Exhibit 99.2 Merrill Lynch & Co., Inc. Attachment I Preliminary Unaudited Earnings Summary For the Three Months Ended Percent Inc / (Dec) --------------------------- ------------------- (in millions, 3Q04 3Q04 except per Sept. 24, June 25, Sept. 26, vs. vs. share amounts) 2004 2004 2003 2Q04 3Q03 -------- -------- -------- -------- -------- Net Revenues Asset management and portfolio service fees $ 1,340 $ 1,357 $ 1,184 (1.3)% 13.2 % Commissions 1,092 1,177 1,099 (7.2) (0.6) Principal transactions 390 630 704 (38.1) (44.6) Investment banking 666 764 678 (12.8) (1.8) Other 438 312 311 40.4 40.8 -------- -------- -------- Subtotal 3,926 4,240 3,976 (7.4) (1.3) Interest and dividend revenues 3,669 3,128 2,872 17.3 27.8 Less interest expense 2,755 2,079 1,850 32.5 48.9 -------- -------- -------- Net interest profit 914 1,049 1,022 (12.9) (10.6) -------- -------- -------- Total Net Revenues 4,840 5,289 4,998 (8.5) (3.2) -------- -------- -------- Non-Interest Expenses Compensation and benefits 2,273 2,587 2,448 (12.1) (7.1) Communications and technology 363 357 352 1.7 3.1 Occupancy and related depreciation 219 202 226 8.4 (3.1) Brokerage, clearing, and exchange fees 213 214 188 (0.5) 13.3 Professional fees 163 163 146 - 11.6 Advertising and market development 127 132 89 (3.8) 42.7 Office supplies and postage 47 49 46 (4.1) 2.2 Other 231 186 118 24.2 95.8 Net recoveries related to September 11 - - (21) - (100.0) -------- -------- -------- Total Non- Interest Expenses 3,636 3,890 3,592 (6.5) 1.2 -------- -------- -------- Earnings Before Income Taxes 1,204 1,399 1,406 (13.9) (14.4) Income tax expense 284 321 403 (11.5) (29.5) -------- -------- -------- Net Earnings $ 920 $ 1,078 $ 1,003 (14.7) (8.3) ======== ======== ======== Preferred Stock Dividends $ 10 $ 9 $ 10 - - ======== ======== ======== Earnings Per Common Share Basic $ 1.01 $ 1.16 $ 1.10 (12.9) (8.2) Diluted $ 0.93 $ 1.06 $ 1.00 (12.3) (7.0) Average Shares Used in Computing Earnings Per Common Share Basic 903.2 923.0 904.8 (2.1) (0.2) Diluted 981.8 1,012.8 991.9 (3.1) (1.0) Annualized Return on Average Common Equity 12.4% 14.5% 15.2% - ---------------------------------------------------------------------- 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 Percent (in millions, except per 24, 26, Inc/ share amounts) 2004 2003 (Dec) -------- -------- -------- Net Revenues Asset management and portfolio service fees $ 4,012 $ 3,465 15.8 % Commissions 3,619 3,185 13.6 Principal transactions 2,066 2,856 (27.7) Investment banking 2,267 1,869 21.3 Other 1,120 810 38.3 -------- -------- Subtotal 13,084 12,185 7.4 Interest and dividend revenues 9,858 8,876 11.1 Less interest expense 6,731 6,011 12.0 -------- -------- Net interest profit 3,127 2,865 9.1 -------- -------- Total Net Revenues 16,211 15,050 7.7 -------- -------- Non-Interest Expenses Compensation and benefits 7,907 7,758 1.9 Communications and technology 1,061 1,112 (4.6) Occupancy and related depreciation 638 663 (3.8) Brokerage, clearing, and exchange fees 631 527 19.7 Professional fees 503 430 17.0 Advertising and market development 381 323 18.0 Office supplies and postage 147 154 (4.5) Other 648 502 29.1 Net recoveries related to September 11 - (82) (100.0) -------- -------- Total Non-Interest Expenses 11,916 11,387 4.6 -------- -------- Earnings Before Income Taxes 4,295 3,663 17.3 Income tax expense 1,045 1,040 0.5 -------- -------- Net Earnings $ 3,250 $ 2,623 23.9 ======== ======== Preferred Stock Dividends $ 29 $ 29 - ======== ======== Earnings Per Common Share Basic $ 3.51 $ 2.89 21.5 Diluted $ 3.21 $ 2.68 19.8 Average Shares Used in Computing Earnings Per Common Share Basic 918.8 896.5 2.5 Diluted 1,004.7 967.1 3.9 Annualized Return on Average Common Equity 14.6% 13.7% - ---------------------------------------------------------------------- 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 For the Nine Months Ended Ended --------------------------- ------------------- September June September September September 24, 25, 26, 24, 26, (dollars in 2004 2004 2003 2004 2003 millions) -------- -------- -------- -------- ---------- Global Markets & Investment Banking Global Markets Debt Markets $ 1,023 $ 1,242 $ 1,151 $ 3,878 $ 4,034 Equity Markets 652 737 769 2,329 2,247 -------- -------- -------- -------- ------- Total Global Markets net revenues 1,675 1,979 1,920 6,207 6,281 Investment Banking(a) Origination: Debt 252 304 190 792 594 Equity 195 244 232 715 531 Strategic Advisory Services 128 141 133 432 395 -------- -------- -------- -------- ------- Total Investment Banking net revenues 575 689 555 1,939 1,520 -------- -------- -------- -------- ------- Total net revenues 2,250 2,668 2,475 8,146 7,801 -------- -------- -------- -------- ------- Pre-tax earnings 771 989 986 (b) 2,876 2,807(b) Pre-tax profit margin 34.3% 37.1% 39.8%(b) 35.3% 36.0%(b) - ---------------------------------------------------------------------- Global Private Client Fee-based revenues $ 1,187 $ 1,208 $ 1,039 $ 3,555 $ 2,958 Transactional and origination revenues 713 765 778 2,392 2,239 Net interest profit 303 298 352 941 1,009 Other revenues 110 131 145 337 353 -------- -------- -------- -------- ------- Total net revenues 2,313 2,402 2,314 7,225 6,559 -------- -------- -------- -------- ------- Pre-tax earnings 409 447 455 1,367 1,025 Pre-tax profit margin 17.7% 18.6% 19.7% 18.9% 15.6% - -------------------------------------------------------------------- Merrill Lynch Investment Managers Total net revenues $ 373 $ 381 $ 338 $ 1,155 $ 984 Pre-tax earnings 110 112 69 331 165 Pre-tax profit margin 29.5% 29.4% 20.4% 28.7% 16.8% - -------------------------------------------------------------------- Corporate Total net revenues $ (96)$ (162) $ (129) $ (315) $ (294) Pre-tax loss (86) (149) (104)(c) (279) (334)(c) - ---------------------------------------------------------------------- Total Total net revenues $ 4,840 $ 5,289 $ 4,998 $ 16,211 $ 15,050 Pre-tax earnings 1,204 1,399 1,406 (d) 4,295 3,663(d) Pre-tax profit margin 24.9% 26.5% 28.1%(d) 26.5% 24.3%(d) - -------------------------------------------------------------------- Note: Certain prior period amounts have been reclassified to conform to the current period presentation. (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 $25 million for the quarter and $100 million for the year-to-date period. Excluding this item, GMI's pre-tax earnings were $961 million ($986 million minus $25 million) and the pre-tax profit margin was 38.8% ($961 million/$2,475 million). For the year-to-date period, excluding this item, GMI's pre-tax earnings were $2,707 million ($2,807 million minus $100 million) and the pre-tax profit margin was 34.7% ($2,707 million/$7,801 million). (c) Includes September 11-related expenses of $4 million. Year-to- date period includes September 11-related expenses of $18 million. (d) Excluding the impact of net insurance recoveries related to September 11, total pre-tax earnings were $1,385 million ($1,406 million minus $21 million) and the pre-tax profit margin was 27.7% ($1,385 million/$4,998 million). For the year-to-date period, excluding these items, pre-tax earnings were $3,581 million ($3,663 million minus $82 million) and the pre- tax profit margin was 23.8% ($3,581 million/$15,050 million). 15 Merrill Lynch & Co., Inc. Attachment IV Consolidated Quarterly Earnings (Unaudited) (in millions) 3Q03 4Q03 1Q04 2Q04 3Q04 ------ ------ ------ ------ ------ Net Revenues Asset management and portfolio service fees Asset management fees $ 401 $ 429 $ 448 $ 440 $ 443 Portfolio service fees 511 534 578 606 611 Account fees 128 128 133 144 124 Other fees 144 140 156 167 162 ------ ------ ------ ------ ------ Total 1,184 1,231 1,315 1,357 1,340 Commissions Listed and over-the-counter securities 634 626 817 611 570 Mutual funds 291 314 340 322 306 Other 174 207 193 244 216 ------ ------ ------ ------ ------ Total 1,099 1,147 1,350 1,177 1,092 Principal transactions 704 380 1,046 630 390 Investment banking Underwriting 545 599 672 622 537 Strategic advisory 133 160 165 142 129 ------ ------ ------ ------ ------ Total 678 759 837 764 666 Other 311 346 370 312 438 ------ ------ ------ ------ ------ Subtotal 3,976 3,863 4,918 4,240 3,926 Interest and dividend revenues 2,872 2,806 3,061 3,128 3,669 Less interest expense 1,850 1,806 1,897 2,079 2,755 ------ ------ ------ ------ ------ Net interest profit 1,022 1,000 1,164 1,049 914 ------ ------ ------ ------ ------ Total Net Revenues 4,998 4,863 6,082 5,289 4,840 ------ ------ ------ ------ ------ Non-Interest Expenses Compensation and benefits 2,448 2,052 3,047 2,587 2,273 Communications and technology 352 345 341 357 363 Occupancy and related depreciation 226 226 217 202 219 Brokerage, clearing, and exchange fees 188 195 204 214 213 Professional fees 146 151 177 163 163 Advertising and market development 89 106 122 132 127 Office supplies and postage 46 43 51 49 47 Other 118 255 231 186 231 Net recoveries related to September 11 (21) (65) - - - ------ ------ ------ ------ ------ Total Non-Interest Expenses 3,592 3,308 4,390 3,890 3,636 ------ ------ ------ ------ ------ Earnings Before Income Taxes 1,406 1,555 1,692 1,399 1,204 Income tax expense 403 344 440 321 284 ------ ------ ------ ------ ------ Net Earnings $1,003 $1,211 $1,252 $1,078 $ 920 Per Common Share Data 3Q03 4Q03 1Q04 2Q04 3Q04 ------ ------ ------ ------ ------ Earnings - Basic $ 1.10 $ 1.32 $ 1.34 $ 1.16 $ 1.01 Earnings - Diluted 1.00 1.19 1.22 1.06 0.93 Dividends paid 0.16 0.16 0.16 0.16 0.16 Book value 28.59 30.03 30.75 31.04 31.83 est. - ---------------------------------------------------------------------- Note: 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) 3Q03 4Q03 1Q04 2Q04 3Q04 ------ ------ ------ ------ ------ Net Revenues Asset management and portfolio service fees Asset management fees 8.0% 8.8% 7.4% 8.3% 9.2% Portfolio service fees 10.2% 11.0% 9.5% 11.5% 12.6% Account fees 2.6% 2.6% 2.2% 2.7% 2.6% Other fees 2.9% 2.9% 2.5% 3.2% 3.3% ------ ------ ------ ------ ------ Total 23.7% 25.3% 21.6% 25.7% 27.7% Commissions Listed and over-the- counter securities 12.7% 12.9% 13.4% 11.6% 11.8% Mutual funds 5.8% 6.5% 5.6% 6.1% 6.3% Other 3.5% 4.2% 3.2% 4.6% 4.5% ------ ------ ------ ------ ------ Total 22.0% 23.6% 22.2% 22.3% 22.6% Principal transactions 14.1% 7.8% 17.2% 11.9% 8.1% Investment banking Underwriting 11.0% 12.3% 11.0% 11.8% 11.1% Strategic advisory 2.7% 3.3% 2.7% 2.7% 2.7% ------ ------ ------ ------ ------ Total 13.7% 15.6% 13.7% 14.5% 13.8% Other 6.1% 7.1% 6.2% 5.8% 8.9% ------ ------ ------ ------ ------ Subtotal 79.6% 79.4% 80.9% 80.2% 81.1% Interest and dividend revenues 57.5% 57.7% 50.4% 59.1% 75.8% Less interest expense 37.1% 37.1% 31.3% 39.3% 56.9% ------ ------ ------ ------ ------ Net interest profit 20.4% 20.6% 19.1% 19.8% 18.9% ------ ------ ------ ------ ------ Total Net Revenues 100.0% 100.0% 100.0% 100.0% 100.0% ------ ------ ------ ------ ------ Non-Interest Expenses Compensation and benefits 49.0% 42.2% 50.1% 48.9% 47.0% Communications and technology 7.0% 7.1% 5.6% 6.7% 7.5% Occupancy and related depreciation 4.5% 4.6% 3.6% 3.8% 4.5% Brokerage, clearing, and exchange fees 3.8% 4.0% 3.4% 4.0% 4.4% Professional fees 2.9% 3.1% 2.9% 3.1% 3.4% Advertising and market development 1.8% 2.2% 2.0% 2.5% 2.6% Office supplies and postage 0.9% 0.9% 0.8% 0.9% 1.0% Other 2.4% 5.2% 3.8% 3.6% 4.7% Net recoveries related to September 11 -0.4% -1.3% - - - ------ ------ ------ ------ ------ Total Non-Interest Expenses 71.9% 68.0% 72.2% 73.5% 75.1% ------ ------ ------ ------ ------ Earnings Before Income Taxes 28.1% 32.0% 27.8% 26.5% 24.9% Income tax expense 8.0% 7.1% 7.2% 6.1% 5.9% Net Earnings 20.1% 24.9% 20.6% 20.4% 19.0% - ---------------------------------------------------------------------- Common shares outstanding (in millions): 3Q03 4Q03 1Q04 2Q04 3Q04 ------ ------ ------ ------ ------ Weighted-average - basic 904.8 913.3 930.2 923.0 903.2 Weighted-average - diluted 991.9 1,009.9 1,019.7 1,012.8 981.8 Period-end 942.6 949.9 967.7 948.9 932.9 - ---------------------------------------------------------------------- 17 Merrill Lynch & Co., Inc. Attachment VI Supplemental Data (dollars in billions) (unaudited) 3Q03 4Q03 1Q04 2Q04 3Q04 ------ ------ ------ ------ ------ Client Assets Private Client U.S. $1,093 $1,165 $1,187 $1,176 $1,180 Non - U.S. 92 97 105 105 108 ------ ------ ------ ------ ------ Total Private Client Assets 1,185 1,262 1,292 1,281 1,288 MLIM direct sales(1) 202 222 229 213 199 ------ ------ ------ ------ ------ Total Client Assets(2) $1,387 $1,484 $1,521 $1,494 $1,487 ====== ====== ====== ====== ====== Assets in Asset- Priced Accounts $ 206 $ 226 $ 235 $ 237 $ 244 Assets Under Management $ 473 $ 500 $ 513 $ 488 $ 478 Retail 194 207 212 211 208 Institutional 241 253 259 235 228 Private Investors 38 40 42 42 42 U.S. 327 337 349 330 322 Non-U.S. 146 163 164 158 156 Equity 202 225 229 229 223 Fixed Income 125 132 146 137 134 Money Market 146 143 138 122 121 - --------------------------------------------------------------------- Net New Money Private Client Accounts(2)(4) $ 6 $ 4 $ 5 $ 4 $ 9 Assets Under Management (4) - 7 (22) (10) - --------------------------------------------------------------------- Balance Sheet Information (estimated) Commercial Paper and Other Short-term Borrowings $ 3.0 $ 5.0 $ 4.6 $ 3.2 $ 6.0 Deposits 79.3 79.5 78.1 76.1 77.3 Long-term Borrowings 80.7 83.3 96.9 93.4 102.6 Long-term debt issued to TOPrS(SM) 3.2 3.2 3.2 3.2 3.1 Total Stockholders' Equity 27.4 29.0 30.2 29.9 30.1 - --------------------------------------------------------------------- Global Equity and Equity- Linked Underwriting(2)(3) Volume $ 8 $ 11 $ 12 $ 7 $ 11 Market Share 7.7% 8.3% 8.4% 6.0% 11.2% Ranking 6 5 4 6 1 Global Debt Underwriting(2)(3) Volume $ 90 $ 82 $ 122 $ 75 $ 62 Market Share 7.9% 7.3% 7.9% 6.0% 5.4% Ranking 4 2 2 7 7 Global Completed Mergers and Acquisitions(2)(3) Volume $ 61 $ 66 $ 41 $ 49 $ 111 Market Share 20.7% 20.5% 17.4% 12.6% 25.8% Ranking 3 3 2 6 4 Full-Time Employees(5) 47,800 48,100 48,200 49,300 49,900 Private Client Financial Advisors 13,400 13,500 13,700 14,000 14,100 - --------------------------------------------------------------------- (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, 100, 200, and 300 full-time employees on salary continuation severance at the end of 3Q04, 2Q04, 1Q04, 4Q03, and 3Q03, 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 CONTACT: Merrill Lynch Media Relations: Michael O'Looney, 212-449-9205 michael_olooney@ml.com or Investor Relations: Tina Madon, 866-607-1234 investor_relations@ml.com 18