Exhibit 99.8

MERRILL LYNCH & CO., INC.
INDEX TO FINANCIAL STATEMENT SCHEDULE

Page Reference

Financial Statement Schedule
Schedule I — Condensed Financial Information of Registrant		F-2 to F-9
Condensed Statements of Earnings and Comprehensive Income		F-2
Condensed Balance Sheets		F-3
Condensed Statements of Cash Flows		F-4
Notes to Condensed Financial Statements		F-5 to F-9
Report of Independent Registered Public Accounting Firm		F-10

Schedule I

CONDENSED FINANCIAL INFORMATION OF REGISTRANT
MERRILL LYNCH & CO., INC.
(Parent Company Only)
CONDENSED STATEMENTS OF EARNINGS AND COMPREHENSIVE INCOME
(dollars in millions)

		Year Ended Last Friday in December
		2005				2004				2003
		(52 weeks)				(53 weeks)				(52 weeks)
REVENUES
Interest		$	4,197			$	2,174			$	1,551
Management service fees (from affiliates)			323				323				448
Other			41				54				84
Total Revenues			4,561				2,551				2,083
Interest Expense			4,205				2,207				1,693
Net Revenues			356				344				390
NON-INTEREST EXPENSES
Compensation and benefits			360				292				339
Professional fees			147				150				44
Communications and technology			89				63				63
Occupancy and related depreciation			40				24				52
Net expenses related to September 11th			—				—				18
Other			153				104				24
Total Non-Interest Expenses			789				633				540
LOSSES BEFORE INCOME TAXES			(433	)			(289	)			(150	)
Income Tax Benefit			369				140				82
EQUITY IN EARNINGS OF AFFILIATES, NET OF TAX			5,180				4,585				3,904
NET EARNINGS		$	5,116			$	4,436			$	3,836
OTHER COMPREHENSIVE (LOSS) INCOME, NET OF TAX			(363	)			70				19
COMPREHENSIVE INCOME		$	4,753			$	4,506			$	3,855
NET EARNINGS APPLICABLE TO COMMON STOCKHOLDERS		$	5,046			$	4,395			$	3,797

Schedule I

CONDENSED FINANCIAL INFORMATION OF REGISTRANT
MERRILL LYNCH & CO., INC.
(Parent Company Only)
CONDENSED BALANCE SHEETS
(dollars in millions, except per share amounts)

		December 30,				December 31,
		2005				2004
ASSETS
Cash and cash equivalents		$	3,074			$	5,389
Cash pledged as collateral			285				285
Receivables under resale agreements			4,543				3,348
Investment securities (includes securities pledged as collateral of $12,129 in 2005 and $10,954 in 2004)			25,290				20,918
Advances to affiliates
Senior advances			86,259				78,617
Subordinated loans and preferred securities			18,730				17,482
			104,989				96,099
Investments in affiliates			29,223				30,921
Equipment and facilities (net of accumulated depreciation and amortization of $195 in 2005 and $236 in 2004)			60				65
Other receivables and assets			1,071				2,051
TOTAL ASSETS		$	168,535			$	159,076
LIABILITIES AND STOCKHOLDERS’ EQUITY
LIABILITIES
Payables under repurchase agreements with affiliates		$	11,159			$	10,531
Commercial paper and other short-term borrowings			1,915				2,061
Payables to affiliates			5,165				7,795
Other liabilities and accrued interest payable			3,317				3,100
Long-term borrowings			111,379				104,219
Total Liabilities			132,935				127,706
COMMITMENTS AND CONTINGENCIES
STOCKHOLDERS’ EQUITY
Preferred Stockholders’ Equity (liquidation preference of $30,000 per share; issued: 2005 — 93,000 shares; 2004 — 21,000 shares)			2,773				630
Less: Treasury stock, at cost (2005 — 3,315 shares; 2004 — 0 shares)			100				—
Total Preferred Stockholders’ Equity			2,673				630
Common Stockholders’ Equity
Shares exchangeable into common stock			41				41
Common stock: (par value $1.33 1/3 per share; authorized: 3,000,000,000 shares;
issued: 2005 — 1,148,714,008 shares and 2004 — 1,098,991,806 shares)			1,531				1,465
Paid-in capital			15,012				12,332
Accumulated other comprehensive loss (net of tax)			(844	)			(481	)
Retained earnings			26,824				22,485
			42,564				35,842
Less: Treasury stock, at cost (2005 — 233,112,271 shares;
2004 — 170,955,057 shares)			7,945				4,230
Unamortized employee stock grants			1,692				872
Total Common Stockholders’ Equity			32,927				30,740
Total Stockholders’ Equity			35,600				31,370
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY		$	168,535			$	159,076

Schedule I

CONDENSED FINANCIAL INFORMATION OF REGISTRANT
MERRILL LYNCH & CO., INC.
(Parent Company Only)
CONDENSED STATEMENTS OF CASH FLOWS
(dollars in millions)

		Year Ended Last Friday in December
		2005				2004				2003
Cash Flows from Operating Activities:
Net Earnings		$	5,116			$	4,436			$	3,836
Noncash items included in earnings:
Equity in earnings of affiliates			(5,180	)			(4,585	)			(3,904	)
Depreciation and amortization			15				13				23
Stock compensation expense			54				41				72
Deferred taxes			101				125				316
Other			254				215				106
Changes in operating assets and liabilities:
Cash pledged as collateral			—				11				79
Receivables under resale agreements			(1,195	)			(3,348	)			—
Payables under repurchase agreements			628				3,946				6,558
Dividends and partnerships distributions from affiliates			5,033				874				863
Other, net			(2,433	)			3,303				3,873
Cash Provided by Operating Activities			2,393				5,031				11,822
Cash Flows from Investing Activities:
Proceeds from (payments for):
Advances to affiliates, net of payments			(11,519	)			(12,678	)			(5,742	)
Maturities of available-for-sale securities			7,998				7,272				4,695
Sales of available-for-sale securities			4,837				2,290				7,489
Purchases of available-for-sale securities			(18,849	)			(12,587	)			(20,346	)
Non-qualifying investments			1,383				(1,331	)			(171	)
Investments in affiliates, net of dispositions			1,408				(521	)			(800	)
Equipment and facilities			(10	)			(12	)			20
Cash Used for Investing Activities			(14,752	)			(17,567	)			(14,855	)
Cash Flows from Financing Activities:
Proceeds from (payments for):
Commercial paper and other short-term borrowings			(146	)			(1,339	)			29
Issuance and resale of long-term borrowings			40,671				43,246				27,631
Settlement and repurchase of long-term borrowings			(28,825	)			(21,325	)			(25,505	)
Issuance of common stock			858				589				624
Issuance of preferred stock (net of redemptions)			2,043				205				—
Common stock repurchases			(3,700	)			(2,968	)			—
Other common stock transactions			(80	)			41				69
Dividends			(777	)			(643	)			(635	)
Cash Provided by Financing Activities			10,044				17,806				2,213
(Decrease) Increase in Cash and Cash Equivalents			(2,315	)			5,270				(820	)
Cash and Cash Equivalents, beginning of year			5,389				119				939
Cash and Cash Equivalents, end of year		$	3,074			$	5,389			$	119
Supplemental Disclosures
Cash paid for:
Income taxes		$	626			$	375			$	(62	)
Interest			3,560				1,985				1,641

See Notes to Condensed Financial Statements.

NOTES TO CONDENSED FINANCIAL STATEMENTS (PARENT COMPANY ONLY)

NOTE 1. BASIS OF PRESENTATION

The condensed financial statements of Merrill Lynch & Co., Inc. (“ML & Co.” or the “Parent Company”) should be read in conjunction with the Consolidated Financial Statements of Merrill Lynch & Co., Inc. and subsidiaries (collectively, “Merrill Lynch”) and the Notes thereto in the ML & Co. Annual Report on Form 10-K for the fiscal year ended December 30, 2005 (the “Annual Report”).

Certain reclassifications and format changes have been made to prior year amounts to conform to the current year presentation. In 2005, Merrill Lynch changed its policy for recording the changes in fair value of foreign exchange contracts used to economically hedge foreign denominated assets or liabilities that are translated at the spot rate. In prior periods, Merrill Lynch recorded the change in fair value associated with the difference between the spot translation rate and the contracted forward translation rate in interest revenue or expense, and the revaluation of the contract related to changes in the spot rate was recorded in other expense. In 2005, Merrill Lynch changed its policy to record the entire change in fair value for these contracts in other revenue in the Consolidated Statement of Earnings. Merrill Lynch made a similar change to the classification of foreign exchange contracts that qualified as hedges of a net investment in a foreign operation under Statement of Financial Accounting Standards (“SFAS”) No. 133, Accounting for Derivative Instruments and Hedging Activities. In prior periods, changes in the fair value of the hedge instruments that are associated with the difference between the spot translation rate and the contracted forward translation rate (i.e. the ineffectiveness) were recorded in interest revenue or expense. Consistent with the above change, these amounts are now reflected in other revenues. Merrill Lynch believes this accounting presentation is more appropriate as it more accurately reflects the overall changes in the fair value of the contracts. In addition, in prior periods the changes related to the translation of foreign-denominated assets and liabilities were recorded in other expense; these amounts have now been reclassified to other revenue. All prior periods presented have been reclassified to conform to the current period presentation. The impact on ML & Co. of this reclassification to other revenue was not material to the Condensed Statements of Earnings.

Included in interest revenue, is $3.2 billion, $1.8 billion and $1.3 billion of revenues from affiliates for years ended December 30, 2005, December 31, 2004, and December 26, 2003, respectively. Included in interest expense, is $0.6 billion, $0.3 billion and $0.4 billion of expenses to affiliates for years ended December 30, 2005, December 31, 2004, and December 26, 2003, respectively.

Investments in affiliates are accounted for in accordance with the equity method.

For information on the following, refer to the indicated Notes to the Consolidated Financial Statements within the Annual Report.

	•		Summary of Significant Accounting Policies (Note 1)
	•		Commercial Paper and Short- and Long-Term Borrowings (Note 9)
	•		Stockholders’ Equity and Earnings Per Share (Note 11)
	•		Commitments, Contingencies and Guarantees (Note 12)
	•		Employee Benefit Plans (Note 13)
	•		Employee Incentive Plans (Note 14)
	•		Income Taxes (Note 15)

The Parent Company hedges certain risks arising from long-term borrowing payment obligations and investments in and loans to foreign subsidiaries. See Note 9 and the “Derivatives” section of Note 1 to the Consolidated Financial Statements in the Annual Report, respectively, for additional information on these hedges.

NOTE 2. SECURITIES FINANCING TRANSACTIONS

ML & Co. enters into secured borrowing and lending transactions as a part of its normal operating activities. Under these transactions, ML & Co. will enter into repurchase or resale agreements. Included in receivables under resale agreements, is $4.4 billion and $3.3 billion in resale agreements with affiliates for December 30, 2005 and December 31, 2004, respectively.

NOTE 3. INVESTMENT SECURITIES

Investment securities include liquid debt instruments held for liquidity and collateral purposes. Investment securities reported on the Condensed Balance Sheets at December 30, 2005 and December 31, 2004 are as follows:

(dollars in millions)
		2005				2004
Investment securities
Available-for-sale		$	24,312			$	18,597
Trading			—				1,500
Non-qualifying(1)
Investments in TOPrSSM partnerships			548				548
Deferred compensation hedges(2)			9				9
Other			421				264
Total		$	25,290			$	20,918

Investment securities accounted for under SFAS No. 115 are classified as available-for-sale, held-to-maturity, or trading as described in Note 1 to the Consolidated Financial Statements within the Annual Report.

Information regarding investment securities subject to SFAS No. 115 follows:

(dollars in millions)

		December 30, 2005																December 31, 2004
		Cost/				Gross				Gross				Estimated				Cost/				Gross				Gross				Estimated
		Amortized				Unrealized				Unrealized				Fair				Amortized				Unrealized				Unrealized				Fair
		Cost				Gains				Losses				Value				Cost				Gains				Losses				Value
Available-for-Sale
Mortgage- and asset- backed securities		$	22,055			$	45			$	(165	)		$	21,935			$	16,834			$	47			$	(76	)		$	16,805
U.S. Government and agencies			2,409				—				(32	)			2,377				1,597				—				(4	)			1,593
Other debt securities			—				—				—				—				174				25				—				199
Total		$	24,464			$	45			$	(197	)		$	24,312			$	18,605			$	72			$	(80	)		$	18,597

The amortized cost and estimated fair value of debt securities at December 30, 2005 by contractual maturity, for available-for-sale securities follow:

(dollars in millions)
		Available-for-Sale
		Amortized				Estimated Fair
		Cost				Value
Due in one year or less		$	548			$	546
Due after one year through five years			1,861				1,831
			2,409				2,377
Mortgage- and asset-backed securities			22,055				21,935
Total(1)		$	24,464			$	24,312

The proceeds and gross realized gains (losses) from the sale of available-for-sale securities are as follows:

(dollars in millions)
		2005				2004				2003
Proceeds		$	4,837			$	2,290			$	7,489
Gross realized gains			43				17				53
Gross realized losses			(16	)			(1	)			(60	)

The following table presents fair value and unrealized losses, after hedges, for available-for-sale securities, aggregated by investment category and length of time that the individual securities have been in a continuous unrealized loss position at December 30, 2005 and December 31, 2004.

(dollars in millions)
		Less than 1 Year								More than 1 Year								Total
		Estimated								Estimated								Estimated
		Fair				Unrealized				Fair				Unrealized				Fair				Unrealized
ASSET CATEGORY		Value				Losses				Value				Losses				Value				Losses
December 30, 2005
Mortgage and asset-backed securities		$	11,399			$	(122	)		$	2,447			$	(44	)		$	13,846			$	(166	)
U.S. Government and agencies			2,328				(31	)			50				—				2,378				(31	)
Total		$	13,727			$	(153	)		$	2,497			$	(44	)		$	16,224			$	(197	)
December 31, 2004
Mortgage and asset-backed securities		$	8,979			$	(47	)		$	4,597			$	(29	)		$	13,576			$	(76	)
U.S. Government and agencies			647				(1	)			946				(3	)			1,593				(4	)
Other debt securities			59				—				114				(2	)			173				(2	)
Total		$	9,685			$	(48	)		$	5,657			$	(34	)		$	15,342			$	(82	)

(See Note 5 to the Consolidated Financial Statements in the Annual Report for further information.)

NOTE 4. ADVANCES TO AFFILIATES

The Parent Company provides funding to subsidiaries in the form of senior advances, subordinated loans, preferred securities, and equity.

Senior advances are provided to regulated and unregulated subsidiaries and have an average maturity of less than one year.

Subordinated loans are provided to regulated subsidiaries and qualify as regulatory capital. Subordinated loans are supported by Parent Company long-term capital. As of December 30, 2005, the average maturity of subordinated loans, with the exception of one subordinated loan which extends to 2042, was approximately 2 years, with maturities on individual loans ranging from 1 to 6 years (see Note 16 to the Consolidated Financial Statements in the Annual Report for further information).

Subordinated loans and preferred securities represent $4.3 billion in Redeemable Cumulative Preferred Stock issued to ML & Co. by unregulated consolidated Merrill Lynch subsidiaries. Approximately $3.0 billion in preferred stock is redeemable anytime on or after December 31, 2006. The remaining $1.3 billion in preferred stock is redeemable at any time at the option of either ML & Co. or the issuing subsidiary.

NOTE 5. LONG-TERM BORROWINGS

Long-term borrowings, including adjustments for the effects of fair value hedges and various equity-linked or other indexed instruments, and long-term debt issued to TOPrS^SM Partnerships at December 30, 2005, mature as follows:

(dollars in millions)
2006		$	19,732				18	%
2007			24,425				22
2008			12,857				11
2009			14,123				13
2010			11,706				10
2011 and thereafter			28,536				26
Total		$	111,379				100	%

(See Note 9 to the Consolidated Financial Statements in the Annual Report for further information.)

Borrowing Facilities

ML & Co. maintains a $5 billion liquidity facility in the form of a committed repurchase agreement with Merrill Lynch Bank USA. Assets eligible for repurchase under the terms of the repurchase agreement include securities issued by the U.S. Treasury, Federal National Mortgage Association, Government National Mortgage Association and Federal Home Loan Mortgage Corporation. The facility expires in December 2006 and is expected to be renewed.

NOTE 6. COMMITMENTS, CONTINGENCIES AND GUARANTEES

Merrill Lynch has been named as a defendant in various legal actions, including arbitrations, class actions, and other litigation arising in connection with its activities as a global diversified financial services institution. The general decline of equity securities prices between 2000 and 2003 resulted in increased legal actions against many firms, including Merrill Lynch. Some of the legal actions include claims for substantial compensatory and/or punitive damages or claims for indeterminate amounts of damages. In some cases, the issuers that would otherwise be the primary defendants in such cases are bankrupt or otherwise in financial distress. Merrill Lynch is also involved in investigations and/or proceedings by governmental and self-regulatory agencies. The number of these investigations has also increased in recent years with regard to many firms, including Merrill Lynch. Merrill Lynch believes it has strong defenses to, and where appropriate, will vigorously contest, many of these matters. Given the number of these matters, some are likely to result in adverse judgments, penalties, injunctions, fines, or other relief. Merrill Lynch may explore potential settlements before a case is taken through trial because of the uncertainty and risks inherent in the litigation process. In accordance with SFAS No. 5, Accounting for Contingencies, Merrill Lynch will accrue a liability when it is probable that a liability has been incurred and the amount of the loss can be reasonably estimated. In many lawsuits and arbitrations, including almost all of the class action lawsuits, it is not possible to determine whether a liability has been incurred or to estimate the ultimate or minimum amount of that liability until the case is close to resolution, in which case no accrual is made until that time. In view of the inherent difficulty of predicting the outcome of such matters, particularly in cases in which claimants seek substantial or indeterminate damages, Merrill Lynch cannot predict what the eventual loss or range of loss related to such matters will be. Merrill Lynch continues to assess these cases and believes, based on information available to it, that the resolution of these matters will not have a material adverse effect on the financial condition of Merrill Lynch as set forth in the Consolidated Financial Statements, but may be material to Merrill Lynch’s operating results or cash flows for any particular period and may impact ML & Co.’s credit ratings.

The Parent Company is under examination by the IRS and other states in which it has significant business operations, such as New York. The tax years under examination vary by jurisdiction. An IRS examination covering the years 2001-2003 is expected to be completed in 2006. IRS audits have also commenced for the 2004 and 2005 tax years. The Parent Company regularly assesses the likelihood of additional assessments in each of the tax jurisdictions resulting from these examinations. In appropriate cases, tax reserves have been established which are adjusted when there is more information available or when an event occurs requiring a change to the reserves. The reassessment of tax reserves could have a material impact on the Parent Company’s effective tax rate.

ML & Co. guarantees certain senior debt instruments issued by subsidiaries, which totaled $13.0 billion and $10.0 billion in 2005 and 2004, respectively. Also, in the normal course of business, ML & Co. guarantees certain of its subsidiaries’ obligations under derivative contracts. The total liability balance for derivatives on these subsidiaries, after the effect of netting pursuant to enforceable netting agreements, was approximately $26.3 billion and $32.9 billion at December 30, 2005 and December 31, 2004, respectively. This represents the current fair value of the subsidiaries’ obligations. The maximum payout is not quantifiable because, for example, changes in the value of the underlying of the derivative contract could be unlimited. Under FASB Interpretation No. 45, Guarantor’s Accounting and Disclosure Requirements for Guarantees, ML & Co. is not subject to the initial recognition and measurement provisions for its exposure to guarantees of its subsidiaries’ obligations. Merrill Lynch records all derivative transactions at fair value on its Consolidated Balance Sheets (see the “Derivatives” section of Note 1 to the Consolidated Financial Statements in the Annual Report for discussion of risk management of derivatives).

In addition to the derivative contracts described above, ML & Co. guarantees certain liquidity facilities. ML & Co. also provides guarantees associated with the Hopewell campus and aircraft leases. The maximum exposure to ML & Co. as a result of these guarantees is approximately $322 million as of December 30, 2005 and December 31, 2004. The carrying value of the liability on the Condensed Balance Sheets is $20 million and $23 million at December 30, 2005 and December 31, 2004, respectively. (See Note 12 to the Consolidated Financial Statements in the Annual Report for further information.)

ML & Co. also guarantees obligations of the trusts that issued Trust Originated Preferred Securities^SM (“ TOPrS^SM ”) (see Note 9 to the Consolidated Financial Statements in the Annual Report for further information).

NOTE 7. OTHER EVENTS

September 11th-Related Expenses

On September 11, 2001, terrorists attacked the World Trade Center complex, which subsequently collapsed and damaged surrounding buildings, some of which were occupied by Merrill Lynch. These events caused the temporary relocation of approximately 9,000 employees from Merrill Lynch’s global headquarters in the North Tower of the World Financial Center, the South Tower of the World Financial Center and from offices at 222 Broadway to back-up facilities.

ML & Co. is insured for loss caused by physical damage to property. This coverage includes repair or replacement of property and lost profits due to business interruption, including costs related to lack of access to facilities. Expenses related to September 11th were $18 million in 2003. In 2003, ML & Co. concluded its insurance recovery efforts related to the events of September 11th. In aggregate, ML & Co. received a total of $255 million of insurance recoveries.

For information on the consolidated September 11th-related expenses, refer to Note 17 to the Consolidated Financial Statements in the Annual Report.

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Directors and Stockholders of Merrill Lynch & Co., Inc.:

We have audited the consolidated financial statements of Merrill Lynch & Co., Inc. and subsidiaries (“Merrill Lynch”) as of December 30, 2005 and December 31, 2004, and for each of the three years in the period ended December 30, 2005, management’s assessment of the effectiveness of Merrill Lynch’s internal control over financial reporting as of December 30, 2005, and the effectiveness of Merrill Lynch’s internal control over financial reporting as of December 30, 2005, and have issued our reports thereon dated February 27, 2006; such consolidated financial statements and reports are included in this 2005 Annual Report on Form 10-K. Our audits also included the financial statement schedule of Merrill Lynch & Co., Inc., listed on Exhibit 99.8 which is included in and incorporated by reference in this 2005 Annual Report on Form 10-K. This financial statement schedule is the responsibility of Merrill Lynch’s management. Our responsibility is to express an opinion based on our audits. In our opinion, such financial statement schedule, when considered in relation to the basic consolidated financial statements taken as a whole, presents fairly, in all material respects, the information set forth therein.

 

/s/ Deloitte & Touche LLP

 

New York, New York
February 27, 2006