Exhibit 99.2 Merrill Lynch & Co., Inc. Attachment I Preliminary Unaudited Earnings Summary For the Three Months Ended Percent Inc / (Dec) ----------------------------- ------------------- December September December 4Q04 vs. 4Q04 vs. 31, 24, 26, (in millions, except 2004 2004 2003 3Q04 4Q03 per share amounts) --------- --------- --------- --------- --------- (14 (13 (13 weeks) weeks) weeks) Net Revenues Asset management and portfolio service fees $ 1,439 $ 1,344 $ 1,237 7.1 % 16.3 % Commissions 1,302 1,076 1,138 21.0 14.4 Principal transactions 296 341 377 (13.2) (21.5) Investment banking 994 666 759 49.2 31.0 Revenues from consolidated firm investments 139 104 54 33.7 157.4 Other 272 392 301 (30.6) (9.6) --------- --------- --------- Subtotal 4,442 3,923 3,866 13.2 14.9 Interest and dividend revenues 5,175 3,630 2,800 42.6 84.8 Less interest expense 3,728 2,730 1,813 36.6 105.6 --------- --------- --------- Net interest profit 1,447 900 987 60.8 46.6 --------- --------- --------- Total Net Revenues 5,889 4,823 4,853 22.1 21.3 --------- --------- --------- Non-Interest Expenses Compensation and benefits 2,689 2,273 2,052 18.3 31.0 Communications and technology 400 363 345 10.2 15.9 Occupancy and related depreciation 255 219 228 16.4 11.8 Brokerage, clearing, and exchange fees 208 193 180 7.8 15.6 Professional fees 203 162 151 25.3 34.4 Advertising and market development 152 127 106 19.7 43.4 Expenses of consolidated firm investments 103 47 54 119.1 90.7 Office supplies and postage 56 47 43 19.1 30.2 Other 271 184 199 47.3 36.2 Net recoveries related to September 11 - - (65) - 100.0 --------- --------- --------- Total Non-Interest Expenses 4,337 3,615 3,293 20.0 31.7 --------- --------- --------- Earnings Before Income Taxes 1,552 1,208 1,560 28.5 (0.5) Income tax expense 359 286 345 25.5 4.1 --------- --------- --------- Net Earnings $ 1,193 $ 922 $ 1,215 29.4 (1.8) ========= ========= ========= Preferred Stock Dividends $ 15 $ 9 $ 10 66.7 50.0 ========= ========= ========= Earnings Per Common Share Basic $ 1.31 $ 1.01 $ 1.32 29.7 (0.8) Diluted $ 1.19 $ 0.93 $ 1.19 28.0 0.0 Average Shares Used in Computing Earnings Per Common Share Basic 896.6 903.2 913.3 (0.7) (1.8) Diluted 992.7 985.0 1,013.0 0.8 (2.0) Annualized Return on Average Common Equity 15.7% 12.5% 17.4% - ---------------------------------------------------------------------- Note: Certain prior period amounts have been reclassified to conform to the current period presentation. 12 Merrill Lynch & Co., Inc. Attachment II Preliminary Unaudited Earnings Summary For the Year Ended ------------------------- December 31, December 26, Percent (in millions, except per share 2004 (1) 2003 (1) Inc / (Dec) amounts) ------------ ------------ ----------- (53 weeks) (52 weeks) Net Revenues Asset management and portfolio service fees $ 5,440 $ 4,698 15.8% Commissions 4,877 4,299 13.4 Principal transactions 2,300 3,233 (28.9) Investment banking 3,261 2,628 24.1 Revenues from consolidated firm investments 346 70 394.3 Other 1,270 1,111 14.3 ------------ ------------ Subtotal 17,494 16,039 9.1 Interest and dividend revenues 14,973 11,669 28.3 Less interest expense 10,444 7,840 33.2 ------------ ------------ Net interest profit 4,529 3,829 18.3 ------------ ------------ Total Net Revenues 22,023 19,868 10.8 ------------ ------------ Non-Interest Expenses Compensation and benefits 10,596 9,810 8.0 Communications and technology 1,461 1,457 0.3 Occupancy and related depreciation 893 889 0.4 Brokerage, clearing, and exchange fees 773 676 14.3 Professional fees 705 580 21.6 Advertising and market development 533 429 24.2 Expenses of consolidated firm investments 231 68 239.7 Office supplies and postage 203 197 3.0 Other 792 690 14.8 Net recoveries related to September 11 - (147) 100.0 ------------ ------------ Total Non-Interest Expenses 16,187 14,649 10.5 ------------ ------------ Earnings Before Income Taxes 5,836 5,219 11.8 Income tax expense 1,400 1,383 1.2 ------------ ------------ Net Earnings $ 4,436 $ 3,836 15.6 ============ ============ Preferred Stock Dividends $ 43 $ 39 10.3 ============ ============ Earnings Per Common Share Basic $ 4.81 $ 4.22 14.0 Diluted $ 4.38 $ 3.87 13.2 Average Shares Used in Computing Earnings Per Common Share Basic 912.9 900.7 1.4 Diluted 1,003.8 980.9 2.3 Annualized Return on Average Common Equity 14.9% 14.8% - ---------------------------------------------------------------------- Note: Certain prior period amounts have been reclassified to conform to the current period presentation. (1) Includes $1 million and $2 million increase to net earnings in 2004 and 2003, respectively, related to the change in the method of accounting for certain retail account fees. 13 Merrill Lynch & Co., Inc. Attachment III Preliminary Segment Data (unaudited) For the Three Months Ended For the Year Ended -------------------------- --------------------- December September December December December 31, 24, 26, 31, 26, (dollars in 2004 2004 2003 2004 2003 millions) -------- -------- -------- -------- -------- (14 (13 (13 (53 (52 weeks) weeks) weeks) weeks) weeks) Global Markets & Investment Banking Global Markets Debt Markets $ 1,249 $ 1,020 $ 1,013 $ 5,125 $ 5,049 Equity Markets 822 633 562 3,086 2,775 -------- -------- -------- -------- -------- Total Global Markets net revenues 2,071 1,653 1,575 8,211 7,824 Investment Banking(a) Origination: Debt 346 252 259 1,138 853 Equity 279 195 231 994 762 Strategic Advisory Services 247 128 159 679 554 -------- -------- -------- -------- -------- Total Investment Banking net revenues 872 575 649 2,811 2,169 -------- -------- -------- -------- -------- Total net revenues 2,943 2,228 2,224 11,022 9,993 -------- -------- -------- -------- -------- Pre-tax earnings 990 771 971 (b) 3,869 3,775 (b) Pre-tax profit margin 33.6% 34.6% 43.7% (b) 35.1% 37.8% (b) - ------------------------------------------------------------------ Global Private Client Fee-based revenues $ 1,256 $ 1,191 $ 1,092 $ 4,800 $ 4,046 Transactional and origination revenues 878 713 790 3,270 3,030 Net interest profit 382 303 350 1,324 1,357 Other revenues 100 110 105 437 460 -------- -------- -------- -------- -------- Total net revenues 2,616 2,317 2,337 9,831 8,893 -------- -------- -------- -------- -------- Pre-tax earnings 519 412 503 (c) 1,873 1,526 (c) Pre-tax profit margin 19.8% 17.8% 21.5% (c) 19.1% 17.2% (c) - ------------------------------------------------------------------ Merrill Lynch Investment Managers Total net revenues $ 426 $ 374 $ 375 $ 1,581 $ 1,359 Pre-tax earnings 130 111 95 (d) 460 260 (d) Pre-tax profit margin 30.5% 29.7% 25.3% (d) 29.1% 19.1% (d) - ------------------------------------------------------------------ Corporate Total net revenues $ (96) $ (96) $ (83) $ (411) $ (377) Pre-tax earnings (loss) (87) (86) (9) (366) (342) - ------------------------------------------------------------------ Total Total net revenues $ 5,889 $ 4,823 $ 4,853 $22,023 $19,868 Pre-tax earnings 1,552 1,208 1,560 (e) 5,836 5,219 (e) Pre-tax profit margin 26.4% 25.0% 32.1% (e) 26.5% 26.3% (e) - ------------------------------------------------------------------ Note: Certain prior period amounts have been restated 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 $55 million for the quarter and $155 million for the year-to-date period. Also includes net restructuring and other charges of $18 million for the quarter and year-to-date period. Excluding these items, GMI's pre-tax earnings were $934 million ($971 million minus $37 million) for the quarter and $3,638 million ($3,775 million minus $137 million) for the year-to-date period. Excluding these items, GMI's pre-tax profit margin was 42.0% ($934 million/$2,224 million) for the quarter and 36.4% ($3,638 million/$9,993 million) for the year-to-date period. (c) Includes the impact of insurance recoveries related to September 11, which have been recorded as a contra-expense, of $15 million for the quarter and year-to-date period. Also includes net restructuring credits of $2 million for the quarter and year-to-date period. Excluding these items, GPC's pre-tax earnings were $486 million ($503 million minus $17 million) for the quarter and $1,509 million ($1,526 million minus $17 million) for the year-to-date period. Excluding these items, GPC's pre-tax profit margin was 20.8% ($486 million/$2,337 million) for the quarter and 17.0% ($1,509 million/$8,893 million) for the year-to-date period. (d) Includes the impact of net restructuring and other charges of $4 million for the quarter and year-to-date period. Excluding this item, MLIM's pre-tax earnings were $99 million ($95 million plus $4 million) for the quarter and $264 million ($260 million plus $4 million) for the year-to-date period. Excluding this item, MLIM's pre-tax profit margin was 26.4% ($99 million/$375 million) for the quarter and 19.4% ($264 million/$1,359 million) for the year-to-date period. (e) Excluding the impact of September 11 and restructuring items, total pre-tax earnings were $1,515 million ($1,560 million minus $45 million) for the quarter and $5,092 million ($5,219 million minus $127 million) for the year-to-date period. Excluding these items, total pre-tax profit margins were 31.2% ($1,515 million/$4,853 million) for the quarter and 25.6% ($5,092 million/$19,868 million) for the year-to-date period. 14 Merrill Lynch & Co., Inc. Attachment IV Consolidated Quarterly (in millions) Earnings (unaudited) 4Q03 (1) 1Q04 (1) 2Q04 (1) 3Q04 (1) 4Q04 (1) -------- -------- -------- -------- -------- (13 (13 (13 (13 (14 weeks) weeks) weeks) weeks) weeks) Net Revenues Asset management and portfolio service fees Asset management fees $ 429 $ 448 $ 440 $ 443 $ 522 Portfolio service fees 534 578 606 611 614 Account fees 134 131 131 128 126 Other fees 140 156 167 162 177 -------- -------- -------- -------- -------- Total 1,237 1,313 1,344 1,344 1,439 Commissions Listed and over- the-counter securities 626 816 605 563 705 Mutual funds 314 340 322 306 343 Other 198 183 233 207 254 -------- -------- -------- -------- -------- Total 1,138 1,339 1,160 1,076 1,302 Principal transactions 377 1,029 634 341 296 Investment banking Underwriting 599 672 622 537 747 Strategic advisory 160 165 142 129 247 -------- -------- -------- -------- -------- Total 759 837 764 666 994 Revenues from consolidated firm investments 54 57 46 104 139 Other 301 332 274 392 272 -------- -------- -------- -------- -------- Subtotal 3,866 4,907 4,222 3,923 4,442 Interest and dividend revenues 2,800 3,056 3,112 3,630 5,175 Less interest expense 1,813 1,902 2,084 2,730 3,728 -------- -------- -------- -------- -------- Net interest profit 987 1,154 1,028 900 1,447 -------- -------- -------- -------- -------- Total Net Revenues 4,853 6,061 5,250 4,823 5,889 -------- -------- -------- -------- -------- Non-Interest Expenses Compensation and benefits 2,052 3,047 2,587 2,273 2,689 Communications and technology 345 340 358 363 400 Occupancy and related depreciation 228 217 202 219 255 Brokerage, clearing, and exchange fees 180 185 187 193 208 Professional fees 151 177 163 162 203 Advertising and market development 106 122 132 127 152 Expenses of consolidated firm investments 54 42 39 47 103 Office supplies and postage 43 51 49 47 56 Other 199 190 147 184 271 Net recoveries related to September 11 (65) - - - - -------- -------- -------- -------- -------- Total Non-Interest Expenses 3,293 4,371 3,864 3,615 4,337 -------- -------- -------- -------- -------- Earnings Before Income Taxes 1,560 1,690 1,386 1,208 1,552 Income tax expense 345 439 316 286 359 -------- -------- -------- -------- -------- Net Earnings $ 1,215 $ 1,251 $ 1,070 $ 922 $ 1,193 - ---------------------------------------------------------------------- Per Common Share Data 4Q03 1Q04 2Q04 3Q04 4Q04 -------- -------- -------- -------- -------- Earnings - Basic $ 1.32 $ 1.33 $ 1.15 $ 1.01 $ 1.31 Earnings - Diluted 1.19 1.21 1.05 0.93 1.19 Dividends paid 0.16 0.16 0.16 0.16 0.16 Book value 29.96 30.68 30.97 31.75 32.97 Est. - ---------------------------------------------------------------------- Certain prior period amounts have been reclassified to conform to the current period presentation. (1) Includes increase (decrease) of $4 million, ($1) million, ($8) million, $2 million and $8 million adjustments to net earnings in 4Q03, 1Q04, 2Q04, 3Q04 and 4Q04, respectively, related to the change in the method of accounting for certain retail account fees. 15 Merrill Lynch & Co., Inc. Attachment V Percentage of Quarterly Net Revenues (unaudited) 4Q03 1Q04 2Q04 3Q04 4Q04 -------- -------- -------- -------- -------- (13 (13 (13 (13 (14 weeks) weeks) weeks) weeks) weeks) Net Revenues Asset management and portfolio service fees Asset management fees 8.8% 7.4% 8.4% 9.2% 8.9% Portfolio service fees 11.0% 9.5% 11.5% 12.7% 10.4% Account fees 2.8% 2.2% 2.5% 2.7% 2.1% Other fees 2.9% 2.6% 3.2% 3.3% 3.0% -------- -------- -------- -------- -------- Total 25.5% 21.7% 25.6% 27.9% 24.4% Commissions Listed and over- the-counter securities 12.9% 13.5% 11.5% 11.7% 12.0% Mutual funds 6.5% 5.6% 6.1% 6.3% 5.8% Other 4.0% 3.0% 4.5% 4.3% 4.3% -------- -------- -------- -------- -------- Total 23.4% 22.1% 22.1% 22.3% 22.1% Principal transactions 7.8% 17.0% 12.1% 7.1% 5.0% Investment banking Underwriting 12.3% 11.1% 11.8% 11.1% 12.7% Strategic advisory 3.3% 2.7% 2.7% 2.7% 4.2% -------- -------- -------- -------- -------- Total 15.6% 13.8% 14.5% 13.8% 16.9% Revenues from consolidated firm investments 1.1% 0.9% 0.9% 2.2% 2.4% Other 6.3% 5.5% 5.2% 8.0% 4.6% -------- -------- -------- -------- -------- Subtotal 79.7% 81.0% 80.4% 81.3% 75.4% Interest and dividend revenues 57.7% 50.4% 59.3% 75.3% 87.9% Less interest expense 37.4% 31.4% 39.7% 56.6% 63.3% -------- -------- -------- -------- -------- Net interest profit 20.3% 19.0% 19.6% 18.7% 24.6% -------- -------- -------- -------- -------- Total Net Revenues 100.0% 100.0% 100.0% 100.0% 100.0% -------- -------- -------- -------- -------- Non-Interest Expenses Compensation and benefits 42.3% 50.3% 49.3% 47.1% 45.7% Communications and technology 7.1% 5.6% 6.8% 7.5% 6.8% Occupancy and related depreciation 4.7% 3.6% 3.8% 4.5% 4.3% Brokerage, clearing, and exchange fees 3.7% 3.1% 3.6% 4.0% 3.5% Professional fees 3.1% 2.9% 3.1% 3.4% 3.4% Advertising and market development 2.2% 2.0% 2.5% 2.6% 2.6% Expenses of consolidated firm investments 1.1% 0.7% 0.7% 1.0% 1.7% Office supplies and postage 0.9% 0.8% 0.9% 1.0% 1.0% Other 4.1% 3.1% 2.9% 3.9% 4.6% Net recoveries related to September 11 -1.3% - - - - -------- -------- -------- -------- -------- Total Non-Interest Expenses 67.9% 72.1% 73.6% 75.0% 73.6% -------- -------- -------- -------- -------- Earnings Before Income Taxes 32.1% 27.9% 26.4% 25.0% 26.4% Income tax expense 7.1% 7.3% 6.0% 5.9% 6.1% -------- -------- -------- -------- -------- Net Earnings 25.0% 20.6% 20.4% 19.1% 20.3% - ---------------------------------------------------------------------- Common shares outstanding (in millions): 4Q03 1Q04 2Q04 3Q04 4Q04 -------- -------- -------- -------- -------- Weighted-average - basic 913.3 930.2 923.0 903.2 896.6 Weighted-average - diluted 1,013.0 1,022.8 1,015.9 985.0 992.7 Period-end 949.9 967.7 948.9 932.9 931.8 - ---------------------------------------------------------------------- 16 Merrill Lynch & Co., Inc. Attachment VI Supplemental Data (dollars in billions) (unaudited) 4Q03 1Q04 2Q04 3Q04 4Q04 -------- -------- -------- -------- -------- Client Assets Private Client U.S. $ 1,164 $ 1,187 $ 1,176 $ 1,179 $ 1,244 Non - U.S. 103 105 105 109 115 -------- -------- -------- -------- -------- Total Private Client Assets 1,267 1,292 1,281 1,288 1,359 MLIM direct sales (1) 219 229 213 199 215 -------- -------- -------- -------- -------- Total Client Assets(2) $ 1,486 $ 1,521 $ 1,494 $ 1,487 $ 1,574 ======== ======== ======== ======== ======== Assets in Asset-Priced Accounts $ 226 $ 235 $ 237 $ 244 $ 257 Assets Under Management $ 500 $ 513 $ 488 $ 478 $ 501 Retail 207 212 212 208 218 Institutional 253 259 235 228 240 Retail Separate Accounts 40 42 41 42 43 U.S. 337 349 330 322 332 Non-U.S. 163 164 158 156 169 Equity 225 229 229 223 245 Retail Money Market 67 58 56 53 50 Institutional Liquidity Funds 107 117 97 91 90 Fixed Income 101 109 106 111 116 - ---------------------------------------------------------------------- Net New Money Private Client Accounts(2)(4) $ 4 $ 5 $ 4 $ 9 $ 6 Assets Under Management $ - $ 7 $ (22) $ (10) $ (5) - ---------------------------------------------------------------------- Balance Sheet Information (estimated) Commercial Paper and Other Short- term Borrowings $ 5.0 $ 4.6 $ 3.2 $ 6.0 $ 4.0 Deposits 79.5 78.1 76.1 77.3 79.8 Long-term Borrowings 83.3 96.9 93.4 102.6 115.5 Long-term debt issued to TOPrS(SM) Partnerships 3.2 3.2 3.2 3.1 3.1 Total Stockholders' Equity 28.9 30.1 29.8 30.0 31.4 Est - ---------------------------------------------------------------------- Global Equity and Equity-Linked Underwriting(2)(3) Volume $ 11 $ 12 $ 7 $ 11 $ 12 Market Share 8.3% 8.4% 6.2% 11.1% 8.8% Ranking 5 4 6 1 3 Global Debt Underwriting(2)(3) Volume $ 82 $ 122 $ 76 $ 64 $ 69 Market Share 7.3% 7.9% 6.1% 5.2% 5.9% Ranking 2 2 7 7 6 Global Completed Mergers and Acquisitions(2)(3) Volume $ 68 $ 41 $ 48 $ 113 $ 110 Market Share 20.5% 17.1% 12.0% 24.5% 27.6% Ranking 3 2 7 4 3 - ---------------------------------------------------------------------- Full-Time Employees(5) 48,100 48,200 49,300 49,900 50,600 Private Client Financial Advisors 13,500 13,700 14,000 14,100 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 full-time employees on salary continuation severance at the end of 4Q04, 3Q04, 2Q04 and 1Q04, and 200 at the end of 4Q03. 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 17