Merrill Lynch to issue Accelerated Return Notes linked to Topix Small Cap index

By Jennifer Chiou

New York, Jan. 8 - Merrill Lynch & Co., Inc. plans to price an issue of 0% Accelerated Return Notes due April 2008 linked to the Topix Small Cap index, according to a 424B3 filing with the Securities and Exchange Commission.

Payout at maturity will be par plus triple any gain in the index. The return will be capped at an amount that will be between $12.20 and $12.60 per $10.00 note. The exact cap will be set at pricing. Investors will have full exposure to any decline.

The notes are expected to settle in February.

Merrill Lynch & Co. will be the underwriter.

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