Merrill Lynch Preferred Capital Trust V (the Trust) is a business trust. Merrill Lynch & Co., Inc. (Merrill Lynch) is the sole owner of the Trust’s common securities. The Trust exists for the exclusive purposes of issuing trust securities, consisting of 7.28% Trust Originated Preferred Securities (the TOPrS) and trust common securities (the Trust Common Securities), representing undivided beneficial ownership interests in the assets of the Trust; investing the gross proceeds of the trust securities in 7.28% Partnership Preferred Securities (the Partnership Preferred Securities) issued by Merrill Lynch Preferred Funding V, L.P. (the Partnership), and engaging in only those other activities necessary or incidental thereto.

The Partnership is a limited partnership. Merrill Lynch is the sole general partner of the Partnership. The Partnership is managed by the general partner and exists for the exclusive purposes of issuing its partnership interests, consisting of the Company's general partner interest and the Partnership Preferred Securities; investing the proceeds thereof in certain eligible securities of the Company and wholly owned subsidiaries of the Company (the Affiliate Investment Instruments) and certain eligible debt securities, and engaging in only those other activities necessary or incidental thereto.