Merrill Lynch's ML X-ACTSM Algorithmic Trading Services Now Accessible Via Portware

NEW YORK – September 27, 2004 – Merrill Lynch today announced that ML X-ACT^SM, the firm’s leading algorithmic and computer-based equity trading service, is now available to institutional equity investors via the Portware Professional trade management system.

Built on years of quantitative research into market microstructure and stock-specific trading patterns, ML X-ACT’s algorithmic trading engines enable institutional clients to customize trading constraints to achieve specific execution outcomes. Dedicated research and trading professionals continuously re-calibrate ML X-ACT strategies based on stored trading decisions, emerging market structures, benchmark relative performance and execution costs.

Now, through Portware Professional, investors can access this powerful suite of algorithmic trading products to tailor trades to their specific benchmark, risk and cost objectives.

“Our clients are looking to access ML X-ACT in a seamless, integrated fashion. Portware Professional provides exciting technology to the marketplace on a platform that gives us an opportunity to partner quickly and efficiently in this space, as well reach an important client segment,” said Mike Stewart, managing director and head of global portfolio and automated trading at Merrill Lynch.

“We are thrilled to make ML X-ACT’s algorithms and strategies available to users of Portware Professional,” said Eric Goldberg, CEO of Portware LLC. “With the addition of ML X-ACT, traders can now access an even more comprehensive suite of algorithms from the world’s premier execution destinations from a single, fully customizable, broker-neutral interface.”

ML X-ACT^SM is part of Merrill Lynch’s suite of premier execution services, including capital commitment and block trading, portfolio trading and analytics and direct market access.

Merrill Lynch (NYSE: MER) is one of the world’s leading financial management and advisory companies with offices in 35 countries and total client assets of approximately $1.5 trillion. As an investment bank, it is a leading global underwriter of debt and equity securities and strategic advisor to corporations, governments, institutions, and individuals worldwide. Through Merrill Lynch Investment Managers, the company is one of the world’s largest managers of financial assets, with assets under management of $488 billion. For more information on Merrill Lynch, please visit www.ml.com.