58GH Bank Mont. 48

    

Merrill Lynch SA


                               Merrill Lynch S.A.
               Issue of EUR 5,200,000 Bearer Non-Interest Bearing
               Index Linked Rdmptn Notes due 24/11/2011 S 470 T 1
                                     MTN

                                 XS0274072858

Please be advised that the Issuer has repurchased EUR 430,000 of the above issue 
with value 02.01.2007.

The new outstanding is EUR 4,770,000.

Please arrange for this to be reflected in your records.

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