Power of Attorney

      KNOW ALL MEN BY THESE PRESENTS, that each person whose signature appears
below, each of whom is a director and/or officer of Merrill Lynch & Co., Inc.,
the general partner of Merrill Lynch Preferred Funding I, L.P., Merrill Lynch
Preferred Funding II, L.P., and Merrill Lynch Preferred Funding III, L.P. (the
"Partnerships"), constitutes and appoints E. Stanley O'Neal, Theresa Lang,
Michael J. Castellano and Mark B. Goldfus, and each of them, his true and lawful
attorneys-in-fact and agents, with full power of substitution and
resubstitution, for him and in his name, place and stead, in any and all
capacities, to approve and sign any and all reports or filings to be filed
pursuant to the Securities and Exchange Act of 1934 or the requirements of any
other regulatory agency or body or stock exchange on behalf of the Partnerships,
and to file the same, with all exhibits thereto and other documents in
connection therewith, with the Securities and Exchange Commission or such other
agency or body or stock exchange, granting unto said attorneys-in-fact and
agents, and each of them, full power and authority to do and perform each and
every act and thing requisite and necessary to be done in and about the
premises, as fully to all intents and purposes as he might or could do in
person, hereby ratifying and confirming all that said attorneys-in-fact and
agents or any of them, or their or his substitute or substitutes, may lawfully
do or cause to be done by virtue thereof.

      This Power of Attorney has been signed below by the following persons in
the capacities indicated on the 23rd day of March, 1998. 

              Signature                            Title
              ---------                            -----


      /s/ DAVID H. KOMANSKY            Chairman of the Board, Chief
-------------------------------------  Executive Officer and Director
          (David H. Komansky)


      /s/ HERBERT M. ALLISON, JR.      President, Chief Operating Officer
-------------------------------------  and Director
          (Herbert M. Allison, Jr.)


      /s/ E. STANLEY O'NEAL            Executive Vice President and Chief
-------------------------------------  Financial Officer (Principal Financial 
          (E. Stanley O'Neal)          Officer)


      /s/ MICHAEL J. CASTELLANO        Senior Vice President and
-------------------------------------  Controller (Principal Accounting Officer)
          (Michael J. Castellano)


      /s/ WILLIAM 0. BOURKE            Director
-------------------------------------
          (William 0. Bourke)


      /s/ W. H. CLARK                  Director
-------------------------------------
          (W. H. Clark)
<PAGE>

      /s/ JILL K. CONWAY               Director
-------------------------------------
          (Jill K. Conway)


      /s/ STEPHEN L. HAMMERMAN         Director
-------------------------------------
          (Stephen L. Hammerman)


      /s/ EARLE H. HARBISON, JR.       Director
-------------------------------------
          (Earle H. Harbison, Jr.)


      /s/ GEORGE B. HARVEY             Director
-------------------------------------
          (George B. Harvey)


      /s/ WILLIAM R. HOOVER            Director
-------------------------------------
          (William R. Hoover)


      /s/ ROBERT P. LUCIANO            Director
-------------------------------------
          (Robert P. Luciano)


      /s/ DAVID K. NEWBIGGING          Director
-------------------------------------
          (David K. Newbigging)


      /s/ AULANA L. PETERS             Director
-------------------------------------
          (Aulana L. Peters


      /s/ JOHN J. PHELAN, JR.          Director
-------------------------------------
          (John J. Phelan, Jr.)
 

      /s/ JOHN L. STEFFENS             Director
-------------------------------------
          (John L. Steffens)


      /s/ WILLIAM L. WEISS             Director
-------------------------------------
          (William L. Weiss)


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