Merrill Lynch to price Proceeds linked to U.S. Select Foreign Access 25 Proceeds index

By Jennifer Chiou

New York, Nov. 15 - Merrill Lynch & Co., Inc. plans to price an issue of PROtected Covered Call EnhancED Income NoteS (Proceeds) linked to the U.S. Select Foreign Access 25 Proceeds index, according to a 424B5 filing with the Securities and Exchange Commission.

The notes are expected to settle in December and will mature in December 2011.

Payout at maturity will be par plus an additional amount determined according to any gain on the index.

The stocks in the U.S. Select Foreign Access 25 basket will be determined annually by Merrill Lynch International, as the calculation agent, first by identifying the 300 stocks in the S&P 500 with the highest liquidity based upon their median daily trading volume in dollars over the 252 business days preceding the last business day in October of each year, excluding Merrill Lynch & Co., Inc.

From these stocks, 50 stocks will be identified of companies with the highest proportion of total sales revenue that is classified as foreign sales revenue during the companies' most recently completed fiscal year for which a 10-K has been filed.

These 50 stocks will then be divided according to their sector classification in the Global Industry Classification Standard. Finally, the 25 stocks for those companies having the highest proportion of this total sales revenue that is classified as foreign sales revenue as described above across the various sector classifications will be identified.

Merrill Lynch, Pierce Fenner & Smith Inc. will be the underwriter.

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