New Issue: Merrill Lynch prices $12.5 million Strategic Return Notes linked to Value 30

By Jennifer Chiou

New York, Aug. 7 - Merrill Lynch & Co. said it priced a $12.5 million issue of 0% Strategic Return Notes medium-term series C notes due Aug. 8, 2011 linked to the Value 30 index, according to a 424B3 filing with the Securities and Exchange Commission.

Payout at maturity will be $9.90 multiplied by the return on the index. In addition, the index level will be reduced by a 1.5% adjustment factor annually, reducing the return by 7.23% over the life of the notes. To receive at least par, the index level must increase by about 1%.

Holders can exchange the notes ahead of maturity during a period in July of each year.

Issuer:	Merrill Lynch & Co., Inc.
Issue:	Strategic Return Notes medium-term notes
Underlying index:	Value 30
Amount:	$12.5 million
Maturity:	Aug. 8, 2011
Coupon:	0%
Price:	Par of $10.00
Payout at maturity:	Return on index, reduced by 1.5% annually, multiplied by 99%
Call:	Non-callable
Optional exchange:	During specified period in July from 2007 through 2010, using same formula as payout at maturity
Pricing date:	Aug. 1
Settlement date:	Aug. 7
Underwriter:	Merrill Lynch & Co.
Listing:	"MVI" on American Stock Exchange

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