Milberg Weiss Announces Class Action Lawsuit Against Merrill Lynch & Co., Merrill Lynch Pierce Fenner & Smith Incorporated and Merrill Lynch Investment Managers L.P. On Behalf of Investors

Business Wire, May 18, 2004

Business Editors/Legal Writers

NEW YORK--(BUSINESS WIRE)--May 18, 2004

The law firm of Milberg Weiss Bershad & Schulman LLP announces that a class action lawsuit was filed today on behalf of a class consisting of all persons who purchased or otherwise acquired shares or other ownership units of any of the mutual funds carrying the "Merrill Lynch" brand name (the "MLIM Funds") through Merrill Lynch, Pierce, Fenner & Smith Incorporated ("MLPF&S") acting as broker between May 20, 1999 to the present (the "Class Period") and who were damaged thereby, seeking to pursue remedies under the Securities Exchange Act of 1934 (the "Exchange Act"). A copy of the complaint filed in this action is available from the Court, or can be viewed on Milberg Weiss' website at: http://www.milbergweiss.com.

The action is pending in the United States District Court for the Southern District of New York against defendants Merrill Lynch & Co. ("ML&Co."), Merrill Lynch Pierce Fenner & Smith Incorporated ("MLPF&S") and Merrill Lynch Investment Managers L.P ("MLIM LP").

The action charges defendants with engaging in an unlawful and deceitful course of conduct designed to improperly financially advantage defendants to the detriment of plaintiffs and other members of the Class. As part and parcel of defendants' unlawful conduct, defendants, in contravention of their disclosure obligations, fiduciary responsibilities and National Association of Securities Dealers ("NASD") Rules, failed to properly disclose that defendants systematically applied incentives and demerits to induce and compel MLPF&S's mid-level managers to maximize sales of mutual funds carrying the MLIM brand name. In turn, these mid-level managers --- Regional Directors, Directors and Resident Managers --- brought intense pressure to bear on the Financial Advisors under their supervision to steer the Financial Advisors' clients away from mutual funds owned and managed by other entities and into MLIM Funds. By investing in the MLIM Funds, plaintiffs and other members of the Class received a return on their investment that was substantially less than the return on investment that they would have received had they invested the same dollars in a comparable fund. MLPF&S's undisclosed plan and scheme has operated as a wrongful and deceptive exploitation of the misplaced trust of its clients.

If you purchased MLIM funds between May 20, 1999 and the present you may, no later than July 19, 2004, request that the Court appoint you as lead plaintiff. A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member's claim is typical of the claims of other class members, and that the class member will adequately represent the class. Under certain circumstances, one or more class members may together serve as "lead plaintiff." Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. You may retain Milberg Weiss Bershad & Schulman LLP, or other counsel of your choice, to serve as your counsel in this action.

Milberg Weiss Bershad & Schulman LLP (http://www.milbergweiss.com) is a firm with over 100 lawyers with offices in New York City, Los Angeles, Boca Raton, Delaware, Seattle and Washington D.C. and is active in major litigations pending in federal and state courts throughout the United States. Milberg Weiss has taken a leading role in many important actions on behalf of defrauded investors, consumers, and others for nearly 40 years. Please contact the Milberg Weiss website for more information about the firm. If you wish to discuss this action with us, or have any questions concerning this notice or your rights and interests with regard to the case, please contact the following attorneys:

Steven G. Schulman
Peter E. Seidman
Andrei V. Rado
One Pennsylvania Plaza, 49th fl.
New York, NY, 10119-0165
Phone number: (800) 320-5081
Email: sfeerick@milbergweiss.com
Website: http://www.milbergweiss.com