Exhibit 99(i)
MERRILL LYNCH & CO., INC. Attachment I
PRELIMINARY UNAUDITED OPERATING EARNINGS SUMMARY
MANAGEMENT BASIS
For the Three Months Ended Percent Inc / (Dec)
---------------------------------------------------------------
December 28, September 28, December 29, 4Q01 vs. 4Q01 vs.
(in millions, except per share amounts) 2001 2001 2000 3Q01 4Q00
----------- ------------ ----------- -------- --------
NET REVENUES
Commissions $ 1,195 $ 1,204 $ 1,546 (0.7)% (22.7)%
Principal transactions 586 739 1,249 (20.7) (53.1)
Investment banking
Underwriting 538 563 674 (4.4) (20.2)
Strategic advisory 210 294 434 (28.6) (51.6)
Asset management and portfolio service fees 1,279 1,337 1,471 (4.3) (13.1)
Other 82 129 118 (36.4) (30.5)
------- ------- -------
Subtotal 3,890 4,266 5,492 (8.8) (29.2)
Interest and dividend revenues 3,720 4,663 6,169 (20.2) (39.7)
Less interest expense 2,858 3,784 5,396 (24.5) (47.0)
------- ------- -------
Net interest profit 862 879 773 (1.9) 11.5
------- ------- -------
TOTAL NET REVENUES 4,752 5,145 6,265 (7.6) (24.2)
------- ------- -------
NON-INTEREST EXPENSES
Compensation and benefits 2,291 2,757 3,158 (16.9) (27.5)
Communications and technology 537 529 610 1.5 (12.0)
Occupancy and related depreciation 257 280 244 (8.2) 5.3
Advertising and market development 128 165 226 (22.4) (43.4)
Brokerage, clearing, and exchange fees 198 219 221 (9.6) (10.4)
Professional fees 137 115 175 19.1 (21.7)
Goodwill amortization 51 53 55 (3.8) (7.3)
Other 429 253 268 69.6 60.1
------- ------- -------
TOTAL NON-INTEREST EXPENSES 4,028 4,371 4,957 (7.8) (18.7)
------- ------- -------
OPERATING EARNINGS BEFORE INCOME TAXES AND DIVIDENDS ON
PREFERRED SECURITIES ISSUED BY SUBSIDIARIES 724 774 1,308 (6.5) (44.6)
Income tax expense 184 251 382 (26.7) (51.8)
Dividends on preferred securities issued by subsidiaries 49 48 49 - -
------- ------- -------
OPERATING EARNINGS BEFORE SEPTEMBER 11TH EXPENSES
AND RESTRUCTURING AND OTHER CHARGES $ 491 $ 475 $ 877 3.4 (44.0)
======= ======= =======
Expenses related to September 11th, net of tax 30 53 - (43.4) N/M
Restructuring and other charges, net of tax 1,725 - - N/M N/M
------- ------- -------
NET EARNINGS (LOSS) $(1,264) $ 422 $ 877 N/M N/M
======= ======= =======
PREFERRED STOCK DIVIDENDS $ 9 $ 10 $ 10 - -
======= ======= =======
OPERATING EARNINGS PER COMMON SHARE, BEFORE SEPTEMBER 11TH
EXPENSES AND RESTRUCTURING AND OTHER CHARGES
Basic $ 0.57 $ 0.55 $ 1.07 3.6 (46.7)
Diluted $ 0.51 $ 0.50 $ 0.93 2.0 (45.2)
Impact of September 11th - related expenses on
diluted earnings per common share $ (0.03) $ (0.06) $ - (50.0) N/M
EARNINGS (LOSS) PER COMMON SHARE
Basic $ (1.51) $ 0.49 $ 1.07 N/M N/M
Diluted $ (1.51)(A) $ 0.44 $ 0.93 N/M N/M
AVERAGE SHARES USED IN COMPUTING OPERATING EARNINGS PER
COMMON SHARE
Basic 845.7 845.8 811.9 - 4.2
Diluted 938.0 934.5 930.7 0.4 0.8
ANNUALIZED RETURN ON AVERAGE COMMON EQUITY * 9.2% 9.1% 20.0%
--------------------------------------------------------------------------------------------------------------------------
* Before September 11th Expenses and Restructuring and Other Charges
(A) Based on 845.7 diluted shares.
Note: Certain prior period amounts have been restated to conform to the current period presentation.
11
Exhibit 99(i)
MERRILL LYNCH & CO., INC. Attachment II
PRELIMINARY UNAUDITED EARNINGS SUMMARY
U.S. GAAP BASIS
For the Three Months Ended Percent Inc / (Dec)
----------------------------------------------------------------------
December 28, September 28, December 29, 4Q01 vs. 4Q01 vs.
(in millions, except per share amounts) 2001 2001 2000 3Q01 4Q00
----------- ------------ ----------- ----------- -----------
NET REVENUES
Commissions $ 1,195 $ 1,204 $ 1,546 (0.7)% (22.7)%
Principal transactions 586 739 1,249 (20.7) (53.1)
Investment banking
Underwriting 538 563 674 (4.4) (20.2)
Strategic advisory 210 294 434 (28.6) (51.6)
Asset management and portfolio service fees 1,279 1,337 1,471 (4.3) (13.1)
Other 82 129 118 (36.4) (30.5)
------- ------- -------
Subtotal 3,890 4,266 5,492 (8.8) (29.2)
Interest and dividend revenues 3,720 4,663 6,169 (20.2) (39.7)
Less interest expense 2,858 3,784 5,396 (24.5) (47.0)
------- ------- -------
Net interest profit 862 879 773 (1.9) 11.5
------- ------- -------
TOTAL NET REVENUES 4,752 5,145 6,265 (7.6) (24.2)
------- ------- -------
NON-INTEREST EXPENSES
Compensation and benefits 2,291 2,757 3,158 (16.9) (27.5)
Communications and technology 537 529 610 1.5 (12.0)
Occupancy and related depreciation 257 280 244 (8.2) 5.3
Advertising and market development 128 165 226 (22.4) (43.4)
Brokerage, clearing, and exchange fees 198 219 221 (9.6) (10.4)
Professional fees 137 115 175 19.1 (21.7)
Goodwill amortization 51 53 55 (3.8) (7.3)
Other 429 253 268 69.6 60.1
September 11th - related 43 88 - (51.1) N/M
Restructuring and other charges 2,193 - - N/M N/M
------- ------- -------
TOTAL NON-INTEREST EXPENSES 6,264 4,459 4,957 40.5 26.4
------- ------- -------
EARNINGS (LOSS) BEFORE INCOME TAXES AND DIVIDENDS ON PREFERRED
SECURITIES ISSUED BY SUBSIDIARIES (1,512) 686 1,308 N/M N/M
Income tax expense (benefit) (297) 216 382 N/M N/M
Dividends on preferred securities issued by subsidiaries 49 48 49 - -
------- ------- -------
NET EARNINGS (LOSS) $(1,264) $ 422 $ 877 N/M N/M
======= ======= =======
PREFERRED STOCK DIVIDENDS $ 9 $ 10 $ 10 - -
======= ======= =======
EARNINGS (LOSS) PER COMMON SHARE
Basic $ (1.51) $ 0.49 $ 1.07 N/M N/M
Diluted $ (1.51) $ 0.44 $ 0.93 N/M N/M
AVERAGE SHARES USED IN COMPUTING EARNINGS PER COMMON SHARE
Basic 845.7 845.8 811.9 - 4.2
Diluted 845.7 934.5 930.7 (9.5) (9.1)
- ------------------------------------------------------------------------------------------------------------------------------------
Note: Certain prior period amounts have been restated to conform to the current period presentation.
12
Exhibit 99(i)
MERRILL LYNCH & CO., INC. Attachment III
PRELIMINARY UNAUDITED OPERATING EARNINGS SUMMARY
MANAGEMENT BASIS
For the Year Ended
-----------------------------
December 28, December 29, Percent
(in millions, except per share amounts) 2001 2000 Inc/(Dec)
----------- ----------- --------
NET REVENUES
Commissions $ 5,266 $ 6,977 (24.5)%
Principal transactions 3,930 5,964 (34.1)
Investment banking
Underwriting 2,438 2,699 (9.7)
Strategic advisory 1,101 1,381 (20.3)
Asset management and portfolio service fees 5,351 5,688 (5.9)
Other 528 967 (45.4)
------- -------
Subtotal 18,614 23,676 (21.4)
Interest and dividend revenues 20,179 21,176 (4.7)
Less interest expense 16,913 18,086 (6.5)
------- -------
Net interest profit 3,266 3,090 5.7
------- -------
TOTAL NET REVENUES 21,880 26,766 (18.3)
------- -------
NON-INTEREST EXPENSES
Compensation and benefits 11,269 13,730 (17.9)
Communications and technology 2,232 2,320 (3.8)
Occupancy and related depreciation 1,077 1,006 7.1
Advertising and market development 703 939 (25.1)
Brokerage, clearing, and exchange fees 895 893 0.2
Professional fees 545 637 (14.4)
Goodwill amortization 207 217 (4.6)
Other 1,251 1,307 (4.3)
------- -------
TOTAL NON-INTEREST EXPENSES 18,179 21,049 (13.6)
------- -------
OPERATING EARNINGS BEFORE INCOME TAXES AND DIVIDENDS ON
PREFERRED SECURITIES ISSUED BY SUBSIDIARIES 3,701 5,717 (35.3)
Income tax expense 1,125 1,738 (35.3)
Dividends on preferred securities issued by subsidiaries 195 195 -
------- -------
OPERATING EARNINGS BEFORE SEPTEMBER 11TH EXPENSES
AND RESTRUCTURING AND OTHER CHARGES $ 2,381 $ 3,784 (37.1)
======= =======
Expenses related to September 11th, net of tax 83 - N/M
Restructuring and other charges, net of tax 1,725 - N/M
------- -------
NET EARNINGS $ 573 $ 3,784 (84.9)
======= =======
PREFERRED STOCK DIVIDENDS $ 38 $ 39 -
======= =======
OPERATING EARNINGS PER COMMON SHARE, BEFORE SEPTEMBER 11TH EXPENSES
AND RESTRUCTURING AND OTHER CHARGES
Basic $ 2.79 $ 4.69 (40.5)
Diluted $ 2.50 $ 4.11 (39.2)
Impact of September 11th - related expenses on
diluted earnings per common share $ (0.09) $ - N/M
EARNINGS PER COMMON SHARE
Basic $ 0.64 $ 4.69 (86.4)
Diluted $ 0.57 $ 4.11 (86.1)
AVERAGE SHARES USED IN COMPUTING EARNINGS PER COMMON SHARE
Basic 838.7 798.3 5.1
Diluted 938.6 911.4 3.0
ANNUALIZED RETURN ON AVERAGE COMMON EQUITY * 11.7% 24.2%
-----------------------------------------------------------------------------------------------------------------
* Before September 11th Expenses and Restructuring and Other Charges
Note: Certain prior period amounts have been restated to conform to the current period presentation.
13
Exhibit 99(i)
MERRILL LYNCH & CO., INC. Attachment IV
PRELIMINARY UNAUDITED EARNINGS SUMMARY
U.S. GAAP BASIS
For the Year Ended
------------------------------
December 28, December 29, Percent
(in millions, except per share amounts) 2001 2000 Inc/(Dec)
----------- ----------- --------
NET REVENUES
Commissions $ 5,266 $ 6,977 (24.5)%
Principal transactions 3,930 5,964 (34.1)
Investment banking
Underwriting 2,438 2,699 (9.7)
Strategic advisory 1,101 1,381 (20.3)
Asset management and portfolio service fees 5,351 5,688 (5.9)
Other 528 967 (45.4)
------- -------
Subtotal 18,614 23,676 (21.4)
Interest and dividend revenues 20,179 21,176 (4.7)
Less interest expense 16,913 18,086 (6.5)
------- -------
Net interest profit 3,266 3,090 5.7
------- -------
TOTAL NET REVENUES 21,880 26,766 (18.3)
------- -------
NON-INTEREST EXPENSES
Compensation and benefits 11,269 13,730 (17.9)
Communications and technology 2,232 2,320 (3.8)
Occupancy and related depreciation 1,077 1,006 7.1
Advertising and market development 703 939 (25.1)
Brokerage, clearing, and exchange fees 895 893 0.2
Professional fees 545 637 (14.4)
Goodwill amortization 207 217 (4.6)
Other 1,251 1,307 (4.3)
September 11th - related 131 - N/M
Restructuring and other charges 2,193 - N/M
------- -------
TOTAL NON-INTEREST EXPENSES 20,503 21,049 (2.6)
------- -------
EARNINGS BEFORE INCOME TAXES AND DIVIDENDS ON PREFERRED
SECURITIES ISSUED BY SUBSIDIARIES 1,377 5,717 (75.9)
Income tax expense 609 1,738 (65.0)
Dividends on preferred securities issued by subsidiaries 195 195 -
------- -------
NET EARNINGS $ 573 $ 3,784 (84.9)
======= =======
PREFERRED STOCK DIVIDENDS $ 38 $ 39 -
======= =======
EARNINGS PER COMMON SHARE
Basic $ 0.64 $ 4.69 (86.4)
Diluted $ 0.57 $ 4.11 (86.1)
AVERAGE SHARES USED IN COMPUTING EARNINGS PER COMMON SHARE
Basic 838.7 798.3 5.1
Diluted 938.6 911.4 3.0
- -----------------------------------------------------------------------------------------------------------------------------
Note: Certain prior period amounts have been restated to conform to the current period presentation.
14
Exhibit 99(i)
MERRILL LYNCH & CO., INC. Attachment V
PRELIMINARY SEGMENT DATA (UNAUDITED)
For the Three Months Ended For the Year Ended
-------------------------------- --------------------
Dec. 28, Sept. 28, Dec. 29, Dec. 28, Dec. 29,
(dollars in millions) 2001 2001 2000 2001 2000
-------------------------------------------------------------
GLOBAL MARKETS & INVESTMENT BANKING
Non-interest revenues $ 1,547 $ 1,853 $ 2,602 $ 8,561 $11,208
Net interest profit 337 385 323 1,428 1,472
-------------------------------------------------------------
Total net revenues 1,884 2,238 2,925 9,989 12,680
-------------------------------------------------------------
Pre-tax operating earnings before
restructuring and other charges 362 485 831 2,479 3,963
Pre-tax earnings (loss) (471) 485 831 1,646 3,963
Pre-tax profit margin before
restructuring and other charges 19.2% 21.7% 28.4% 24.8% 31.3%
- ------------------------------------------------------------------------------------------------------------
PRIVATE CLIENT GROUP
Non-interest revenues $ 1,923 $ 1,962 $ 2,342 $ 8,256 $10,329
Net interest profit 533 503 449 1,880 1,632
-------------------------------------------------------------
Total net revenues 2,456 2,465 2,791 10,136 11,961
-------------------------------------------------------------
Pre-tax operating earnings before
restructuring and other charges 384 268 401 1,239 1,561
Pre-tax earnings (loss) (693) 268 401 162 1,561
Pre-tax profit margin before
restructuring and other charges 15.6% 10.9% 14.4% 12.2% 13.1%
- ------------------------------------------------------------------------------------------------------------
MERRILL LYNCH INVESTMENT MANAGERS
Non-interest revenues $ 478 $ 502 $ 609 $ 2,058 $ 2,374
Net interest profit 11 10 21 35 79
-------------------------------------------------------------
Total net revenues 489 512 630 2,093 2,453
-------------------------------------------------------------
Pre-tax operating earnings before
restructuring and other charges 48 98 122 307 501
Pre-tax earnings (loss) (235) 98 122 24 501
Pre-tax profit margin before
restructuring and other charges 9.8% 19.1% 19.4% 14.7% 20.4%
- ------------------------------------------------------------------------------------------------------------
CORPORATE
Non-interest revenues $ (58) $ (51) $ (61) $ (261) $ (235)
Net interest profit (19) (19) (20) (77) (93)
-------------------------------------------------------------
Total net revenues (77) (70) (81) (338) (328)
-------------------------------------------------------------
Pre-tax operating earnings (loss)
before September 11th expenses (70) (77) (46) (324) (308)
Pre-tax earnings (loss) (113) (165) (46) (455) (308)
- ------------------------------------------------------------------------------------------------------------
TOTAL
Non-interest revenues $ 3,890 $ 4,266 $ 5,492 $18,614 $ 23,676
Net interest profit 862 879 773 3,266 3,090
-------------------------------------------------------------
Total net revenues 4,752 5,145 6,265 21,880 26,766
-------------------------------------------------------------
Pre-tax operating earnings before
September 11th expenses and
restructuring and other charges 724 774 1,308 3,701 5,717
Pre-tax earnings (loss) (1,512) 686 1,308 1,377 5,717
Pre-tax profit margin before September
11th expenses and restructuring
and other charges 15.2% 15.0% 20.9% 16.9% 21.4%
- ------------------------------------------------------------------------------------------------------------
Note: Certain prior period amounts have been restated to conform to the current period presentation.
15
Exhibit 99(i)
MERRILL LYNCH & CO., INC. Attachment VI
CONSOLIDATED QUARTERLY OPERATING EARNINGS [UNAUDITED] (in millions)
MANAGEMENT BASIS 4Q00 1Q01 2Q01 3Q01 4Q01
------ ------ ------ ------ ------
NET REVENUES
Commissions
Listed and over-the-counter securities $ 884 $ 885 $ 779 $ 673 $ 672
Mutual funds 475 441 408 355 356
Other 187 179 175 176 167
------ ------ ------ ------ ------
Total 1,546 1,505 1,362 1,204 1,195
Principal transactions 1,249 1,717 888 739 586
Investment banking
Underwriting 674 652 685 563 538
Strategic advisory 434 284 313 294 210
------ ------ ------ ------ ------
Total 1,108 936 998 857 748
Asset management and portfolio service fees
Asset management fees 585 545 548 514 498
Portfolio service fees 596 574 544 559 525
Account fees 123 124 126 125 120
Other fees 167 136 138 139 136
------ ------ ------ ------ ------
Total 1,471 1,379 1,356 1,337 1,279
Other 118 164 153 129 82
------ ------ ------ ------ ------
Subtotal 5,492 5,701 4,757 4,266 3,890
Interest and dividend revenues 6,169 6,233 5,563 4,663 3,720
Less interest expense 5,396 5,524 4,747 3,784 2,858
------ ------ ------ ------ ------
Net interest profit 773 709 816 879 862
------ ------ ------ ------ ------
TOTAL NET REVENUES 6,265 6,410 5,573 5,145 4,752
------ ------ ------ ------ ------
NON-INTEREST EXPENSES
Compensation and benefits 3,158 3,244 2,977 2,757 2,291
Communications and technology 610 598 568 529 537
Occupancy and related depreciation 244 270 270 280 257
Advertising and market development 226 208 202 165 128
Brokerage, clearing, and exchange fees 221 235 243 219 198
Professional fees 175 142 151 115 137
Goodwill amortization 55 52 51 53 51
Other 268 310 259 253 429
------ ------ ------ ------ ------
TOTAL NON-INTEREST EXPENSES 4,957 5,059 4,721 4,371 4,028
------ ------ ------ ------ ------
OPERATING EARNINGS BEFORE INCOME TAXES AND DIVIDENDS
ON PREFERRED SECURITIES ISSUED BY SUBSIDIARIES 1,308 1,351 852 774 724
Income tax expense 382 428 262 251 184
Dividends on preferred securities issued by subsidiaries 49 49 49 48 49
------ ------ ------ ------ ------
OPERATING EARNINGS BEFORE SEPTEMBER 11TH EXPENSES
AND RESTRUCTURING AND OTHER CHARGES $ 877 $ 874 $ 541 $ 475 $ 491
--------------------------------------------------------------------------------------------------------------------------
PER COMMON SHARE DATA
4Q00 1Q01 2Q01 3Q01 4Q01
------ ------ ------ ------ ------
Earnings - Basic* $ 1.07 $ 1.04 $ 0.63 $ 0.55 $ 0.57
Earnings - Diluted* 0.93 0.92 0.56 0.50 0.51
Dividends paid 0.16 0.16 0.16 0.16 0.16
Book value 21.95 23.28 24.02 24.38 23.03 est.
--------------------------------------------------------------------------------------------------------------------------
* Before September 11th Expenses and Restructuring and Other Charges
Note: Certain prior period amounts have been restated to conform to the current period presentation.
16
Exhibit 99(i)
MERRILL LYNCH & CO., INC. Attachment VII
PERCENTAGE OF QUARTERLY NET REVENUES [UNAUDITED]
MANAGEMENT BASIS
4Q00 1Q01 2Q01 3Q01 4Q01
----- ----- ----- ----- -----
NET REVENUES
Commissions
Listed and over-the-counter securities 14.1% 13.8% 14.0% 13.1% 14.1%
Mutual funds 7.6% 6.9% 7.3% 6.9% 7.5%
Other 3.0% 2.8% 3.1% 3.4% 3.5%
----- ----- ----- ----- -----
Total 24.7% 23.5% 24.4% 23.4% 25.1%
Principal transactions 19.9% 26.8% 15.9% 14.4% 12.3%
Investment banking
Underwriting 10.8% 10.2% 12.3% 11.0% 11.3%
Strategic advisory 6.9% 4.4% 5.6% 5.7% 4.4%
----- ----- ----- ----- -----
Total 17.7% 14.6% 17.9% 16.7% 15.7%
Asset management and portfolio service fees
Asset management fees 9.3% 8.5% 9.8% 10.0% 10.5%
Portfolio service fees 9.5% 9.0% 9.8% 10.9% 11.0%
Account fees 2.0% 1.9% 2.3% 2.4% 2.5%
Other fees 2.7% 2.1% 2.4% 2.7% 2.9%
----- ----- ----- ----- -----
Total 23.5% 21.5% 24.3% 26.0% 26.9%
Other 1.9% 2.5% 2.9% 2.4% 1.9%
----- ----- ----- ----- -----
Subtotal 87.7% 88.9% 85.4% 82.9% 81.9%
Interest and dividend revenues 98.5% 97.2% 99.8% 90.6% 78.3%
Less interest expense 86.2% 86.1% 85.2% 73.5% 60.2%
----- ----- ----- ----- -----
Net interest profit 12.3% 11.1% 14.6% 17.1% 18.1%
----- ----- ----- ----- -----
TOTAL NET REVENUES 100.0% 100.0% 100.0% 100.0% 100.0%
----- ----- ----- ----- -----
NON-INTEREST EXPENSES
Compensation and benefits 50.4% 50.6% 53.4% 53.6% 48.2%
Communications and technology 9.7% 9.3% 10.2% 10.3% 11.3%
Occupancy and related depreciation 3.9% 4.2% 4.8% 5.4% 5.4%
Advertising and market development 3.6% 3.2% 3.6% 3.2% 2.7%
Brokerage, clearing, and exchange fees 3.5% 3.7% 4.4% 4.3% 4.2%
Professional fees 2.8% 2.2% 2.7% 2.2% 2.9%
Goodwill amortization 0.9% 0.8% 0.9% 1.0% 1.1%
Other 4.3% 4.9% 4.7% 5.0% 9.0%
----- ----- ----- ----- -----
TOTAL NON-INTEREST EXPENSES 79.1% 78.9% 84.7% 85.0% 84.8%
----- ----- ----- ----- -----
OPERATING EARNINGS BEFORE INCOME TAXES AND DIVIDENDS
ON PREFERRED SECURITIES ISSUED BY SUBSIDIARIES 20.9% 21.1% 15.3% 15.0% 15.2%
Income tax expense 6.1% 6.7% 4.7% 4.9% 3.9%
Dividends on preferred securities issued by subsidiaries 0.8% 0.8% 0.9% 0.9% 1.0%
----- ----- ----- ----- -----
OPERATING EARNINGS BEFORE SEPTEMBER 11TH EXPENSES
AND RESTRUCTURING AND OTHER CHARGES 14.0% 13.6% 9.7% 9.2% 10.3%
----------------------------------------------------------------------------------------------------------------
OTHER FINANCIAL DATA
4Q00 1Q01 2Q01 3Q01 4Q01
----- ----- ----- ----- -----
Non-interest expenses excluding compensation
and benefits to net revenues 28.7% 28.3% 31.3% 31.4% 36.6%
Compensation and benefits to pre-tax operating earnings
before compensation and benefits 70.7% 70.6% 77.7% 78.1% 76.0%
----------------------------------------------------------------------------------------------------------------
Common shares outstanding (in millions):
Weighted-average - basic 811.9 832.2 841.4 845.8 845.7
Weighted-average - diluted 930.7 938.0 943.8 934.5 938.0
Period-end 814.6 838.4 843.8 847.5 850.2
----------------------------------------------------------------------------------------------------------------
17
Exhibit 99(i)
MERRILL LYNCH & CO., INC. ATTACHMENT VIII
SUPPLEMENTAL DATA (UNAUDITED) (dollars in billions)
4Q00 1Q01 2Q01 3Q01 4Q01
------- ------- ------- ------- -------
CLIENT ASSETS
Private Client
U.S. $ 1,337 $ 1,254 $ 1,318 $ 1,171 $ 1,185
Non - U.S. 140 131 136 127 101
------- ------- ------- ------- -------
Total Private Client Assets 1,477 1,385 1,454 1,298 1,286
MLIM direct sales (1) 204 179 181 170 172
------- ------- ------- ------- -------
Total Client Assets $ 1,681 $ 1,564 $ 1,635 $ 1,468 $ 1,458
======= ======= ======= ======= =======
ASSETS UNDER MANAGEMENT(2) $ 557 $ 525 $ 533 $ 507 $ 529
Retail 250 233 230 214 220
Institutional 262 250 260 252 266
Private Investors 45 42 43 41 43
U.S. 333 319 325 310 327
Non-U.S. 224 206 208 197 202
Equity 321 282 286 253 263
Fixed Income 108 118 118 119 119
Money Market 128 125 129 135 147
U.S. BANK DEPOSITS $ 55 $ 66 $ 67 $ 70 $ 74
ASSETS IN ASSET-PRICED ACCOUNTS $ 209 $ 193 $ 208 $ 189 $ 205
-------------------------------------------------------------------------------------------------------
NET NEW MONEY
PRIVATE CLIENT ACCOUNTS
U.S. $ 32 $ 24 $ 1 $ 10 $ 14
Non-U.S. 6 4 4 3 2
------- ------- ------- ------- -------
Total 38 28 5 13 16
------- ------- ------- ------- -------
ASSETS UNDER MANAGEMENT(3) $ 12 $ 7 $ 4 $ 4 $ 4
-------------------------------------------------------------------------------------------------------
GLOBAL EQUITY AND EQUITY-LINKED UNDERWRITING(2)(4)
Volume $ 20 $ 13 $ 18 $ 16 $ 15
Market Share 14.9% 12.4% 13.9% 22.9% 12.1%
Ranking 2 3 2 1 2
GLOBAL DEBT UNDERWRITING (2)(4)
Volume $ 59 $ 120 $ 108 $ 82 $ 60
Market Share 10.7% 12.5% 11.5% 10.2% 6.6%
Ranking 2 1 1 2 5
GLOBAL COMPLETED MERGERS AND ACQUISITIONS(2)(4)
Volume $ 205 $ 271 $ 116 $ 134 $ 75
Market Share 21.0% 37.3% 22.3% 25.8% 18.4%
Ranking 3 4 3 3 5
-------------------------------------------------------------------------------------------------------
FULL-TIME EMPLOYEES(5) 72,000 70,300 68,200 65,900 57,400
PRIVATE CLIENT FINANCIAL ADVISORS 20,200 19,500 18,600 18,000 16,400
---------------------------------------------------------------------------------------------------------
(1)Reflects funds managed by MLIM not sold through Private Client channels.
(2)Certain prior period amounts have been restated to conform to the current
period presentation.
(3)Adjusted to exclude the impact of transferring funds to U.S. bank deposits.
(4)Full credit to book manager. Market shares derived from Thomson Financial
Securities Data statistics.
(5)Excludes 3,200 full-time employees on salary continuation at the end of 4Q01.
For more information, please contact:
Investor Relations Phone: 212-449-7119
Merrill Lynch & Co., Inc. Fax: 212-449-7461
investor_relations@ml.com
www.ir.ml.com
18