Exhibit 99.2 Merrill Lynch & Co., Inc. Attachment I Preliminary Unaudited Earnings Summary For the Three Months Ended Percent Inc/(Dec) -------------------------- ------------------ (in millions, except June 25, March 26, June 27, 2Q04 vs. 2Q04 vs. per share amounts) 2004 2004 2003 1Q04 2Q03 -------- --------- -------- -------- --------- Net Revenues Asset management and portfolio service fees $1,357 $1,315 $1,154 3.2 % 17.6 % Commissions 1,189 1,361 1,044 (12.6) 13.9 Principal transactions 630 1,046 1,127 (39.8) (44.1) Investment banking 764 837 698 (8.7) 9.5 Other 308 367 279 (16.1) 10.4 -------- --------- --------- Subtotal 4,248 4,926 4,302 (13.8) (1.3) Interest and dividend revenues 3,128 3,061 2,999 2.2 4.3 Less interest expense 2,078 1,897 2,032 9.5 2.3 -------- --------- --------- Net interest profit 1,050 1,164 967 (9.8) 8.6 -------- --------- --------- Total Net Revenues 5,298 6,090 5,269 (13.0) 0.6 -------- --------- --------- Non-Interest Expenses Compensation and benefits 2,587 3,047 2,749 (15.1) (5.9) Communications and technology 357 341 357 4.7 0.0 Occupancy and related depreciation 202 217 221 (6.9) (8.6) Brokerage, clearing, and exchange fees 214 204 169 4.9 26.6 Professional fees 163 177 140 (7.9) 16.4 Advertising and market development 132 122 113 8.2 16.8 Office supplies and postage 49 51 50 (3.9) (2.0) Other 195 239 183 (18.4) 6.6 Net recoveries related to September 11 - - (61) 0.0 (100.0) -------- --------- --------- Total Non-Interest Expenses 3,899 4,398 3,921 (11.3) (0.6) -------- --------- --------- Earnings Before Income Taxes 1,399 1,692 1,348 (17.3) 3.8 Income tax expense 321 440 371 (27.0) (13.5) -------- --------- --------- Net Earnings $1,078 $1,252 $977 (13.9) 10.3 ======== ========= ========= Preferred Stock Dividends $9 $10 $10 ======== ========= ========= Earnings Per Common Share Basic $1.16 $1.34 $1.08 (13.4) 7.4 Diluted $1.06 $1.22 $1.00 (13.1) 6.0 Average Shares Used in Computing Earnings Per Common Share Basic 923.0 930.2 897.2 (0.8) 2.9 Diluted 1,012.8 1,019.7 967.4 (0.7) 4.7 Annualized Return on Average Common Equity 14.5% 17.0% 15.4% 13 Merrill Lynch & Co., Inc. Attachment II Preliminary Unaudited Earnings Summary For the Six Months Ended ------------------------- (in millions, except per June 25, June 27, share amounts) 2004 2003 Percent Inc/(Dec) ------------ ------------ ----------------- Net Revenues Asset management and portfolio service fees $2,672 $2,281 17.1 % Commissions 2,550 2,113 20.7 Principal transactions 1,676 2,152 (22.1) Investment banking 1,601 1,191 34.4 Other 675 492 37.2 ------------ ------------ Subtotal 9,174 8,229 11.5 Interest and dividend revenues 6,189 6,004 3.1 Less interest expense 3,975 4,160 (4.4) ------------ ------------ Net interest profit 2,214 1,844 20.1 ------------ ------------ Total Net Revenues 11,388 10,073 13.1 ------------ ------------ Non-Interest Expenses Compensation and benefits 5,634 5,310 6.1 Communications and technology 698 760 (8.2) Occupancy and related depreciation 419 437 (4.1) Brokerage, clearing, and exchange fees 418 339 23.3 Professional fees 340 284 19.7 Advertising and market development 254 234 8.5 Office supplies and postage 100 108 (7.4) Other 434 405 7.2 Net recoveries related to September 11 - (61) (100.0) ------------ ------------ Total Non-Interest Expenses 8,297 7,816 6.2 ------------ ------------ Earnings Before Income Taxes 3,091 2,257 37.0 Income tax expense 761 637 19.5 ------------ ------------ Net Earnings $2,330 $1,620 43.8 ============ ============ Preferred Stock Dividends $19 $19 ============ ============ Earnings Per Common Share Basic $2.49 $1.79 39.1 Diluted $2.27 $1.68 35.1 Average Shares Used in Computing Earnings Per Common Share Basic 926.6 892.4 3.8 Diluted 1,016.2 954.7 6.4 Annualized Return on Average Common Equity 15.7% 13.0% 14 Merrill Lynch & Co., Inc. Attachment III Preliminary Segment Data (unaudited) For the Three Months Ended For the Six Months Ended -------------------------- ------------------------ June 25, March 26, June 27, June 25, June 27, (dollars in 2004 2004 2003 2004 2003 millions) -------- --------- -------- -------- --------- Global Markets & Investment Banking Global Markets Debt Markets $1,260 $1,623 $1,516 $2,883 $2,884 Equity Markets 723 935 840 1,658 1,496 -------- -------- -------- -------- -------- Total Global Markets net revenues 1,983 2,558 2,356 4,541 4,380 Investment Banking(a) Origination: Debt 304 236 228 540 404 Equity 244 276 167 520 299 Strategic Advisory Services 142 165 133 307 258 -------- -------- -------- ------- ------- Total Investment Banking net revenues 690 677 528 1,367 961 -------- -------- -------- ------- ------- Total net revenues 2,673 3,235 2,884 5,908 5,341 -------- -------- -------- ------- ------- Pre-tax earnings 994 1,115 1,069 (b) 2,109 1,818 (b) Pre-tax profit margin 37.2% 34.5% 37.1% (b) 35.7% 34.0%(b) - ---------------------------------------------------------------------- Global Private Client Asset management and portfolio service fees $ 988 $ 948 $ 833 $ 1,936 $ 1,645 Commissions 674 788 541 1,462 1,079 Principal transactions and new issue revenues 310 333 349 643 648 Net interest profit 298 339 333 637 657 Other revenues 128 92 71 220 201 -------- -------- -------- ------- ------- Total net revenues 2,398 2,500 2,127 4,898 4,230 -------- -------- -------- ------- ------- Pre-tax earnings 444 510 319 954 568 Pre-tax profit margin 18.5% 20.4% 15.0% 19.5% 13.4% - ---------------------------------------------------------------------- Merrill Lynch Investment Managers Total net revenues $ 389 $ 412 $ 330 $ 801 $ 667 Pre-tax earnings 110 111 62 221 101 Pre-tax profit margin 28.3% 26.9% 18.8% 27.6% 15.1% - ---------------------------------------------------------------------- Corporate Total net revenues $(162) $(57) $(72) $(219) $(165) Pre-tax loss (149) (44) (102) (c) (193) (230)(c) - ---------------------------------------------------------------------- Total Total net revenues $ 5,298 $ 6,090 $ 5,269 $ 11,388 $ 10,073 Pre-tax earnings 1,399 1,692 1,348 (d) 3,091 2,257 (d) Pre-tax profit margin 26.4% 27.8% 25.6% (d) 27.1% 22.4%(d) - ---------------------------------------------------------------------- (a) A portion of origination revenue is recorded in the Global Private Client segment. (b) Includes the impact of insurance recoveries related to September 11, which have been recorded as a contra-expense of $75 million. Excluding this item, GMI's pre-tax earnings were $994 million ($1,069 million minus $75 million) and the pre-tax profit margin was 34.5% ($994 million/$2,884 million). For the year-to-date period, excluding this item, GMI's pre-tax earnings were $1,743 million ($1,818 million minus $75 million) and the pre-tax profit margin was 32.6% ($1,743 million/$5,341 million). (c) Includes September 11-related expenses of $14 million. (d) Excluding the impact of net insurance recoveries related to September 11, total pre-tax earnings were $1,287 million ($1,348 million minus $61 million) and the pre-tax profit margin was 24.4% ($1,287 million/$5,269 million). For the year-to-date period, excluding these items, pre-tax earnings were $2,196 million ($2,257 million minus $61 million) and the pre-tax profit margin was 21.8% ($2,196 million/$10,073 million). 15 Merrill Lynch & Co., Inc. Attachment IV Consolidated Quarterly Earnings (unaudited) (in millions) 2Q03 3Q03 4Q03 1Q04 2Q04 ------- ------- -------- ------- ---------- Net Revenues Asset management and portfolio service fees Asset management fees $394 $401 $429 $448 $440 Portfolio service fees 469 511 534 578 606 Account fees 136 128 128 133 144 Other fees 155 144 140 156 167 ------- ------- -------- ------- ---------- Total 1,154 1,184 1,231 1,315 1,357 Commissions Listed and over-the-counter securities 617 634 626 817 611 Mutual funds 234 291 314 340 322 Other 193 195 223 204 256 ------- ------- -------- ------- ---------- Total 1,044 1,120 1,163 1,361 1,189 Principal transactions 1,127 704 380 1,046 630 Investment banking Underwriting 565 545 599 672 622 Strategic advisory 133 133 160 165 142 ------- ------- -------- ------- ---------- Total 698 678 759 837 764 Other 279 308 343 367 308 ------- ------- -------- ------- ---------- Subtotal 4,302 3,994 3,876 4,926 4,248 Interest and dividend revenues 2,999 2,872 2,806 3,061 3,128 Less interest expense 2,032 1,851 1,807 1,897 2,078 ------- ------- -------- ------- ---------- Net interest profit 967 1,021 999 1,164 1,050 ------- ------- -------- ------- ---------- Total Net Revenues 5,269 5,015 4,875 6,090 5,298 ------- ------- -------- ------- ---------- Non-Interest Expenses Compensation and benefits 2,749 2,448 2,052 3,047 2,587 Communications and technology 357 352 345 341 357 Occupancy and related depreciation 221 226 226 217 202 Brokerage, clearing, and exchange fees 169 188 195 204 214 Professional fees 140 146 151 177 163 Advertising and market development 113 89 106 122 132 Office supplies and postage 50 46 43 51 49 Other 183 135 267 239 195 Net recoveries related to September 11 (61) (21) (65) - - ------- ------- -------- ------- ---------- Total Non-Interest Expenses 3,921 3,609 3,320 4,398 3,899 ------- ------- -------- ------- ---------- Earnings Before Income Taxes 1,348 1,406 1,555 1,692 1,399 Income tax expense 371 403 344 440 321 ------- ------- -------- ------- ---------- Net Earnings $977 $1,003 $1,211 $1,252 $1,078 - ---------------------------------------------------------------------- Per Common Share Data 2Q03 3Q03 4Q03 1Q04 2Q04 ------- ------- -------- ------- ---------- Earnings - Basic $1.08 $1.10 $1.32 $1.34 $1.16 Earnings - Diluted 1.00 1.00 1.19 1.22 1.06 Dividends paid 0.16 0.16 0.16 0.16 0.16 Book value 27.44 28.59 30.03 30.75 31.04 est. - ---------------------------------------------------------------------- 16 Merrill Lynch & Co., Inc. Attachment V Percentage of Quarterly Net Revenues (unaudited) 2Q03 3Q03 4Q03 1Q04 2Q04 ------- ------- -------- -------- -------- Net Revenues Asset management and portfolio service fees Asset management fees 7.5% 8.0% 8.8% 7.4% 8.3% Portfolio service fees 8.9% 10.2% 11.0% 9.5% 11.4% Account fees 2.6% 2.6% 2.6% 2.2% 2.7% Other fees 2.9% 2.8% 2.9% 2.5% 3.2% ------- ------- -------- -------- -------- Total 21.9% 23.6% 25.3% 21.6% 25.6% Commissions Listed and over-the-counter securities 11.7% 12.6% 12.8% 13.4% 11.5% Mutual funds 4.4% 5.8% 6.4% 5.6% 6.1% Other 3.7% 3.9% 4.7% 3.3% 4.8% ------- ------- -------- -------- -------- Total 19.8% 22.3% 23.9% 22.3% 22.4% Principal transactions 21.4% 14.0% 7.8% 17.2% 11.9% Investment banking Underwriting 10.7% 10.9% 12.3% 11.0% 11.7% Strategic advisory 2.5% 2.7% 3.3% 2.7% 2.7% ------- ------- -------- -------- -------- Total 13.2% 13.6% 15.6% 13.7% 14.4% Other 5.3% 6.1% 6.9% 6.1% 5.9% ------- ------- -------- -------- -------- Subtotal 81.6% 79.6% 79.5% 80.9% 80.2% Interest and dividend revenues 57.0% 57.3% 57.6% 50.3% 59.0% Less interest expense 38.6% 36.9% 37.1% 31.2% 39.2% ------- ------- -------- -------- -------- Net interest profit 18.4% 20.4% 20.5% 19.1% 19.8% ------- ------- -------- -------- -------- Total Net Revenues 100.0% 100.0% 100.0% 100.0% 100.0% ------- ------- -------- -------- -------- Non-Interest Expenses Compensation and benefits 52.2% 48.8% 42.1% 50.0% 48.8% Communications and technology 6.8% 7.0% 7.1% 5.6% 6.7% Occupancy and related depreciation 4.2% 4.5% 4.6% 3.6% 3.8% Brokerage, clearing, and exchange fees 3.2% 3.7% 4.0% 3.3% 4.0% Professional fees 2.7% 2.9% 3.1% 2.9% 3.1% Advertising and market development 2.1% 1.8% 2.2% 2.0% 2.5% Office supplies and postage 0.9% 0.9% 0.9% 0.8% 0.9% Other 3.5% 2.8% 5.4% 4.0% 3.8% Net recoveries related to September 11 -1.2% -0.4% -1.3% - - ------- ------- -------- -------- -------- Total Non-Interest Expenses 74.4% 72.0% 68.1% 72.2% 73.6% ------- ------- -------- -------- -------- Earnings Before Income Taxes 25.6% 28.0% 31.9% 27.8% 26.4% Income tax expense 7.1% 8.0% 7.1% 7.2% 6.1% Net Earnings 18.5% 20.0% 24.8% 20.6% 20.3% - ---------------------------------------------------------------------- Common shares outstanding (in millions): 2Q03 3Q03 4Q03 1Q04 2Q04 ------- ------- -------- -------- -------- Weighted-average - basic 897.2 904.8 913.3 930.2 923.0 Weighted-average - diluted 967.4 991.9 1,009.9 1,019.7 1,012.8 Period-end 935.2 942.6 949.9 967.7 948.9 - ---------------------------------------------------------------------- 17 Merrill Lynch & Co., Inc. Attachment VI Supplemental Data (unaudited) (dollars in billions) 2Q03 3Q03 4Q03 1Q04 2Q04 -------- ------- ------- ------- --------- Client Assets Private Client U.S. $1,076 $1,093 $1,165 $1,187 $1,176 Non - U.S. 92 92 97 105 105 -------- ------- ------- ------- --------- Total Private Client Assets 1,168 1,185 1,262 1,292 1,281 MLIM direct sales(1) 205 202 222 229 230 -------- ------- ------- ------- --------- Total Client Assets $1,373 $1,387 $1,484 $1,521 $1,511 ======== ======= ======= ======= ========= Assets in Asset-Priced Accounts $200 $206 $226 $235 $237 Assets Under Management $471 $473 $500 $513 $488 Retail 195 194 207 212 211 Institutional 239 241 253 259 235 Private Investors 37 38 40 42 42 U.S. 320 327 337 349 330 Non-U.S. 151 146 163 164 158 Equity 209 202 225 229 229 Fixed Income 108 125 132 146 137 Money Market 154 146 143 138 122 - ---------------------------------------------------------------------- Net New Money Private Client Accounts(2)(4) $(5) $6 $4 $5 $4 Assets Under Management 4 (4) - 7 (22) - ---------------------------------------------------------------------- Balance Sheet Information (estimated) Commercial Paper and Other Short-term Borrowings $5.5 $3.0 $5.0 $4.6 $3.2 Deposits 80.5 79.3 79.5 78.1 76.1 Long-term Borrowings 79.1 80.7 83.3 96.9 93.4 Long-term debt issued to TOPrS(SM) 3.2 3.2 3.2 3.2 3.2 Total Stockholders' Equity 26.1 27.4 29.0 30.2 29.9 - ---------------------------------------------------------------------- Global Equity and Equity-Linked Underwriting(2)(3) Volume $8 $8 $11 $12 $7 Market Share 7.6% 7.7% 8.4% 8.6% 6.5% Ranking 6 6 5 4 6 Global Debt Underwriting(2)(3) Volume $88 $90 $82 $122 $75 Market Share 6.6% 7.8% 7.3% 7.9% 6.3% Ranking 5 4 2 2 6 Global Completed Mergers and Acquisitions(2)(3) Volume $31 $61 $66 $41 $39 Market Share 9.9% 20.7% 20.4% 17.6% 11.1% Ranking 8 3 3 2 7 - ---------------------------------------------------------------------- Full-Time Employees(5) 48,200 47,800 48,100 48,200 49,300 Private Client Financial Advisors 13,300 13,400 13,500 13,700 14,000 - ---------------------------------------------------------------------- (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) GPC net new money excludes flows associated with the Institutional Advisory Division which serves certain small and middle market companies. (5) Excludes 100, 100, 200, 300, and 500 full-time employees on salary continuation severance at the end of 2Q04, 1Q04, 4Q03, 3Q03, and 2Q03, 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 18