359 billion participated in the regional surveys

In Octobera net 58 percent of respondents viewed sterling as overvalued but this month anet 7 percent believe it is undervalued. Increasing numbers view both the euroand the yen as overvalued Out of U.S into emerging marketsU.S equities have become less in favour with global investors The netpercentage of asset allocators overweight the U.S. equity market fell from 25percent in December to 7 percent in January "There has been a notable dip inthe U.S. equity markets popularity and emerging market equities have been thenew-year beneficiary of rotation away from the U.S.," says Michael Hartnett,Banc of America Securities-Merrill Lynch Chief Emerging Markets EquityStrategist. The number of investors underweight global emerging markets hasfallen to 7 percent in January, from 17 percent in December. Investors view China with cautionIn spite of flows into emerging markets, investors retain caution over China.The percentage of regional investors who expect the Chinese economy to improvehas risen from 6 percent, but is still low at 10 percent. The proportion ofrespondents who expect Chinese growth to slow in the next 12 months has fallento 70 percent from 79 percent in December "China remains the big global growth wildcard in 2009.

Despite the announcementof huge fiscal stimulus packages in recent months, investors remain verysceptical about Chinese and Asian growth," said Hartnett. "Indeed, Japaneseinvestors notably reduced their expectations for Japans growth to close to arecord low." NOTES TO EDITORS A total of 205 fund managers, managing a total of U.S.$597 billion, participatedin the global survey from 9 January to 15 January,. A total of 167 managers,managing U.S.$359 billion, participated in the regional surveys,. The survey wasconducted by Banc of America Securities - Merrill Lynch Research with the helpof market research company Taylor Nelson Sofres (TNS).

Through its internationalnetwork in more than 50 countries, Taylor Nelson Sofres provides marketinformation services in over 80 countries to national and multi-nationalorganizations. It is ranked as the fourth-largest market information group inthe world. Merrill Lynch is one of the world's leading wealth management, capital marketsand advisory companies, with offices in 40 countries and territories and totalclient assets of approximately $1.5 trillion at September 26, 2008. As aninvestment bank, it is a leading global trader and underwriter of securities andderivatives across a broad range of asset classes and serves as a strategicadvisor to corporations, governments, institutions and individuals worldwide.Merrill Lynch has approximately 50 percent ownership in BlackRock Inc., one ofthe world's largest publicly traded investment management companies, withapproximately $1.3 trillion in assets under management at September 30, 2008.For more information on Merrill Lynch, please visit Merrill Lynchwas acquired by Bank of America on January 1, 2009. Research Communications:New YorkSusan McCabe Walley, orLondonTomos Rhys Edwards, 44 (0)20 7995 Copyright Business Wire 2009. The Rangers lose three in a row as the Montreal Canadians beat them in over -time 5-4.