Merrill Lynch & Co., Canada Ltd.

    TORONTO, Oct. 22 /CNW/ - Merrill Lynch & Co., Canada Ltd., an indirect
wholly owned Canadian subsidiary of Merrill Lynch & Co., Inc., today announced
that its board of directors has determined to exercise the right to redeem all
of the outstanding exchangeable shares of the Company on the later of the
fifth Toronto business day following the date of the Merrill Lynch & Co., Inc.
shareholders meeting to be held to approve the merger contemplated by the
Agreement and Plan of Merger dated as of September 15, 2008 between Merrill
Lynch & Co., Inc. and Bank of America Corporation and December 4, 2008.
    In connection with the redemption, Merrill Lynch Canada Holdings Company
has exercised its redemption call right and, in accordance with that right,
will purchase all of the outstanding exchangeable shares not already held by
it on the redemption date. In accordance with the exchangeable share
provisions and related instruments, the redemption call purchase price will be
satisfied by the delivery to registered holders of exchangeable shares of one
share of common stock of Merrill Lynch & Co., Inc. for each exchangeable share
held on the redemption date, together with the full amount of all declared and
unpaid dividends on each such exchangeable share held by such holder on any
dividend record date which occurs prior to the redemption date, less any
applicable withholding tax.
    The redemption of the exchangeable shares is required under the Agreement
and Plan of Merger and permitted under the provisions governing the
exchangeable shares. A formal notice of redemption and letter of transmittal
for the surrender of certificates representing exchangeable shares will be
sent to holders of exchangeable shares together with the proxy materials for
the Merrill Lynch & Co., Inc. shareholders meeting. Holders of exchangeable
shares will be entitled to direct the exercise of voting rights in respect of
the meeting as provided for in the exchangeable share provisions and related

    The exchangeable shares are listed on the Toronto Stock Exchange under
the symbol "MLC". Merrill Lynch & Co., Canada Ltd intends to apply to the TSX
to voluntarily delist the exchangeable shares effective at the close of
trading on the redemption date and to seek to cease to be a reporting issuer
following the redemption date.

For further information:

For further information: Mark Dickerson, Corporate Secretary, at (416)
369-7400 or Danielle Robinson, Marketing & Communications, at (416) 449-0097

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