Exhibit 99.2 Merrill Lynch & Co., Inc. Attachment I Preliminary Unaudited Earnings Summary For the Three Months Ended Percent Inc/(Dec) -------------------------------- ------------------- (in millions, except per March 26, December 26, March 28, 1Q04 vs. 1Q04 vs. share amounts) 2004 2003 2003 4Q03 1Q03 --------- ------------ --------- -------- --------- Net Revenues Asset management and portfolio service fees $1,315 $1,231 $1,127 6.8 % 16.7 % Commissions 1,361 1,163 1,069 17.0 27.3 Principal transactions 1,046 380 1,025 175.3 2.0 Investment banking 837 759 493 10.3 69.8 Other 367 343 213 7.0 72.3 --------- ------------ ---------- Subtotal 4,926 3,876 3,927 27.1 25.4 Interest and dividend revenues 3,061 2,806 3,005 9.1 1.9 Less interest expense 1,897 1,807 2,128 5.0 (10.9) --------- ------------ ---------- Net interest profit 1,164 999 877 16.5 32.7 --------- ------------ ---------- Total Net Revenues 6,090 4,875 4,804 24.9 26.8 --------- ------------ ---------- Non-Interest Expenses Compensation and benefits 3,047 2,052 2,561 48.5 19.0 Communications and technology 341 345 403 (1.2) (15.4) Occupancy and related depreciation 217 226 216 (4.0) 0.5 Brokerage, clearing, and exchange fees 204 195 170 4.6 20.0 Advertising and market development 122 106 121 15.1 0.8 Professional fees 177 151 144 17.2 22.9 Office supplies and postage 51 43 58 18.6 (12.1) Other (1) 239 267 222 (10.5) 7.7 Net recoveries related to September 11 - (65) - (100.0) - --------- ------------ ---------- Total Non-Interest Expenses 4,398 3,320 3,895 32.5 12.9 --------- ------------ ---------- Earnings Before Income Taxes 1,692 1,555 909 8.8 86.1 Income tax expense 440 344 266 27.9 65.4 --------- ------------ ---------- Net Earnings $1,252 $1,211 $643 3.4 94.7 ========= ============ ========== Preferred Stock Dividends $10 $9 $9 - - ========= ============ ========== Earnings Per Common Share Basic $1.34 $1.32 $0.71 1.5 88.7 Diluted $1.22 $1.19 $0.67 2.5 82.1 Average Shares Used in Computing Earnings Per Common Share Basic 930.2 913.3 887.6 1.9 4.8 Diluted 1,019.7 1,009.9 941.9 1.0 8.3 Annualized Return on Average Common Equity 17.0% 17.4% 10.5% - --------------------------------------------------------------------- Note: Prior period amounts have been restated to reflect stock option expensing under SFAS No. 123 and the deconsolidation of TOPrS(SM). (1) Includes $45 million expense related to guaranteed minimum death benefits. 12 Merrill Lynch & Co., Inc. Attachment II Preliminary Segment Data (unaudited) For the Three Months Ended --------------------------------- March 26, December 26, March 28, (dollars in millions) 2004 2003 2003 ---------- ----------- ---------- Global Markets & Investment Banking Non-interest revenues $2,361 $1,525 $1,822 Net interest profit 874 723 635 ---------- -------- ---------- Total net revenues 3,235 2,248 2,457 ---------- -------- ---------- Pre-tax earnings 1,115 970 (a) 749 Pre-tax profit margin 34.5% 43.1%(a) 30.5% --------------------------------------------------------------------- Global Private Client Non-interest revenues $2,161 $1,975 $1,779 Net interest profit 339 350 324 ---------- -------- ---------- Total net revenues 2,500 2,325 2,103 ---------- -------- ---------- Pre-tax earnings 510 498 (b) 249 Pre-tax profit margin 20.4% 21.4%(b) 11.8% --------------------------------------------------------------------- Merrill Lynch Investment Managers Non-interest revenues $407 $380 $330 Net interest profit 5 6 7 ---------- -------- ---------- Total net revenues 412 386 337 ---------- -------- ---------- Pre-tax earnings 111 95 (c) 39 Pre-tax profit margin 26.9% 24.6%(c) 11.6% --------------------------------------------------------------------- Corporate Non-interest revenues $(3) $(4) $(4) Net interest profit (54) (80) (89) ---------- -------- ---------- Total net revenues (57) (84) (93) ---------- -------- ---------- Pre-tax loss (44) (8) (128) - ---------------------------------------------------------------------- Total Non-interest revenues $4,926 $3,876 $3,927 Net interest profit 1,164 999 877 ---------- -------- ---------- Total net revenues 6,090 4,875 4,804 ---------- -------- ---------- Pre-tax earnings 1,692 1,555 (d) 909 Pre-tax profit margin 27.8% 31.9%(d) 18.9% --------------------------------------------------------------------- Note: Prior period amounts have been restated to reflect stock option expensing under SFAS No. 123 and the deconsolidation of TOPrS(SM). (a) Includes the impact of insurance recoveries related to September 11, which have been recorded as contra-expenses of $55 million and net restructuring and other charges of $18 million. Excluding these items, GMI's pre-tax earnings were $933 million ($970 million minus $37 million) and the pre-tax profit margin was 41.5% ($933 million/$2,248 million). (b) Includes the impact of insurance recoveries related to September 11, which have been recorded as contra-expenses of $15 million and net restructuring and other charges/(credits) of $(2) million. Excluding these items, GPC's pre-tax earnings were $481 million ($498 million minus $17 million) and the pre-tax profit margin was 20.7% ($481 million/$2,325 million). (c) Includes the impact of net restructuring and other charges of $4 million. Excluding these items, MLIM's pre-tax earnings were $99 million ($95 million plus $4 million) and the pre-tax profit margin was 25.6% ($99 million/$386 million). (d) Excluding the impact of insurance recoveries related to September 11 and restructuring related items, total pre-tax earnings were $1,510 million ($1,555 million minus $45 million) and the pre-tax profit margin was 31.0% ($1,510 million/$4,875 million). 13 Merrill Lynch & Co., Inc. Attachment III Consolidated Quarterly Earnings (unaudited) (in millions) 1Q03 2Q03 3Q03 4Q03 1Q04 ------ ------- ------- ------- ---------- Net Revenues Asset management and portfolio service fees Asset management fees $385 $394 $401 $429 $448 Portfolio service fees 476 469 511 534 578 Account fees 135 136 128 128 133 Other fees 131 155 144 140 156 ------ ------- ------- ------- ---------- Total 1,127 1,154 1,184 1,231 1,315 Commissions Listed and over-the-counter securities 618 617 634 626 817 Mutual funds 266 234 291 314 340 Other 185 193 195 223 204 ------ ------- ------- ------- ---------- Total 1,069 1,044 1,120 1,163 1,361 Principal transactions 1,025 1,127 704 380 1,046 Investment banking Underwriting 368 565 545 599 672 Strategic advisory 125 133 133 160 165 ------ ------- ------- ------- ---------- Total 493 698 678 759 837 Other 213 279 308 343 367 ------ ------- ------- ------- ---------- Subtotal 3,927 4,302 3,994 3,876 4,926 Interest and dividend revenues 3,005 2,999 2,872 2,806 3,061 Less interest expense 2,128 2,032 1,851 1,807 1,897 ------ ------- ------- ------- ---------- Net interest profit 877 967 1,021 999 1,164 ------ ------- ------- ------- ---------- Total Net Revenues 4,804 5,269 5,015 4,875 6,090 ------ ------- ------- ------- ---------- Non-Interest Expenses Compensation and benefits 2,561 2,749 2,448 2,052 3,047 Communications and technology 403 357 352 345 341 Occupancy and related depreciation 216 221 226 226 217 Brokerage, clearing, and exchange fees 170 169 188 195 204 Advertising and market development 121 113 89 106 122 Professional fees 144 140 146 151 177 Office supplies and postage 58 50 46 43 51 Other 222 183 135 267 239 Net recoveries related to September 11 - (61) (21) (65) - ------ ------- ------- ------- ---------- Total Non-Interest Expenses 3,895 3,921 3,609 3,320 4,398 ------ ------- ------- ------- ---------- Earnings Before Income Taxes 909 1,348 1,406 1,555 1,692 Income tax expense 266 371 403 344 440 ------ ------- ------- ------- ---------- Net Earnings $643 $977 $1,003 $1,211 $1,252 --------------------------------------------------------------------- Per Common Share Data 1Q03 2Q03 3Q03 4Q03 1Q04 ------ ------- ------- ------- ---------- Earnings - Basic $0.71 $1.08 $1.10 $1.32 $1.34 Earnings - Diluted 0.67 1.00 1.00 1.19 1.22 Dividends paid 0.16 0.16 0.16 0.16 0.16 Book value(1) 26.35 27.44 28.59 30.03 30.75 est. --------------------------------------------------------------------- Note: Prior period amounts have been restated to reflect stock option expensing under SFAS No. 123 and the deconsolidation of TOPrS(SM). (1) At 1Q04, the adoption of SFAS No. 123 resulted in a cumulative increase to stockholders' equity of $1.4 billion. 14 Merrill Lynch & Co., Inc. Attachment IV Percentage of Quarterly Net Revenues (unaudited) 1Q03 2Q03 3Q03 4Q03 1Q04 ------ ------ ------ -------- ------- Net Revenues Asset management and portfolio service fees Asset management fees 8.0% 7.5% 8.0% 8.8% 7.4% Portfolio service fees 9.9% 8.9% 10.2% 11.0% 9.5% Account fees 2.8% 2.6% 2.6% 2.6% 2.2% Other fees 2.8% 2.9% 2.8% 2.9% 2.5% ------ ------ ------ -------- ------- Total 23.5% 21.9% 23.6% 25.3% 21.6% Commissions Listed and over-the-counter securities 12.9% 11.7% 12.6% 12.8% 13.4% Mutual funds 5.5% 4.4% 5.8% 6.4% 5.6% Other 3.9% 3.7% 3.9% 4.7% 3.3% ------ ------ ------ -------- ------- Total 22.3% 19.8% 22.3% 23.9% 22.3% Principal transactions 21.3% 21.4% 14.0% 7.8% 17.2% Investment banking Underwriting 7.7% 10.7% 10.9% 12.3% 11.0% Strategic advisory 2.6% 2.5% 2.7% 3.3% 2.7% ------ ------ ------ -------- ------- Total 10.3% 13.2% 13.6% 15.6% 13.7% Other 4.3% 5.3% 6.1% 6.9% 6.1% ------ ------ ------ -------- ------- Subtotal 81.7% 81.6% 79.6% 79.5% 80.9% Interest and dividend revenues 62.6% 57.0% 57.3% 57.6% 50.3% Less interest expense 44.3% 38.6% 36.9% 37.1% 31.2% ------ ------ ------ -------- ------- Net interest profit 18.3% 18.4% 20.4% 20.5% 19.1% ------ ------ ------ -------- ------- Total Net Revenues 100.0% 100.0% 100.0% 100.0% 100.0% ------ ------ ------ -------- ------- Non-Interest Expenses Compensation and benefits 53.3% 52.2% 48.8% 42.1% 50.0% Communications and technology 8.4% 6.8% 7.0% 7.1% 5.6% Occupancy and related depreciation 4.5% 4.2% 4.5% 4.6% 3.6% Brokerage, clearing, and exchange fees 3.5% 3.2% 3.7% 4.0% 3.3% Advertising and market development 2.5% 2.1% 1.8% 2.2% 2.0% Professional fees 3.0% 2.7% 2.9% 3.1% 2.9% Office supplies and postage 1.2% 0.9% 0.9% 0.9% 0.8% Other 4.7% 3.5% 2.8% 5.4% 4.0% Net recoveries related to September 11 - -1.2% -0.4% -1.3% - ------ ------ ------ -------- ------- Total Non-Interest Expenses 81.1% 74.4% 72.0% 68.1% 72.2% ------ ------ ------ -------- ------- Earnings Before Income Taxes 18.9% 25.6% 28.0% 31.9% 27.8% Income tax expense 5.5% 7.1% 8.0% 7.1% 7.2% Net Earnings 13.4% 18.5% 20.0% 24.8% 20.6% --------------------------------------------------------------------- Common shares outstanding (in millions): 1Q03 2Q03 3Q03 4Q03 1Q04 ------ ------ ------ -------- ------ Weighted-average - basic 887.6 897.2 904.8 913.3 930.2 Weighted-average - diluted 941.9 967.4 991.9 1,009.9 1,019.7 Period-end 929.8 935.2 942.6 949.9 967.7 --------------------------------------------------------------------- Note: Prior period amounts have been restated to reflect stock option expensing under SFAS No. 123 and the deconsolidation of TOPrS(SM). 15 Merrill Lynch & Co., Inc. Attachment V Supplemental Data (unaudited) (dollars in billions) 1Q03 2Q03 3Q03 4Q03 1Q04 -------- ------- ------- ------- ------- Client Assets Private Client U.S. $1,009 $1,076 $1,093 $1,165 $1,187 Non - U.S. 86 92 92 97 105 -------- ------- ------- ------- ------- Total Private Client Assets 1,095 1,168 1,185 1,262 1,292 MLIM direct sales (1) 193 205 202 222 229 -------- ------- ------- ------- ------- Total Client Assets $1,288 $1,373 $1,387 $1,484 $1,521 ======== ======= ======= ======= ======= Assets in Asset-Priced Accounts $181 $200 $206 $226 $235 Assets Under Management $442 $471 $473 $500 $513 Retail 187 195 194 207 212 Institutional 220 239 241 253 259 Private Investors 35 37 38 40 42 U.S. 303 320 327 337 349 Non-U.S. 139 151 146 163 164 Equity 183 209 202 225 229 Fixed Income 108 108 125 132 146 Money Market 151 154 146 143 138 ------------------------------------------------------------------- Net New Money Private Client Accounts U.S. $(4) $(2) $4 $5 $5 Non-U.S. (1) 1 1 1 1 -------- ------- ------- ------- ------- Total (5) (1) 5 6 6 -------- ------- ------- ------- ------- Assets Under Management $(11) $4 $(4) $- $7 ------------------------------------------------------------------- Balance Sheet Information (estimated) Commercial Paper and Other Short-term Borrowings $3.5 $5.5 $3.0 $5.0 $4.6 Deposits 81.9 80.5 79.3 79.5 78.1 Long-term Borrowings 77.0 79.1 80.7 83.3 96.9 Long-term debt issued to TOPrS(SM) 3.2 3.2 3.2 3.2 3.2 Total Stockholders' Equity (2) 24.9 26.1 27.4 29.0 30.2 ------------------------------------------------------------------- Global Equity and Equity-Linked Underwriting(3)(4) Volume $4 $8 $8 $11 $12 Market Share 8.0% 7.8% 7.7% 8.4% 8.8% Ranking 5 6 6 5 4 Global Debt Underwriting(3)(4) Volume $96 $88 $90 $82 $117 Market Share 7.1% 6.5% 7.8% 7.3% 8.1% Ranking 3 4 4 2 2 Global Completed Mergers and Acquisitions(3)(4) Volume $39 $31 $63 $66 $39 Market Share 15.2% 9.9% 20.9% 20.2% 18.4% Ranking 3 8 3 3 2 ------------------------------------------------------------------- Full-Time Employees(5) 49,500 48,200 47,800 48,100 48,200 Private Client Financial Advisors 13,600 13,300 13,400 13,500 13,700 - ---------------------------------------------------------------------- Note: Prior period amounts have been restated to reflect stock option expensing under SFAS No. 123 and the deconsolidation of TOPrS(SM). (1) Reflects funds managed by MLIM not sold through Private Client channels. (2) At 1Q04, the adoption of SFAS 123 resulted in a cumulative increase to stockholders' equity of $1.4 billion. (3) Certain prior period amounts have been restated to conform to the current period presentation. (4) Full credit to book manager. Market shares derived from Thomson Financial Securities Data statistics. (5) Excludes 100, 200, 300, 500 and 500 full-time employees on salary continuation severance at the end of 1Q04, 4Q03, 3Q03, 2Q03 and 1Q03, 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 16