Merrill Lynch SA

Full Early Redemption

Merrill Lynch S.A.

                               Merrill Lynch S.A.

               Issue of AUD 1,900,000 Variable IndexLinked Coupon

               Amount Automatic Early Redemption and Index Linked

                Redemption Notes Due 4 March 2013 S 1369 T 1 MTN

                                ISIN XS0346897928

Please be advised that the issue redeems in full with value 04.06.2008

The new outstanding is Nil.

Please arrange for this to be reflected in your records.