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MER News Merrill Lynch Preferred Capital Trust I Redeems 7 3/4% Trust Originated Preferred Securities(SM) (TOPrS(SM))

NEW YORK--(BUSINESS WIRE)--Merrill Lynch & Co., Inc. (NYSE: MER), as sponsor of Merrill Lynch Preferred Capital Trust I, announced today that Merrill Lynch Preferred Capital Trust I will redeem all of its outstanding 7¾% Trust Originated Preferred Securities^SM (“Trust Preferred Securities”) on December 30, 2006. The Trust Preferred Securities are listed on the New York Stock Exchange and trade under the symbol MERPRB.

Pursuant to the redemption provisions of the Amended and Restated Declaration of Trust (the “Declaration of Trust”), dated as of December 11, 1996, by and among Merrill Lynch & Co., Inc., as Sponsor, The Bank of New York (as successor to The Chase Manhattan Bank), as Property Trustee, Chase Bank USA, National Association (as successor to Chase Manhattan Bank Delaware), as Delaware Trustee and the Regular Trustees named therein (or the successors thereto), the Trust Preferred Securities will be redeemed at the redemption price of $25 per Trust Preferred Security plus accrued and unpaid distributions, if any, to but excluding the date of redemption.

Since the date of redemption is not a business day, in accordance with the Declaration of Trust, The Bank of New York, as Paying Agent, will make funds available for the payment of the redemption price to the holders of the Trust Preferred Securities by 12:00 p.m. on December 29, 2006, the business day immediately preceding the redemption date.

The Securities should be surrendered to The Bank of New York, as Paying Agent, at its corporate trust office referred to below:

If by mail:            If by overnight courier:   If by hand only:
The Bank of New York   The Bank of New York       The Bank of New York
Global Corporate       Global Corporate           GIS Unit Window
Trust Services         Trust Services             4 New York Plaza,
P.O. Box 2320          2001 Bryan Street,         1st Floor
Dallas, TX             9th Floor                  New York City,  NY
75221-2320             Dallas, TX  75201

Merrill Lynch is one of the world’s leading wealth management, capital markets and advisory companies, with offices in 37 countries and territories and total client assets of approximately $1.5 trillion. As an investment bank, it is a leading global trader and underwriter of securities and derivatives across a broad range of asset classes and serves as a strategic advisor to corporations, governments, institutions and individuals worldwide. Merrill Lynch owns just under half of BlackRock, one of the world’s largest publicly traded investment management companies, with approximately $1 trillion in assets under management. For more information on Merrill Lynch, please visit www.ml.com.

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