Merrill Lynch Execution via Algorithm and Computer-based Trading: ML X-ACTsm Merrill Lynch's ML X-ACTsm algorithmic trading platform delivers efficiency and cost control by allowing you to tailor trades to meet a variety of pre-defined benchmarks. At its core, the architecture is based on practical market microstructure research and an extensive quantitative data infrastructure. This proprietary framework includes: A single, fundamental structure that is benchmark driven Guidance through suitability checks User defined parameters and constraints, including limit prices and order amendments Dynamic inputs that react to real-time trading information The option for fully anonymous automated internal crossing by Merrill Lynch Strategy customization Flexible and comprehensive analytical reporting How it Works Overview of ML X-ACT Strategies ML X-ACTsm is a registered service mark of Merrill Lynch & Co Inc.