Merrill Lynch Shareholders Securities Litigation

On or about July 2, 2002, plaintiff Doris Loder, represented by Lead Counsel, filed the first of several class action complaints in the Court on behalf of herself and other similarly situated Class member shareholders of Merrill Lynch. The complaints allege that the Defendants violated sections 10(b) and 20(a) of the Securities Exchange Act of 1934 (the "Exchange Act") and Securities and Exchange Commission ("SEC") Rule 10b-5 by employing improper business practices which artificially inflated the prices of Merrill Lynch common stock. These alleged improper business practices included issuing a series of false, inflated and/or biased securities analyst research reports concerning the common stocks of several internet companies; failing to adhere to the published securities rating criteria Merrill Lynch distributed to its clients and other investors; and publicly recommending certain internet stocks to investors in their research reports despite private misgivings and negative opinions about those stocks as reflected in internal e-mails and communications.

On December 9, 2002, the Court consolidated this case with other related actions under the caption In re Merrill Lynch & Co., Inc. Shareholders Litigation, 02 CV 5097 (JFK), in accordance with the Private Securities Litigation Reform Act of 1995 (the "PSLRA"), 15 U.S.C. § 78u-4(a)(3).

Defendants deny that they violated any duties or laws.

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