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Merrill Lynch SA (88TB)

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Monday 10 November, 2008

Merrill Lynch SA

Index Disruption Event Notice

Merrill Lynch
                  

                               MERRILL LYNCH S.A.
                                 société anonyme

   Registered Office: Ballade B2, 4, rue Albert Borschette, L-1246 Luxembourg,
                            Grand Duchy of Luxembourg

     (Incorporated under the laws of Luxembourg with registration number RCS
                               Luxembourg B-39046)

                              NOTICE TO NOTEHOLDERS

                          Index Disruption Event Notice

   Merrill Lynch S.A. Series 1344: USD 14,358,821 Non-Interest Bearing, Index
    Linked Redemption Notes due 14 January, 2013 - (ISIN: XS0341547759) (the
                                    "Notes")

We attach a copy of the Index Disruption Event Notice dated 6th November 2008
issued by Merrill Lynch International, the Index Sponsor in respect of the
Notes, informing us that an Index Disruption Event has occurred (the "Notice").
We hereby give notice to each of you to the same effect as set out in that
Notice.

Unless otherwise defined in this letter, terms used herein shall have the same
meaning as defined in the Final Terms dated January 25, 2008 (the "Final Terms")
and the Base Prospectus dated April 2, 2007 relating to the Notes (as
supplemented from time to time).

Yours faithfully

________________________________

For and on behalf of

Merrill Lynch S.A.

(as the Issuer)

Dated: 7th November 2008

Attachment:

1. Index Disruption Event Notice dated 6th November 2008 issued by Merrill Lynch
International

-0-
*T
                                                         Merrill Lynch International
                                                         Merrill Lynch Financial Centre
                                                         2 King Edward Street
                                                         London EC1A 1HQ

To:    Merrill Lynch S.A.
       Ballade B2, 4, rue Albert Borschette, L-1246
       Luxembourg

       Tel: +352 4949 111
       Fax: +352 481 880
       Email: [email protected]

       Attention: Treasurer

cc:    Standard Chartered Bank (China) Limited
       23rd Floor, UC Tower
       500 Fushan Road
       Shanghai Pudong
       P.R. China 200122

       Tel: +86 21 5016 2862
       Fax: +86 21 5016 2407
*T

6th November 2008

Dear Sir or Madam

                          INDEX DISRUPTION EVENT NOTICE

   Merrill Lynch S.A. Series 1344: USD 14,358,821 Non-Interest Bearing, Index
Linked Redemption Notes due 14 January 2013 with ISIN XS0341547759 (the "Notes")

Unless otherwise defined in this letter, terms used herein shall have the same
meaning as defined in the Final Terms dated January 25, 2008 (as amended and
restated from time to time) (the "Final Terms") and the Base Prospectus dated
April 2, 2007 relating to the Notes (as supplemented from time to time).

We hereby give you notice that an Index Disruption Event has occurred with
respect to Taurus L.H. Fund (the "Affected Fund"), a Component Fund in respect
of the Notes. The Index Disruption Event is triggered by virtue of Merrill Lynch
International (an affiliate of the Issuer) being the beneficial owner of 25 per
cent. or more of units in Taurus L.H. Fund. As at November 6, 2008 Merrill Lynch
International's holding in that fund is HKD 120,110,298 and the Affected Fund's
AUM (assets under management) is HKD 307,315,626.92 giving a percentage of
39.08%.

This event constitutes a Index Disruption Event under the paragraph 3.2(a)(viii)
of Schedule 5 (Specific Definitions and Parameters) of the Final Terms which
entitles the Index Sponsor to (in accordance with the Final Terms:

(i) replace the Affected Fund with: (a) units or shares of a successor fund(s)
or index, which in our sole determination, uses a similar selection methodology
to that used by the Affected Fund; or (b) an asset, index, financial instrument
or a basket of financial instruments, in each case which in our sole
determination has a similar market exposure to the Affected Fund;

(ii) remove the Affected Fund from the Reference Basket and adjust the weight
between the remaining unaffected Component Funds or Component Indices; or

(iii) redeem the Notes in accordance with Schedule 2 (Special Conditions) of the
Final Terms.

We are in the process of determining the appropriate course of action and will
inform you about our decision in due course.

Yours faithfully

________________________________

Name: Nixon Ho

For and on behalf of

Merrill Lynch International

(as the Index Sponsor)

a d v e r t i s e m e n t