Why should I use Merrill Lynch Direct rather than another online financial service provider?

When you invest with Merrill Lynch Direct, you can feel confident about investing with a firm that has a long-standing reputation for integrity, financial strength, and stability, as well as the capability to meet your changing financial needs.

As a Merrill Lynch Direct client, you also enjoy:

• Free research from Merrill Lynch's award-winning team of analysts.
• Our commitment to getting you the best possible execution on your listed equity orders, a practice that saves our clients millions of dollars each year.
• A large range of mutual funds from Merrill Lynch and many other fund families.
• A wide variety of bonds and CDs from Merrill Lynch's vast inventory.
• Premier sources of news and information such as Dow Jones News Service and Standard & Poor's Stock Reports and Stock, Bond, and Earnings Guides and Dividend Records.
• The ability to move a portion or all of your assets into an advice-based account with Merrill Lynch and work with one of our professional Merrill Lynch Financial Advisors.

What types of orders can I place?

You can place market, limit, stop, and stop limit orders through Merrill Lynch Direct. Click here to see the fee schedule associated with these orders.

You can also set the following time limits on your orders:

• Good Till Canceled (GTC): the order is good for 30 days and will remain in force until it is executed, or until you choose to cancel it.

What mutual fund families can I buy through my Merrill Lynch Direct account?

Merrill Lynch sells over 3,000 mutual funds offered by more than 120 fund families. In addition, you can purchase well known no-load mutual funds through your Merrill Lynch Direct account. Click here for a complete listing of fund families available to you as a Merrill Lynch Direct client.

What is the cost per trade? Are there any other fees or charges?

You can trade stocks online for as little as $14 per order. There is no additional charge for stop and limit orders. You can also trade through our service representatives who are available Monday – Friday 8:00 a.m. through 7:00 p.m. ET to assist you in making trades. These representatives are also able to answer any questions you may have about using the site.

Some of these services carry an additional charge. Please see our fee schedule for details.

Can I trade on margin?

Yes. You can trade on margin if you have a Merrill Lynch Direct Cash Management Account® (CMA® account). You can access credit based on the value of eligible securities in your Merrill Lynch Direct account. Check the Margin Lending Program option when you enroll in Merrill Lynch Direct, or, if you have already opened an account, use our toll-free number to call a service representative.

Can I trade stock options?

Yes. Once you are approved as eligible to trade Options, based on your approval, you can establish positions in listed equity Options (including LEAPS^®) and listed index Options (including LEAPS^®). Click here for more information.

How are trade problems resolved?

If you experience a problem with a trade, you can call our toll-free number to speak with a service representative who will assist you or answer any questions about your trade.

What types of assets can I use to fund the account?

You can open a Merrill Lynch Direct account with any combination of cash or securities. Click here to view the types of securities that can fund your account. You can also transfer all or part of your accounts at other financial institutions by completing a Broker Transfer form, available through the Forms Library in our Customer Service area.

Can I open a retirement account or roll over money from another retirement account?

Yes. You can use Merrill Lynch Direct to open an Individual Retirement Account (IRA) or Roth IRA. Furthermore, if you are retiring, changing jobs or separating from an employer for other reasons (such as a merger or buyout), you may be required, or wish, to distribute some or all of the assets in your employer-sponsored retirement plan. You can distribute them into a Merrill Lynch Individual Retirement Rollover Account (IRRA®) through Merrill Lynch Direct.

Can I get financial advice?

Merrill Lynch Direct offers a self-directed account for investors who prefer to make their investment decisions independent of a Merrill Lynch Financial Advisor. You will be able to use a wide variety of resources and tools to help you make your own investment decisions.

If at any point you would prefer to receive investment advice for all or a portion of your assets, you can establish an advice-based account that lets you work with a Merrill Lynch Financial Advisor. For more information on working with a Merrill Lynch Financial Advisor, please read "Merrill Lynch Financial Advisor," or consult the Branch Office Locator on the left to find a Merrill Lynch office near you.

What kind of analytical tools are available?

With Merrill Lynch Direct, you can use Stock, Fixed-Income, and Mutual Fund Scanners to search for securities that meet your individual criteria. Furthermore, you can employ our asset-allocation tools to compare your portfolio's allocation against model portfolios for a variety of investment goals.

What kind of investment research can I get?

As a Merrill Lynch Direct client, you will receive our free comprehensive research reports. Merrill Lynch is a top-rated research institution, providing equity, fixed-income, and global investment and economic research. For the fifth consecutive year, Merrill Lynch has won the number one position in Institutional Investor magazine's "All-America Research Team Survey," and has held this position 18 times in the 28-year history of the survey. Merrill Lynch earned a total of 56 team positions, with 16 first-teamers represented. Merrill Lynch has won The Wall Street Journal's 1999 All-Star Analysts research survey for the third year in a row and its fourth victory in seven years (1993, 1997, 1998, 1999). We had 38 analysts honored, 15 for stock picks and 23 for earnings-estimate accuracy.

You can also subscribe to our free e-mail newsletter, Merrill Lynch News & Views , to receive regular e-mail messages with Merrill Lynch's "US 1" Stock List. The US 1 Stock List represents a collection of investment ideas selected by a committee of Merrill Lynch professionals, including fundamental equity research analysts, investment strategists and research managers. The list is chosen from a universe of U.S. stocks that Merrill Lynch has rated "Buy."

Can I get free real-time quotes?

Yes, with Merrill Lynch Direct you get free real-time quotes.

Is the Merrill Lynch Direct service only accessible by computer?

Most of the features of Merrill Lynch Direct are only available through our Web site. You may, however, use our toll-free number to place trades by phone Monday – Friday 8:00 a.m. through 7:00 p.m. ET. Our knowledgeable client service representatives are there to assist you and answer any questions you may have about the service.

How do I sign up?

Click here to fill out our online application.

The information in this Internet site is directed at, and is intended for distribution to, and use by, persons in the U.S. only. It is not intended for distribution to, or use by, any person in any other jurisdiction. Non-U.S. investors, including UK investors, are directed to our International Private Banking Group site.

System availability and response time are subject to market conditions and possible unscheduled outages.

Please check our site's Software Requirements.

Click here for our business continuity statement.

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