PRIVATE OFFERING NOTICE
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Merrill Lynch & Co., Inc.
Market Recovery Notes(SM) Linked to the Nasdaq-100 Index(R)
due July 22, 2004
US$10 original public offering price per unit
Private Offering Notice
Summary Terms
The securities: Payment at maturity:
o No payments prior to maturity. o Payment on the securities at maturity will be
o The securities may not be redeemed prior to based upon the percentage change in the value
maturity. of the Nasdaq-100 Index. If the value of the
o Senior unsecured debt securities of Merrill Nasdaq-100 Index has increased over the term
Lynch & Co., Inc. of the securities, an investor will receive a
o The securities are linked to the Nasdaq-100 payment based upon triple the percentage
Index(R), index symbol "NDX". increase, not to exceed a maximum payment of
o The securities are expected to be quoted on the US$12.30 per unit. If the value of the
Nasdaq National Market under the symbol "MRNQ". Nasdaq-100 Index has decreased over the term of
o Expected settlement date: May 2, 2003. the securities, an investor will receive a
payment based upon that percentage decrease. As
a result, an investor may receive less, and
possibly significantly less, than the original
public offering price of US$10 per unit.
The securities (the "Securities"), the subject of the attached offering
document (the "Offering Document"), have not been approved for public sale in
any jurisdiction outside of the United States. As such, the Securities are
made available to investors outside of the United States only in accordance
with applicable private offering rules. The Offering Document may not be
copied or otherwise made available to any other person by any recipient
without the express written consent of the Company.
The discussion contained in the Offering Document relating to the tax
implications of investing in the Securities is not based upon, and does not
reflect, the tax laws of any jurisdiction outside of the U.S. Accordingly,
investors should consult their local tax advisor before making an investment
in the Securities.
This Notice and the Offering Document have been issued by Merrill Lynch & Co.,
Inc. (the "Company") for information only. Prospective investors should not
treat the contents of this Notice as advice relating to legal, taxation or
investment matters and are advised to consult their own professional advisers
concerning the purchase, holding or disposal of the Securities. Attention is
drawn in particular to risk factors on pages S-7 to S-9 of the Offering
Document. Subject to this Notice, the Offering Document has been approved for
issue in the United Kingdom by Merrill Lynch International Bank Limited
("MLIB"), which is regulated by the Financial Services Authority, with
registered office at Merrill Lynch Financial Center, 2 King Edward Street,
London EC1A 1HQ, United Kingdom. This Notice is issued in Hong Kong by Merrill
Lynch (Asia Pacific) Limited.
PRIVATE OFFERING NOTICE
Investors in the United Kingdom should be aware that Merrill Lynch, Pierce,
Fenner & Smith Incorporated ("MLPF&S"), which is handling the sale of the
Securities, has no place of business in the UK and is not regulated by the
Financial Services Authority. Therefore, with respect to anything done by
MLPF&S, the regulatory regime governing an investor's rights will be different
than that of investors' rights in the UK, and the UK rules for the protection
of private investors and the UK Financial Compensation Scheme will not apply
to any business MLPF&S conducts with or for UK investors.
Investors should also note the following:
(a) The Securities are denominated in United States dollars. Investors
that purchase securities with a currency other than dollars should note that
changes in rates of exchange may have an adverse effect on the value, price or
income of their investment.
(b) The price and value of the Securities and the income from them can
fluctuate and may fall against the investor's interest and an investor may get
back less than he invested.
(c) Investment in the Securities may not be suitable for all investors.
Investors should seek advice from their investment advisor for information
concerning the Company, the Securities and the suitability of purchasing the
Securities in the context of their individual circumstances. Past performance
is not necessarily a guide to future performance, and no projection,
representation or warranty is made regarding future performance.
(d) Save as disclosed herein and in the Offering Document, no
commissions, discounts, brokerages or other special terms have been granted or
are payable by the Company in connection with the issue or sale of any
Securities.
(e) MLPF&S or one of its affiliates may be the only market maker, if any,
in the Securities.
(f) Information relating to taxation is based on information currently
available. The levels and bases of, and reliefs from, taxation in relevant
jurisdictions can change. The value of any reliefs depends upon the
circumstances of the investor. See additional comments about taxation above.
The date of this Notice is April 29, 2003.
This Notice supplements the Prospectus Supplement, dated April 29, 2003,
and the Prospectus, dated September 25, 2002.
Nasdaq-100(R), Nasdaq-100 Index(R), and Nasdaq(R)are trade or service marks of
The Nasdaq Stock Market, Inc. and are licensed for use by Merrill Lynch & Co.,
Inc.
"Market Recovery Notes" is a service mark of Merrill Lynch & Co., Inc.