PRIVATE OFFERING NOTICE
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MERRILL LYNCH & CO., INC.
Global Currency Basket Notes
due January , 2005
US$10 principal amount per security
Private Offering Notice
Summary Terms
The securities: Payment at maturity:
o No payments prior to maturity. o The amount investors receive at maturity will be based upon
o The securities may not be redeemed prior to maturity. the change in value of the Global Currency Basket over the
o The securities are denominated and payable in U.S. dollars. term of the securities multiplied by a participation rate
o Senior unsecured debt securities of Merrill Lynch & Co., Inc. expected to be between 170% and 180%. If the value of the
o Linked to the Global Currency Basket, a portfolio of Global Currency Basket decreases or does not increase
currency positions valued relative to the U.S. dollar. sufficiently, at maturity investors will receive less than
o Expected settlement date: December , 2003. the $10 principal amount per security, which would result in
o Minimum repayment will not be less than 97% of the a loss. In no event, however, will investors receive less
principal amount per security. than $9.70 per security. The value of the Global Currency
o The securities are made available to each investor outside of Basket must increase by a percentage expected to be between
the United States in a minimum initial investment of 1.67% and 1.76%, depending upon the actual participation
US$50,000 or such other amount, and subject to such other rate, in order for investors to receive at least the
restrictions, as may be applicable to such investor under the principal amount of $10 per security.
private offering rules of any jurisdiction outside of the
United States.
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 Merrill Lynch & Co., Inc. (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 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 advisors concerning the purchase,
holding or disposal of the Securities. Attention is drawn in particular to
risk factors on pages S-6 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 U.S. 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 November 25, 2003
This Notice supplements the Preliminary Prospectus Supplement, dated
November 25, 2003, and the Prospectus, dated October 22, 2003.