EXHIBIT 99(i)

INDEPENDENT AUDITORS' REPORT

To the Board of Directors and Stockholders of
     Merrill Lynch & Co., Inc.:

We have audited the consolidated financial statements of Merrill Lynch & Co.,
Inc. and its subsidiaries ("Merrill Lynch") as of December 28, 2001 and December
29, 2000, and for each of the three years in the period ended December 28, 2001,
and have issued our report thereon dated February 25, 2002. Such consolidated
financial statements and our report thereon are incorporated by reference in
Part II, Item 8, "Financial Statements and Supplementary Data," of this Annual
Report on Form 10-K.

We have also previously audited, in accordance with auditing standards generally
accepted in the United States of America, the consolidated balance sheets of
Merrill Lynch as of December 31, 1999, December 25, 1998 and December 26, 1997,
and the related consolidated statements of earnings, changes in stockholders'
equity, comprehensive income, and cash flows for the years ended December 25,
1998 and December 26, 1997 (none of which are presented herein); and we
expressed unqualified opinions on those consolidated financial statements. (Our
report on the 1999 consolidated financial statements included an explanatory
paragraph for the change in accounting method in 1998 for certain internal-use
software development costs to conform with Statement of Position 98-1.) In our
opinion, the information set forth in Exhibit 12 under the captions "Ratio of
Earnings to Fixed Charges" and "Ratio of Earnings to Combined Fixed Charges and
Preferred Stock Dividends" for each of the five years in the period ended
December 28, 2001 included in this Annual Report on Form 10-K, is fairly stated,
in all material respects, in relation to the consolidated financial statements
from which it has been derived.

/s/ Deloitte & Touche LLP

New York, New York
February 25, 2002