Merrill Lynch Amends Terms of Its Floating Rate Convertible Securities

Merrill Lynch & Co., Inc. (NYSE: MER) announced today that it has amended the terms of its Exchange Liquid Yield Option™ Notes due 2032 (Zero Coupon—Floating Rate—Senior—CUSIP No. 590188 W4 6) (the “LYONs”) to increase the conversion rate from 14.0915 to 16.5000, to add September 13, 2010, and March 13, 2014, as dates in addition to the existing dates on which holders may require Merrill Lynch to repurchase all or a portion of their LYONs and has extended adjustments for cash and other distributions to March 13, 2014. Merrill Lynch has also amended the terms of the LYONs to provide that Merrill Lynch may redeem these securities, in whole or in part, beginning on March 13, 2014, and to extend change of control protection until March 13, 2014.

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