New Issue: Merrill Lynch prices $2.14 million 0% relative value notes linked to S&P 100, Russell 2000

By E. Janene Geiss

Philadelphia, March 27 - Merrill Lynch & Co., Inc. priced $2,138,000 of 0% relative value notes due April 24, 2009 linked to a long position in the S&P 100 index and a short position in the Russell 2000 index, according to a 424B3 filing with the Securities and Exchange Commission.

The basket return will be equal to the return on the S&P 100 index minus the return on the Russell 2000 index.

If the final basket level is at least the initial level, the payout at maturity will be par plus 300% of any increase in the basket, capped at a maximum payout of 115.1% of par.

Otherwise, the payout will be par times the basket performance, subject to a floor of 0%.

Merrill Lynch & Co. is the agent.

Issuer:	Merrill Lynch & Co., Inc.
Issue:	Relative value notes
Underlying basket:	Long position in S&P 100 index and short position in Russell 2000 index
Amount:	$2,138,000
Maturity:	April 24, 2009
Coupon:	0%
Price:	Par
Payout at maturity:	If final basket level is at least initial level, par plus 300% of any basket gain, capped at payout of 115.1% of par; otherwise, par times basket performance; floor of 0%
Initial levels:	621.99 for S&P 100; 702.11 for Russell 2000
Pricing date:	March 26
Settlement date:	March 28
Underwriters:	Merrill Lynch & Co.
Fees:	1.5%

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