EX-99.1

Exhibit 99.1

Merrill Lynch & Co., Inc.

Reconciliation of Non-GAAP Measures

For the Three Months Ended September 29, 2006

During the third quarter of 2006, Merrill Lynch completed the merger of its Merrill Lynch Investment Managers business with BlackRock, Inc. Merrill Lynch recognized a gain associated with this merger along with other non-recurring expenses, collectively “Impact of BlackRock Merger”.

Management believes that while the results excluding the impact of the BlackRock merger are considered non-GAAP measures, they depict the performance of the company more clearly and enable more appropriate period-to-period comparisons.

Unaudited Earnings Summary


(in millions, except per share amounts)

	For the Three Months Ended September 29, 2006

	Excluding Impact of		Impact of
	BlackRock Merger		BlackRock Merger		GAAP Basis


Net Revenues(a)	$	7,927	$	1,969	$	9,896

Non-Interest Expenses
Compensation and benefits(b)		3,806		144		3,950
Non-compensation expenses(c)		1,760		58		1,818

Total Non-Interest Expenses		5,566		202		5,768

Earnings Before Income Taxes(d)		2,361		1,767		4,128
Income Tax Expense(e)		421		662		1,083

Net Earnings	$	1,940	$	1,105	$	3,045

Preferred Stock Dividends	$	50	$	-	$	50

Net Earnings Applicable to Common Stockholders	$	1,890	$	1,105	$	2,995

Earnings Per Common Share
Basic	$	2.21	$	1.29	$	3.50
Diluted	$	2.00	$	1.17	$	3.17
Average Shares Used in Computing Earnings Per Common Share
Basic		855.8		-		855.8
Diluted		945.3		-		945.3

Exhibit 99.1

Merrill Lynch & Co., Inc.

Reconciliation of Non-GAAP Measures

For the Nine Months Ended September 29, 2006

Merrill Lynch adopted Statement of Financial Accounting Standards No. 123 (as revised in 2004) for stock-based employee compensation during the first quarter of 2006. Additionally, as a result of a comprehensive review of the retirement provisions in its stock-based compensation plans, Merrill Lynch also modified the retirement eligibility requirements of existing stock awards in order to facilitate transition to more stringent retirement eligibility requirements for future stock awards. These modifications and the adoption of the new accounting standard required Merrill Lynch to accelerate the recognition of compensation expenses for affected stock awards, resulting in the “one-time compensation expenses.” These changes represent timing differences and are not economic in substance.

Management believes that while the results excluding these one-time compensation expenses and the impact of the BlackRock merger are considered non-GAAP measures, they depict the performance of the company more clearly and enable more appropriate period-to-period comparisons.

Unaudited Earnings Summary


(in millions, except per share amounts)

	For the Nine Months Ended September 29, 2006⁽¹⁾

	Excluding One-time		Impact of
	Compensation		One-time			Impact of
	Expenses & Impact		Compensation			BlackRock
	of BlackRock Merger		Expenses			Merger		GAAP Basis


Net Revenues(a)	$	24,047	$	-		$	1,969	$	26,016

Non-Interest Expenses
Compensation and benefits(b)		11,777		1,759			144		13,680
Non-compensation expenses(c)		5,208		-			58		5,266

Total Non-Interest Expenses		16,985		1,759			202		18,946

Earnings Before Income Taxes(d)		7,062		(1,759	)		1,767		7,070
Income Tax Expense(e)		1,837		(582	)		662		1,917

Net Earnings	$	5,225	$	(1,177	)	$	1,105	$	5,153

Preferred Stock Dividends	$	138	$	-		$	-	$	138

Net Earnings Applicable to Common Stockholders	$	5,087	$	(1,177	)	$	1,105	$	5,015

Earnings Per Common Share
Basic	$	5.83	$	(1.35	)	$	1.25	$	5.73
Diluted	$	5.27	$	(1.22	)	$	1.14	$	5.19
Average Shares Used in Computing Earnings Per Common Share
Basic		873.1		1.9			-		875.0
Diluted		964.7		1.9			-		966.6

Financial Ratios



	For the Nine Months Ended⁽¹⁾
	September 29, 2006

	Excluding One-time
	Compensation
	Expenses & Impact
	of BlackRock Merger			GAAP Basis


Ratio of compensation and benefits to net revenues(b)/(a)		49.0	%		52.6	%
Ratio of non-compensation and benefits to net revenues(c)/(a)		21.7	%		20.2	%
Effective Tax Rate(e)/(d)		26.0	%		27.1	%
Pre-tax Profit Margin(d)/(a)		29.4	%		27.2	%



Average Common Equity	$	33,887		$	33,887
Impact of one-time compensation expenses and the BlackRock merger		(256	)		-

Average Common Equity		33,631			33,887
Annualized Return on Average Common Equity		20.2	%		19.7	%


(1)	For purposes of comparison with previously published results, data excluding the impact of the one-time compensation expenses for the first nine months of 2006 assumes the impact of the one-time compensation expenses is limited to the first quarter of 2006.

Exhibit 99.1

Merrill Lynch & Co., Inc.

Reconciliation of Non-GAAP Measures — Segment Data (unaudited)


(dollars in millions)

	For the Three Months Ended									Percent Inc / (Dec)						For the Nine Months Ended

	Sept. 29,			June 30,			Sept. 30,			3Q06 vs.			3Q06 vs.			Sept. 29,			Sept. 30,			Percent
	2006			2006			2005			2Q06			3Q05			2006			2005			Inc/(Dec)


Global Markets & Investment Banking
Total net revenues(a)	$	4,396		$	4,580		$	3,645			(4	)%		21	%	$	13,529		$	10,401			30	%

Pre-tax earnings		1,459			1,493			1,289			(2	)		13			3,164			3,511			(10	)
Impact of one-time compensation expenses		-			-			-			N/M			N/M			1,369			-			N/M

Pre-tax earnings excluding one-time compensation expenses(b)		1,459			1,493			1,289			(2	)		13			4,533			3,511			29
Pre-tax profit margin		33.2	%		32.6	%		35.4	%								23.4	%		33.8	%
Pre-tax profit margin excluding one-time compensation expenses(b)/(a)		33.2	%		32.6	%		35.4	%								33.5	%		33.8	%


Global Private Client
Total net revenues(a)		2,825			3,045			2,691			(7	)		5			8,809			7,862			12

Pre-tax earnings		611			701			590			(13	)		4			1,677			1,557			8
Impact of one-time compensation expenses		-			-			-			N/M			N/M			281			-			N/M

Pre-tax earnings excluding one-time compensation expenses(b)		611			701			590			(13	)		4			1,958			1,557			26
Pre-tax profit margin		21.6	%		23.0	%		21.9	%								19.0	%		19.8	%
Pre-tax profit margin excluding one-time compensation expenses(b)/(a)		21.6	%		23.0	%		21.9	%								22.2	%		19.8	%


Merrill Lynch Investment Managers
Total net revenues(a)	$	700		$	630		$	456			11			54		$	1,900		$	1,274			49
Pre-tax earnings		284			240			162			18			75			637			410			55
Impact of one-time compensation expenses		-			-			-			N/M			N/M			109			-			N/M

Pre-tax earnings excluding one-time compensation expenses(b)		284			240			162			18			75			746			410			82
Pre-tax profit margin		40.6	%		38.1	%		35.5	%								33.5	%		32.2	%
Pre-tax profit margin excluding one-time compensation expenses(b)/(a)		40.6	%		38.1	%		35.5	%								39.3	%		32.2	%


Corporate
Total net revenues	$	1,975		$	(97	)	$	(114	)		N/M			N/M		$	1,778		$	(308	)		N/M
Impact of BlackRock merger		1,969			-			-			N/M			N/M			1,969			-			N/M

Total net revenues excluding the BlackRock merger		6			(97	)		(114	)		106			105			(191	)		(308	)		38
Pre-tax earnings		1,774			(85	)		(105	)		N/M			N/M			1,592			(278	)		N/M
Impact of BlackRock merger		(1,767	)		-			-			N/M			N/M			(1,767	)		-			N/M

Pre-tax earnings excluding the BlackRock merger		7			(85	)		(105	)		108			107			(175	)		(278	)		37


Total
Total net revenues(a)	$	9,896		$	8,158		$	6,678			21			48		$	26,016		$	19,229			35
Impact of BlackRock merger		1,969			-			-			N/M			N/M			1,969			-			N/M

Total net revenues excluding the BlackRock merger		7,927			8,158			6,678			(3	)		19			24,047			19,229			25
Pre-tax earnings		4,128			2,349			1,936			76			113			7,070			5,200			36
Impact of BlackRock merger		(1,767	)		-			-			N/M			N/M			(1,767	)		-			N/M
Impact of one-time compensation expenses		-			-			-			N/M			N/M			1,759			-			N/M

Pre-tax earnings excluding BlackRock merger and one-time compensation expenses(b)		2,361			2,349			1,936			1			22			7,062			5,200			36
Pre-tax profit margin		41.7	%		28.8	%		29.0	%								27.2	%		27.0	%
Pre-tax profit margin excluding BlackRock merger and one-time compensation expenses(b)/(a)		29.8	%		28.8	%		29.0	%								29.4	%		27.0	%

N/M = Not Meaningful


Note:	Certain prior period amounts have been reclassified to conform to the current period presentation.