EXHIBIT 99.5(c) SUB-ADVISORY AGREEMENT AGREEMENT made as of the 26th day of November, 1996, by and between FUND ASSET MANAGEMENT, L.P., a Delaware limited partnership (hereinafter referred to as "FAM"), and MERRILL LYNCH ASSET MANAGEMENT U.K. LIMITED,...Sub-Advisory Agreement • November 27th, 1996 • Merrill Lynch Phoenix Fund Inc • New York
