Business: Merrill Lynch & Co. Inc. Accelerated Return Notes linked to the S&P 500 Index, due 4/7/2008, and 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 S&P 500 Index, starting value 1,438.24 as of 1/31/2007. If the Index has increased, the maturity payment will be based on triple the percentage increase in the index, up to a maximum total payment of $11.20 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. See page PS-4 of the prospectus for further details on the maturity payment calculations and page PS-5 for hypothetical examples of the maturity payment. 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.