EXHIBIT 99(i) Merrill Lynch & Co., Inc. Preliminary Unaudited Earnings Summary For Three Months ended Percent Inc/(Dec) June 28, Mar. 29, June 30, 2Q96 vs. 2Q96 vs. [In millions, except per share amounts] 1996 1996 1995 1Q96 2Q95 ---------------- --------------- --------------- -------------- ----------- Revenues: Commissions $ 970 $ 989 $ 765 (2.0) % 26.8 % Interest and Dividends 3,040 3,010 3,295 1.0 (7.7) Principal Transactions 908 982 615 (7.5) 47.8 Investment Banking 580 378 335 53.4 72.9 Asset Management and Portfolio Service Fees 553 538 464 2.9 19.1 Other 139 122 111 13.8 26.0 ------------- ------------- ----------- Total Revenues 6,190 6,019 5,585 2.8 10.8 Interest Expense 2,810 2,758 3,036 1.9 (7.4) ------------- ------------- ----------- Net Revenues 3,380 3,261 2,549 3.7 32.6 ------------- ------------- ----------- Non-Interest Expenses: Compensation and Benefits 1,741 1,691 1,309 3.0 33.0 Communications and Equipment Rental 137 131 117 4.8 17.2 Occupancy 113 116 110 (2.3) 3.3 Depreciation and Amortization 98 98 88 0.4 10.8 Professional Fees 140 130 105 7.7 33.0 Advertising and Market Development 124 114 96 8.7 29.7 Brokerage, Clearing, and Exchange Fees 101 106 94 (4.9) 7.5 Other 228 204 166 11.7 37.3 ------------- ------------- ----------- Total Non-Interest Expenses 2,682 2,590 2,085 3.6 28.7 ------------- ------------- ----------- Earnings Before Income Taxes 698 671 464 4.0 50.3 Income Tax Expense 265 262 181 1.0 45.7 ------------- ------------- ----------- Net Earnings $ 433 $ 409 $ 283 5.8 53.2 ============= ============= =========== Preferred Stock Dividends $ 11 $ 11 $ 12 (1.1) (3.4) ------------- ------------- ----------- Net Earnings Applicable to Common Stockholders $ 422 $ 398 $ 271 6.0 55.7 ============= ============= =========== Earnings per Common Share: Primary $2.19 $2.03 $1.40 7.9 56.4 Fully Diluted $2.19 $2.03 $1.39 7.9 57.6 Average Shares: Primary 192.9 196.2 193.3 (1.7) (0.2) Fully Diluted 192.9 196.2 195.2 (1.7) (1.1)
Note: Percentages are based on actual numbers before rounding.
EXHIBIT 99(i) Merrill Lynch & Co., Inc. Preliminary Unaudited Earnings Summary For Six Months Ended June 28, June 30, Percent [In millions, except per share amounts] 1996 1995 Inc / (Dec) -------------- ------------- ---------------- Revenues: Commissions $ 1,959 $ 1,450 35.1% Interest and Dividends 6,050 6,325 (4.3) Principal Transactions 1,891 1,289 46.7 Investment Banking 958 584 64.0 Asset Management and Portfolio Service Fees 1,090 913 19.5 Other 261 228 14.7 -------------- ------------- Total Revenues 12,209 10,789 13.2 Interest Expense 5,568 5,819 (4.3) -------------- ------------- Net Revenues 6,641 4,970 33.6 -------------- ------------- Non-Interest Expenses: Compensation and Benefits 3,432 2,579 33.1 Communications and Equipment Rental 268 229 17.1 Occupancy 229 219 4.4 Depreciation and Amortization 196 175 12.3 Professional Fees 270 204 32.5 Advertising and Market Development 239 182 31.1 Brokerage, Clearing, and Exchange Fees 207 178 16.6 Other 431 361 19.5 -------------- ------------- Total Non-Interest Expenses 5,272 4,127 27.8 -------------- ------------- Earnings Before Income Taxes 1,369 843 62.4 Income Tax Expense 526 333 58.0 -------------- ------------- Net Earnings $ 843 $ 510 65.2 ============== ============= Preferred Stock Dividends $ 23 $ 24 (3.0) -------------- ------------- Net Earnings Applicable to Common Stockholders $ 820 $ 486 68.6 ============== ============= Earnings per Common Share: Primary $4.22 $2.48 70.2 Fully Diluted $4.21 $2.46 71.1 Average Shares: Primary 194.3 196.2 (1.0) Fully Diluted 194.6 197.5 (1.5)
Note: Percentages are based on actual numbers before rounding.