The Internet HOLDRS trust will be formed pursuant to the depositary trust agreement, dated as of September 2,1999. The Bank of New York will be the trustee. The Internet HOLDRS Trust is not a registered investment company under the Invesment Company Act of 1940. The Trust is intended to hold deposited shares for the benefit of owners of Internet HOLDRS. The trustee will perform only administrative ministerial acts. The property of the trust will consist of underlying securities and all monies or other properties, if any, received by the trustee. The trust will terminate on December 31,2039, or earlier if a termination event occurs.