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PRESS RELEASE December 8, 1987

World Bank Announces Appointment of New VP and Treasurer

The World Bank announced today the appointment of Donald Roth as the Bank's Vice President and Treasurer. Mr. Roth, who is presently Chairman of Merrill Lynch Private Capital, a subsidiary of Merrill Lynch & Co., Inc., in New York, will take up his new position next month.

Mr. Roth has wide and substantial experience in international finance, including senior management positions at Merrill Lynch and Chase Manhattan's Merchant Banking Group. With Merrill Lynch, prior to assuming his present position he was Chairman and Chief Executive, Europe (1983-1985); Chairman and Chief Executive, International Banking Group (1982-1983); and Chief Executive, International Investment Banking, London (1981-1982). At Chase Manhattan, between 1977 and 1981, Mr. Roth had senior management positions in their London and Hong Kong merchant banks.

Mr. Roth also worked from 1970-1977 with Merrill Lynch as Vice President responsible for Middle East Investment Banking; Director, Merrill Lynch Brown Shipley in London; and Vice President, Merrill Lynch International in Tokyo responsible for Asian Investment Banking.

A U.S. national, Mr. Roth, 44, was born in Washington, D.C. and received his bachelor's degree from Princeton University, an MBA in International Finance from the University of Chicago, and an M.Sc. in International Monetary Economics from the London School of Economics.