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EXCLUSIVE WELCOME PACKAGE AND DOUBLE MERRILL POINTS TO BE MADE AVAILABLE ONLY TO MERRILL+SM AND VISA® SIGNATURE CARDHOLDERS

NEW YORK, March 1, 2006 — Merrill Lynch (NYSE: MER) today announced that it will offer its clients access to one of the latest trends in the luxury travel industry. The company has selected industry leader Exclusive Resorts as its preferred luxury residence club partner. Luxury residence clubs, an increasingly popular alternative to vacation home ownership, have doubled in sales since 2004, with the number of clubs increasing four times in the last year. MERRILL+SM and Merrill Lynch Visa® Signature cardholders will be provided with a host of distinctive rewards and benefits from Exclusive Resorts upon joining the club and throughout their membership.

"We have created one of the most prestigious programs for individuals seeking the comfort and convenience of a luxury residence club experience," said Gayle Bock, director of rewards programs for the Consumer Banking Solutions Group at Merrill Lynch. "Partnering with Exclusive Resorts provides our clients and cardholders the exclusive experienced-based benefits they demand, but delivered in a way that they can't get anywhere else. This new partnership gives our clients access to greater value through their Total Merrill relationship."

As a member of Exclusive Resorts, clients who use their MERRILL+ or Merrill Lynch Visa Signature card to pay for annual dues will receive double Merrill points as well as special pricing on membership fees. In addition, clients will receive an exclusive welcome package, courtesy of Exclusive Resorts. This package includes two ground transfers to their destination of choice, a welcome dinner prepared by a personal chef in their private residence's kitchen and a complimentary resort activity.

All cardholders who join Exclusive Resorts will have access to one of the world's largest portfolios of luxury residences in dozens of premier vacation destinations, combined with amenities and services of a five-star resort.

"Our experience making thousands of memorable vacations for families in the world's most desirable destinations is a valuable addition to the unique rewards already provided by Merrill Lynch to cardholders and clients," said Donn Davis, CEO of Exclusive Resorts. "We are proud that Merrill Lynch selected Exclusive Resorts to provide clients with the benefits of a luxurious second home, without the added responsibility."