Subject: File No. S7-38-04
From: Francis D. Lanio

January 10, 2005

It would be foolish to get rid of slides in netroadshow. A dumbed down version of slides creates less transparency and only benefits the very largest clients at the expense of smaller clients and the retail public.

Regards,

Francis D. Lanio
Managing Director-Institutional Sales
Merrill Lynch Global Markets and Investment Banking