Contract Specifications
Merrill Lynch Internet Infrastructure HOLDRS
HOLding Company Depository ReceiptS - IIH

Description of Product
The Internet Infrastructure HOLDRS ^SMTrust will issue Depositary Receipts called Internet Infrastructure HOLDRS ^SM representing an undivided beneficial ownership in the common stock of a group of specified companies that, among other things, provide software and technology services, which enhance Internet content and functionality, network performance and web site service and analysis, to Internet companies. The Bank of New York is the trustee. Internet Infrastructure HOLDRS may be acquired, held or transferred in a round-lot amount of 100 Internet Infrastructure HOLDRS or round-lot multiples. Internet Infrastructure HOLDRS are separate from the underlying deposited common stocks that are represented by the Internet Infrastructure HOLDRS. The Internet Infrastructure HOLDRS Trust is not a registered investment company under the Investment Company Act of 1940.

Composition of Internet Infrastructure HOLDRS
The specific share amounts for each round-lot of 100 Internet Infrastructure HOLDRS are set forth in the table below. The share amounts specified will not change except for changes due to corporate actions or reconstitution events. Component list as of 03/22/04

Company Name	Symbol	# of shares	% Weight
Akamai Technologies Inc	AKAM	3.00	11.43%
BEA Systems Inc	BEAS	10.00	31.58%
Broadvision Inc	BVSN	1.00	1.55%
E Piphany Inc	EPNY	1.50	2.81%
Infospace Inc	INSP	0.80	6.20%
Internap Network Svcs Corp	IIP	5.00	1.89%
Kana Software Inc	KANA	0.20	0.21%
Navisite Inc	NAVI	0.13	0.16%
Openwave Sys Inc	OPWV	1.07	3.67%
Portal Software Inc	PRSF	1.20	2.05%
RealNetworks Inc.	RNWK	6.00	9.27%
Verisign Inc	VRSN	6.15	24.45%
Vignette Corp	VIGN	6.00	3.12%
Vitria Technology	VITR	1.00	1.60%

Download the component list

Please refer to the prospectus for a more complete discussion of reconstitution events and how they may affect shareholders of Internet Infrastructure HOLDRS

Trading Units
A round lot is 100 HOLDRS. Odd lots (fewer than 100 HOLDRS) WILL NOT TRADE.

Price Quotations
Quoted in dollars and fractions of a dollar per HOLDRS. Minimum “tick” is 1/16th ($0.0625).

How to Purchase or Sell Internet Infrastructure HOLDRS
Internet HOLDRS may be acquired in two ways:

through the deposit of the required number of shares of common stock of the underlying issuers with the trustee, or
through a cash purchase in the secondary trading market.

Internet Infrastructure HOLDRS may be disposed of in two ways:

Internet Infrastructure HOLDRS may be canceled by turning them into the trustee, The Bank of New York, and withdrawing the underlying securities, or
Internet Infrastructure HOLDRS may be sold on the secondary market.

Selling Short
Exempt from SEC Rule 10a-1(short sale rule).

Life of Internet Infrastructure HOLDRS Trust
The Internet Infrastructure HOLDRS Trust will terminate should any of the following occur:

The Internet Infrastructure HOLDRS are delisted from The American Stock Exchange and are not listed for trading on another national securities exchange or through Nasdaq within 5 business days from the date of delisting.
The Trustee resigns and no successor trustee is appointed within 60 days from the date the trustee provides notice of its intent to resign.
75% of beneficial owners of outstanding Internet Infrastructure HOLDRS vote to dissolve and liquidate the trust.
Final termination date December 31, 2040.

If a termination event occurs, the trustee will distribute the underlying securities to owners as promptly as practicable after the termination event.

Shares Outstanding
The number of outstanding Internet Infrastructure HOLDRS will increase and decrease as a result of deposits and withdrawals of the underlying securities. The trust will stand ready to issue additional Internet Infrastructure HOLDRS on a continuous basis when an investor deposits the required shares of common stock with the trustee.

Fees and Expenses
Custody Fees: The Bank of New York, as trustee and custodian, will charge you a quarterly custody fee of $2.00 for each round-lot of 100 Internet Infrastructure HOLDRS to be deducted from any cash dividend or other cash distribution on underlying securities received by the trust. The Trustee will waive any portion of the custody fee which exceeds the total cash dividends and other cash distributions received.
Issuance and Cancellation Fees: Internet Infrastructure HOLDRS may be created by delivering to the trust the requisite whole shares of common stock evidencing an Internet Infrastructure HOLDRS, The Bank of New York as trustee will charge an issuance fee of up to $10.00 for each round-lot of 100 Internet Infrastructure HOLDRS. To cancel Internet Infrastructure HOLDRS and withdraw the underlying securities, The Bank of New York as trustee will charge a cancellation fee of up to $10.00 for each round-lot of 100 Internet Infrastructure HOLDRS. You can only deposit or cancel Internet Infrastructure HOLDRS on an in-kind basis in round-lots of 100 Internet Infrastructure HOLDRS.

Minimum Customer Margin
For purchases, 50%; for short sales, 150%.

Settlement Date
For trades, three New York business days. HOLDRS are in book-entry form held at The Depository Trust Company (DTC).

Trading Hours
9:30 a.m. to 4 p.m. New York time.

Trading System
Specialist/Registered Options Trader.

CUSIP Number
460 59V 10 4

The information in this specification sheet is not complete and may be changed. For complete details regarding rights relating to Internet Infrastructure HOLDRS and rights relating to the underlying securities please refer to the prospectus. This is not an offer to sell Internet Infrastructure HOLDRS and we are not soliciting offers to buy Internet Infrastructure HOLDRS in any state where such offer or sale is not permitted.

“HOLDRS” and “HOLding Company Depositary Receipts” are service marks of Merrill Lynch & Co., Inc.