Merrill Lynch receives license to operate in KSA

Notes and media contacts

Merrill Lynch is one of the world's leading wealth management, capital markets and advisory companies with offices in 37 countries and territories and total client assets of approximately $1.6 trillion. As an investment bank, it is a leading global trader and underwriter of securities and derivatives across a broad range of asset classes and serves as a strategic advisor to corporations, governments, institutions and individuals worldwide. Merrill Lynch owns approximately half of BlackRock, one of the world's largest publicly traded investment management companies with more than $1 trillion in assets under management.

Biographies

Ahmass L. Fakahany, President and Chief Operating officer
Ahmass L. Fakahany, 48, is President and Chief Operating Officer of Merrill Lynch & Co., Inc. He is also a member of the firm's Executive Committee and Operating Committee. Prior to his current role, Mr. Fakahany was Vice Chairman and Chief Administrative Officer of Merrill Lynch & Co., Inc. In this role, Mr. Fakahany was responsible for the firm's Chief Financial Office (including Finance/Controllers, Treasury, Corporate Planning, Risk Management, Tax, and Strategy); Governance and Controls; Global Operations and Infrastructure Services, Global Technology; Global Real Estate Purchasing & Services; and Human Resources, including Leadership & Talent Management. From November 2002 to March 2005, Mr. Fakahany served as Executive Vice President & Chief Financial Officer and head of Global Finance, Technology and Services, where he was responsible for Merrill Lynch's global technology and execution services, market and credit risk, treasury, financial planning and reporting, tax, as well as strategic planning.

From October 2001 to November 2002, Mr. Fakahany served as Chief Operating Officer of Global Markets and Investment Banking (GMI). In this role, Mr. Fakahany oversaw the development and implementation of GMI's strategic and operating plans across all Merrill Lynch businesses, regions and clients. He was responsible for coordinating and integrating Investment Banking, Debt, Equity, and Securities Services activities to optimize performance and profitability. He also chaired the GMI Operating Committee and provided leadership for key support areas. Previously, Mr. Fakahany served as Senior Vice President and Finance Director for Merrill Lynch & Co.

Prior to that, he was global Chief Financial Officer and Chief Administration Officer for the Corporate and Institutional Client group, Chief Administration Officer of the Japan Region and Chief Financial Officer for the Pacific Rim Region (Japan/Asia Pacific/Australasia). Mr. Fakahany also served as Japan Region Chief Financial Officer and Regional Controller for Merrill Lynch in Europe, the Middle East, and Africa. Prior to joining Merrill Lynch, Mr. Fakahany held several senior finance positions with Exxon Corporation at the corporate and regional level. Mr Fakahany, who is Egyptian born, is a member of the board of directors of the Institute of International Finance (IIF). He has a B.S. from Boston University School of Management (Summa Cum Laude) and an M.B.A from Columbia University Graduate School of Business.

Jeffrey Culpepper, Managing Director, Head of Global Markets and Investment Banking for the Middle East and North Africa
Jeffrey Culpepper is managing director and head of Global Markets and Investment Banking for the Middle East and North Africa and has 21 years experience working with Middle Eastern clients.
Prior to joining Merrill Lynch, Jeffrey was a managing director at Deutsche Bank with responsibility for corporate and investment banking in the Middle East and North Africa region as well as for Middle East and North Africa corporate clients globally. He was also CEO of Deutsche Bank, Dubai, CEO of Deutsche Bank, Riyadh and board member and founder of Deutsche Al Azizia Financial Services, the Deutsche Bank joint venture with HRH Prince Al Waleed bin Talal. Jeffrey has also served as Chairman of Dar Istithmaar, an Islamic Finance advisory joint venture owned by Deutsche Bank, Oxford University and Russell Wood.
Prior to this Jeffrey was at Chemical Bank with responsibility for Corporate Finance and Investment Banking for the Middle East and North Africa region. Previously he was seconded to the Vatican Secretariat of State for Foreign Affairs, bureau of refugee and migration affairs with assignments in Haiti, Togo, Zaire, Angola and Uganda. He has also served as a Peace Corps in Upper Volta, West Africa.