Exhibit 99.2 Attachment I Merrill Lynch & Co., Inc. Preliminary Unaudited Earnings Summary For the Three Months Ended Percent Inc/(Dec) -------------------- ---------------- June March June 2Q03 2Q03 (in millions, except 27, 28, 28, vs. vs. per share amounts) 2003 2003 2002 1Q03 2Q02 -------------------- ------- -------- Net Revenues Commissions $1,044 $1,069 $1,212 (2.3)% (13.9)% Principal transactions 1,100 1,010 728 8.9 51.1 Investment banking Underwriting 565 368 501 53.5 12.8 Strategic advisory 133 125 194 6.4 (31.4) Asset management and portfolio service fees 1,154 1,127 1,298 2.4 (11.1) Other 271 205 219 32.2 23.7 ------ ------ ------ Subtotal 4,267 3,904 4,152 9.3 2.8 Interest and dividend revenues 3,028 3,021 3,198 0.2 (5.3) Less interest expense 1,976 2,071 2,399 (4.6) (17.6) ------ ------ ------ Net interest profit 1,052 950 799 10.7 31.7 ------ ------ ------ Total Net Revenues 5,319 4,854 4,951 9.6 7.4 ------ ------ ------ Non-Interest Expenses Compensation and benefits 2,678 2,496 2,569 7.3 4.2 Communications and technology 357 403 412 (11.4) (13.3) Occupancy and related depreciation 221 216 228 2.3 (3.1) Brokerage, clearing, and exchange fees 169 170 172 (0.6) (1.7) Advertising and market development 113 121 151 (6.6) (25.2) Professional fees 140 144 132 (2.8) 6.1 Office supplies and postage 50 58 65 (13.8) (23.1) Other 186 224 163 (17.0) 14.1 Research and other settlement-related expenses - - 111 N/M (100.0) Net recoveries related to September 11 (61) - - N/M N/M ------ ------ ------ Total Non-Interest Expenses 3,853 3,832 4,003 0.5 (3.7) ------ ------ ------ Earnings Before Income Taxes and Dividends on Preferred Securities Issued by Subsidiaries 1,466 1,022 948 43.4 54.6 Income tax expense 398 289 267 37.7 49.1 Dividends on preferred securities issued by subsidiaries 47 48 47 (2.1) - ------ ------ ------ Net Earnings $1,021 $685 $634 49.1 61.0 ====== ====== ====== Preferred Stock Dividends $10 $9 $10 11.1 - ====== ====== ====== Earnings Per Common Share Basic $1.13 $0.76 $0.72 48.7 56.9 Diluted $1.05 $0.72 $0.66 45.8 59.1 Average Shares Used in Computing Earnings Per Common Share Basic 897.2 887.6 861.7 1.1 4.1 Diluted 965.3 939.2 942.6 2.8 2.4 Annualized Return on Average Common Equity 17.0% 11.8% 12.0% - ---------------------------------------------------------------------- Note: Certain prior period amounts have been reclassified to conform to the current period presentation. 14 Attachment II Merrill Lynch & Co., Inc. Preliminary Unaudited Earnings Summary For the Six Months Ended ------------- (in millions, except June June per share amounts) 27, 28, Percent 2003 2002 Inc/(Dec) ------- ----- --------- Net Revenues Commissions $2,113 $2,454 (13.9)% Principal transactions 2,110 1,605 31.5 Investment banking Underwriting 933 967 (3.5) Strategic advisory 258 377 (31.6) Asset management and portfolio service fees 2,281 2,591 (12.0) Other 476 438 8.7 ------- ------- Subtotal 8,171 8,432 (3.1) Interest and dividend revenues 6,049 6,482 (6.7) Less interest expense 4,047 4,873 (17.0) ------- ------- Net interest profit 2,002 1,609 24.4 ------- ------- Total Net Revenues 10,173 10,041 1.3 ------- ------- Non-Interest Expenses Compensation and benefits 5,174 5,215 (0.8) Communications and technology 760 886 (14.2) Occupancy and related depreciation 437 466 (6.2) Brokerage, clearing, and exchange fees 339 370 (8.4) Advertising and market development 234 301 (22.3) Professional fees 284 262 8.4 Office supplies and postage 108 134 (19.4) Other 410 336 22.0 Research and other settlement-related expenses - 111 (100.0) Net recoveries related to September 11 (61) - N/M ------- ------- Total Non-Interest Expenses 7,685 8,081 (4.9) ------- ------- Earnings Before Income Taxes and Dividends on Preferred Securities Issued by Subsidiaries 2,488 1,960 26.9 Income tax expense 687 583 17.8 Dividends on preferred securities issued by subsidiaries 95 96 (1.0) ------- ------- Net Earnings $1,706 $1,281 33.2 ======= ======= Preferred Stock Dividends $19 $19 - ======= ======= Earnings Per Common Share Basic $1.89 $1.47 28.6 Diluted $1.77 $1.33 33.1 Average Shares Used in Computing Earnings Per Common Share Basic 892.4 858.2 4.0 Diluted 952.3 945.9 0.7 Annualized Return on Average Common Equity 14.4% 12.3% - ---------------------------------------------------------------------- Note: Certain prior period amounts have been reclassified to conform to the current period presentation. 15 Attachment III Merrill Lynch & Co., Inc. Preliminary Segment Data (unaudited) For the Three Months For the Six Months Ended Ended ------------------------- ------------------ (dollars in June March June June June millions) 27, 28, 28, 27, 28, 2003 2003 2002 2003 2002 ------- ------ ------- ------- ------- Global Markets & Investment Banking Non-interest revenues $2,154 $1,807 $1,848 $3,961 $3,756 Net interest profit 732 654 462 1,386 938 ------- ------ ------ ------- ------- Total net revenues 2,886 2,461 2,310 5,347 4,694 ------- ------ ------ ------- ------- Pre-tax earnings 1,113 (a) 789 647 1,902 (a) 1,291 Pre-tax profit margin 38.6%(a) 32.1% 28.0% 35.6%(a) 27.5% - ---------------------------------------------------------------------- Global Private Client Non-interest revenues $1,795 $1,779 $1,922 $3,574 $3,875 Net interest profit 333 322 346 655 692 ------- ------ ------ ------- ------- Total net revenues 2,128 2,101 2,268 4,229 4,567 ------- ------ ------ ------- ------- Pre-tax earnings 341 267 340 608 611 Pre-tax profit margin 16.0% 12.7% 15.0% 14.4% 13.4% - ---------------------------------------------------------------------- Merrill Lynch Investment Managers Non-interest revenues $325 $330 $406 $655 $845 Net interest profit 5 7 5 12 9 ------- ------ ------ ------- ------- Total net revenues 330 337 411 667 854 ------- ------ ------ ------- ------- Pre-tax earnings 67 46 89 113 203 Pre-tax profit margin 20.3% 13.6% 21.7% 16.9% 23.8% - ---------------------------------------------------------------------- Corporate Non-interest revenues $(7) $(12) $(24) $(19) $(44) Net interest profit (18) (33) (14) (51) (30) ------- ------ ------ ------- ------- Total net revenues (25) (45) (38) (70) (74) ------- ------ ------ ------- ------- Pre-tax loss (55)(b) (80) (128)(c) (135)(b) (145)(c) - ---------------------------------------------------------------------- Total Non-interest revenues $4,267 $3,904 $4,152 $8,171 $8,432 Net interest profit 1,052 950 799 2,002 1,609 ------- ------ ------ ------- ------- Total net revenues 5,319 4,854 4,951 10,173 10,041 ------- ------ ------ ------- ------- Pre-tax earnings 1,466 (d) 1,022 948 (e) 2,488 (d) 1,960 (e) Pre-tax profit margin 27.6%(d) 21.1% 19.1%(e) 24.5%(d) 19.5% (e) - ---------------------------------------------------------------------- Note: Certain prior period amounts have been restated to conform to the current period presentation. (a) Includes the impact of an insurance recovery related to September 11 of $75 million which is recorded as a contra-expense. Excluding this item, GMI's pre-tax earnings were $1,038 million ($1,113 million minus $75 million) and GMI's pre-tax profit margin was 36.0% ($1,038 million/$2,886 million). For the year-to-date period, excluding this item, GMI's pre-tax earnings were $1,827 million ($1,902 million minus $75 million) and GMI's pre-tax profit margin was 34.2% ($1,827 million/$5,347 million). (b) Includes September 11- related expenses of $14 million. (c) Includes research settlement-related expenses of $111 million. (d) Excluding the September 11-related items, total pre-tax earnings were $1,405 million ($1,466 million minus $61 million) and total pre-tax profit margin was 26.4% ($1,405 million/$5,319 million). For the year-to-date period, excluding this item, total pre-tax earnings were $2,427 million ($2,488 million minus $61 million) and total pre-tax profit margin was 23.9% ($2,427 million/$10,173 million). (e) Includes research settlement-related expenses of $111 million. Excluding this item, total pre-tax earnings were $1,059 million ($948 million plus $111 million) and total pre-tax profit margin was 21.4% ($1,059 million/$4,951 million). For the year-to-date period, excluding this item, total pre-tax earnings were $2,071 million ($1,960 million plus $111 million) and total pre-tax profit margin was 20.6% ($2,071 million/$10,041 million). 16 Attachment IV Merrill Lynch & Co., Inc. Consolidated Quarterly Earnings (unaudited) (in millions) 2Q02 3Q02 4Q02 1Q03 2Q03 ----- ----- ----- ----- ----- Net Revenues Commissions Listed and over-the-counter securities $718 $653 $623 $618 $617 Mutual funds 327 277 274 266 234 Other 167 195 181 185 193 ----- ----- ----- ----- ----- Total 1,212 1,125 1,078 1,069 1,044 Principal transactions 728 377 358 1,010 1,100 Investment banking Underwriting 501 329 414 368 565 Strategic advisory 194 163 163 125 133 ----- ----- ----- ----- ----- Total 695 492 577 493 698 Asset management and portfolio service fees Asset management fees 430 402 386 385 394 Portfolio service fees 571 526 480 476 469 Account fees 135 138 122 135 136 Other fees 162 151 118 131 155 ----- ----- ----- ----- ----- Total 1,298 1,217 1,106 1,127 1,154 Other 219 165 148 205 271 ----- ----- ----- ----- ----- Subtotal 4,152 3,376 3,267 3,904 4,267 Interest and dividend revenues 3,198 3,484 3,212 3,021 3,028 Less interest expense 2,399 2,498 2,274 2,071 1,976 ----- ----- ----- ----- ----- Net interest profit 799 986 938 950 1,052 ----- ----- ----- ----- ----- Total Net Revenues 4,951 4,362 4,205 4,854 5,319 ----- ----- ----- ----- ----- Non-Interest Expenses Compensation and benefits 2,569 2,228 1,983 2,496 2,678 Communications and technology 412 421 434 403 357 Occupancy and related depreciation 228 218 225 216 221 Brokerage, clearing, and exchange fees 172 182 175 170 169 Advertising and market development 151 125 114 121 113 Professional fees 132 135 155 144 140 Office supplies and postage 65 62 62 58 50 Other 163 130 145 224 186 Research and other settlement-related expenses 111 - 180 - - Net recoveries related to September 11 - (191) (21) - (61) Restructuring and other charges - (2) 10 - - ----- ----- ----- ----- ----- Total Non-Interest Expenses 4,003 3,308 3,462 3,832 3,853 ----- ----- ----- ----- ----- Earnings Before Income Taxes and Dividends on Preferred Securities Issued by Subsidiaries 948 1,054 743 1,022 1,466 Income tax expense 267 313 157 289 398 Dividends on preferred securities issued by subsidiaries 47 48 47 48 47 ----- ----- ----- ----- ----- Net Earnings $634 $693 $539 $685 $1,021 - ---------------------------------------------------------------------- Per Common Share Data 2Q02 3Q02 4Q02 1Q03 2Q03 ----- ----- ----- ----- ----- Earnings - Basic $0.72 $0.79 $0.61 $0.76 $1.13 Earnings - Diluted 0.66 0.73 0.56 0.72 1.05 Dividends paid 0.16 0.16 0.16 0.16 0.16 Book value 24.46 25.17 25.69 24.97 26.04 est. - ---------------------------------------------------------------------- Certain prior period amounts have been reclassified to conform to the current period presentation. 17 Attachment V Merrill Lynch & Co., Inc. Percentage of Quarterly Net Revenues (unaudited) 2Q02 3Q02 4Q02 1Q03 2Q03 ------ ------ ------ ------ ------ Net Revenues Commissions Listed and over-the-counter securities 14.5% 15.0% 14.8% 12.7% 11.6% Mutual funds 6.6% 6.4% 6.5% 5.5% 4.4% Other 3.4% 4.4% 4.3% 3.8% 3.6% ------ ----- ----- ----- ------ Total 24.5% 25.8% 25.6% 22.0% 19.6% Principal transactions 14.7% 8.6% 8.5% 20.8% 20.7% Investment banking Underwriting 10.1% 7.6% 9.8% 7.6% 10.6% Strategic advisory 3.9% 3.7% 3.9% 2.6% 2.5% ------ ----- ----- ----- ------ Total 14.0% 11.3% 13.7% 10.2% 13.1% Asset management and portfolio service fees Asset management fees 8.7% 9.2% 9.2% 7.9% 7.4% Portfolio service fees 11.5% 12.1% 11.4% 9.8% 8.8% Account fees 2.7% 3.2% 2.9% 2.8% 2.6% Other fees 3.3% 3.4% 2.8% 2.7% 2.9% ------ ----- ----- ----- ------ Total 26.2% 27.9% 26.3% 23.2% 21.7% Other 4.5% 3.8% 3.6% 4.2% 5.1% ------ ----- ----- ----- ------ Subtotal 83.9% 77.4% 77.7% 80.4% 80.2% Interest and dividend revenues 64.6% 79.9% 76.4% 62.3% 56.9% Less interest expense 48.5% 57.3% 54.1% 42.7% 37.1% ------ ----- ----- ----- ------ Net interest profit 16.1% 22.6% 22.3% 19.6% 19.8% ------ ----- ----- ----- ------ Total Net Revenues 100.0% 100.0% 100.0% 100.0% 100.0% ------ ------ ------ ------ ------ Non-Interest Expenses Compensation and benefits 51.9% 51.1% 47.2% 51.4% 50.3% Communications and technology 8.3% 9.7% 10.3% 8.3% 6.7% Occupancy and related depreciation 4.6% 5.0% 5.4% 4.4% 4.2% Brokerage, clearing, and exchange fees 3.5% 4.2% 4.2% 3.5% 3.2% Advertising and market development 3.0% 2.9% 2.7% 2.5% 2.1% Professional fees 2.7% 3.1% 3.7% 3.0% 2.6% Office supplies and postage 1.3% 1.4% 1.5% 1.2% 0.9% Other 3.3% 2.9% 3.3% 4.6% 3.5% Research and other settlement-related expenses 2.3% - 4.3% - - Net recoveries related to September 11 - -4.4% -0.5% - -1.1% Restructuring and other charges - -0.1% 0.2% - - ------ ----- ----- ----- ------ Total Non-Interest Expenses 80.9% 75.8% 82.3% 78.9% 72.4% ------ ----- ----- ----- ------ Earnings Before Income Taxes and Dividends on Preferred Securities Issued by Subsidiaries 19.1% 24.2% 17.7% 21.1% 27.6% Income tax expense 5.4% 7.2% 3.7% 6.0% 7.5% Dividends on preferred securities issued by subsidiaries 0.9% 1.1% 1.2% 1.0% 0.9% ------ ----- ----- ----- ------ Net Earnings 12.8% 15.9% 12.8% 14.1% 19.2% - ---------------------------------------------------------------------- Common shares outstanding (in millions): 2Q02 3Q02 4Q02 1Q03 2Q03 ---- ---- ---- ---- ---- Weighted-average - basic 861.7 864.6 868.2 887.6 897.2 Weighted-average - diluted 942.6 934.5 942.9 939.2 965.3 Period-end 865.4 869.0 873.8 929.8 935.2 - ---------------------------------------------------------------------- 18 Attachment VI Merrill Lynch & Co., Inc. Supplemental Data (dollars in billions) (unaudited) 2Q02 3Q02 4Q02 1Q03 2Q03 ------ ------ ------ ------ ------ Client Assets Private Client U.S. $1,076 $997 $1,021 $1,009 $1,076 Non - U.S. 94 87 89 86 92 ------ ------ ------ ------ ------ Total Private Client Assets 1,170 1,084 1,110 1,095 1,168 MLIM direct sales (1) 233 205 201 193 205 ------ ------ ------ ------ ------ Total Client Assets $1,403 $1,289 $1,311 $1,288 $1,373 ====== ====== ====== ====== ====== Assets in Asset-Priced Accounts $192 $177 $182 $181 $200 Assets Under Management $499 $452 $462 $442 $471 Retail 203 182 189 187 195 Institutional 257 234 235 220 239 Private Investors 39 36 38 35 37 U.S. 319 305 313 303 320 Non-U.S. 180 147 149 139 151 Equity 234 190 191 183 209 Fixed Income 121 119 122 108 108 Money Market 144 143 149 151 154 - ---------------------------------------------------------------------- Net New Money Private Client Accounts U.S. $4 $4 $11 $(4) $(2) Non-U.S. - (2) - (1) 1 ------ ------ ------ ------ ------ Total 4 2 11 (5) (1) ------ ------ ------ ------ ------ Assets Under Management $(5) $(12) $5 $(11) $4 ------ ------ ------ ------ ------ - ---------------------------------------------------------------------- Balance Sheet Information (estimated) Commercial Paper and Other Short-term Borrowings $6.0 $6.6 $5.4 $3.5 $5.5 Deposits 81.1 80.8 81.8 81.9 80.5 Long-term Borrowings 75.5 73.9 78.5 77.0 79.8 Preferred Securities Issued by Subsidiaries 2.7 2.7 2.7 2.7 2.7 Total Stockholders' Equity 21.6 22.3 22.9 23.6 24.8 - ---------------------------------------------------------------------- Global Equity and Equity- Linked Underwriting(2)(3) Volume $10 $3 $6 $4 $8 Market Share 9.4% 5.9% 10.5% 8.0% 7.8% Ranking 3 5 2 5 6 Global Debt Underwriting(2)(3) Volume $86 $65 $59 $95 $84 Market Share 8.3% 7.7% 6.5% 7.1% 6.6% Ranking 3 3 6 3 4 Global Completed Mergers and Acquisitions(2)(3) Volume $64 $79 $117 $38 $28 Market Share 19.8% 23.7% 29.8% 15.7% 10.4% Ranking 4 3 5 3 8 - ---------------------------------------------------------------------- Full-Time Employees(4) 54,400 53,200 50,900 49,600 48,300 Private Client Financial Advisors 15,100 14,600 14,000 13,600 13,300 - ---------------------------------------------------------------------- (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) Full credit to book manager. Market shares derived from Thomson Financial Securities Data statistics. (4) Excludes 500, 500, 1,500, 700 and 1,000 full-time employees on salary continuation severance at the end of 2Q03, 1Q03, 4Q02, 3Q02 and 2Q02, respectively. For more information, please contact: Investor Relations Phone: 866-607-1234 Merrill Lynch & Co., Inc. Fax: 212-449-7461 investor_relations@ml.com www.ir.ml.com 19