Exhibit 99.2 Merrill Lynch & Co., Inc. Attachment I - ---------------------------------------------------------------------- Preliminary Unaudited Earnings Summary For the Three Months Ended Percent Inc/(Dec) --------------------------------------------- September July September 3Q05 3Q05 30, 1, 24, vs. vs. 2005 2005 2004 2Q05 3Q04 (in millions, except per ------ ------ ------ ----- ------ share amounts) Net Revenues Asset management and portfolio service fees $1,527 $1,431 $1,344 7 % 14% Commissions 1,342 1,247 1,076 8 25 Investment banking 880 920 660 (4) 33 Principal transactions 810 975 355 (17) 128 Revenues from consolidated investments 142 84 104 69 37 Other 604 658 403 (8) 50 ------ ------ ------ Subtotal 5,305 5,315 3,942 (0) 35 Interest and dividend revenues 7,039 5,974 3,635 18 94 Less interest expense 5,666 4,970 2,748 14 106 ------ ------ ------ Net interest profit 1,373 1,004 887 37 55 ------ ------ ------ Total Net Revenues 6,678 6,319 4,829 6 38 ------ ------ ------ Non-Interest Expenses Compensation and benefits 3,251 3,130 2,273 4 43 Communications and technology 405 395 363 3 12 Occupancy and related depreciation 235 227 219 4 7 Brokerage, clearing, and exchange fees 190 216 193 (12) (2) Professional fees 173 183 164 (5) 5 Advertising and market development 138 160 127 (14) 9 Expenses of consolidated investments 91 35 47 160 94 Office supplies and postage 48 51 47 (6) 2 Other 211 327 188 (35) 12 ------ ------ ------ Total Non-Interest Expenses 4,742 4,724 3,621 0 31 ------ ------ ------ Earnings Before Income Taxes 1,936 1,595 1,208 21 60 Income tax expense 560 460 286 22 96 ------ ------ ------ Net Earnings $1,376 $1,135 $ 922 21 49 ====== ====== ====== Preferred Stock Dividends $ 18 $ 17 $ 9 6 100 ====== ====== ====== Earnings Per Common Share Basic $ 1.54 $ 1.25 $ 1.01 23 52 Diluted $ 1.40 $ 1.14 $ 0.93 23 51 Average Shares Used in Computing Earnings Per Common Share Basic 881.4 897.5 903.2 (2) (2) Diluted 968.5 978.5 985.0 (1) (2) Annualized Return on Average Common Equity 17.2% 14.3% 12.5% - ---------------------------------------------------------------------- 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 Nine Months Ended ------------------------- September 30, September 24, Percent (in millions, except per 2005 2004 Inc/(Dec) share amounts) ------------- ------------- --------- Net Revenues Asset management and portfolio service fees $ 4,393 $ 4,001 10 % Commissions 3,930 3,573 10 Principal transactions 2,703 2,027 33 Investment banking 2,613 2,266 15 Revenues from consolidated investments 353 207 71 Other 1,631 1,030 58 --------- -------- Subtotal 15,623 13,104 19 Interest and dividend revenues 18,544 9,810 89 Less interest expense 14,938 6,761 121 --------- -------- Net interest profit 3,606 3,049 18 --------- -------- Total Net Revenues 19,229 16,153 19 --------- -------- Non-Interest Expenses Compensation and benefits 9,465 7,907 20 Communications and technology 1,196 1,061 13 Occupancy and related depreciation 695 638 9 Brokerage, clearing, and exchange fees 625 565 11 Professional fees 534 507 5 Advertising and market development 424 381 11 Expenses of consolidated investments 211 128 65 Office supplies and postage 151 147 3 Other 728 535 36 --------- -------- Total Non-Interest Expenses 14,029 11,869 18 --------- -------- Earnings Before Income Taxes 5,200 4,284 21 Income tax expense 1,477 1,041 42 --------- -------- Net Earnings $ 3,723 $ 3,243 15 ========= ======== Preferred Stock Dividends $ 42 $ 28 50 ========= ======== Earnings Per Common Share Basic $ 4.11 $ 3.50 17 Diluted $ 3.76 $ 3.19 18 Average Shares Used in Computing Earnings Per Common Share Basic 895.6 918.8 (3) Diluted 980.1 1,007.9 (3) Annualized Return on Average Common Equity 15.7% 14.6% - ---------------------------------------------------------------------- Note: Certain prior period amounts have been reclassified to conform to the current period presentation. 13 Merrill Lynch & Co., Inc. Attachment III - ---------------------------------------------------------------------- Preliminary Segment Data (unaudited) For the Three Months Ended Percent Inc/(Dec) --------------------------------------------- September July September 3Q05 3Q05 30, 1, 24, vs. vs. (dollars in millions) 2005 2005 2004 2Q05 3Q04 --------- ------- --------- ------ ------- Global Markets & Investment Banking Global Markets Debt Markets $1,672 $1,602 $1,068 4 % 57% Equity Markets 1,200 1,026 589 17 104 --------- -------- ------- Total Global Markets net revenues 2,872 2,628 1,657 9 73 Investment Banking(a) Origination: Debt 396 373 255 6 55 Equity 219 223 197 (2) 11 Strategic Advisory Services 158 215 128 (27) 23 --------- -------- ------- Total Investment Banking net revenues 773 811 580 (5) 33 --------- -------- ------- Total net revenues 3,645 3,439 2,237 6 63 --------- -------- ------- Pre-tax earnings 1,289 1,098 771 17 67 Pre-tax profit margin 35.4% 31.9% 34.5% --------------------------------------------------------------------- Global Private Client Fee-based revenues $1,351 $1,285 $1,191 5 13 Transactional and origination revenues 803 788 717 2 12 Net interest profit 448 378 292 19 53 Other revenues 89 117 115 (24) (23) --------- -------- ------- Total net revenues 2,691 2,568 2,315 5 16 --------- -------- ------- Pre-tax earnings 590 457 412 29 43 Pre-tax profit margin 21.9% 17.8% 17.8% --------------------------------------------------------------------- Merrill Lynch Investment Managers Total net revenues $456 $405 $373 13 22 Pre-tax earnings 162 121 111 34 46 Pre-tax profit margin 35.5% 29.9% 29.8% --------------------------------------------------------------------- Corporate Total net revenues $(114) $(93) $(96) (23) (19) Pre-tax earnings (loss) (105) (81) (86) (30) (22) - ---------------------------------------------------------------------- Total Total net revenues $6,678 $6,319 $4,829 6 38 Pre-tax earnings 1,936 1,595 1,208 21 60 Pre-tax profit margin 29.0% 25.2% 25.0% --------------------------------------------------------------------- Preliminary Segment Data (unaudited) For the Nine Months Ended ------------------------- September 30, September 24, Percent 2005 2004 Inc / (Dec) (dollars in millions) ----------- ---------- ------------ Global Markets & Investment Banking Global Markets Debt Markets $4,934 $3,989 24 % Equity Markets 3,199 2,177 47 ----------- ---------- Total Global Markets net revenues 8,133 6,166 32 Investment Banking(a) Origination: Debt 1,051 811 30 Equity 684 696 (2) Strategic Advisory Services 533 432 23 ----------- ---------- Total Investment Banking net revenues 2,268 1,939 17 ----------- ---------- Total net revenues 10,401 8,105 28 ----------- ---------- Pre-tax earnings 3,511 2,879 22 Pre-tax profit margin 33.8% 35.5% --------------------------------------------------------------------- Global Private Client Fee-based revenues $3,907 $3,543 10 Transactional and origination revenues 2,449 2,408 2 Net interest profit 1,197 911 31 Other revenues 309 347 (11) ----------- ---------- Total net revenues 7,862 7,209 9 ----------- ---------- Pre-tax earnings 1,557 1,354 15 Pre-tax profit margin 19.8% 18.8% --------------------------------------------------------------------- Merrill Lynch Investment Managers Total net revenues $1,274 $1,154 10 Pre-tax earnings 410 330 24 Pre-tax profit margin 32.2% 28.6% --------------------------------------------------------------------- Corporate Total net revenues $(308) (315) 2 Pre-tax earnings (loss) (278) (279) 0 - ---------------------------------------------------------------------- Total Total net revenues $19,229 $16,153 19 Pre-tax earnings 5,200 4,284 21 Pre-tax profit margin 27.0% 26.5% --------------------------------------------------------------------- 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. 14 Merrill Lynch & Co., Inc. Attachment IV - ---------------------------------------------------------------------- Consolidated Quarterly (in millions) Earnings (unaudited) 3Q04 4Q04 1Q05 2Q05 3Q05 ------- ------- ------- ------- ---------- (13 (14 (13 (13 (13 weeks) weeks) weeks) weeks) weeks) Net Revenues Asset management and portfolio service fees Portfolio service fees $611 $614 $650 $670 $689 Asset management fees 443 522 481 472 527 Account fees 128 126 124 121 123 Other fees 162 177 180 168 188 ------- ------- ------- ------- ---------- Total 1,344 1,439 1,435 1,431 1,527 Commissions Listed and over-the- counter securities 562 706 727 631 691 Mutual funds 306 343 364 353 383 Other 208 252 250 263 268 ------- ------- ------- ------- ---------- Total 1,076 1,301 1,341 1,247 1,342 Investment banking Underwriting 531 755 652 706 720 Strategic advisory 129 247 161 214 160 ------- ------- ------- ------- ---------- Total 660 1,002 813 920 880 Principal transactions 355 296 918 975 810 Revenues from consolidated investments 104 139 127 84 142 Other 403 304 369 658 604 ------- ------- ------- ------- ---------- Subtotal 3,942 4,481 5,003 5,315 5,305 Interest and dividend revenues 3,635 5,179 5,531 5,974 7,039 Less interest expense 2,748 3,754 4,302 4,970 5,666 ------- ------- ------- ------- ---------- Net interest profit 887 1,425 1,229 1,004 1,373 ------- ------- ------- ------- ---------- Total Net Revenues 4,829 5,906 6,232 6,319 6,678 ------- ------- ------- ------- ---------- Non-Interest Expenses Compensation and benefits 2,273 2,689 3,084 3,130 3,251 Communications and technology 363 400 396 395 405 Occupancy and related depreciation 219 255 233 227 235 Brokerage, clearing, and exchange fees 193 208 219 216 190 Professional fees 164 208 178 183 173 Advertising and market development 127 152 126 160 138 Expenses of consolidated investments 47 103 85 35 91 Office supplies and postage 47 56 52 51 48 Other 188 283 190 327 211 ------- ------- ------- ------- ---------- Total Non-Interest Expenses 3,621 4,354 4,563 4,724 4,742 ------- ------- ------- ------- ---------- Earnings Before Income Taxes 1,208 1,552 1,669 1,595 1,936 Income tax expense 286 359 457 460 560 ------- ------- ------- ------- ---------- Net Earnings $922 $1,193 $1,212 $1,135 $1,376 - ---------------------------------------------------------------------- Per Common Share Data 3Q04 4Q04 1Q05 2Q05 3Q05 ------- ------- ------- ------- ---------- Earnings - Basic $1.01 $1.32 $1.33 $1.25 $1.54 Earnings - Diluted 0.93 1.19 1.21 1.14 1.40 Dividends paid 0.16 0.16 0.16 0.20 0.20 Book value 31.75 32.99 32.91 33.63 34.66 Est. - ---------------------------------------------------------------------- Note: Certain prior period amounts have been reclassified to conform to the current period presentation. 15 Merrill Lynch & Co., Inc. Attachment V - ---------------------------------------------------------------------- Percentage of Quarterly Net Revenues (unaudited) 3Q04 4Q04 1Q05 2Q05 3Q05 ------- ------- ------- ------- ---------- (13 (14 (13 (13 (13 weeks) weeks) weeks) weeks) weeks) Net Revenues Asset management and portfolio service fees Portfolio service fees 12.7% 10.4% 10.4% 10.6% 10.3% Asset management fees 9.2% 8.8% 7.7% 7.5% 7.9% Account fees 2.7% 2.1% 2.0% 1.9% 1.8% Other fees 3.2% 1.8% 2.9% 2.6% 2.9% ------- ------- ------- ------ ---------- Total 27.8% 23.1% 23.0% 22.6% 22.9% Commissions Listed and over-the- counter securities 11.6% 12.0% 11.7% 10.0% 10.3% Mutual funds 6.3% 5.8% 5.8% 5.6% 5.7% Other 4.4% 4.2% 4.0% 4.1% 4.1% ------- ------- ------- ------ ---------- Total 22.3% 22.0% 21.5% 19.7% 20.1% Investment banking Underwriting 11.0% 12.8% 10.5% 11.2% 10.8% Strategic advisory 2.7% 4.2% 2.6% 3.4% 2.4% ------- ------- ------- ------ ---------- Total 13.7% 17.0% 13.1% 14.6% 13.2% Principal transactions 7.4% 5.0% 14.7% 15.4% 12.1% Revenues from consolidated investments 2.2% 2.4% 2.0% 1.3% 2.1% Other 8.2% 6.4% 6.0% 10.5% 9.0% ------- ------- ------- ------ ---------- Subtotal 81.6% 75.9% 80.3% 84.1% 79.4% Interest and dividend revenues 75.3% 87.7% 88.8% 94.5% 105.4% Less interest expense 56.9% 63.6% 69.1% 78.6% 84.8% ------- ------- ------- ------ ---------- Net interest profit 18.4% 24.1% 19.7% 15.9% 20.6% ------- ------- ------- ------- --------- Total Net Revenues 100.0% 100.0% 100.0% 100.0% 100.0% ------- ------- ------- ------ ---------- Non-Interest Expenses Compensation and benefits 47.1% 45.5% 49.5% 49.5% 48.7% Communications and technology 7.5% 6.8% 6.4% 6.3% 6.1% Occupancy and related depreciation 4.5% 4.3% 3.7% 3.6% 3.5% Brokerage, clearing, and exchange fees 4.0% 3.5% 3.5% 3.4% 2.8% Professional fees 3.4% 3.5% 2.9% 2.9% 2.6% Advertising and market development 2.6% 2.6% 2.0% 2.5% 2.1% Expenses of consolidated investments 1.0% 1.7% 1.4% 0.6% 1.4% Office supplies and postage 1.0% 0.9% 0.8% 0.8% 0.7% Other 3.9% 4.9% 3.0% 5.2% 3.1% ------- ------- ------- ------ ---------- Total Non-Interest Expenses 75.0% 73.7% 73.2% 74.8% 71.0% ------- ------- ------- ------ ---------- Earnings Before Income Taxes 25.0% 26.3% 26.8% 25.2% 29.0% Income tax expense 5.9% 6.1% 7.4% 7.2% 8.4% ------- ------- ------- ------ ---------- Net Earnings 19.1% 20.2% 19.4% 18.0% 20.6% - ---------------------------------------------------------------------- Common shares outstanding (in millions): 3Q04 4Q04 1Q05 2Q05 3Q05 ------- ------- ------- ------- --------- Weighted-average - basic (1) 903.2 896.6 907.8 897.5 881.4 Weighted-average - diluted 985.0 992.7 993.3 978.5 968.5 Period-end (1) 932.9 931.8 948.7 930.9 921.7 - ------------------------------------ ------- ------- ------- --------- Note: Certain prior period amounts have been reclassified to conform to the current period presentation. (1) Weighted-average basic shares do not include unvested restricted shares; however they are included in period-end shares. 16 Merrill Lynch & Co., Inc. Attachment VI - ---------------------------------------------------------------------- Supplemental Data (dollars in billions) (unaudited) 3Q04 4Q04 1Q05 2Q05 3Q05 ------- ------- --------- ------- ---------- Client Assets Private Client U.S. $1,179 $1,244 $1,226 $1,238 $1,282 Non - U.S. 109 115 116 115 113 ------- ------- --------- ------- ---------- Total Private Client Assets 1,288 1,359 1,342 1,353 1,395 MLIM direct sales (1) 225 238 233 236 272 ------- ------- --------- ------- ---------- Total Client Assets $1,513 $1,597 $1,575 $1,589 $1,667 ======= ======= ========= ======= ========== Assets in Asset- Priced Accounts $243 $257 $256 $262 $276 Assets Under Management $478 $501 $479 $478 $524 Retail 208 218 218 218 231 Institutional 228 240 217 215 246 Retail Separate Accounts 42 43 44 45 47 U.S. 322 332 312 311 322 Non-U.S. 156 169 167 167 202 Equity 225 247 245 249 285 Retail Money Market 53 50 49 46 45 Institutional Liquidity Funds 91 90 70 68 74 Fixed Income 109 114 115 115 120 -------------------------------------------------------------- Net New Money Private Client Accounts (2) $9 $6 $11 $8 $11 Assets Under Management $(10) $(5) $(16) $(2) $12 -------------------------------------------------------------- Balance Sheet Information (estimated) Commercial Paper and Other Short-term Borrowings $6.0 $4.0 $2.7 $6.8 $4.1 Deposits 77.3 79.7 79.9 79.5 77.8 Long-term Borrowings 102.6 116.5 112.3 113.5 124.6 Long-term debt issued to TOPrSSM Partnerships 3.1 3.1 3.1 3.1 3.1 Stockholders' Equity (estimated): Preferred Stockholders' Equity 0.4 0.6 1.6 1.7 1.7 Common Stockholders' Equity 29.6 30.8 31.3 31.3 31.9 ------- ------- --------- ------- ---------- Total Stockholders' Equity 30.0 31.4 32.9 33.0 33.6 -------------------------------------------------------------- Global Equity and Equity-Linked Underwriting (3) Volume $11 $13 $12 $7 $10 Market Share 10.9% 8.9% 10.5% 6.6% 7.0% Ranking 1 3 2 6 5 Global Debt Underwriting (3) Volume $66 $75 $66 $73 $80 Market Share 5.4% 6.2% 4.2% 4.6% 6.2% Ranking 7 5 10 8 5 Global Completed Mergers and Acquisitions Volume $116 $117 $54 $50 $71 Market Share 23.9% 25.8% 13.8% 12.0% 11.1% Ranking 4 3 6 7 11 Global Announced Mergers and Acquisitions Volume $51 $66 $132 $135 $94 Market Share 13.3% 9.8% 21.7% 19.9% 15.4% Ranking 8 10 4 4 8 -------------------------------------------------------------- Full-Time Employees (4) 49,900 50,600 50,900 51,800 53,100 Private Client Financial Advisors 14,120 14,140 14,180 14,420 14,690 -------------------------------------------------------------- Note: Certain prior period amounts have been reclassified 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 3Q04, 4Q04, 1Q05, 2Q05, and 200 at the end of 3Q05. 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 & Co., Inc. Media Relations: Jessica Oppenheim, 212-449-2107 jessica_oppenheim@ml.com or Investor Relations: Jonathan Blum, 866-607-1234 investor_relations@ml.com 17