Merrill Lynch to price principal-protected notes linked to Indian rupee

By E. Janene Geiss

Philadelphia, March 21- Merrill Lynch & Co., Inc. plans to price zero-coupon principal-protected notes due June 2008 linked to the Indian rupee/dollar exchange rate, according to a 424B3 filing with the Securities and Exchange Commission.

The notes will price in March at par of $10.00 and will settle in April.

If the final exchange rate is greater than the initial exchange rate, the payout at maturity will be par plus the percentage increase in the exchange rate multiplied by the participation rate, which will be between 470% and 510% and will be determined at pricing. The payout will be capped at a maximum return of between $11.41 and $11.53 with the exact amount determined at pricing. Investors will receive at least par.

Merrill Lynch & Co. will be the underwriter and receive a 1.25% discount.

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