (including
    recognised professional bodies); or

vi. been disqualified by a court from acting as a director or from acting in the
    management or conduct of affairs of any company."

Mr. Fullalove has not held at any time during the last five years any other
directorships or partnerships.


Enquiries:
Merrill Lynch International                            Contact: Arif Mansuri
                                                       Tel: +44 207 996 1237+353 
                                                            1 614 8935


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