EXHIBIT 99.1 MERRILL LYNCH & CO., INC. AND SUBSIDIARIES PRELIMINARY UNAUDITED CONSOLIDATED BALANCE SHEET Jun. 27, (dollars in millions) 2003 ------------------------------------------------------------------------------------ -------- ASSETS CASH AND CASH EQUIVALENTS....................................................... $ 14,046 -------- CASH AND SECURITIES SEGREGATED FOR REGULATORY PURPOSES OR DEPOSITED WITH CLEARING ORGANIZATIONS...................................... 7,212 -------- SECURITIES FINANCING TRANSACTIONS Receivables under resale agreements........................................... 75,482 Receivables under securities borrowed transactions............................ 50,917 -------- 126,399 TRADING ASSETS, AT FAIR VALUE (includes securities pledged as collateral of $18,050) Contractual agreements........................................................ 40,601 Corporate debt and preferred stock............................................ 23,892 Mortgages, mortgage-backed, and asset-backed.................................. 20,306 Equities and convertible debentures........................................... 14,646 Non-U.S. governments and agencies............................................. 13,708 U.S. Government and agencies.................................................. 10,540 Municipals and money markets.................................................. 4,936 -------- 128,629 INVESTMENT SECURITIES........................................................... 77,124 -------- SECURITIES RECEIVED AS COLLATERAL............................................... 2,794 -------- OTHER RECEIVABLES Customers (net of allowance for doubtful accounts of $62)..................... 41,185 Brokers and dealers........................................................... 9,126 Interest and other............................................................ 9,248 -------- 59,559 LOANS, NOTES, AND MORTGAGES (net of allowance for loan losses of $297).......... 38,485 SEPARATE ACCOUNTS ASSETS........................................................ 14,572 EQUIPMENT AND FACILITIES (net of accumulated depreciation and amortization of $4,921)..................................................... 2,650 GOODWILL (net of accumulated amortization of $1,005)............................ 4,570 OTHER ASSETS.................................................................... 5,035 -------- TOTAL ASSETS.................................................................... $481,075 ========

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MERRILL LYNCH & CO., INC. AND SUBSIDIARIES PRELIMINARY UNAUDITED CONSOLIDATED BALANCE SHEET Jun. 27, (dollars in millions, except per share amount) 2003 ------------------------------------------------------------------------------ -------- LIABILITIES SECURITIES FINANCING TRANSACTIONS Payables under repurchase agreements........................................ $ 92,967 Payables under securities loaned transactions............................... 9,726 -------- 102,693 -------- COMMERCIAL PAPER AND OTHER SHORT-TERM BORROWINGS.............................. 5,517 -------- DEPOSITS...................................................................... 80,468 -------- TRADING LIABILITIES, AT FAIR VALUE Contractual agreements...................................................... 44,593 U.S. Government and agencies................................................ 18,101 Non-U.S. governments and agencies .......................................... 12,099 Corporate debt, municipals and preferred stock.............................. 10,032 Equities and convertible debentures......................................... 8,536 -------- 93,361 -------- OBLIGATION TO RETURN SECURITIES RECEIVED AS COLLATERAL........................ 2,794 -------- OTHER PAYABLES Customers................................................................... 34,519 Brokers and dealers......................................................... 17,439 Interest and other.......................................................... 19,750 -------- 71,708 LIABILITIES OF INSURANCE SUBSIDIARIES......................................... 3,459 -------- SEPARATE ACCOUNTS LIABILITIES................................................. 14,572 -------- LONG-TERM BORROWINGS.......................................................... 79,062 -------- TOTAL LIABILITIES............................................................. 453,634 -------- PREFERRED SECURITIES ISSUED BY SUBSIDIARIES................................... 2,660 -------- STOCKHOLDERS' EQUITY PREFERRED STOCKHOLDERS' EQUITY (42,500 shares issued and outstanding, liquidation preference $10,000 per share).................................. 425 -------- COMMON STOCKHOLDERS' EQUITY Shares exchangeable into common stock....................................... 46 Common stock, par value $1.33 1/3 per share; authorized: 3,000,000,000 shares; issued: 1,047,824,694 shares............................................... 1,397 Paid-in capital............................................................. 6,093 Accumulated other comprehensive loss (net of tax)........................... (505) Retained earnings........................................................... 19,464 -------- 26,495 Less: Treasury stock, at cost: 116,923,484 shares............................ 1,191 Unamortized employee stock grants.................................... 948 -------- TOTAL COMMON STOCKHOLDERS' EQUITY............................................. 24,356 -------- TOTAL STOCKHOLDERS' EQUITY.................................................... 24,781 -------- TOTAL LIABILITIES, PREFERRED SECURITIES ISSUED BY SUBSIDIARIES, AND STOCKHOLDERS' EQUITY................................................. $481,075 ========

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