Exhibit 99.2 Merrill Lynch & Co., Inc. Attachment I - ---------------------------------------------------------------------- Preliminary Unaudited Earnings Summary For the Three Months Ended Percent Inc / (Dec) -------------------------- ------------------- July 1, April 1, June 25, 2Q05 vs. 2Q05 vs. (in millions, except per share amounts) 2005 2005 2004 1Q05 2Q04 ------- -------- -------- -------- -------- Net Revenues Asset management and portfolio service fees $1,431 $1,435 $1,344 (0.3) % 6.5 % Commissions 1,243 1,345 1,160 (7.6) 7.2 Principal transactions 921 879 634 4.8 45.3 Investment banking 894 811 764 10.2 17.0 Revenues from consolidated investments 84 127 46 (33.9) 82.6 Other 641 345 274 85.8 133.9 ------- -------- -------- Subtotal 5,214 4,942 4,222 5.5 23.5 Interest and dividend revenues 5,978 5,541 3,112 7.9 92.1 Less interest expense 4,875 4,262 2,084 14.4 133.9 ------- -------- -------- Net interest profit 1,103 1,279 1,028 (13.8) 7.3 ------- -------- -------- Total Net Revenues 6,317 6,221 5,250 1.5 20.3 ------- -------- -------- Non-Interest Expenses Compensation and benefits 3,130 3,084 2,587 1.5 21.0 Communications and technology 395 396 358 (0.3) 10.3 Occupancy and related depreciation 227 233 202 (2.6) 12.4 Brokerage, clearing, and exchange fees 216 219 187 (1.4) 15.5 Professional fees 183 178 163 2.8 12.3 Advertising and market development 160 126 132 27.0 21.2 Expenses of consolidated investments 35 85 39 (58.8) (10.3) Office supplies and postage 51 52 49 (1.9) 4.1 Other 325 179 147 81.6 121.1 ------- -------- -------- Total Non-Interest Expenses 4,722 4,552 3,864 3.7 22.2 ------- -------- -------- Earnings Before Income Taxes 1,595 1,669 1,386 (4.4) 15.1 Income tax expense 460 457 316 0.7 45.6 ------- -------- -------- Net Earnings $1,135 $1,212 $1,070 (6.4) 6.1 ======= ======== ======== Preferred Stock Dividends $17 $7 $9 142.9 88.9 ======= ======== ======== Earnings Per Common Share Basic $1.25 $1.33 $1.15 (6.0) 8.7 Diluted $1.14 $1.21 $1.05 (5.8) 8.6 Average Shares Used in Computing Earnings Per Common Share Basic 897.5 907.8 923.0 (1.1) (2.8) Diluted 978.5 993.3 1,015.9 (1.5) (3.7) Annualized Return on Average Common Equity 14.3% 15.5% 14.4% - ---------------------------------------------------------------------- 9 Merrill Lynch & Co., Inc. Attachment II - ---------------------------------------------------------------------- Preliminary Unaudited Earnings Summary For the Six Months Ended ---------------- July 1, June 25, Percent (in millions, except per share amounts) 2005 2004 Inc / (Dec) ------- -------- ----------- Net Revenues Asset management and portfolio service fees $2,866 $2,657 7.9 % Commissions 2,588 2,499 3.6 Principal transactions 1,800 1,663 8.2 Investment banking 1,705 1,601 6.5 Revenues from consolidated investments 211 103 104.9 Other 986 606 62.7 ------- -------- Subtotal 10,156 9,129 11.2 Interest and dividend revenues 11,519 6,168 86.8 Less interest expense 9,137 3,986 129.2 ------- -------- Net interest profit 2,382 2,182 9.2 ------- -------- Total Net Revenues 12,538 11,311 10.8 ------- -------- Non-Interest Expenses Compensation and benefits 6,214 5,634 10.3 Communications and technology 791 698 13.3 Occupancy and related depreciation 460 419 9.8 Brokerage, clearing, and exchange fees 435 372 16.9 Professional fees 361 340 6.2 Advertising and market development 286 254 12.6 Expenses of consolidated investments 120 81 48.1 Office supplies and postage 103 100 3.0 Other 504 337 49.6 ------- -------- Total Non-Interest Expenses 9,274 8,235 12.6 ------- -------- Earnings Before Income Taxes 3,264 3,076 6.1 Income tax expense 917 755 21.5 ------- -------- Net Earnings $2,347 $2,321 1.1 ======= ======== Preferred Stock Dividends $24 $19 26.3 ======= ======== Earnings Per Common Share Basic $2.57 $2.48 3.6 Diluted $2.36 $2.26 4.4 Average Shares Used in Computing Earnings Per Common Share Basic 902.7 926.6 (2.6) Diluted 985.9 1,019.4 (3.3) Annualized Return on Average Common Equity 14.9% 15.7% - ---------------------------------------------------------------------- 10 Merrill Lynch & Co., Inc. Attachment III - ---------------------------------------------------------------------- Preliminary Segment Data (unaudited) For the Three Months Ended Percent Inc/ (Dec) ------------------------- ------------------ July 1, April 1, June 25, 2Q05 vs. 2Q05 vs. (dollars in millions) 2005 2005 2004 1Q05 2Q04 ------- -------- -------- -------- -------- Global Markets & Investment Banking Global Markets Debt Markets $1,632 $1,670 $1,256 (2.3)% 29.9 % Equity Markets 1,021 961 734 6.2 39.1 ------- -------- -------- Total Global Markets net revenues 2,653 2,631 1,990 0.8 33.3 Investment Banking(a) Origination: Debt 350 282 301 24.1 16.3 Equity 223 242 210 (7.9) 6.2 Strategic Advisory Services 213 160 141 33.1 51.1 ------- -------- -------- Total Investment Banking net revenues 786 684 652 14.9 20.6 ------- -------- -------- Total net revenues 3,439 3,315 2,642 3.7 30.2 ------- -------- -------- Pre-tax earnings 1,098 1,124 989 (2.3) 11.0 Pre-tax profit margin 31.9% 33.9% 37.4% - ---------------------------------------------------------------------- Global Private Client Fee-based revenues $1,287 $1,271 $1,195 1.3 7.7 Transactional and origination revenues 779 852 765 (8.6) 1.8 Net interest profit 427 398 299 7.3 42.8 Other revenues 74 72 131 2.8 (43.5) ------- -------- -------- Total net revenues 2,567 2,593 2,390 (1.0) 7.4 ------- -------- -------- Pre-tax earnings 457 510 435 (10.4) 5.1 Pre-tax profit margin 17.8% 19.7% 18.2% - ---------------------------------------------------------------------- Merrill Lynch Investment Managers Total net revenues $404 $414 $380 (2.4) 6.3 Pre-tax earnings 121 127 111 (4.7) 9.0 Pre-tax profit margin 30.0% 30.7% 29.2% - ---------------------------------------------------------------------- Corporate Total net revenues $(93) $(101) $(162) 7.9 42.6 Pre-tax earnings (loss) (81) (92) (149) 12.0 45.6 - ---------------------------------------------------------------------- Total Total net revenues $6,317 $6,221 $5,250 1.5 20.3 Pre-tax earnings 1,595 1,669 1,386 (4.4) 15.1 Pre-tax profit margin 25.2% 26.8% 26.4% - ---------------------------------------------------------------------- (a) A portion of Origination revenue is recorded in the Global Private Client segment. Preliminary Segment Data (unaudited) For the Six Months Ended ------------------------ --------- July 1, June 25, Percent (dollars in millions) 2005 2004 Inc/(Dec) ------------- ---------- --------- Global Markets & Investment Banking Global Markets Debt Markets $3,302 $2,862 15.4% Equity Markets 1,982 1,634 21.3 ------------ ---------- Total Global Markets net revenues 5,284 4,496 17.5 Investment Banking(a) Origination: Debt 632 552 14.5 Equity 465 499 (6.8) Strategic Advisory Services 373 304 22.7 ------------ ---------- Total Investment Banking net revenues 1,470 1,355 8.5 ------------ ---------- Total net revenues 6,754 5,851 15.4 ------------ ---------- Pre-tax earnings 2,222 2,108 5.4 Pre-tax profit margin 32.9% 36.0% - ---------------------------------------------------------------------- Global Private Client Fee-based revenues $2,558 $2,353 8.7 Transactional and origination revenues 1,631 1,679 (2.9) Net interest profit 825 639 29.1 Other revenues 146 227 (35.7) ------------ ---------- Total net revenues 5,160 4,898 5.3 ------------ ---------- Pre-tax earnings 967 942 2.7 Pre-tax profit margin 18.7% 19.2% - ---------------------------------------------------------------------- Merrill Lynch Investment Managers Total net revenues $818 $781 4.7 Pre-tax earnings 248 219 13.2 Pre-tax profit margin 30.3% 28.0% - ---------------------------------------------------------------------- Corporate Total net revenues $(194) (219) 11.4 Pre-tax earnings (loss) (173) (193) 10.4 - ---------------------------------------------------------------------- Total Total net revenues $12,538 $11,311 10.8 Pre-tax earnings 3,264 3,076 6.1 Pre-tax profit margin 26.0% 27.2% - ---------------------------------------------------------------------- (a) A portion of Origination revenue is recorded in the Global Private Client segment. 11 Merrill Lynch & Co., Inc. Attachment IV - ---------------------------------------------------------------------- Consolidated Quarterly Earnings (unaudited) (in millions) 2Q04 3Q04 4Q04 1Q05 2Q05 --------- --------- --------- --------- ---------- (13 weeks)(13 weeks)(14 weeks)(13 weeks)(13 weeks) Net Revenues Asset management and portfolio service fees Asset management fees $440 $443 $522 $481 $472 Portfolio service fees 606 611 614 650 670 Account fees 131 128 126 124 121 Other fees 167 162 177 180 168 --------- --------- --------- --------- ---------- Total 1,344 1,344 1,439 1,435 1,431 Commissions Listed and over-the- counter securities 605 563 705 727 631 Mutual funds 322 306 343 364 353 Other 233 207 254 254 259 --------- --------- --------- --------- ---------- Total 1,160 1,076 1,302 1,345 1,243 Principal transactions 634 341 296 879 921 Investment banking Underwriting 622 537 747 650 680 Strategic advisory 142 129 247 161 214 --------- --------- --------- --------- ---------- Total 764 666 994 811 894 Revenues from consolidated investments 46 104 139 127 84 Other 274 392 272 345 641 --------- --------- --------- --------- ---------- Subtotal 4,222 3,923 4,442 4,942 5,214 Interest and dividend revenues 3,112 3,630 5,175 5,541 5,978 Less interest expense 2,084 2,730 3,728 4,262 4,875 --------- --------- --------- --------- ---------- Net interest profit 1,028 900 1,447 1,279 1,103 --------- --------- --------- --------- ---------- Total Net Revenues 5,250 4,823 5,889 6,221 6,317 --------- --------- --------- --------- ---------- Non-Interest Expenses Compensation and benefits 2,587 2,273 2,689 3,084 3,130 Communications and technology 358 363 400 396 395 Occupancy and related depreciation 202 219 255 233 227 Brokerage, clearing, and exchange fees 187 193 208 219 216 Professional fees 163 162 203 178 183 Advertising and market development 132 127 152 126 160 Expenses of consolidated investments 39 47 103 85 35 Office supplies and postage 49 47 56 52 51 Other 147 184 271 179 325 --------- --------- --------- --------- ---------- Total Non-Interest Expenses 3,864 3,615 4,337 4,552 4,722 --------- --------- --------- --------- ---------- Earnings Before Income Taxes 1,386 1,208 1,552 1,669 1,595 Income tax expense 316 286 359 457 460 --------- --------- --------- --------- ---------- Net Earnings $1,070 $922 $1,193 $1,212 $1,135 - ---------------------------------------------------------------------- Per Common Share Data 2Q04 3Q04 4Q04 1Q05 2Q05 --------- --------- --------- --------- ---------- Earnings - Basic $1.15 $1.01 $1.32 $1.33 $1.25 Earnings - Diluted 1.05 0.93 1.19 1.21 1.14 Dividends paid 0.16 0.16 0.16 0.16 0.20 Book value 30.97 31.75 32.99 32.91 33.64 Est. - ---------------------------------------------------------------------- 12 Merrill Lynch & Co., Inc. Attachment V - ---------------------------------------------------------------------- Percentage of Quarterly Net Revenues (unaudited) 2Q04 3Q04 4Q04 1Q05 2Q05 --------- --------- --------- --------- ---------- (13 weeks)(13 weeks)(14 weeks)(13 weeks)(13 weeks) Net Revenues Asset management and portfolio service fees Asset management fees 8.4% 9.2% 8.9% 7.7% 7.5% Portfolio service fees 11.5% 12.7% 10.4% 10.4% 10.6% Account fees 2.5% 2.7% 2.1% 2.0% 1.9% Other fees 3.2% 3.3% 3.0% 3.0% 2.7% --------- --------- --------- --------- ---------- Total 25.6% 27.9% 24.4% 23.1% 22.7% Commissions Listed and over-the- counter securities 11.5% 11.7% 12.0% 11.7% 10.0% Mutual funds 6.1% 6.3% 5.8% 5.9% 5.6% Other 4.5% 4.3% 4.3% 4.0% 4.1% --------- --------- --------- --------- ---------- Total 22.1% 22.3% 22.1% 21.6% 19.7% Principal transactions 12.1% 7.1% 5.0% 14.1% 14.6% Investment banking Underwriting 11.8% 11.1% 12.7% 10.4% 10.8% Strategic advisory 2.7% 2.7% 4.2% 2.6% 3.4% --------- --------- --------- --------- ---------- Total 14.5% 13.8% 16.9% 13.0% 14.2% Revenues from consolidated investments 0.9% 2.2% 2.4% 2.0% 1.3% Other 5.2% 8.0% 4.6% 5.6% 10.0% --------- --------- --------- --------- ---------- Subtotal 80.4% 81.3% 75.4% 79.4% 82.5% Interest and dividend revenues 59.3% 75.3% 87.9% 89.1% 94.6% Less interest expense 39.7% 56.6% 63.3% 68.5% 77.1% --------- --------- --------- --------- ---------- Net interest profit 19.6% 18.7% 24.6% 20.6% 17.5% --------- --------- --------- --------- ---------- Total Net Revenues 100.0% 100.0% 100.0% 100.0% 100.0% --------- --------- --------- --------- ---------- Non-Interest Expenses Compensation and benefits 49.3% 47.1% 45.7% 49.6% 49.5% Communications and technology 6.8% 7.5% 6.8% 6.4% 6.3% Occupancy and related depreciation 3.8% 4.5% 4.3% 3.7% 3.6% Brokerage, clearing, and exchange fees 3.6% 4.0% 3.5% 3.5% 3.4% Professional fees 3.1% 3.4% 3.4% 2.9% 2.9% Advertising and market development 2.5% 2.6% 2.6% 2.0% 2.5% Expenses of consolidated investments 0.7% 1.0% 1.7% 1.4% 0.6% Office supplies and postage 0.9% 1.0% 1.0% 0.8% 0.8% Other 2.9% 3.9% 4.6% 2.9% 5.2% --------- --------- --------- --------- ---------- Total Non- Interest Expenses 73.6% 75.0% 73.6% 73.2% 74.8% --------- --------- --------- --------- ---------- Earnings Before Income Taxes 26.4% 25.0% 26.4% 26.8% 25.2% Income tax expense 6.0% 5.9% 6.1% 7.3% 7.2% --------- --------- --------- --------- ---------- Net Earnings 20.4% 19.1% 20.3% 19.5% 18.0% - ---------------------------------------------------------------------- Common shares outstanding (in millions): 2Q04 3Q04 4Q04 1Q05 2Q05 --------- --------- --------- --------- ---------- Weighted- average - basic (1) 923.0 903.2 896.6 907.8 897.5 Weighted- average - diluted 1,015.9 985.0 992.7 993.3 978.5 Period-end (1) 948.9 932.9 931.8 948.7 930.9 - ---------------------------------------------------------------------- (1) Weighted-average basic shares do not include unvested restricted shares; however they are included in period-end shares. 13 Merrill Lynch & Co., Inc. Attachment VI - ---------------------------------------------------------------------- Supplemental Data (unaudited) (dollars in billions) 2Q04 3Q04 4Q04 1Q05 2Q05 ------- ------- ------- ------- ---------- Client Assets Private Client U.S. $1,176 $1,179 $1,244 $1,226 $1,238 Non - U.S. 105 109 115 116 115 ------- ------- ------- ------- ---------- Total Private Client Assets 1,281 1,288 1,359 1,342 1,353 MLIM direct sales (1) 235 225 237 233 236 ------- ------- ------- ------- ---------- Total Client Assets $1,516 $1,513 $1,596 $1,575 $1,589 ======= ======= ======= ======= ========== Assets in Asset-Priced Accounts $237 $243 $257 $256 $262 Assets Under Management $488 $478 $501 $479 $478 Retail 212 208 218 218 218 Institutional 235 228 240 217 215 Retail Separate Accounts 41 42 43 44 45 U.S. 330 322 332 312 311 Non-U.S. 158 156 169 167 167 Equity 229 225 247 245 249 Retail Money Market 56 53 50 49 46 Institutional Liquidity Funds 97 91 90 70 68 Fixed Income 106 109 114 115 115 - ---------------------------------------------------------------------- Net New Money Private Client Accounts (2) $4 $9 $6 $11 $8 Assets Under Management $(22) $(10) $(5) $(16) $(2) - ---------------------------------------------------------------------- Balance Sheet Information (estimated) Commercial Paper and Other Short-term Borrowings $3.2 $6.0 $4.0 $2.7 $6.8 Deposits 76.1 77.3 79.7 79.9 79.5 Long-term Borrowings 93.4 102.6 116.5 112.3 113.5 Long-term debt issued to TOPrS(SM) Partnerships 3.2 3.1 3.1 3.1 3.1 Stockholders' Equity (estimated): Preferred Stockholders' Equity 0.4 0.4 0.6 1.6 1.7 Common Stockholders' Equity 29.4 29.6 30.8 31.3 31.4 ------- ------- ------- ------- ---------- Total Stockholders' Equity 29.8 30.0 31.4 32.9 33.1 - ---------------------------------------------------------------------- Global Equity and Equity- Linked Underwriting (3) Volume $7 $11 $12 $12 $7 Market Share 6.1% 10.9% 8.6% 10.5% 6.5% Ranking 6 1 3 1 6 Global Debt Underwriting (3) Volume $78 $66 $75 $66 $71 Market Share 6.2% 5.4% 6.2% 4.2% 4.7% Ranking 7 7 5 10 8 Global Completed Mergers and Acquisitions (3) Volume $51 $115 $115 $54 $45 Market Share 12.0% 23.9% 25.8% 14.4% 12.1% Ranking 7 4 3 6 8 Global Announced Mergers and Acquisitions (3) Volume $85 $50 $69 $140 $129 Market Share 22.1% 13.2% 10.3% 23.5% 19.0% Ranking 2 8 10 4 5 - ---------------------------------------------------------------------- Full-Time Employees (4) 49,300 49,900 50,600 50,900 51,800 Private Client Financial Advisors 14,000 14,120 14,140 14,180 14,420 - ---------------------------------------------------------------------- Note: Certain prior period amounts have been restated to conform to the current period presentation. (1) Reflects funds managed by MLIM not sold through Private Client channels. (2) GPC net new money excludes flows associated with the Institutional Advisory Division which serves certain small- and middle-market companies. (3) Full credit to book manager. Market shares derived from Thomson Financial Securities Data statistics. (4) Excludes 100 full-time employees on salary continuation severance at the end of each period. 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: Media Relations: Selena Morris, 212-449-7283 selena_morris@ml.com OR Investor Relations: Jonathan Blum, 866-607-1234 investor_relations@ml.com 14