EXHIBIT 99.1 MERRILL LYNCH & CO., INC. AND SUBSIDIARIES PRELIMINARY UNAUDITED CONSOLIDATED BALANCE SHEET Sept. 26, (dollars in millions) 2003 ------------------------------------------------------------------------------------ -------- ASSETS CASH AND CASH EQUIVALENTS....................................................... $ 15,532 -------- CASH AND SECURITIES SEGREGATED FOR REGULATORY PURPOSES OR DEPOSITED WITH CLEARING ORGANIZATIONS.......................................... 6,371 -------- SECURITIES FINANCING TRANSACTIONS Receivables under resale agreements........................................... 79,116 Receivables under securities borrowed transactions............................ 45,556 -------- 124,672 -------- TRADING ASSETS, AT FAIR VALUE (includes securities pledged as collateral of $18,081) Contractual agreements........................................................ 39,343 Corporate debt and preferred stock............................................ 22,169 Equities and convertible debentures........................................... 17,938 Non-U.S. governments and agencies............................................. 17,407 Mortgages, mortgage-backed, and asset-backed.................................. 16,552 U.S. Government and agencies.................................................. 13,414 Municipals and money markets.................................................. 4,730 -------- 131,553 -------- INVESTMENT SECURITIES........................................................... 79,558 -------- SECURITIES RECEIVED AS COLLATERAL............................................... 5,148 -------- OTHER RECEIVABLES Customers (net of allowance for doubtful accounts of $60)..................... 41,913 Brokers and dealers........................................................... 3,454 Interest and other............................................................ 10,195 -------- 55,562 -------- LOANS, NOTES, AND MORTGAGES (net of allowance of $274).......................... 40,370 SEPARATE ACCOUNTS ASSETS........................................................ 15,513 EQUIPMENT AND FACILITIES (net of accumulated depreciation and amortization of $4,984)..................................................... 2,606 GOODWILL (net of accumulated amortization of $1,011)............................ 4,596 OTHER ASSETS.................................................................... 4,286 -------- TOTAL ASSETS.................................................................... $485,767 ========

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MERRILL LYNCH & CO., INC. AND SUBSIDIARIES PRELIMINARY UNAUDITED CONSOLIDATED BALANCE SHEET Sept. 26, (dollars in millions, except per share amount) 2003 ------------------------------------------------------------------------------ -------- LIABILITIES SECURITIES FINANCING TRANSACTIONS Payables under repurchase agreements........................................ $ 95,939 Payables under securities loaned transactions............................... 7,391 -------- 103,330 -------- COMMERCIAL PAPER AND OTHER SHORT-TERM BORROWINGS.............................. 3,015 -------- DEPOSITS...................................................................... 79,312 -------- TRADING LIABILITIES, AT FAIR VALUE Contractual agreements...................................................... 45,198 U.S. Government and agencies................................................ 17,119 Non-U.S. governments and agencies .......................................... 12,257 Corporate debt, municipals and preferred stock.............................. 8,894 Equities and convertible debentures......................................... 8,084 -------- 91,552 -------- OBLIGATION TO RETURN SECURITIES RECEIVED AS COLLATERAL........................ 5,148 -------- OTHER PAYABLES Customers................................................................... 34,525 Brokers and dealers......................................................... 16,509 Interest and other.......................................................... 24,017 -------- 75,051 -------- LIABILITIES OF INSURANCE SUBSIDIARIES......................................... 3,397 -------- SEPARATE ACCOUNTS LIABILITIES................................................. 15,513 -------- LONG-TERM BORROWINGS.......................................................... 80,706 -------- TOTAL LIABILITIES............................................................. 457,024 -------- PREFERRED SECURITIES ISSUED BY SUBSIDIARIES................................... 2,666 -------- 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....................................... 43 Common stock, par value $1.33 1/3 per share; authorized: 3,000,000,000 shares; issued: 1,056,070,197 shares............................................... 1,408 Paid-in capital............................................................. 6,385 Accumulated other comprehensive loss (net of tax)........................... (511) Retained earnings........................................................... 20,344 -------- 27,669 Less: Treasury stock, at cost: 117,516,610 shares............................ 1,207 Unamortized employee stock grants....................................... 810 -------- TOTAL COMMON STOCKHOLDERS' EQUITY............................................. 25,652 -------- TOTAL STOCKHOLDERS' EQUITY.................................................... 26,077 -------- TOTAL LIABILITIES, PREFERRED SECURITIES ISSUED BY SUBSIDIARIES, AND STOCKHOLDERS' EQUITY................................................. $485,767 ========

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