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<P align="right" style="font-size: 11pt"><B>Registration No.&nbsp;333-</B>



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<P align="center" style="font-size: 12pt"><B>SECURITIES AND EXCHANGE COMMISSION</B>

<DIV align="center" style="font-size: 11pt"><B>Washington, D.C. 20549</B></DIV>


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<P align="center" style="font-size: 12pt"><B>FORM S-8</B>

<DIV align="center" style="font-size: 11pt"><B>Registration Statement<BR>
under<BR>
THE SECURITIES ACT OF 1933</B></DIV>


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<P align="center" style="font-size: 16pt"><B>MERRILL LYNCH &#038; CO., INC.</B>

<DIV align="center" style="font-size: 11pt"><FONT style="font-size:8pt"><B>(Exact name of registrant as specified in its charter)</B></FONT></DIV>

<DIV align="center">
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    <TD align="center" valign="top"><B>DELAWARE</B><BR>
<FONT style="font-size:8pt">
<B>(State or other jurisdiction<BR>
of incorporation or organization)</B></FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>13-2740599</B><BR>
<FONT style="font-size:8pt"><B>(I.R.S. Employer Identification No.)</B></FONT></TD>
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<P align="center" style="font-size: 11pt"><B>4 World Financial Center<BR>
New York, New York 10080<BR>
(212)&nbsp;449-1000</B>

<DIV align="center" style="font-size: 8pt"><B>(Address, including zip code, and telephone number, including area code, of registrant&#146;s principal executive offices)</B></DIV>


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<P align="center" style="font-size: 11pt"><B>Richard Alsop, Esq.<BR>
Merrill Lynch &#038; Co., Inc.<BR>
222 Broadway &#151; 17<SUP>th</SUP> Floor<BR>
New York, New York 10038<BR>
(212)&nbsp;670-0180</B>

<DIV align="center" style="font-size: 8pt"><B>(Name, address, including zip code, and telephone number, including area code, of agent for service)</B></DIV>


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<P align="center" style="font-size: 12pt"><B>Merrill Lynch &#038; Co., Inc. Deferred Stock Unit Plan<BR>
for Non-Employee Directors</B>

<DIV align="center" style="font-size: 8pt"><B>(Full title of the plan)</B></DIV>


<P align="center" style="font-size: 12pt"><B>CALCULATION OF REGISTRATION FEE</B>

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    <TD nowrap align="left" colspan="17" style="border-bottom: 1px solid #000000">&nbsp;</TD>
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<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>Title of securities</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Amount to</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Proposed maximum offering</B></TD>
    <TD nowrap>&nbsp; &nbsp; &nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Proposed maximum aggregate</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Amount of</B></TD>
</TR>
<TR style="font-size: 9pt" valign="bottom">
    <TD nowrap align="left"><B>to be registered</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>be registered</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>price per share</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>offering price(2)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>registration fee</B></TD>
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    <TD><DIV style="margin-left:10px; text-indent:-10px">Common Stock, par value
$1.33-1/3 per share,
(including Preferred Stock
Purchase Rights)
(1)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,027,605</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">54.12</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">55,613,982</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">6,545.76</TD>
    <TD>&nbsp;</TD>
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    <TD width="1%" nowrap align="left">(1)</TD>
    <TD width="3%">&nbsp;</TD>
    <TD><DIV style="text-align: justify;">Prior to the occurrence of certain events, the Preferred Stock Purchase Rights will not be evidenced separately from the Common Stock; value attributable to such Rights, if any, is reflected in the market price of the Common Stock.</DIV></TD>
</TR>

<TR style="font-size: 4pt">
    <TD colspan="5">&nbsp;</TD>
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    <TD width="1%" nowrap align="left">(2)</TD>
    <TD width="3%">&nbsp;</TD>
    <TD><DIV style="text-align: justify;">Calculated in accordance with Rule&nbsp;457(c), based on the average of the high and low prices of the Common Stock reported in the consolidated reporting system on May&nbsp;17, 2005.</DIV></TD>
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<A name="toc"><DIV align="CENTER" style="page-break-before:always"><U><B>TABLE OF CONTENTS</B></U></DIV></A>

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<TR><TD colspan="9"><A HREF="#000">PART I</A></TD></TR>
<TR><TD colspan="9"><A HREF="#001">INFORMATION REQUIRED IN THE SECTION 10(a) PROSPECTUS</A></TD></TR>
<TR><TD colspan="9"><A HREF="#002">PART II</A></TD></TR>
<TR><TD colspan="9"><A HREF="#003">INFORMATION REQUIRED IN THE REGISTRATION STATEMENT</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#004">ITEM 3. INCORPORATION OF DOCUMENTS BY REFERENCE.</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#005">ITEM 4. DESCRIPTION OF SECURITIES.</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#006">ITEM 5. INTERESTS OF EXPERTS AND COUNSEL.</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#007">ITEM 6. INDEMNIFICATION OF DIRECTORS AND OFFICERS.</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#008">ITEM 7. EXEMPTION FROM REGISTRATION CLAIMED.</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#009">ITEM 8. EXHIBITS.</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#010">ITEM 9. UNDERTAKINGS.</A></TD></TR>
<TR><TD colspan="9"><A HREF="#011">SIGNATURES</A></TD></TR>
<TR><TD colspan="9"><A HREF="#012">EXHIBIT INDEX</A></TD></TR>
<TR><TD colspan="9"><A HREF="y09368exv5.htm">Ex-5: OPINION OF SIDLEY AUSTIN BROWN & WOOD LLP</A></TD></TR>
<TR><TD colspan="9"><A HREF="y09368exv10.htm">EX-10: DEFFERED STOCK UNIT PLAN FOR NON-EMPLOYEES</A></TD></TR>
<TR><TD colspan="9"><A HREF="y09368exv15.htm">EX-15: LETTER RE: UNAUDITED INTERIM FINANCIAL INFORMATION</A></TD></TR>
<TR><TD colspan="9"><A HREF="y09368exv23wb.htm">EX-23.B: CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</A></TD></TR>
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<P align="center" style="font-size: 11pt"><B>PART I</B>

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<P align="center" style="font-size: 11pt"><B>INFORMATION REQUIRED IN THE SECTION 10(a) PROSPECTUS</B>


<P align="justify" style="font-size: 11pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The document(s) containing the information specified in Part&nbsp;I of Form S-8 will be sent or
given to participating directors as specified by Rule&nbsp;428(b)(1) of the Securities Act of 1933, as
amended. Such documents and the documents incorporated by reference herein pursuant to Item&nbsp;3 of
Part&nbsp;II hereof, taken together, constitute a prospectus that meets the requirements of Section
10(a) of the Securities Act of 1933, as amended.

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<DIV align="left"><A NAME="002"></A></DIV>

<P align="center" style="font-size: 11pt"><B>PART II</B>

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<P align="center" style="font-size: 11pt"><B>INFORMATION REQUIRED IN THE REGISTRATION STATEMENT</B>

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<P align="left" style="font-size: 11pt"><B>ITEM 3. INCORPORATION OF DOCUMENTS BY REFERENCE.</B>


<P align="justify" style="font-size: 11pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Annual Report of Merrill Lynch &#038; Co., Inc. (the &#147;Company&#148;) on Form 10-K for the fiscal
year ended December&nbsp;31, 2004, Quarterly Report on Form 10-Q for the quarter ended April&nbsp;1, 2005 and
Current Reports on Form 8-K dated January&nbsp;3, 2005, January&nbsp;25, 2005, February&nbsp;3, 2005, February&nbsp;4,
2005 (2 reports), February&nbsp;11, 2005, March&nbsp;8, 2005, March&nbsp;11, 2005, March&nbsp;14, 2005, March&nbsp;15, 2005
(3 reports), March&nbsp;29, 2005, April&nbsp;12, 2005, April&nbsp;19, 2005, April&nbsp;25, 2005, May&nbsp;9, 2005 and May
10, 2005, filed pursuant to Section&nbsp;13 of the Securities Exchange Act of 1934 (the &#147;Exchange Act&#148;),
are incorporated by reference herein. Information furnished under Item&nbsp;9 of Form 8-K is not
incorporated by reference herein.


<P align="justify" style="font-size: 11pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All documents filed by the Company pursuant to Sections&nbsp;13(a), 13(c), 14 or 15(d) of the
Exchange Act subsequent to the date hereof and prior to the termination of the offering of the
securities registered pursuant to this Registration Statement shall be deemed to be incorporated by
reference into this Registration Statement and to be part hereof from the date of filing of such
documents. Any statement contained in a document incorporated or deemed to be incorporated by
reference herein shall be deemed to be modified or superseded for purposes of this Registration
Statement to the extent that a statement contained herein or in any other subsequently filed
document which also is or is deemed to be incorporated by reference herein modifies or supersedes
such statement. Any such statement so modified or superseded shall not be deemed, except as so
modified or superseded, to constitute a part hereof.

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<P align="left" style="font-size: 11pt"><B>ITEM 4. DESCRIPTION OF SECURITIES.</B>


<P align="justify" style="font-size: 11pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under the Company&#146;s restated certificate of incorporation, the Company is authorized to issue
up to 3,000,000,000,000 shares of common stock, par value $1.33-1/3 per share. As of December&nbsp;31,
2004, there were 928,036,749 shares of common stock and 2,782,712 exchangeable shares outstanding.
The exchangeable shares are exchangeable at any time into common stock on a one-for-one basis and
entitle holders to dividend, voting and other rights equivalent to common stock. Under the
Company&#146;s Restated Certificate of Incorporation, the Company is authorized to issue up to
25,000,000 shares of preferred stock, par value $1.00 per share, issuable in series (&#147;Preferred
Stock&#148;). The common stock will be, when issued against payment therefore, fully paid and
non-assessable.


<P align="justify" style="font-size: 11pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Holders of shares of common stock will have no preemptive rights to subscribe for any
additional securities which may be issued by the Company. The rights of a holder of common stock
will be subject to, and may be adversely affected by, the rights of holders of any Preferred Stock
that has been issued and may be issued in the future.


<P align="justify" style="font-size: 11pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wells Fargo Bank, N.A. is the recordkeeping transfer agent for the common stock of the
Company.


<P align="justify" style="font-size: 11pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Because the Company is a holding company, its rights, and the rights of holders of its
securities, including the holders of common stock to participate in the distribution of assets of
any subsidiary of the Company upon the subsidiary&#146;s liquidation or recapitalization will be subject
to the prior claims of the subsidiary&#146;s creditors and preferred stockholders, except to the extent
that the Company may itself be a creditor with recognized claims against the subsidiary or holder
of preferred stock of the subsidiary.

</DIV>

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<P align="justify" style="font-size: 11pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company may pay dividends on the common stock out of funds legally available for the
payment of dividends as, if and when declared by the Board of Directors of the Company or a duly
authorized committee of the Board of Directors.


<P align="justify" style="font-size: 11pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon any voluntary or involuntary liquidation, dissolution, or winding up of the Company, the
holders of its common stock will be entitled to receive, after payment of all of its debts,
liabilities and of all sums to which holders of any preferred stock may be entitled, all of the
remaining assets of the Company.


<P align="justify" style="font-size: 11pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except voting rights of the exchangeable shares and voting rights of any outstanding series of
Preferred Stock, the holders of the common stock currently possess exclusive voting rights in the
Company. The Board of Directors of the Company may, however, give voting power to any Preferred
Stock which may be issued in the future. Each holder of common stock is entitled to one vote for
each share with respect to all matters. There is no cumulative voting in the election of directors.
Actions requiring approval of shareholders generally require approval of a majority vote of
outstanding shares.


<P align="justify" style="font-size: 11pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under the Amended and Restated Rights Agreement, adopted on December&nbsp;2, 1997 (the &#147;Rights
Agreement&#148;), preferred purchase rights were distributed to holders of common stock. The preferred
purchase rights are attached to each outstanding share of common stock and will attach to all
subsequently issued shares, including common stock that may be issued under the Merrill Lynch &#038;
Co., Inc. Deferred Stock Unit Plan for Non-Employee Directors (the &#147;Plan&#148;). The preferred purchase
rights entitle the holder to purchase fractions of a share (&#147;Units&#148;) of Series&nbsp;A junior Preferred
Stock at an exercise price of $300 per Unit, subject to adjustment from time to time as provided in
the Rights Agreement. The exercise price and the number of Units issuable are subject to
adjustment to prevent dilution.


<P align="justify" style="font-size: 11pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board of Directors of the Company, without further action by stockholders, has the authority to
issue shares of Preferred Stock from time to time in one or more series and to fix the number of
shares and the rights, preferences, privileges, qualifications, restrictions and limitations of
each series. As of December&nbsp;31, 2004, the Company had 24,957,500 shares of Preferred Stock
available for issuance. The Company has authorized the issuance of Series&nbsp;A junior Preferred
Stock, par value $1.00 per share, of the Company upon exercise of preferred share purchase rights
associated with each share of common stock outstanding described above.

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<P align="left" style="font-size: 11pt"><B>ITEM 5. INTERESTS OF EXPERTS AND COUNSEL.</B>


<P align="justify" style="font-size: 11pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;None.

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<P align="left" style="font-size: 11pt"><B>ITEM 6. INDEMNIFICATION OF DIRECTORS AND OFFICERS.</B>


<P align="justify" style="font-size: 11pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;145 of the General Corporation Law of the State of Delaware, as amended, provides that
under certain circumstances a corporation may indemnify any person who was or is a party or is
threatened to be made a party to any threatened, pending or completed action, suit or proceeding
whether civil, criminal, administrative or investigative, by reason of the fact that he or she is
or was a director, officer, employee or agent of the Company or is or was serving at its request in
such capacity in another corporation or business association, against expenses (including
attorneys&#146; fees), judgments, fines and amounts paid in settlement actually and reasonably incurred
by him or her in connection with such action, suit or proceeding if he or she acted in good faith
and in a manner he or she reasonably believed to be in or not opposed to the best interests of the
Company and, with respect to any criminal action or proceeding, had no reasonable cause to believe
his or her conduct was unlawful.


<P align="justify" style="font-size: 11pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Article&nbsp;XIII, Section&nbsp;2 of the Restated Certificate of Incorporation of the Company provides
in effect that, subject to certain limited exceptions, the Company shall indemnify its directors
and officers to the extent authorized or permitted by the General Corporation Law of the State of
Delaware.


<P align="justify" style="font-size: 11pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The directors and officers of the Company are insured under policies of insurance maintained
by the Company, subject to the limits of the policies, against certain losses arising from any
claims made against them by reason of being or having been such directors or officers. Similar
indemnification and insurance is also provided to those employees of the Company who serve as
administrators of the Plan. In addition, the Company has entered into contracts with all of its
directors providing for indemnification of such persons by the Company to the fullest extent
authorized or permitted by law, subject to certain limited exceptions. The Company has established
trusts to fund its obligations, up to the amount of the trust assets, that may arise under these
agreements and also to directors, officers and employees under the provisions of the General
Corporation Law of the State of Delaware and the Company&#146;s Restated Certificate of Incorporation.

</DIV>

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<P align="left" style="font-size: 11pt"><B>ITEM 7. EXEMPTION FROM REGISTRATION CLAIMED.</B>


<P align="justify" style="font-size: 11pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not Applicable.

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<P align="left" style="font-size: 11pt"><B>ITEM 8. EXHIBITS.</B>


<P>
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<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">4(a) &nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD><DIV style="text-align: justify;">Restated Certificate of Incorporation of the Company, dated May&nbsp;3, 2001 (incorporated by
reference to Exhibit&nbsp;3.1 to the Company&#146;s Current Report on Form 8-K dated March&nbsp;10, 2005).</DIV></TD>
</TR>

<TR style="font-size: 4pt">
    <TD colspan="5">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">4(b) &nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD><DIV style="text-align: justify;">By-Laws of the Company, effective as of April&nbsp;28, 2003 (incorporated by reference to Exhibit
3 to the Company&#146;s Quarterly Report on Form 10-Q for the quarter ended March&nbsp;28, 2003 (File
No.&nbsp;1-7182)).</DIV></TD>
</TR>

<TR style="font-size: 4pt">
    <TD colspan="5">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">4(c) &nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD><DIV style="text-align: justify;">Form of Amended and Restated Rights Agreement, dated as of December&nbsp;16, 1987, between the
Company and Wells Fargo Bank, N.A. (successor to Mellon Investor Services, L.L.C., as rights
agent (incorporated by reference to Exhibit&nbsp;4 to the Company&#146;s Current report on Form 8-K
dated December&nbsp;3, 1997).</DIV></TD>
</TR>

<TR style="font-size: 4pt">
    <TD colspan="5">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">4(d) &nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD><DIV style="text-align: justify;">Certificate of Designation of the Company establishing the rights, preferences, privileges,
qualifications, restrictions and limitations relating to the Company&#146;s Floating Rate
Non-Cumulative Preferred Stock, Series&nbsp;2, par value $1.00 per share effective as of October
25, 2004. (incorporated by reference to Exhibit&nbsp;3.2 and 4.1 to the Company&#146;s Current Report on
Form 8-K dated March&nbsp;10, 2005).</DIV></TD>
</TR>

<TR style="font-size: 4pt">
    <TD colspan="5">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">4(e) &nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD><DIV style="text-align: justify;">Certificate of Designation of the Company establishing the rights, preferences, privileges,
qualifications, restrictions and limitations relating to the Company&#146;s Floating Rate
Non-Cumulative Preferred Stock, Series&nbsp;2, par value $1.00 per share effective as of March&nbsp;9,
2005. (incorporated by reference to Exhibit&nbsp;3.3 and 4.2 to the Company&#146;s Current Report on
Form 8-K dated March&nbsp;10, 2005).</DIV></TD>
</TR>

<TR style="font-size: 4pt">
    <TD colspan="5">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">4(f) &nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD><DIV style="text-align: justify;">Certificate of Designation of the Company establishing the rights, preferences, privileges,
qualifications, restrictions and limitations relating to the Company&#146;s Series&nbsp;A Junior
Preferred Stock (incorporated by reference to Exhibit 3(f) to the Company&#146;s Registration
Statement on Form S-3 (File No.&nbsp;33-19975)).</DIV></TD>
</TR>

<TR style="font-size: 4pt">
    <TD colspan="5">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">5</TD>
    <TD width="3%">&nbsp;</TD>
    <TD><DIV style="text-align: justify;">Opinion of Sidley Austin Brown &#038; Wood LLP.</DIV></TD>
</TR>

<TR style="font-size: 4pt">
    <TD colspan="5">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">10</TD>
    <TD width="3%">&nbsp;</TD>
    <TD><DIV style="text-align: justify;">Merrill Lynch &#038; Co.,
Inc. Deferred Stock Unit Plan for Non-Employee Directors.</DIV></TD>
</TR>

<TR style="font-size: 4pt">
    <TD colspan="5">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">15</TD>
    <TD width="3%">&nbsp;</TD>
    <TD><DIV style="text-align: justify;">Letter re: unaudited interim financial information.</DIV></TD>
</TR>

<TR style="font-size: 4pt">
    <TD colspan="5">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">23(a) &nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD><DIV style="text-align: justify;">Consent of Sidley Austin Brown &#038; Wood LLP(included as part of Exhibit&nbsp;5).</DIV></TD>
</TR>

<TR style="font-size: 4pt">
    <TD colspan="5">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">23(b) &nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD><DIV style="text-align: justify;">Consent of Deloitte &#038; Touche LLP.</DIV></TD>
</TR>

<TR style="font-size: 4pt">
    <TD colspan="5">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">24</TD>
    <TD width="3%">&nbsp;</TD>
    <TD><DIV style="text-align: justify;">Power of Attorney (included on page 6).</DIV></TD>
</TR>

</TABLE>
<!-- link2 "ITEM 9. UNDERTAKINGS." -->
<DIV align="left"><A NAME="010"></A></DIV>

<P align="left" style="font-size: 11pt"><B>ITEM 9. UNDERTAKINGS.</B>


<P align="justify" style="font-size: 11pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The undersigned registrant hereby undertakes:


<P align="justify" style="font-size: 11pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)(1) To file, during any period in which offers or sales are being made, a post-effective
amendment to this Registration Statement:



<P align="left" style="margin-left:6%; font-size: 11pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) To include any prospectus required by Section&nbsp;10(a)(3) of the Securities Act of
1933;



<P align="left" style="margin-left:6%; font-size: 11pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) To reflect in the prospectus any facts or events arising after the effective date
of this Registration Statement (or the most recent post-effective amendment thereof) which,
individually or in the aggregate, represent a fundamental change in the information set
forth in the Registration Statement;



<P align="left" style="margin-left:6%; font-size: 11pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) To include any material information with respect to the plan of distribution not
previously disclosed in this Registration Statement or any material change to such
information in this Registration Statement;


<P align="justify" style="font-size: 11pt">provided, however, that paragraphs (a)(1)(i) and (a)(1)(ii) do not apply if the registration
statement is on Form S-8 and the information required to be included in a post-effective amendment
by those paragraphs is contained in periodic reports filed by the registrant pursuant to Section&nbsp;13
or 15(d) of the Securities Exchange Act of 1934 that are incorporated by reference in this
Registration Statement.

</DIV>

<P style="font-family: 'times new roman',times; margin-left: .5in; width: 7.06in; font-size: 11pt; text-align: center;">&nbsp;

<!-- PAGEBREAK -->
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<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .5in; width: 7.06in">

<P align="justify" style="font-size: 11pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;That, for the purpose of determining any liability under the Securities Act of 1933, each
such post-effective amendment shall be deemed to be a new registration statement relating to the
securities offered therein, and the offering of such securities at the time shall be deemed to be
the initial <I>bona fide </I>offering thereof.


<P align="justify" style="font-size: 11pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)&nbsp;To deregister by means of a post-effective amendment any of the securities being
registered which remain unsold at the termination of the offering.


<P align="justify" style="font-size: 11pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;That, for the purpose of determining any liability under the Securities Act of 1933 (the
&#147;Securities Act&#148;), each filing of the registrant&#146;s annual report pursuant to Section 13(a) or 15(d)
of the Securities Exchange Act of 1934, that is incorporated by reference in this Registration
Statement shall be deemed to be a new registration statement relating to the securities offered
herein, and the offering of such securities at the time shall be deemed to be the initial <I>bona fide</I>
offering hereof.


<P align="justify" style="font-size: 11pt">&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;Insofar as indemnification for liabilities arising under the Securities Act may be
permitted to directors, officers and controlling persons of the registrant pursuant to the
provisions referred to in Item&nbsp;6 of this Registration Statement, or otherwise, the registrant has
been advised that in the opinion of the Securities and Exchange Commission such indemnification is
against public policy as expressed in the Securities Act and is, therefore, unenforceable. In the
event that a claim for indemnification against such liabilities (other than the payment by the
registrant of expenses incurred or paid by a director, officer or controlling person of the
registrant in the successful defense of any action, suit or proceeding) is asserted by such
director, officer or controlling person in connection with the securities being registered, the
registrant will, unless in the opinion of its counsel the matter has been settled by a controlling
precedent, submit to a court of appropriate jurisdiction the question whether such indemnification
by it is against public policy as expressed in the Securities Act and will be governed by the final
adjudication of such issue.

</DIV>

<P style="font-family: 'times new roman',times; margin-left: .5in; width: 7.06in; font-size: 11pt; text-align: center;">&nbsp;

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .5in; width: 7.06in">
<!-- link1 "SIGNATURES" -->
<DIV align="left"><A NAME="011"></A></DIV>

<P align="center" style="font-size: 11pt"><B>SIGNATURES</B>


<P align="justify" style="font-size: 11pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Pursuant to the requirements of the Securities Act of 1933, the Company certifies that it has
reasonable grounds to believe that it meets all of the requirements for filing on </B><B>Form S-8</B><B> and has
duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto
duly authorized, in the City of New York and State of New York on the
24th&nbsp;day of May, 2005.</B>


<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 11pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">MERRILL LYNCH &#038; CO., INC.<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>

<TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/&nbsp;E. Stanley O'Neal</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">E. Stanley O'Neal&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left"><I>(Chairman of the Board and
Chief Executive Officer)</I>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>


<P align="justify" style="font-size: 11pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each person whose signature appears below appoints E. Stanley O&#146;Neal, Rosemary T. Berkery and
Jeffrey N. Edwards, individually, as true and lawful attorneys-in-fact and agents, with full power
of substitution to sign any amendments (including post-effective amendments) to this Registration
Statement and to each registration statement amended hereby, and to file the same, with all
exhibits and other related documents, with the Securities and Exchange Commission, with full power
and authority to perform any necessary or appropriate actions in connection with the amendment(s).


<P align="justify" style="font-size: 11pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Pursuant to the requirements of the Securities Act of 1933, this Registration Statement has
been signed below by the following persons in the capacities
indicated on the 24th&nbsp;day of May,
2005.</B>

<DIV align="center">
<TABLE style="font-size: 11pt" cellspacing="0" border="0" cellpadding="0" width="100%">

<!-- Begin Table Head -->
 <TR valign="bottom">
    <TD width="56%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="41%">&nbsp;</TD>
</TR>
<TR style="font-size: 9pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000">Signature</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000">Title</TD>
</TR>


<!-- End Table Head -->
<!-- Begin Table Body -->

<TR valign="bottom">
    <TD align="center" nowrap valign="top"><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1em">
    <TD align="center" nowrap valign="top">/s/ E. Stanley O&#146;Neal<HR size="1" noshade color="#000000" width="300" align="center">
(E. Stanley O&#146;Neal)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
Director, Chairman of the Board and
Chief Executive Officer (Principal
Executive Officer)</TD>
</TR>
<TR valign="bottom" style="padding-top: 1em">
    <TD align="center" nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1em">
    <TD align="center" nowrap valign="top">/s/ Jeffrey N. Edwards<HR size="1" noshade color="#000000" width="300" align="center">
(Jeffrey N. Edwards)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
Senior Vice President, Chief Financial
Officer (Principal Financial Officer)</TD>
</TR>
<TR valign="bottom" style="padding-top: 1em">
    <TD align="center" nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1em">
    <TD align="center" nowrap valign="top">/s/ Laurence A. Tosi<HR size="1" noshade color="#000000" width="300" align="center">
(Laurence A. Tosi)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
Finance Director (Principal Accounting
Officer)</TD>
</TR>
<TR valign="bottom" style="padding-top: 1em">
    <TD align="center" nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1em">
    <TD align="center" nowrap valign="top">/s/ Jill K. Conway<HR size="1" noshade color="#000000" width="300" align="center">
(Jill K. Conway)</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">
Director</TD>
</TR>
<TR valign="bottom" style="padding-top: 1em">
    <TD align="center" nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1em">
    <TD align="center" nowrap valign="top">/s/ Alberto Cribiore<HR size="1" noshade color="#000000" width="300" align="center">
(Alberto Cribiore)</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">
Director</TD>
</TR>
<!-- End Table Body -->
 </TABLE>
</DIV>

</DIV>

<P style="font-family: 'times new roman',times; margin-left: .5in; width: 7.06in; font-size: 11pt; text-align: center;">&nbsp;

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .5in; width: 7.06in">
<DIV align="center">
<TABLE style="font-size: 11pt" cellspacing="0" border="0" cellpadding="0" width="100%">

<!-- Begin Table Head -->
 <TR valign="bottom">
    <TD width="56%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="41%">&nbsp;</TD>
</TR>
<TR style="font-size: 9pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000">Signature</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000">Title</TD>
</TR>


<!-- End Table Head -->
<!-- Begin Table Body -->

<TR valign="bottom">
    <TD align="center" nowrap valign="top"><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1em">
    <TD align="center" nowrap valign="top">/s/ John D. Finnegan<HR size="1" noshade color="#000000" width="300" align="center">
(John D. Finnegan)</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">
Director</TD>
</TR>
<TR valign="bottom" style="padding-top: 1em">
    <TD align="center" nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1em">
    <TD align="center" nowrap valign="top">/s/ Heinz-Joachim Neub&#252;rger<HR size="1" noshade color="#000000" width="300" align="center">
(Heinz-Joachim Neub&#252;rger)</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">
Director</TD>
</TR>
<TR valign="bottom" style="padding-top: 1em">
    <TD align="center" nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1em">
    <TD align="center" nowrap valign="top">/s/ David K. Newbigging<HR size="1" noshade color="#000000" width="300" align="center">
(David K. Newbigging)</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">
Director</TD>
</TR>
<TR valign="bottom" style="padding-top: 1em">
    <TD align="center" nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1em">
    <TD align="center" nowrap valign="top">/s/ Aulana L. Peters<HR size="1" noshade color="#000000" width="300" align="center">
(Aulana L. Peters)</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">
Director</TD>
</TR>
<TR valign="bottom" style="padding-top: 1em">
    <TD align="center" nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1em">
    <TD align="center" nowrap valign="top">/s/ Joseph W. Prueher<HR size="1" noshade color="#000000" width="300" align="center">
(Joseph W. Prueher)</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">
Director</TD>
</TR>
<TR valign="bottom" style="padding-top: 1em">
    <TD align="center" nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1em">
    <TD align="center" nowrap valign="top">/s/ Ann N. Reese<HR size="1" noshade color="#000000" width="300" align="center">
(Ann N. Reese)</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">
Director</TD>
</TR>
<TR valign="bottom" style="padding-top: 1em">
    <TD align="center" nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1em">
    <TD align="center" nowrap valign="top">/s/ Charles O. Rossotti<HR size="1" noshade color="#000000" width="300" align="center">
(Charles O. Rossotti)</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">
Director</TD>
</TR>
<!-- End Table Body -->
 </TABLE>
</DIV>

</DIV>

<P style="font-family: 'times new roman',times; margin-left: .5in; width: 7.06in; font-size: 11pt; text-align: center;">&nbsp;

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .5in; width: 7.06in">
<!-- link1 "EXHIBIT INDEX" -->
<DIV align="left"><A NAME="012"></A></DIV>

<P align="center" style="font-size: 11pt"><B>EXHIBIT INDEX</B>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 11pt">
<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">4(a) &nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD><DIV style="text-align: justify;">Restated Certificate of Incorporation of the Company, dated May&nbsp;3, 2001 (incorporated by
reference to Exhibit&nbsp;3.1 to the Company&#146;s Current Report on Form 8-K dated March&nbsp;10, 2005).</DIV></TD>
</TR>

<TR style="font-size: 4pt">
    <TD colspan="5">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">4(b) &nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD><DIV style="text-align: justify;">By-Laws of the Company, effective as of April&nbsp;28, 2003 (incorporated by reference to Exhibit
3 to the Company&#146;s Quarterly Report on Form 10-Q for the quarter ended March&nbsp;28, 2003 (File
No.&nbsp;1-7182)).</DIV></TD>
</TR>

<TR style="font-size: 4pt">
    <TD colspan="5">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">4(c) &nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD><DIV style="text-align: justify;">Form of Amended and Restated Rights Agreement, dated as of December&nbsp;16, 1987, between the
Company and Wells Fargo Bank, N.A. (successor to Mellon Investor Services, L.L.C., as rights
agent (incorporated by reference to Exhibit&nbsp;4 to the Company&#146;s Current report on Form 8-K
dated December&nbsp;3, 1997).</DIV></TD>
</TR>

<TR style="font-size: 4pt">
    <TD colspan="5">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">4(d) &nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD><DIV style="text-align: justify;">Certificate of Designation of the Company establishing the rights, preferences, privileges,
qualifications, restrictions and limitations relating to the Company&#146;s Floating Rate
Non-Cumulative Preferred Stock, Series&nbsp;2, par value $1.00 per share effective as of October
25, 2004. (incorporated by reference to Exhibit&nbsp;3.2 and 4.1 to the Company&#146;s Current Report on
Form 8-K dated March&nbsp;10, 2005).</DIV></TD>
</TR>

<TR style="font-size: 4pt">
    <TD colspan="5">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">4(e) &nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD><DIV style="text-align: justify;">Certificate of Designation of the Company establishing the rights, preferences, privileges,
qualifications, restrictions and limitations relating to the Company&#146;s Floating Rate
Non-Cumulative Preferred Stock, Series&nbsp;2, par value $1.00 per share effective as of March&nbsp;9,
2005. (incorporated by reference to Exhibit&nbsp;3.3 and 4.2 to the Company&#146;s Current Report on
Form 8-K dated March&nbsp;10, 2005).</DIV></TD>
</TR>

<TR style="font-size: 4pt">
    <TD colspan="5">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">4(f) &nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD><DIV style="text-align: justify;">Certificate of Designation of the Company establishing the rights, preferences, privileges,
qualifications, restrictions and limitations relating to the Company&#146;s Series&nbsp;A Junior
Preferred Stock (incorporated by reference to Exhibit 3(f) to the Company&#146;s Registration
Statement on Form S-3 (File No.&nbsp;33-19975)).</DIV></TD>
</TR>

<TR style="font-size: 4pt">
    <TD colspan="5">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">*5 </TD>
    <TD width="3%">&nbsp;</TD>
    <TD><DIV style="text-align: justify;">Opinion of Sidley Austin Brown &#038; Wood LLP.</DIV></TD>
</TR>

<TR style="font-size: 4pt">
    <TD colspan="5">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">*10 </TD>
    <TD width="3%">&nbsp;</TD>
    <TD><DIV style="text-align: justify;">Merrill Lynch &#038; Co.,
Inc. Deferred Stock Unit Plan for Non-Employee Directors.</DIV></TD>
</TR>

<TR style="font-size: 4pt">
    <TD colspan="5">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">*15 </TD>
    <TD width="3%">&nbsp;</TD>
    <TD><DIV style="text-align: justify;">Letter re: unaudited interim financial information.</DIV></TD>
</TR>

<TR style="font-size: 4pt">
    <TD colspan="5">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">*23(a) </TD>
    <TD width="3%">&nbsp;</TD>
    <TD><DIV style="text-align: justify;">Consent of Sidley Austin Brown &#038; Wood LLP(included as part of Exhibit&nbsp;5).</DIV></TD>
</TR>

<TR style="font-size: 4pt">
    <TD colspan="5">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">*23(b) </TD>
    <TD width="3%">&nbsp;</TD>
    <TD><DIV style="text-align: justify;">Consent of Independent Registered Public Accounting Firm.</DIV></TD>
</TR>

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    <TD colspan="5">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">*24 </TD>
    <TD width="3%">&nbsp;</TD>
    <TD><DIV style="text-align: justify;">Power of Attorney (included on page 5).</DIV></TD>
</TR>

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    <TD width="3%">&nbsp;</TD>
    <TD width="96%"><DIV align="justify">Filed herewith</DIV></TD>
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[{"type": "S-8", "sequence": "1", "filename": "y09368sv8.htm", "description": "FORM S-8", "secsgml_size_bytes": 50104}]
{"company-data": {"conformed-name": "MERRILL LYNCH & CO INC", "cik": "0000065100", "assigned-sic": "6211", "irs-number": "132740599", "state-of-incorporation": "DE", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "S-8", "act": "33", "file-number": "333-125181", "film-number": "05853914"}, "business-address": {"street1": "4 WORLD FINANCIAL CTR", "city": "NEW YORK", "state": "NY", "zip": "10080", "phone": "2124491000"}, "mail-address": {"street1": "4 WORLD FINANCIAL CTR", "city": "NEW YORK", "state": "NY", "zip": "10080"}}
FORM S-8
Table of Contents
Registration No. 333-
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM S-8
Registration Statement
under
THE SECURITIES ACT OF 1933
MERRILL LYNCH & CO., INC.
(Exact name of registrant as specified in its charter)
DELAWARE
(State or other jurisdiction
of incorporation or organization)
13-2740599
(I.R.S. Employer Identification No.)
4 World Financial Center
New York, New York 10080
(212) 449-1000
(Address, including zip code, and telephone number, including area code, of registrant's principal executive offices)
Richard Alsop, Esq.
Merrill Lynch & Co., Inc.
222 Broadway — 17
th
Floor
New York, New York 10038
(212) 670-0180
(Name, address, including zip code, and telephone number, including area code, of agent for service)
Merrill Lynch & Co., Inc. Deferred Stock Unit Plan
for Non-Employee Directors
(Full title of the plan)
CALCULATION OF REGISTRATION FEE
Title of securities
Amount to
Proposed maximum offering
Proposed maximum aggregate
Amount of
to be registered
be registered
price per share
offering price(2)
registration fee
Common Stock, par value
$1.33-1/3 per share,
(including Preferred Stock
Purchase Rights)
(1)
1,027,605
$
54.12
$
55,613,982
$
6,545.76
(1)
Prior to the occurrence of certain events, the Preferred Stock Purchase Rights will not be evidenced separately from the Common Stock; value attributable to such Rights, if any, is reflected in the market price of the Common Stock.
(2)
Calculated in accordance with Rule 457(c), based on the average of the high and low prices of the Common Stock reported in the consolidated reporting system on May 17, 2005.
TABLE OF CONTENTS
PART I
INFORMATION REQUIRED IN THE SECTION 10(a) PROSPECTUS
PART II
INFORMATION REQUIRED IN THE REGISTRATION STATEMENT
ITEM 3. INCORPORATION OF DOCUMENTS BY REFERENCE.
ITEM 4. DESCRIPTION OF SECURITIES.
ITEM 5. INTERESTS OF EXPERTS AND COUNSEL.
ITEM 6. INDEMNIFICATION OF DIRECTORS AND OFFICERS.
ITEM 7. EXEMPTION FROM REGISTRATION CLAIMED.
ITEM 8. EXHIBITS.
ITEM 9. UNDERTAKINGS.
SIGNATURES
EXHIBIT INDEX
Ex-5: OPINION OF SIDLEY AUSTIN BROWN & WOOD LLP
EX-10: DEFFERED STOCK UNIT PLAN FOR NON-EMPLOYEES
EX-15: LETTER RE: UNAUDITED INTERIM FINANCIAL INFORMATION
EX-23.B: CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
Table of Contents
PART I
INFORMATION REQUIRED IN THE SECTION 10(a) PROSPECTUS
The document(s) containing the information specified in Part I of Form S-8 will be sent or
given to participating directors as specified by Rule 428(b)(1) of the Securities Act of 1933, as
amended. Such documents and the documents incorporated by reference herein pursuant to Item 3 of
Part II hereof, taken together, constitute a prospectus that meets the requirements of Section
10(a) of the Securities Act of 1933, as amended.
PART II
INFORMATION REQUIRED IN THE REGISTRATION STATEMENT
ITEM 3. INCORPORATION OF DOCUMENTS BY REFERENCE.
The Annual Report of Merrill Lynch & Co., Inc. (the "Company") on Form 10-K for the fiscal
year ended December 31, 2004, Quarterly Report on Form 10-Q for the quarter ended April 1, 2005 and
Current Reports on Form 8-K dated January 3, 2005, January 25, 2005, February 3, 2005, February 4,
2005 (2 reports), February 11, 2005, March 8, 2005, March 11, 2005, March 14, 2005, March 15, 2005
(3 reports), March 29, 2005, April 12, 2005, April 19, 2005, April 25, 2005, May 9, 2005 and May
10, 2005, filed pursuant to Section 13 of the Securities Exchange Act of 1934 (the "Exchange Act"),
are incorporated by reference herein. Information furnished under Item 9 of Form 8-K is not
incorporated by reference herein.
All documents filed by the Company pursuant to Sections 13(a), 13(c), 14 or 15(d) of the
Exchange Act subsequent to the date hereof and prior to the termination of the offering of the
securities registered pursuant to this Registration Statement shall be deemed to be incorporated by
reference into this Registration Statement and to be part hereof from the date of filing of such
documents. Any statement contained in a document incorporated or deemed to be incorporated by
reference herein shall be deemed to be modified or superseded for purposes of this Registration
Statement to the extent that a statement contained herein or in any other subsequently filed
document which also is or is deemed to be incorporated by reference herein modifies or supersedes
such statement. Any such statement so modified or superseded shall not be deemed, except as so
modified or superseded, to constitute a part hereof.
ITEM 4. DESCRIPTION OF SECURITIES.
Under the Company's restated certificate of incorporation, the Company is authorized to issue
up to 3,000,000,000,000 shares of common stock, par value $1.33-1/3 per share. As of December 31,
2004, there were 928,036,749 shares of common stock and 2,782,712 exchangeable shares outstanding.
The exchangeable shares are exchangeable at any time into common stock on a one-for-one basis and
entitle holders to dividend, voting and other rights equivalent to common stock. Under the
Company's Restated Certificate of Incorporation, the Company is authorized to issue up to
25,000,000 shares of preferred stock, par value $1.00 per share, issuable in series ("Preferred
Stock"). The common stock will be, when issued against payment therefore, fully paid and
non-assessable.
Holders of shares of common stock will have no preemptive rights to subscribe for any
additional securities which may be issued by the Company. The rights of a holder of common stock
will be subject to, and may be adversely affected by, the rights of holders of any Preferred Stock
that has been issued and may be issued in the future.
Wells Fargo Bank, N.A. is the recordkeeping transfer agent for the common stock of the
Company.
Because the Company is a holding company, its rights, and the rights of holders of its
securities, including the holders of common stock to participate in the distribution of assets of
any subsidiary of the Company upon the subsidiary's liquidation or recapitalization will be subject
to the prior claims of the subsidiary's creditors and preferred stockholders, except to the extent
that the Company may itself be a creditor with recognized claims against the subsidiary or holder
of preferred stock of the subsidiary.
Table of Contents
The Company may pay dividends on the common stock out of funds legally available for the
payment of dividends as, if and when declared by the Board of Directors of the Company or a duly
authorized committee of the Board of Directors.
Upon any voluntary or involuntary liquidation, dissolution, or winding up of the Company, the
holders of its common stock will be entitled to receive, after payment of all of its debts,
liabilities and of all sums to which holders of any preferred stock may be entitled, all of the
remaining assets of the Company.
Except voting rights of the exchangeable shares and voting rights of any outstanding series of
Preferred Stock, the holders of the common stock currently possess exclusive voting rights in the
Company. The Board of Directors of the Company may, however, give voting power to any Preferred
Stock which may be issued in the future. Each holder of common stock is entitled to one vote for
each share with respect to all matters. There is no cumulative voting in the election of directors.
Actions requiring approval of shareholders generally require approval of a majority vote of
outstanding shares.
Under the Amended and Restated Rights Agreement, adopted on December 2, 1997 (the "Rights
Agreement"), preferred purchase rights were distributed to holders of common stock. The preferred
purchase rights are attached to each outstanding share of common stock and will attach to all
subsequently issued shares, including common stock that may be issued under the Merrill Lynch &
Co., Inc. Deferred Stock Unit Plan for Non-Employee Directors (the "Plan"). The preferred purchase
rights entitle the holder to purchase fractions of a share ("Units") of Series A junior Preferred
Stock at an exercise price of $300 per Unit, subject to adjustment from time to time as provided in
the Rights Agreement. The exercise price and the number of Units issuable are subject to
adjustment to prevent dilution.
The Board of Directors of the Company, without further action by stockholders, has the authority to
issue shares of Preferred Stock from time to time in one or more series and to fix the number of
shares and the rights, preferences, privileges, qualifications, restrictions and limitations of
each series. As of December 31, 2004, the Company had 24,957,500 shares of Preferred Stock
available for issuance. The Company has authorized the issuance of Series A junior Preferred
Stock, par value $1.00 per share, of the Company upon exercise of preferred share purchase rights
associated with each share of common stock outstanding described above.
ITEM 5. INTERESTS OF EXPERTS AND COUNSEL.
None.
ITEM 6. INDEMNIFICATION OF DIRECTORS AND OFFICERS.
Section 145 of the General Corporation Law of the State of Delaware, as amended, provides that
under certain circumstances a corporation may indemnify any person who was or is a party or is
threatened to be made a party to any threatened, pending or completed action, suit or proceeding
whether civil, criminal, administrative or investigative, by reason of the fact that he or she is
or was a director, officer, employee or agent of the Company or is or was serving at its request in
such capacity in another corporation or business association, against expenses (including
attorneys' fees), judgments, fines and amounts paid in settlement actually and reasonably incurred
by him or her in connection with such action, suit or proceeding if he or she acted in good faith
and in a manner he or she reasonably believed to be in or not opposed to the best interests of the
Company and, with respect to any criminal action or proceeding, had no reasonable cause to believe
his or her conduct was unlawful.
Article XIII, Section 2 of the Restated Certificate of Incorporation of the Company provides
in effect that, subject to certain limited exceptions, the Company shall indemnify its directors
and officers to the extent authorized or permitted by the General Corporation Law of the State of
Delaware.
The directors and officers of the Company are insured under policies of insurance maintained
by the Company, subject to the limits of the policies, against certain losses arising from any
claims made against them by reason of being or having been such directors or officers. Similar
indemnification and insurance is also provided to those employees of the Company who serve as
administrators of the Plan. In addition, the Company has entered into contracts with all of its
directors providing for indemnification of such persons by the Company to the fullest extent
authorized or permitted by law, subject to certain limited exceptions. The Company has established
trusts to fund its obligations, up to the amount of the trust assets, that may arise under these
agreements and also to directors, officers and employees under the provisions of the General
Corporation Law of the State of Delaware and the Company's Restated Certificate of Incorporation.
Table of Contents
ITEM 7. EXEMPTION FROM REGISTRATION CLAIMED.
Not Applicable.
ITEM 8. EXHIBITS.
4(a)
Restated Certificate of Incorporation of the Company, dated May 3, 2001 (incorporated by
reference to Exhibit 3.1 to the Company's Current Report on Form 8-K dated March 10, 2005).
4(b)
By-Laws of the Company, effective as of April 28, 2003 (incorporated by reference to Exhibit
3 to the Company's Quarterly Report on Form 10-Q for the quarter ended March 28, 2003 (File
No. 1-7182)).
4(c)
Form of Amended and Restated Rights Agreement, dated as of December 16, 1987, between the
Company and Wells Fargo Bank, N.A. (successor to Mellon Investor Services, L.L.C., as rights
agent (incorporated by reference to Exhibit 4 to the Company's Current report on Form 8-K
dated December 3, 1997).
4(d)
Certificate of Designation of the Company establishing the rights, preferences, privileges,
qualifications, restrictions and limitations relating to the Company's Floating Rate
Non-Cumulative Preferred Stock, Series 2, par value $1.00 per share effective as of October
25, 2004. (incorporated by reference to Exhibit 3.2 and 4.1 to the Company's Current Report on
Form 8-K dated March 10, 2005).
4(e)
Certificate of Designation of the Company establishing the rights, preferences, privileges,
qualifications, restrictions and limitations relating to the Company's Floating Rate
Non-Cumulative Preferred Stock, Series 2, par value $1.00 per share effective as of March 9,
2005. (incorporated by reference to Exhibit 3.3 and 4.2 to the Company's Current Report on
Form 8-K dated March 10, 2005).
4(f)
Certificate of Designation of the Company establishing the rights, preferences, privileges,
qualifications, restrictions and limitations relating to the Company's Series A Junior
Preferred Stock (incorporated by reference to Exhibit 3(f) to the Company's Registration
Statement on Form S-3 (File No. 33-19975)).
5
Opinion of Sidley Austin Brown & Wood LLP.
10
Merrill Lynch & Co.,
Inc. Deferred Stock Unit Plan for Non-Employee Directors.
15
Letter re: unaudited interim financial information.
23(a)
Consent of Sidley Austin Brown & Wood LLP(included as part of Exhibit 5).
23(b)
Consent of Deloitte & Touche LLP.
24
Power of Attorney (included on page 6).
ITEM 9. UNDERTAKINGS.
The undersigned registrant hereby undertakes:
(a)(1) To file, during any period in which offers or sales are being made, a post-effective
amendment to this Registration Statement:
(i) To include any prospectus required by Section 10(a)(3) of the Securities Act of
1933;
(ii) To reflect in the prospectus any facts or events arising after the effective date
of this Registration Statement (or the most recent post-effective amendment thereof) which,
individually or in the aggregate, represent a fundamental change in the information set
forth in the Registration Statement;
(iii) To include any material information with respect to the plan of distribution not
previously disclosed in this Registration Statement or any material change to such
information in this Registration Statement;
provided, however, that paragraphs (a)(1)(i) and (a)(1)(ii) do not apply if the registration
statement is on Form S-8 and the information required to be included in a post-effective amendment
by those paragraphs is contained in periodic reports filed by the registrant pursuant to Section 13
or 15(d) of the Securities Exchange Act of 1934 that are incorporated by reference in this
Registration Statement.
Table of Contents
(2) That, for the purpose of determining any liability under the Securities Act of 1933, each
such post-effective amendment shall be deemed to be a new registration statement relating to the
securities offered therein, and the offering of such securities at the time shall be deemed to be
the initial
bona fide
offering thereof.
(3) To deregister by means of a post-effective amendment any of the securities being
registered which remain unsold at the termination of the offering.
(b) That, for the purpose of determining any liability under the Securities Act of 1933 (the
"Securities Act"), each filing of the registrant's annual report pursuant to Section 13(a) or 15(d)
of the Securities Exchange Act of 1934, that is incorporated by reference in this Registration
Statement shall be deemed to be a new registration statement relating to the securities offered
herein, and the offering of such securities at the time shall be deemed to be the initial
bona fide
offering hereof.
(c) Insofar as indemnification for liabilities arising under the Securities Act may be
permitted to directors, officers and controlling persons of the registrant pursuant to the
provisions referred to in Item 6 of this Registration Statement, or otherwise, the registrant has
been advised that in the opinion of the Securities and Exchange Commission such indemnification is
against public policy as expressed in the Securities Act and is, therefore, unenforceable. In the
event that a claim for indemnification against such liabilities (other than the payment by the
registrant of expenses incurred or paid by a director, officer or controlling person of the
registrant in the successful defense of any action, suit or proceeding) is asserted by such
director, officer or controlling person in connection with the securities being registered, the
registrant will, unless in the opinion of its counsel the matter has been settled by a controlling
precedent, submit to a court of appropriate jurisdiction the question whether such indemnification
by it is against public policy as expressed in the Securities Act and will be governed by the final
adjudication of such issue.
Table of Contents
SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, the Company certifies that it has
reasonable grounds to believe that it meets all of the requirements for filing on
Form S-8
and has
duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto
duly authorized, in the City of New York and State of New York on the
24th day of May, 2005.
MERRILL LYNCH & CO., INC.
By:
/s/ E. Stanley O'Neal
E. Stanley O'Neal
(Chairman of the Board and
Chief Executive Officer)
Each person whose signature appears below appoints E. Stanley O'Neal, Rosemary T. Berkery and
Jeffrey N. Edwards, individually, as true and lawful attorneys-in-fact and agents, with full power
of substitution to sign any amendments (including post-effective amendments) to this Registration
Statement and to each registration statement amended hereby, and to file the same, with all
exhibits and other related documents, with the Securities and Exchange Commission, with full power
and authority to perform any necessary or appropriate actions in connection with the amendment(s).
Pursuant to the requirements of the Securities Act of 1933, this Registration Statement has
been signed below by the following persons in the capacities
indicated on the 24th day of May,
2005.
Signature
Title
/s/ E. Stanley O'Neal
(E. Stanley O'Neal)
Director, Chairman of the Board and
Chief Executive Officer (Principal
Executive Officer)
/s/ Jeffrey N. Edwards
(Jeffrey N. Edwards)
Senior Vice President, Chief Financial
Officer (Principal Financial Officer)
/s/ Laurence A. Tosi
(Laurence A. Tosi)
Finance Director (Principal Accounting
Officer)
/s/ Jill K. Conway
(Jill K. Conway)
Director
/s/ Alberto Cribiore
(Alberto Cribiore)
Director
Table of Contents
Signature
Title
/s/ John D. Finnegan
(John D. Finnegan)
Director
/s/ Heinz-Joachim Neubürger
(Heinz-Joachim Neubürger)
Director
/s/ David K. Newbigging
(David K. Newbigging)
Director
/s/ Aulana L. Peters
(Aulana L. Peters)
Director
/s/ Joseph W. Prueher
(Joseph W. Prueher)
Director
/s/ Ann N. Reese
(Ann N. Reese)
Director
/s/ Charles O. Rossotti
(Charles O. Rossotti)
Director
Table of Contents
EXHIBIT INDEX
4(a)
Restated Certificate of Incorporation of the Company, dated May 3, 2001 (incorporated by
reference to Exhibit 3.1 to the Company's Current Report on Form 8-K dated March 10, 2005).
4(b)
By-Laws of the Company, effective as of April 28, 2003 (incorporated by reference to Exhibit
3 to the Company's Quarterly Report on Form 10-Q for the quarter ended March 28, 2003 (File
No. 1-7182)).
4(c)
Form of Amended and Restated Rights Agreement, dated as of December 16, 1987, between the
Company and Wells Fargo Bank, N.A. (successor to Mellon Investor Services, L.L.C., as rights
agent (incorporated by reference to Exhibit 4 to the Company's Current report on Form 8-K
dated December 3, 1997).
4(d)
Certificate of Designation of the Company establishing the rights, preferences, privileges,
qualifications, restrictions and limitations relating to the Company's Floating Rate
Non-Cumulative Preferred Stock, Series 2, par value $1.00 per share effective as of October
25, 2004. (incorporated by reference to Exhibit 3.2 and 4.1 to the Company's Current Report on
Form 8-K dated March 10, 2005).
4(e)
Certificate of Designation of the Company establishing the rights, preferences, privileges,
qualifications, restrictions and limitations relating to the Company's Floating Rate
Non-Cumulative Preferred Stock, Series 2, par value $1.00 per share effective as of March 9,
2005. (incorporated by reference to Exhibit 3.3 and 4.2 to the Company's Current Report on
Form 8-K dated March 10, 2005).
4(f)
Certificate of Designation of the Company establishing the rights, preferences, privileges,
qualifications, restrictions and limitations relating to the Company's Series A Junior
Preferred Stock (incorporated by reference to Exhibit 3(f) to the Company's Registration
Statement on Form S-3 (File No. 33-19975)).
*5
Opinion of Sidley Austin Brown & Wood LLP.
*10
Merrill Lynch & Co.,
Inc. Deferred Stock Unit Plan for Non-Employee Directors.
*15
Letter re: unaudited interim financial information.
*23(a)
Consent of Sidley Austin Brown & Wood LLP(included as part of Exhibit 5).
*23(b)
Consent of Independent Registered Public Accounting Firm.
*24
Power of Attorney (included on page 5).
*
Filed herewith