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                                                                Exhibit 99.1




Introductory Note: references to "Merrill Lynch", "we", "our" or "us" below
refer to Merrill Lynch & Co., Inc. and its consolidated subsidiaries.

In addition to the other information set forth in this report, you should
carefully consider the factors discussed in Part I, Item 1A. "Risk Factors" in
the Annual Report on Form 10-K for the year ended December 26, 2008, which
could materially affect our business, financial condition or future results.
The risks described in our Annual Report on Form 10-K are not the only risks
facing Merrill Lynch. Additional risks and uncertainties not currently known to
us or that we currently deem to be immaterial also may materially adversely
affect our business, financial condition and/or operating results.

There are no material changes from the risk factors set forth under Part I,
Item 1A. "Risk Factors" in Merrill Lynch's 2008 Annual Report on Form 10-K,
other than the addition of the following risk factor.

Recent legislative and regulatory initiatives may significantly impact Merrill
Lynch's financial condition, operations and ability to pursue business
opportunities.

The recent economic and political environment has led to a number of legislative
and regulatory initiatives, both enacted and proposed, that may significantly
impact Merrill Lynch. For example, President Obama's administration has
released a proposal that contains far reaching changes to the financial
regulatory system that would significantly affect the financial services
industry, including greater powers to regulate risk across the financial system;
a new Financial Services Oversight Council chaired by the U.S. Treasury
Secretary; a Consumer Financial Protection Agency (which may allow imposition of
additional state consumer protection laws that historically have been
pre-empted); and a new National Bank Supervisor. The proposal also calls for
increased scrutiny and regulation for financial firms whose combination of size,
leverage, and interconnectedness could pose a threat to financial stability
if they were to fail; requiring that broker-dealers who provide investment
advice about securities to investors have the same fiduciary obligations as
registered investment advisers; new requirements for the securitization market;
and comprehensive regulation of large participants in the over-the-counter
derivatives markets.

The various legislative and regulatory initiatives noted above create
significant uncertainty for Merrill Lynch, its parent company Bank of America,
and the financial services industry in general, including the ability to
recruit, retain and motivate key associates. There can be no assurance as to
whether or when any of the parts of the Administration's plan or other proposals
will be enacted, and if adopted, what the final initiatives will be. The
legislative and regulatory initiatives could require Merrill Lynch
to change certain of its business practices, impose additional costs on Merrill
Lynch, limit the products that Merrill Lynch offers, result in a significant
loss of revenue, limit Merrill Lynch's ability to pursue business opportunities,
cause business disruptions, impact the value of assets that it holds or
otherwise adversely affect Merrill Lynch's business, results of operations or
financial condition. The long-term impact of these initiatives on Merrill
Lynch's business practices and revenues will depend upon the successful
implementation of its strategies, and competitors' responses to such
initiatives, all of which are difficult to predict