Exhibit 99(i) MERRILL LYNCH & CO., INC. PRELIMINARY UNAUDITED EARNINGS SUMMARY For the Three Months Ended Percent Inc / (Dec)(1) --------------------------------------- -------------------------- June 25, March 26, June 26, 2Q99 vs. 2Q99 vs. (in millions, except per share amounts) 1999 1999 1998 1Q99 2Q98 ----------- ------------ ------------ ------------ ---------- NET REVENUES Commissions $ 1,592 $ 1,567 $ 1,463 1.6% 8.8% Principal transactions 1,064 1,444 989 (26.3) 7.6 Investment banking 908 633 898 43.5 1.1 Asset management and portfolio service fees 1,159 1,110 1,084 4.4 6.8 Other 175 132 137 32.3 28.1 ----------- ------------ ------------ Subtotal 4,898 4,886 4,571 0.3 7.2 Interest and dividends 4,018 3,965 5,010 1.3 (19.8) Interest expense 3,476 3,585 4,726 (3.0) (26.4) ----------- ------------ ------------ Net interest profit 542 380 284 42.6 90.9 TOTAL NET REVENUES 5,440 5,266 4,855 3.3 12.0 ----------- ------------ ------------ NON-INTEREST EXPENSES Compensation and benefits 2,729 2,762 2,473 (1.2) 10.4 Communications and technology 536 480 431 11.8 24.3 Occupancy and related depreciation 232 227 217 2.4 7.0 Advertising and market development 201 152 200 32.1 0.5 Brokerage, clearing, and exchange fees 170 154 167 10.6 2.0 Professional fees 143 117 143 22.2 0.5 Goodwill amortization 56 57 55 (1.3) 1.0 Other 342 321 254 6.5 34.5 ----------- ------------ ------------ TOTAL NON-INTEREST EXPENSES 4,409 4,270 3,940 3.3 11.9 ----------- ------------ ------------ Earnings Before Income Taxes and Dividends on Preferred Securities Issued by Subsidiaries 1,031 996 915 3.4 12.6 Income tax expense 310 338 339 (8.6) (8.8) Dividends on preferred securities issued by subsidiaries 48 49 27 (1.7) 82.0 ----------- ------------ ------------ NET EARNINGS $ 673 $ 609 $ 549 10.5 22.5 =========== ============ ============ Preferred stock dividends $ 9 $ 10 $ 9 - - ----------- ------------ ------------ NET EARNINGS APPLICABLE TO COMMON STOCKHOLDERS $ 664 $ 599 $ 540 10.7 22.9 =========== ============ ============ EARNINGS PER COMMON SHARE Basic $1.80 $1.65 $1.52 9.1 18.4 Diluted 1.57 1.44 1.31 9.0 19.8 AVERAGE SHARES Basic 368.3 364.0 355.3 1.2 3.7 Diluted 421.3 415.7 411.4 1.3 2.4 (1) Percentages are based on actual numbers before rounding.
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Exhibit 99(i) MERRILL LYNCH & CO., INC. PRELIMINARY UNAUDITED EARNINGS SUMMARY For the Six Months Ended June 25, June 26, Percent (in millions, except per share amounts) 1999 1998 Inc / (Dec)(1) ---------------- ---------------- --------------- NET REVENUES Commissions $ 3,159 $ 2,926 8.0% Principal transactions 2,509 2,160 16.1 Investment banking 1,540 1,729 (10.9) Asset management and portfolio service fees 2,268 2,114 7.3 Other 308 217 42.1 ---------------- ------------- Subtotal 9,784 9,146 7.0 Interest and dividends 7,983 9,824 (18.7) Interest expense 7,061 9,352 (24.5) ---------------- ------------- Net interest profit 922 472 95.3 TOTAL NET REVENUES 10,706 9,618 11.3 ---------------- ------------- NON-INTEREST EXPENSES Compensation and benefits 5,490 4,971 10.4 Communications and technology 1,016 823 23.4 Occupancy and related depreciation 459 418 9.7 Advertising and market development 353 377 (6.3) Brokerage, clearing, and exchange fees 324 323 0.5 Professional fees 261 295 (11.5) Goodwill amortization 113 111 1.9 Other 663 517 28.3 ---------------- ------------- TOTAL NON-INTEREST EXPENSES 8,679 7,835 10.8 ---------------- ------------- EARNINGS BEFORE INCOME TAXES AND DIVIDENDS ON PREFERRED SECURITIES ISSUED BY SUBSIDIARIES 2,027 1,783 13.7 Income tax expense 648 670 (3.2) Dividends on preferred securities issued by subsidiaries 97 50 95.2 ---------------- ------------- NET EARNINGS $ 1,282 $ 1,063 20.5 ================ ============= Preferred stock dividends $ 19 $ 19 - ---------------- ------------- NET EARNINGS APPLICABLE TO COMMON STOCKHOLDERS $ 1,263 $ 1,044 20.9 ================ ============= EARNINGS PER COMMON SHARE Basic $3.45 $2.96 16.6 Diluted 3.02 2.57 17.5 AVERAGE SHARES Basic 366.2 352.4 3.9 Diluted 418.5 405.8 3.1 (1) Percentages are based on actual numbers before rounding.
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