Exhibit 99.2 Merrill Lynch & Co., Inc. Attachment I Preliminary Unaudited Earnings Summary For the Three Months Ended Percent Inc/(Dec) -------------------------- ----------------- 4Q03 4Q03 (in millions, except per Dec. 26, Sept. 26, Dec. 27, vs. vs. share amounts) 2003 2003 2002 3Q03 4Q02 ---------- -------- -------- ------ -------- Net Revenues Asset management and portfolio service fees $1,231 $1,184 $1,106 4.0 % 11.3 % Commissions 1,163 1,120 1,078 3.8 7.9 Principal transactions 380 704 349 (46.0) 8.9 Investment banking 759 678 577 11.9 31.5 Other 335 300 148 11.7 126.4 ---------- -------- -------- Subtotal 3,868 3,986 3,258 (3.0) 18.7 Interest and dividend revenues 2,805 2,871 3,240 (2.3) (13.4) Less interest expense 1,750 1,794 2,274 (2.5) (23.0) ---------- -------- -------- Net interest profit 1,055 1,077 966 (2.0) 9.2 ---------- -------- -------- Total Net Revenues 4,923 5,063 4,224 (2.8) 16.5 ---------- -------- -------- Non-Interest Expenses Compensation and benefits 2,003 2,393 1,983 (16.3) 1.0 Communications and technology 345 352 434 (2.0) (20.5) Occupancy and related depreciation 226 226 225 0.0 0.4 Brokerage, clearing, and exchange fees 195 188 175 3.7 11.4 Advertising and market development 106 89 114 19.1 (7.0) Professional fees 151 146 155 3.4 (2.6) Office supplies and postage 43 46 62 (6.5) (30.6) Other 247 135 164 83.0 50.6 Net recoveries related to September 11 (65) (21) (21) 209.5 209.5 Net restructuring and other charges 20 - 10 N/M 100.0 Research and other settlement - related expenses - - 180 N/M (100.0) ---------- -------- -------- Total Non-Interest Expenses 3,271 3,554 3,481 (8.0) (6.0) ---------- -------- -------- Earnings Before Income Taxes and Dividends on Preferred Securities Issued by Subsidiaries 1,652 1,509 743 9.5 122.3 Income tax expense 361 422 157 (14.5) 129.9 Dividends on preferred securities issued by subsidiaries 48 48 47 0.0 2.1 ---------- -------- -------- Net Earnings $1,243 $1,039 $539 19.6 130.6 ========== ======== ======== Preferred Stock Dividends $10 $9 $9 - - ========== ======== ======== Earnings Per Common Share Basic $1.35 $1.14 $0.61 18.4 121.3 Diluted $1.23 $1.04 $0.56 18.3 119.6 Average Shares Used in Computing Earnings Per Common Share Basic 913.3 904.8 868.2 0.9 5.2 Diluted 1,006.5 991.1 942.9 1.6 6.7 Annualized Return on Average Common Equity 18.7% 16.5% 9.5% 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 Year Ended ------------------ (in millions, except per share December 26, December 27, Percent amounts) 2003 2002 Inc / (Dec) ------------------------------------- Net Revenues Asset management and portfolio service fees $4,696 $4,914 (4.4)% Commissions 4,396 4,657 (5.6) Principal transactions 3,236 2,331 38.8 Investment banking 2,628 2,413 8.9 Other 1,111 751 47.9 ----------- ------------ Subtotal 16,067 15,066 6.6 Interest and dividend revenues 11,678 13,206 (11.6) Less interest expense 7,591 9,645 (21.3) ----------- ------------ Net interest profit 4,087 3,561 14.8 ----------- ------------ Total Net Revenues 20,154 18,627 8.2 ----------- ------------ Non-Interest Expenses Compensation and benefits 9,570 9,426 1.5 Communications and technology 1,457 1,741 (16.3) Occupancy and related depreciation 889 909 (2.2) Brokerage, clearing, and exchange fees 722 727 (0.7) Advertising and market development 429 540 (20.6) Professional fees 581 552 5.3 Office supplies and postage 197 258 (23.6) Other 787 630 24.9 Net recoveries related to September 11 (147) (212) (30.7) Net restructuring and other charges 20 8 150.0 Research and other settlement - related expenses - 291 (100.0) ----------- ------------ Total Non-Interest Expenses 14,505 14,870 (2.5) ----------- ------------ Earnings Before Income Taxes and Dividends on Preferred Securities Issued by Subsidiaries 5,649 3,757 50.4 Income tax expense 1,470 1,053 39.6 Dividends on preferred securities issued by subsidiaries 191 191 - ----------- ------------ Net Earnings $3,988 $2,513 58.7 =========== ============ Preferred Stock Dividends $38 $38 - =========== ============ Earnings Per Common Share Basic $4.39 $2.87 53.0 Diluted $4.05 $2.63 54.0 Average Shares Used in Computing Earnings Per Common Share Basic 900.7 862.3 4.5 Diluted 975.5 942.2 3.5 Annualized Return on Average Common Equity 16.1% 11.7% 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 Ended For the Year Ended ----------------------------- ------------------ December September December December December 26, 26, 27, 26, 27, (dollars in millions) 2003 2003 2002 2003 2002 ----------------------------- ------------------ Global Markets & Investment Banking Non-interest revenues $1,525 $1,694 $1,142 $7,223 $6,167 Net interest profit 723 793 670 2,853 2,261 ------- ------- ------- ------- ------- Total net revenues 2,248 2,487 1,812 10,076 8,428 ------- ------- ------- ------- ------- Pre-tax earnings 1,002(a) 1,023(a) 558(a) 3,934(a) 2,389(a) Pre-tax profit margin 44.6%(a) 41.1%(a) 30.8%(a) 39.0%(a) 28.3%(a) - ---------------------------------------------------------------------- Global Private Client Non-interest revenues $1,975 $1,957 $1,809 $7,505 $7,447 Net interest profit 350 351 319 1,358 1,333 ------- ------- ------- ------- ------- Total net revenues 2,325 2,308 2,128 8,863 8,780 ------- ------- ------- ------- ------- Pre-tax earnings 512(b) 467 365(b) 1,582(b) 1,297(b) Pre-tax profit margin 22.0%(b) 20.2% 17.2%(b) 17.8%(b) 14.8%(b) - ---------------------------------------------------------------------- Merrill Lynch Investment Managers Non-interest revenues $380 $342 $326 $1,377 $1,526 Net interest profit 6 6 11 24 24 ------- ------- ------- ------- ------- Total net revenues 386 348 337 1,401 1,550 ------- ------- ------- ------- ------- Pre-tax earnings 98(c) 75 48(c) 284(c) 318(c) Pre-tax profit margin 25.4%(c) 21.6% 14.2%(c) 20.3%(c) 20.5%(c) - ---------------------------------------------------------------------- Corporate Non-interest revenues $(12) $(7) $(19) $(38) $(74) Net interest profit (24) (73) (34) (148) (57) ------- ------- ------- ------- ------- Total net revenues (36) (80) (53) (186) (131) ------- ------- ------- ------- ------- Pre-tax earnings (loss) 40 (56) (228) (151) (247) - ---------------------------------------------------------------------- Total Non-interest revenues $3,868 $3,986 $3,258 $16,067 $15,066 Net interest profit 1,055 1,077 966 4,087 3,561 ------- ------- ------- ------- ------- Total net revenues 4,923 5,063 4,224 20,154 18,627 ------- ------- ------- ------- ------- Pre-tax earnings 1,652(d) 1,509(d) 743(d) 5,649(d) 3,757(d) Pre-tax profit margin 33.6%(d) 29.8%(d) 17.6%(d) 28.0%(d) 20.2%(d) - ---------------------------------------------------------------------- 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 $55 million, $25 million and $40 million for the three months ended December 26, 2003, September 26, 2003, and December 27, 2002, respectively, and $155 million and $90 million for the years ended December 26, 2003 and December 27, 2002, respectively. Also includes net restructuring and other charges of $18 million and $51 million for the three month and full-year periods ended December 26, 2003 and December 27, 2002, respectively. Excluding these items, GMI's pre-tax earnings were $965 million ($1,002 million minus $37 million), $998 million ($1,023 million minus $25 million), and $569 million ($558 million plus $11 million) for the three months ended December 26, 2003, September 26, 2003 and December 27, 2002, respectively, and $3,797 million ($3,934 million minus $137 million) and $2,350 million ($2,389 million minus $39 million) for the years ended December 26, 2003 and December 27, 2002, respectively. Excluding these items, GMI's pre-tax profit margin was 42.9% ($965 million/$2,248 million), 40.1% ($998 million/$2,487 million), and 31.4% ($569 million/$1,812 million) for the three months ended December 26, 2003, September 26, 2003 and December 27, 2002, respectively, and 37.7% ($3,797 million/$10,076 million) and 27.9%($2,350 million/$8,428 million) for the years ended December 26, 2003 and December 27, 2002, respectively. (b) Includes the impact of net insurance recoveries related to September 11, which have been recorded as a contra-expense, of $15 million for the three months ended December 26, 2003, and $15 million and $25 million for the years ended December 26, 2003 and December 27, 2002, respectively. Also includes restructuring and other charges/(credits) of $(2) million and $(64) million for the three months ended December 26, 2003 and December 27, 2002, respectively, and $(2) million and $(66) million for the years ended December 26, 2003 and December 27, 2002, respectively. Excluding these items, GPC's pre-tax earnings were $495 million ($512 million minus $17 million) and $301 million ($365 million minus $64 million) for the three months ended December 26, 2003 and December 27, 2002, respectively, and $1,565 million ($1,582 million minus $17 million) and $1,206 million ($1,297 minus $91 million) for the years ended December 26, 2003 and December 27, 2002, respectively. Excluding these items, GPC's pre-tax profit margin was 21.3% ($495 million/$2,325 million) and 14.1% ($301 million/$2,128 million) for the three months ended December 26, 2003 and December 27, 2002, respectively, and 17.7% ($1,565 million/$8,863 million) and 13.7% ($1,206 million/$8,780 million) for the years ended December 26, 2003 and December 27, 2002, respectively. (c) Includes the impact of net restructuring and other charges of $4 million and $23 million for the three month and full-year periods ended December 26, 2003 and December 27, 2002, respectively. Excluding these items, MLIM's pre-tax earnings were $102 million ($98 million plus $4 million) and $71 million ($48 million plus $23 million) for the three months ended December 26, 2003 and December 27, 2002, respectively, and $288 million ($284 million plus $4 million) and $341 million ($318 million plus $23 million) for the years ended December 26, 2003 and December 27, 2002, respectively. Excluding these items, MLIM's pre-tax profit margin was 26.4% ($102 million/$386 million) and 21.1% ($71 million/$337 million) for the three months ended December 26, 2003 and December 27, 2002, respectively, and 20.6%($288 million/$1,401 million) and 22.0% ($341 million/ $1,550 million) for the years ended December 26, 2003 and December 27, 2002. (d) Excluding the impact of September 11, restructuring, and research-related items, total pre-tax earnings were $1,607 million ($1,652 million minus $45 million), $1,488 million ($1,509 million minus $21 million), and $912 million ($743 million plus $169 million) for the three months ended December 26, 2003, September 26, 2003, and December 27, 2002, respectively, and $5,522 million ($5,649 million minus $127 million) and $3,844 million ($3,757 million plus $87 million) for the years ended December 26, 2003 and December 27, 2002, respectively. Excluding these items, total pre-tax profit margins were 32.6% ($1,607 million/$4,923 million), 29.4% ($1,488 million/$5,063 million), and 21.6% ($912 million/$4,224 million) for the three months ended December 26, 2003, September 26, 2003 and December 27, 2002, respectively, and 27.4% ($5,522 million/$20,154 million) and 20.6% ($3,844 million/$18,627 million) for the years ended December 26, 2003 and December 27, 2002, respectively. 15 Merrill Lynch & Co., Inc. Attachment IV Consolidated Quarterly Earnings (unaudited) (in millions) 4Q02 1Q03 2Q03 3Q03 4Q03 ------- ------ ------- ------- ------- Net Revenues Asset management and portfolio service fees Asset management fees $386 $385 $394 $401 $429 Portfolio service fees 480 476 469 511 534 Account fees 122 135 136 128 128 Other fees 118 131 155 144 140 ------- ------ ------- ------- ------- Total 1,106 1,127 1,154 1,184 1,231 Commissions Listed and over-the- counter securities 623 618 617 634 626 Mutual funds 274 266 234 291 314 Other 181 185 193 195 223 ------- ------ ------- ------- ------- Total 1,078 1,069 1,044 1,120 1,163 Principal transactions 349 1,025 1,127 704 380 Investment banking Underwriting 414 368 565 545 599 Strategic advisory 163 125 133 133 160 ------- ------ ------- ------- ------- Total 577 493 698 678 759 Other 148 205 271 300 335 ------- ------ ------- ------- ------- Subtotal 3,258 3,919 4,294 3,986 3,868 Interest and dividend revenues 3,240 3,004 2,998 2,871 2,805 Less interest expense 2,274 2,071 1,976 1,794 1,750 ------- ------ ------- ------- ------- Net interest profit 966 933 1,022 1,077 1,055 ------- ------ ------- ------- ------- Total Net Revenues 4,224 4,852 5,316 5,063 4,923 ------- ------ ------- ------- ------- Non-Interest Expenses Compensation and benefits 1,983 2,496 2,678 2,393 2,003 Communications and technology 434 403 357 352 345 Occupancy and related depreciation 225 216 221 226 226 Brokerage, clearing, and exchange fees 175 170 169 188 195 Advertising and market development 114 121 113 89 106 Professional fees 155 144 140 146 151 Office supplies and postage 62 58 50 46 43 Other 164 222 183 135 247 Net recoveries related to September 11 (21) - (61) (21) (65) Net restructuring and other charges 10 - - - 20 Research and other settlement-related expenses 180 - - - - ------- ------ ------- ------- ------- Total Non-Interest Expenses 3,481 3,830 3,850 3,554 3,271 ------- ------ ------- ------- ------- Earnings Before Income Taxes and Dividends on Preferred Securities Issued by Subsidiaries 743 1,022 1,466 1,509 1,652 Income tax expense 157 289 398 422 361 Dividends on preferred securities issued by subsidiaries 47 48 47 48 48 ------- ------ ------- ------- ------- Net Earnings $539 $685 $1,021 $1,039 $1,243 - ---------------------------------------------------------------------- Per Common Share Data 4Q02 1Q03 2Q03 3Q03 4Q03 ------- ------ ------- ------- ------- Earnings - Basic $0.61 $0.76 $1.13 $1.14 $1.35 Earnings - Diluted 0.56 0.72 1.05 1.04 1.23 Dividends paid 0.16 0.16 0.16 0.16 0.16 Book value 25.69 24.97 26.04 27.21 28.66est. - ---------------------------------------------------------------------- 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) 4Q02 1Q03 2Q03 3Q03 4Q03 ------- ------- ------ ------ ------- Net Revenues Asset management and portfolio service fees Asset management fees 9.1% 7.9% 7.4% 7.9% 8.7% Portfolio service fees 11.4% 9.8% 8.8% 10.1% 10.8% Account fees 2.9% 2.8% 2.6% 2.5% 2.6% Other fees 2.8% 2.7% 2.9% 2.9% 2.9% ------- ------- ------ ------ ------- Total 26.2% 23.2% 21.7% 23.4% 25.0% Commissions Listed and over-the- counter securities 14.7% 12.7% 11.6% 12.5% 12.7% Mutual funds 6.5% 5.5% 4.4% 5.7% 6.4% Other 4.3% 3.8% 3.6% 3.9% 4.5% ------- ------- ------ ------ ------- Total 25.5% 22.0% 19.6% 22.1% 23.6% Principal transactions 8.3% 21.1% 21.2% 13.9% 7.7% Investment banking Underwriting 9.8% 7.6% 10.6% 10.8% 12.2% Strategic advisory 3.9% 2.6% 2.5% 2.6% 3.3% ------- ------- ------ ------ ------- Total 13.7% 10.2% 13.1% 13.4% 15.5% Other 3.4% 4.3% 5.2% 5.9% 6.8% ------- ------- ------ ------ ------- Subtotal 77.1% 80.8% 80.8% 78.7% 78.6% Interest and dividend revenues 76.7% 62.0% 56.4% 56.7% 57.0% Less interest expense 53.8% 42.8% 37.2% 35.4% 35.6% ------- ------- ------ ------ ------- Net interest profit 22.9% 19.2% 19.2% 21.3% 21.4% ------- ------- ------ ------ ------- Total Net Revenues 100.0% 100.0% 100.0% 100.0% 100.0% ------- ------- ------ ------ ------- Non-Interest Expenses Compensation and benefits 46.9% 51.4% 50.4% 47.3% 40.7% Communications and technology 10.3% 8.3% 6.7% 7.0% 7.0% Occupancy and related depreciation 5.3% 4.5% 4.2% 4.5% 4.6% Brokerage, clearing, and exchange fees 4.1% 3.5% 3.2% 3.7% 4.0% Advertising and market development 2.7% 2.5% 2.1% 1.8% 2.2% Professional fees 3.7% 3.0% 2.6% 2.9% 3.1% Office supplies and postage 1.5% 1.2% 0.9% 0.9% 0.9% Other 3.9% 4.5% 3.4% 2.5% 4.8% Net recoveries related to September 11 -0.5% - -1.1% -0.4% -1.3% Net restructuring and other charges 0.2% - - - 0.4% Research and other settlement- related expenses 4.3% - - - - ------- ------- ------ ------ ------- Total Non-Interest Expenses 82.4% 78.9% 72.4% 70.2% 66.4% ------- ------- ------ ------ ------- Earnings Before Income Taxes and Dividends on Preferred Securities Issued by Subsidiaries 17.6% 21.1% 27.6% 29.8% 33.6% Income tax expense 3.6% 6.0% 7.5% 8.4% 7.4% Dividends on preferred securities issued by subsidiaries 1.2% 1.0% 0.9% 0.9% 1.0% ------- ------- ------ ------ ------- Net Earnings 12.8% 14.1% 19.2% 20.5% 25.2% - ---------------------------------------------------------------------- Common shares outstanding (in millions): 4Q02 1Q03 2Q03 3Q03 4Q03 ------- ------- ------ ------ ------- Weighted-average - basic 868.2 887.6 897.2 904.8 913.3 Weighted-average - diluted 942.9 939.2 965.3 991.1 1006.5 Period-end 873.8 929.8 935.2 942.6 949.9 - ---------------------------------------------------------------------- 17 Merrill Lynch & Co., Inc. Attachment VI Supplemental Data (unaudited) (dollars in billions) 4Q02 1Q03 2Q03 3Q03 4Q03 -------- ------- ------- ------- ------- Client Assets Private Client U.S. $1,021 $1,009 $1,076 $1,093 $1,165 Non - U.S. 89 86 92 92 97 -------- ------- ------- ------- ------- Total Private Client Assets 1,110 1,095 1,168 1,185 1,262 MLIM direct sales (1) 201 193 205 202 222 -------- ------- ------- ------- ------- Total Client Assets $1,311 $1,288 $1,373 $1,387 $1,484 ======== ======= ======= ======= ======= Assets in Asset-Priced Accounts $182 $181 $200 $206 $226 Assets Under Management $462 $442 $471 $473 $500 Retail 189 187 195 194 207 Institutional 235 220 239 241 253 Private Investors 38 35 37 38 40 U.S. 313 303 320 327 337 Non-U.S. 149 139 151 146 163 Equity 191 183 209 202 225 Fixed Income 122 108 108 125 132 Money Market 149 151 154 146 143 ------------------------------------------------------------------- Net New Money Private Client Accounts U.S. $11 $(4) $(2) $4 $5 Non-U.S. - (1) 1 1 1 -------- ------- ------- ------- ------- Total 11 (5) (1) 5 6 -------- ------- ------- ------- ------- Assets Under Management $5 $(11) $4 $(4) $- ------------------------------------------------------------------- Balance Sheet Information (estimated) Commercial Paper and Other Short-term Borrowings $5.4 $3.5 $5.5 $3.0 $5.4 Deposits 81.8 81.9 80.5 79.3 79.5 Long-term Borrowings 78.5 77.0 79.1 80.7 83.9 Preferred Securities Issued by Subsidiaries 2.7 2.7 2.7 2.7 2.7 Total Stockholders' Equity 22.9 23.6 24.8 26.1 27.6 ------------------------------------------------------------------- Global Equity and Equity-Linked Underwriting(2)(3) Volume $6 $4 $8 $8 $11 Market Share 10.3% 8.0% 7.8% 7.7% 8.3% Ranking 2 5 6 6 5 Global Debt Underwriting(2)(3) Volume $59 $95 $86 $88 $80 Market Share 6.5% 7.1% 6.4% 7.6% 7.3% Ranking 6 3 5 4 3 Global Completed Mergers and Acquisitions(2)(3) Volume $116 $39 $31 $59 $66 Market Share 29.4% 15.4% 10.0% 20.1% 22.8% Ranking 5 3 8 4 3 ------------------------------------------------------------------- Full-Time Employees(4) 50,900 49,500 48,200 47,800 48,100 Private Client Financial Advisors 14,000 13,600 13,300 13,400 13,500 ------------------------------------------------------------------- (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 200, 300, 500, 500 and 1,500 full-time employees on salary continuation severance at the end of 4Q03, 3Q03, 2Q03, 1Q03 and 4Q02, respectively. For more information, please contact: Investor Relations Phone: 866-607-1234 Merrill Lynch & Co., Inc. Fax: 212-449-7461 investorrelations@ml.com www.ir.ml.com CONTACT: Merrill Lynch Media Relations: Timothy Cobb, 212-449-9205 timothy_cobb@ml.com or Investor Relations: Tina Madon, 866-607-1234 investor_relations@ml.com 18