Business: Merrill Lynch & Co. Inc. Accelerated Return Notes linked to the Nasdaq-100 Index, due 1/30/2006, issued at $10 per unit. The notes will receive no payments before maturity, are not redeemable prior to maturity, and make no guarantee of the return of principal at maturity. At maturity the holder will receive a payment based on the percentage change in the Nasdaq-100 Index, starting value 1,383.75 as of 7/28/2004. If the Index has increased, the maturity payment will be based on triple the percentage increase in the Nasdaq-100 Index, not to exceed $12.00 per note. If the index has decreased, the holder will receive a payment based on the full percentage of decrease. As a result, the maturity payment may be less, and possibly significantly less, than the $10 offering price. Units are expected to trade flat, which means accrued interest will be reflected in the trading price and the purchasers will not pay and the sellers will not receive any accrued and unpaid interest. The notes are senior unsecured debt securities issued by Merrill Lynch & Co. Inc. and rank equally with all of their other unsecured and unsubordinated debt. See the IPO prospectus for further information on the Accelerated Return Notes and their maturity payment by clicking on the ‘Link to IPO Prospectus’ provided below.