This product references material published in another Merrill Lynch research publication This product references material published in another Merrill Lynch research publication ML Merrill Lynch Merrill Lynch & Co. ML Internet/Media Group Blodget Henry Henry Blodget Sr. Research Analyst Fundamental Equity Research - Internet HBlodget@exchange.ml.com 1 1.212.449.0773 Reif Cohen Jessica Jessica Reif Cohen Sr. Research Analyst Fundamental Equity Research - Media Jessica_Reif@ml.com 1 1.212.449.3334 McCabe Edward Edward McCabe Research Analyst Fundamental Equity Research EdMcCabe@exchange.ml.com 1 1.212.449.8862 Slabin Andrew Andrew Slabin Research Analyst Fundamental Equity Research ASlabin98@exchange.ml.com 1 1.212.449.6452 Baldauf Justin Justin Baldauf Research Analyst Fundamental Equity Research JBaldauf@exchange.ml.com 1 1.212.449.8173 1 1.212.449.0773 http://www.mlx.ml.com Merrill Lynch Institutional Portal
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Microsoft targets AOL subscribers with $50M promotion In response to AOL's price increase MSFT announced a $50 mil promotion designed to target users to switch from AOL to MSN. MSFT is the #2 ISP in the US, with 5 mil subscribers vs. AOL's 23 mil. 2 application/pdf IndustryCommentMerrillLynch.pdf http://research.mlx.ml.com/docs/20731833.pdf United States Cable TV Internet/e-Commerce Internet & Catalog Retail Media Comment Equity Stock Common Accumulate Microsoft Equity Stock Common Buy AOL Time Warner All materials copyright Merrill Lynch & Co. This document is for information purposes only. We do not represent that this information is complete or accurate and it should not be relied upon as such. All opinions are subject to change. The securities mentioned may not be eligible for sale in some states or countries. This document has been prepared by Merrill Lynch & Co., Members SIPC. MLPF&S was a manager of the most recent public offering of securities of this company within the last three years. The securities of the company are not listed but trade over-the-counter in the United States. In the US, retail sales and/or distribution of this report may be made only in states where these securities are exempt from registration or have been qualified for sale. MLPF&S or its affiliates usually make a market in the securities of this company.