Exhibit 99.2 Merrill Lynch & Co., Inc. Attachment I - ---------------------------------------------------------------------- Preliminary Unaudited Earnings Summary For the Three Months Ended Percent Inc/(Dec) ---------------------------- -------------------- September June September 3Q03 3Q03 26, 27, 27, vs. vs. 2003 2003 2002 2Q03 3Q02 ----------- ----- --------- -------- --------- (in millions, except per share amounts) Net Revenues Asset management and portfolio service fees $1,184 $1,154 $1,217 2.6 % (2.7) % Commissions 1,120 1,044 1,125 7.3 (0.4) Principal transactions 705 1,100 377 (35.9) 87.0 Investment banking Underwriting 545 565 329 (3.5) 65.7 Strategic advisory 133 133 163 - (18.4) Other 300 271 165 10.7 81.8 ------- ------ ------ Subtotal 3,987 4,267 3,376 (6.6) 18.1 Interest and dividend revenues 2,873 3,028 3,484 (5.1) (17.5) Less interest expense 1,794 1,976 2,498 (9.2) (28.2) ------- ------ ------ Net interest profit 1,079 1,052 986 2.6 9.4 ------- ------ ------ Total Net Revenues 5,066 5,319 4,362 (4.8) 16.1 ------- ------ ------ Non-Interest Expenses Compensation and benefits 2,393 2,678 2,228 (10.6) 7.4 Communications and technology 352 357 421 (1.4) (16.4) Occupancy and related depreciation 226 221 218 2.3 3.7 Brokerage, clearing, and exchange fees 188 169 182 11.2 3.3 Advertising and market development 89 113 125 (21.2) (28.8) Professional fees 146 140 135 4.3 8.1 Office supplies and postage 46 50 62 (8.0) (25.8) Other 138 186 130 (25.8) 6.2 Net recoveries related to September 11 (21) (61) (191) (65.6) (89.0) Restructuring - related credit - - (2) N/M (100.0) -------- ------ ------ Total Non-Interest Expenses 3,557 3,853 3,308 (7.7) 7.5 -------- ------ ------ Earnings Before Income Taxes and Dividends on Preferred Securities Issued by Subsidiaries 1,509 1,466 1,054 2.9 43.2 Income tax expense 422 398 313 6.0 34.8 Dividends on preferred securities issued by subsidiaries 48 47 48 2.1 - -------- ------ ------ Net Earnings $1,039 $1,021 $693 1.8 49.9 ======== ======= ====== Preferred Stock Dividends $9 $10 $10 - - ======== ======= ====== Earnings Per Common Share Basic $1.14 $1.13 $0.79 0.9 44.3 Diluted $1.04 $1.05 $0.73 (1.0) 42.5 Average Shares Used in Computing Earnings Per Common Share Basic 904.8 897.2 864.6 0.8 4.6 Diluted 991.1 965.3 934.5 2.7 6.1 Annualized Return on Average Common Equity 16.5% 17.0% 12.7% - ---------------------------------------------------------------------- Note: Certain prior period amounts have been reclassified to conform to the current period presentation. 13 Merrill Lynch & Co., Inc. Attachment II - ---------------------------------------------------------------------- Preliminary Unaudited Earnings Summary For the Nine Months Ended -------------------- September September 26, 27, Percent (in millions, except per share amounts) 2003 2002 Inc/(Dec) -------- --------- --------- Net Revenues Asset management and portfolio service fees $3,465 $3,808 (9.0)% Commissions 3,233 3,579 (9.7) Principal transactions 2,815 1,982 42.0 Investment banking Underwriting 1,478 1,296 14.0 Strategic advisory 391 540 (27.6) Other 776 603 28.7 -------- --------- Subtotal 12,158 11,808 3.0 Interest and dividend revenues 8,922 9,966 (10.5) Less interest expense 5,841 7,371 (20.8) -------- --------- Net interest profit 3,081 2,595 18.7 -------- --------- Total Net Revenues 15,239 14,403 5.8 -------- --------- Non-Interest Expenses Compensation and benefits 7,567 7,443 1.7 Communications and technology 1,112 1,307 (14.9) Occupancy and related depreciation 663 684 (3.1) Brokerage, clearing, and exchange fees 527 552 (4.5) Advertising and market development 323 426 (24.2) Professional fees 430 397 8.3 Office supplies and postage 154 196 (21.4) Other 548 466 17.6 Net recoveries related to September 11 (82) (191) (57.1) Restructuring - related credit - (2) (100.0) Research - related expenses - 111 (100.0) -------- --------- Total Non-Interest Expenses 11,242 11,389 (1.3) -------- --------- Earnings Before Income Taxes and Dividends on Preferred Securities Issued by Subsidiaries 3,997 3,014 32.6 Income tax expense 1,109 896 23.8 Dividends on preferred securities issued by subsidiaries 143 144 (0.7) -------- --------- Net Earnings $2,745 $1,974 39.1 ======== ========= Preferred Stock Dividends $28 $29 - ======== ========= Earnings Per Common Share Basic $3.03 $2.26 34.1 Diluted $2.81 $2.07 35.7 Average Shares Used in Computing Earnings Per Common Share Basic 896.5 860.4 4.2 Diluted 965.2 942.0 2.5 Annualized Return on Average Common Equity 15.2% 12.5% - ---------------------------------------------------------------------- Note: Certain prior period amounts have been reclassified to conform to the current period presentation. 14 Merrill Lynch & Co., Inc. Attachment III - ---------------------------------------------------------------------- Preliminary Segment Data (unaudited) For the Three Months For the Nine Months Ended Ended ----------------------------- --------------------- September June September September September (dollars in 26, 27, 27, 26, 27, millions) 2003 2003 2002 2003 2002 ------- ------ -------- -------- -------- Global Markets & Investment Banking Non-interest revenues $1,690 $2,154 $1,270 $5,651 $5,028 Net interest profit 796 732 652 2,183 1,590 ------ ------- ------ ------- ------- Total net revenues 2,486 2,886 1,922 7,834 6,618 ------ ------- ------ ------- ------- Pre-tax earnings 1,022(a) 1,115(a) 544(a) 2,928(a) 1,832(a) Pre-tax profit margin 41.1%(a) 38.6%(a) 28.3%(a) 37.4%(a) 27.7%(a) - ---------------------------------------------------------------------- Global Private Client Non-interest revenues $1,958 $1,795 $1,762 $5,532 $5,636 Net interest profit 350 333 323 1,004 1,015 ------- ------- ------- ------- -------- Total net revenues 2,308 2,128 2,085 6,536 6,651 ------- ------- ------- ------- -------- Pre-tax earnings 466 339 317(b) 1,071 932(b) Pre-tax profit margin 20.2% 15.9% 15.2%(b) 16.4% 14.0%(b) - ---------------------------------------------------------------------- Merrill Lynch Investment Managers Non-interest revenues $346 $325 $356 $1,001 $1,199 Net interest profit 6 5 4 18 13 ------ ------ ------ ------- -------- Total net revenues 352 330 360 1,019 1,212 ------ ------ ------ ------- -------- Pre-tax earnings 77 67 67 189 269 Pre-tax profit margin 21.9% 20.3% 18.6% 18.5% 22.2% - ---------------------------------------------------------------------- Corporate Non-interest revenues $(7) $(7) $(12) $(26) $(55) Net interest profit (73) (18) 7 (124) (23) ------ ------- ------- -------- ------- Total net revenues (80) (25) (5) (150) (78) ------ ------- ------- -------- ------- Pre-tax earnings (loss) (56) (55) 126 (191) (19) - ---------------------------------------------------------------------- Total Non-interest revenues $3,987 $4,267 $3,376 $12,158 $11,808 Net interest profit 1,079 1,052 986 3,081 2,595 ------- ------- ------- -------- -------- Total net revenues 5,066 5,319 4,362 15,239 14,403 ------- ------- ------- -------- -------- Pre-tax earnings 1,509(c) 1,466(c) 1,054(c) 3,997(c) 3,014(c) Pre-tax profit margin 29.8%(c) 27.6%(c) 24.2%(c) 26.2%(c) 20.9%(c) - ---------------------------------------------------------------------- Note: Certain prior period amounts have been restated to conform to the current period presentation. (a) Includes the impact of insurance recoveries related to September 11, which have been recorded as a contra-expense, of $25 million, $75 million and $50 million for the three months ended September 26, 2003, June 27, 2003, and September 27, 2002, respectively, and $100 million and $50 million for the nine months ended September 26, 2003 and September 27, 2002, respectively. Excluding these items, GMI's pre-tax earnings were $997 million ($1,022 million minus $25 million), $1,040 million ($1,115 million minus $75 million), and $494 million ($544 million minus $50 million) for the three months ended September 26, 2003, June 27, 2003 and September 27, 2002, respectively, and $2,828 million ($2,928 million minus $100 million) and $1,782 million ($1,832 million minus $50 million) for the nine months ended September 26, 2003 and September 27, 2002, respectively. Excluding these items, GMI's pre-tax profit margin was 40.1% ($997 million/$2,486 million), 36.0% ($1,040 million/$2,886 million), and 25.7% ($494 million/$1,922 million) for the three months ended September 26, 2003, June 27, 2003 and September 27, 2002, respectively, and 36.1% ($2,828 million/$7,834 million) and 26.9% ($1,782 million/$6,618 million) for the nine months ended September 26, 2003 and September 27, 2002, respectively. (b) Includes the impact of an insurance recovery related to September 11 ($25 million) and a restructuring-related credit ($2 million) which have been recorded as a contra-expense. Excluding these items, GPC's pre-tax earnings were $290 million ($317 million minus $27 million) and GPC's pre-tax profit margin was 13.9% ($290 million/$2,085 million). For the year-to-date period, excluding these items, GPC's pre-tax earnings were $905 million ($932 million minus $27 million) and GPC's pre-tax profit margin was 13.6% ($905 million/$6,651 million). (c) Excluding the impact of September 11, restructuring, and research- related items, total pre-tax earnings were $1,488 million ($1,509 million minus $21 million), $1,405 million ($1,466 million minus $61 million), and $861 million ($1,054 million minus $193 million) for the three months ended September 26, 2003, June 27, 2003, and September 27, 2002, respectively, and $3,915 million ($3,997 million minus $82 million) and $2,932 million ($3,014 million minus $82 million) for the nine months ended September 26, 2003 and September 27, 2002, respectively. Excluding these items, total pre-tax profit margins were 29.4% ($1,488 million/$5,066 million), 26.4% ($1,405 million/$5,319 million), and 19.7% ($861 million/$4,362 million) for the three months ended September 26, 2003, June 27, 2003 and September 27, 2002, respectively, and 25.7% ($3,915 million/$15,239 million) and 20.4% ($2,932 million/$14,403 million) for the nine months ended September 26, 2003 and September 27, 2002, respectively. 15 Merrill Lynch & Co., Inc. Attachment IV - ---------------------------------------------------------------------- Consolidated Quarterly Earnings (unaudited) (in millions) 3Q02 4Q02 1Q03 2Q03 3Q03 ------- ------ ------- ------ ------- Net Revenues Asset management and portfolio service fees Asset management fees $402 $386 $385 $394 $401 Portfolio service fees 526 480 476 469 511 Account fees 138 122 135 136 128 Other fees 151 118 131 155 144 ------- ------ ------ ------ ------- Total 1,217 1,106 1,127 1,154 1,184 Commissions Listed and over-the- counter securities 653 623 618 617 634 Mutual funds 277 274 266 234 291 Other 195 181 185 193 195 ------- ------ ------ ------ ------- Total 1,125 1,078 1,069 1,044 1,120 Principal transactions 377 358 1,010 1,100 705 Investment banking Underwriting 329 414 368 565 545 Strategic advisory 163 163 125 133 133 ------- ------ ------ ------ ------- Total 492 577 493 698 678 Other 165 148 205 271 300 ------- ------ ------ ------ ------- Subtotal 3,376 3,267 3,904 4,267 3,987 Interest and dividend revenues 3,484 3,212 3,021 3,028 2,873 Less interest expense 2,498 2,274 2,071 1,976 1,794 ------- ------ ------ ------ ------- Net interest profit 986 938 950 1,052 1,079 ------- ------ ------ ------ ------- Total Net Revenues 4,362 4,205 4,854 5,319 5,066 ------- ------ ------ ------ ------- Non-Interest Expenses Compensation and benefits 2,228 1,983 2,496 2,678 2,393 Communications and technology 421 434 403 357 352 Occupancy and related depreciation 218 225 216 221 226 Brokerage, clearing, and exchange fees 182 175 170 169 188 Advertising and market development 125 114 121 113 89 Professional fees 135 155 144 140 146 Office supplies and postage 62 62 58 50 46 Other 130 145 224 186 138 Research and other settlement-related expenses - 180 - - - Net recoveries related to September 11 (191) (21) - (61) (21) Restructuring and other charges (2) 10 - - - ------- ------ ------ ------ ------- Total Non-Interest Expenses 3,308 3,462 3,832 3,853 3,557 ------- ------ ------ ------ ------- Earnings Before Income Taxes and Dividends on Preferred Securities Issued by Subsidiaries 1,054 743 1,022 1,466 1,509 Income tax expense 313 157 289 398 422 Dividends on preferred securities issued by subsidiaries 48 47 48 47 48 ------- ------ ------ ------ ------- Net Earnings $693 $539 $685 $1,021 $1,039 - ---------------------------------------------------------------------- Per Common Share Data 3Q02 4Q02 1Q03 2Q03 3Q03 ------- ------ ------- ------ ------- Earnings - Basic $0.79 $0.61 $0.76 $1.13 $1.14 Earnings - Diluted 0.73 0.56 0.72 1.05 1.04 Dividends paid 0.16 0.16 0.16 0.16 0.16 Book value 25.17 25.69 24.97 26.04 27.21 est. - ---------------------------------------------------------------------- Certain prior period amounts have been reclassified to conform to the current period presentation. 16 Merrill Lynch & Co., Inc. Attachment V - ---------------------------------------------------------------------- Percentage of Quarterly Net Revenues (unaudited) 3Q02 4Q02 1Q03 2Q03 3Q03 ------ ------ ------ ------ ------ Net Revenues Asset management and portfolio service fees Asset management fees 9.2% 9.2% 7.9% 7.4% 7.9% Portfolio service fees 12.1% 11.4% 9.8% 8.8% 10.1% Account fees 3.2% 2.9% 2.8% 2.6% 2.5% Other fees 3.4% 2.8% 2.7% 2.9% 2.9% ------ ------ ------ ------ ------ Total 27.9% 26.3% 23.2% 21.7% 23.4% Commissions Listed and over-the-counter securities 15.0% 14.8% 12.7% 11.6% 12.5% Mutual funds 6.4% 6.5% 5.5% 4.4% 5.7% Other 4.4% 4.3% 3.8% 3.6% 3.9% ------ ------ ------ ------ ------ Total 25.8% 25.6% 22.0% 19.6% 22.1% Principal transactions 8.6% 8.5% 20.8% 20.7% 13.9% Investment banking Underwriting 7.6% 9.8% 7.6% 10.6% 10.8% Strategic advisory 3.7% 3.9% 2.6% 2.5% 2.6% ------ ------ ------ ------ ------ Total 11.3% 13.7% 10.2% 13.1% 13.4% Other 3.8% 3.6% 4.2% 5.1% 5.9% ------ ------ ------ ------ ------ Subtotal 77.4% 77.7% 80.4% 80.2% 78.7% Interest and dividend revenues 79.9% 76.4% 62.3% 56.9% 56.7% Less interest expense 57.3% 54.1% 42.7% 37.1% 35.4% ------ ------ ------ ------ ------ Net interest profit 22.6% 22.3% 19.6% 19.8% 21.3% ------ ------ ------ ------ ------ Total Net Revenues 100.0% 100.0% 100.0% 100.0% 100.0% ------ ------ ------ ------ ------ Non-Interest Expenses Compensation and benefits 51.1% 47.2% 51.4% 50.3% 47.2% Communications and technology 9.7% 10.3% 8.3% 6.7% 6.9% Occupancy and related depreciation 5.0% 5.4% 4.4% 4.2% 4.5% Brokerage, clearing, and exchange fees 4.2% 4.2% 3.5% 3.2% 3.7% Advertising and market development 2.9% 2.7% 2.5% 2.1% 1.8% Professional fees 3.1% 3.7% 3.0% 2.6% 2.9% Office supplies and postage 1.4% 1.5% 1.2% 0.9% 0.9% Other 2.9% 3.3% 4.6% 3.5% 2.7% Research and other settlement- related expenses - 4.3% - - - Net recoveries related to September 11 -4.4% -0.5% - -1.1% -0.4% Restructuring and other charges -0.1% 0.2% - - - ------ ------ ------ ------ ------ Total Non-Interest Expenses 75.8% 82.3% 78.9% 72.4% 70.2% ------ ------ ------ ------ ------ Earnings Before Income Taxes and Dividends on Preferred Securities Issued by Subsidiaries 24.2% 17.7% 21.1% 27.6% 29.8% Income tax expense 7.2% 3.7% 6.0% 7.5% 8.4% Dividends on preferred securities issued by subsidiaries 1.1% 1.2% 1.0% 0.9% 0.9% ------ ------ ------ ------ ------ Net Earnings 15.9% 12.8% 14.1% 19.2% 20.5% - ---------------------------------------------------------------------- Common shares outstanding (in millions): 3Q02 4Q02 1Q03 2Q03 3Q03 ------ ------ ------ ------ ------ Weighted-average - basic 864.6 868.2 887.6 897.2 904.8 Weighted-average - diluted 934.5 942.9 939.2 965.3 991.1 Period-end 869.0 873.8 929.8 935.2 942.6 - ---------------------------------------------------------------------- 17 Merrill Lynch & Co., Inc. Attachment VI - ---------------------------------------------------------------------- Supplemental Data (unaudited) (dollars in billions) 3Q02 4Q02 1Q03 2Q03 3Q03 ------- ------- ------- ------- ------- Client Assets Private Client U.S. $997 $1,021 $1,009 $1,076 $1,093 Non - U.S. 87 89 86 92 92 ------- ------- ------- ------- ------- Total Private Client Assets 1,084 1,110 1,095 1,168 1,185 MLIM direct sales (1) 205 201 193 205 202 ------- ------- ------- ------- ------- Total Client Assets $1,289 $1,311 $1,288 $1,373 $1,387 ======= ======= ======= ======= ======= Assets in Asset-Priced Accounts $177 $182 $181 $200 $206 Assets Under Management $452 $462 $442 $471 $473 Retail 182 189 187 195 194 Institutional 234 235 220 239 241 Private Investors 36 38 35 37 38 U.S. 305 313 303 320 327 Non-U.S. 147 149 139 151 146 Equity 190 191 183 209 202 Fixed Income 119 122 108 108 125 Money Market 143 149 151 154 146 - ---------------------------------------------------------------------- Net New Money Private Client Accounts U.S. $4 $11 $(4) $(2) $4 Non-U.S. (2) - (1) 1 1 ------- ------- ------- ------- ------- Total 2 11 (5) (1) 5 ------- ------- ------- ------- ------- Assets Under Management $(12) $5 $(11) $4 $(4) - ---------------------------------------------------------------------- Balance Sheet Information (estimated) Commercial Paper and Other Short-term Borrowings $6.6 $5.4 $3.5 $5.5 $3.0 Deposits 80.8 81.8 81.9 80.5 79.3 Long-term Borrowings 73.9 78.5 77.0 79.1 80.8 Preferred Securities Issued by Subsidiaries 2.7 2.7 2.7 2.7 2.7 Total Stockholders' Equity 22.3 22.9 23.6 24.8 26.1 - ---------------------------------------------------------------------- Global Equity and Equity-Linked Underwriting(2)(3) Volume $3 $6 $4 $8 $8 Market Share 5.9% 10.4% 8.1% 7.8% 7.4% Ranking 5 2 5 6 6 Global Debt Underwriting(2)(3) Volume $65 $59 $95 $86 $85 Market Share 7.6% 6.5% 7.1% 6.5% 7.8% Ranking 3 6 3 4 4 Global Completed Mergers and Acquisitions(2)(3) Volume $79 $118 $39 $31 $59 Market Share 23.7% 29.8% 15.5% 10.5% 21.4% Ranking 3 5 3 8 4 - ---------------------------------------------------------------------- Full-Time Employees(4) 53,200 50,900 49,500 48,200 47,800 Private Client Financial Advisors 14,600 14,000 13,600 13,300 13,400 - ---------------------------------------------------------------------- (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) Full credit to book manager. Market shares derived from Thomson Financial Securities Data statistics. (4) Excludes 300, 500, 500, 1,500 and 700 full-time employees on salary continuation severance at the end of 3Q03, 2Q03, 1Q03, 4Q02 and 3Q02, respectively. CONTACT: Merrill Lynch & Co., Inc., New York Media Relations: Timothy Cobb, 212-449-9205 timothy_cobb@ml.com Investor Relations: Tina Madon, 866-607-1234 investor_relations@ml.com Fax: 212-449-7461 www.ir.ml.com 18