Exhibit 99.2 Merrill Lynch & Co., Inc. Attachment I Preliminary Unaudited Earnings Summary For the Three Percent Inc Months Ended /(Dec) --------------------------- -------------- December September December 4Q05 4Q05 30, 30, 31, vs. vs. (in millions, except per 2005 2005 2004 3Q05 4Q04 share amounts) -------- -------- -------- ------ ------ (13 weeks)(13 weeks)(14 weeks) Net Revenues Asset management and portfolio service fees $1,638 $1,527 $1,439 7 % 14 % Commissions 1,441 1,342 1,301 7 11 Investment banking 981 880 1,002 11 (2) Principal transactions 715 917 309 (22) 131 Revenues from consolidated investments 85 142 139 (40) (39) Other 613 548 311 12 97 -------- -------- -------- Subtotal 5,473 5,356 4,501 2 22 Interest and dividend revenues 8,027 7,039 5,179 14 55 Less interest expense 6,720 5,717 3,774 18 78 -------- -------- -------- Net interest profit 1,307 1,322 1,405 (1) (7) -------- -------- -------- Total Net Revenues 6,780 6,678 5,906 2 15 -------- -------- -------- Non-Interest Expenses Compensation and benefits 2,927 3,270 2,709 (10) 8 Communications and technology 412 405 400 2 3 Occupancy and related depreciation 243 235 255 3 (5) Brokerage, clearing, and exchange fees 217 190 208 14 4 Professional fees 193 173 208 12 (7) Advertising and market development 175 138 152 27 15 Expenses of consolidated investments 47 91 103 (48) (54) Office supplies and postage 59 48 56 23 5 Other 306 192 263 59 16 -------- -------- -------- Total Non-Interest Expenses 4,579 4,742 4,354 (3) 5 -------- -------- -------- Earnings Before Income Taxes 2,201 1,936 1,552 14 42 Income tax expense 706 560 359 26 97 -------- -------- -------- Net Earnings $1,495 $1,376 $1,193 9 25 ======== ======== ======== Preferred Stock Dividends $ 28 $ 18 $ 13 56 115 ======== ======== ======== Earnings Per Common Share Basic $ 1.67 $ 1.54 $ 1.32 8 27 Diluted $ 1.51 $ 1.40 $ 1.19 8 27 Average Shares Used in Computing Earnings Per Common Share Basic 876.2 881.4 896.6 (1) (2) Diluted 970.7 968.5 992.7 0 (2) Annualized Return on Average Common Equity 18.2% 17.2% 15.7% - ---------------------------------------------------------------------- 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 December Percent 30, 31, Inc / (in millions, except per share 2005 2004 (Dec) amounts) ------- -------- ------- (52 (53 weeks) weeks) Net Revenues Asset management and portfolio service fees $6,031 $5,440 11 % Commissions 5,371 4,874 10 Principal transactions 3,583 2,248 59 Investment banking 3,594 3,268 10 Revenues from consolidated investments 438 346 27 Other 2,195 1,454 51 ------ ------ Subtotal 21,212 17,630 20 Interest and dividend revenues 26,571 14,989 77 Less interest expense 21,774 10,560 106 ------ ------ Net interest profit 4,797 4,429 8 ------ ------ Total Net Revenues 26,009 22,059 18 ------ ------ Non-Interest Expenses Compensation and benefits 12,441 10,663 17 Communications and technology 1,608 1,461 10 Occupancy and related depreciation 938 893 5 Brokerage, clearing, and exchange fees 842 773 9 Professional fees 727 715 2 Advertising and market development 599 533 12 Expenses of consolidated investments 258 231 12 Office supplies and postage 210 203 3 Other 985 751 31 ------ ------ Total Non-Interest Expenses 18,608 16,223 15 ------ ------ Earnings Before Income Taxes 7,401 5,836 27 Income tax expense 2,183 1,400 56 ------ ------ Net Earnings $5,218 $4,436 18 ====== ====== Preferred Stock Dividends $ 70 $ 41 71 ====== ====== Earnings Per Common Share Basic $ 5.78 $ 4.81 20 Diluted $ 5.27 $ 4.38 20 Average Shares Used in Computing Earnings Per Common Share Basic 890.7 912.9 (2) Diluted 977.7 1,003.8 (3) Return on Average Common Equity 16.3% 14.9% - ---------------------------------------------------------------------- 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 Percent Months Ended Inc /(Dec) -------------------------- ------------- December September December 4Q05 4Q05 30, 30, 31, vs. vs. (dollars in millions) 2005 2005 2004 3Q05 4Q04 -------- -------- ------- ------ ------ (13 (13 (14 weeks) weeks) weeks) Global Markets & Investment Banking Global Markets Debt Markets $ 1,376 $ 1,680 $1,221 (18) % 13 % Equity Markets 1,196 1,192 861 0 39 -------- -------- ------- Total Global Markets net revenues 2,572 2,872 2,082 (10) 24 Investment Banking(a) Origination: Debt 278 396 325 (30) (14) Equity 268 219 305 22 (12) Strategic Advisory Services 350 158 246 122 42 -------- -------- ------- Total Investment Banking net revenues 896 773 876 16 2 -------- -------- ------- Total net revenues 3,468 3,645 2,958 (5) 17 -------- -------- ------- Pre-tax earnings 1,517 1,289 990 18 53 Pre-tax profit margin 43.7% 35.4% 33.5% - -------------------------------------------------------------------- Global Private Client Fee-based revenues $ 1,432 $ 1,351 $1,256 6 14 Transactional and origination revenues 868 800 884 9 (2) Net interest profit and related hedges(b) 519 461 376 13 38 Other revenues 83 79 102 5 (19) -------- -------- ------- Total net revenues 2,902 2,691 2,618 8 11 -------- -------- ------- Pre-tax earnings 620 590 519 5 19 Pre-tax profit margin 21.4% 21.9% 19.8% - -------------------------------------------------------------------- Merrill Lynch Investment Managers Total net revenues $ 533 $ 456 $ 426 17 25 Pre-tax earnings 176 162 130 9 35 Pre-tax profit margin 33.0% 35.5% 30.5% - -------------------------------------------------------------------- Corporate Total net revenues $ (123) $ (114) $ (96) (8) (28) Pre-tax earnings (loss) (112) (105) (87) (7) (29) - -------------------------------------------------------------------- Total Total net revenues $ 6,780 $ 6,678 $5,906 2 15 Pre-tax earnings 2,201 1,936 1,552 14 42 Pre-tax profit margin 32.5% 29.0% 26.3% - -------------------------------------------------------------------- For the Year Ended ----------------- ------- December December Percent 30, 31, Inc / (dollars in millions) 2005 2004 (Dec) -------- -------- ------- (52 weeks)(53 weeks) Global Markets & Investment Banking Global Markets Debt Markets $ 6,324 $ 5,213 21 % Equity Markets 4,381 3,036 44 -------- -------- Total Global Markets net revenues 10,705 8,249 30 Investment Banking(a) Origination: Debt 1,330 1,135 17 Equity 952 1,001 (5) Strategic Advisory Services 882 678 30 -------- -------- Total Investment Banking net revenues 3,164 2,814 12 -------- -------- Total net revenues 13,869 11,063 25 -------- -------- Pre-tax earnings 5,028 3,869 30 Pre-tax profit margin 36.3% 35.0% - ----------------------------------------------------------- Global Private Client Fee-based revenues $ 5,340 $ 4,801 11 Transactional and origination revenues 3,311 3,293 1 Net interest profit and related hedges(b) 1,801 1,293 39 Other revenues 312 440 (29) -------- -------- Total net revenues 10,764 9,827 10 -------- -------- Pre-tax earnings 2,177 1,873 16 Pre-tax profit margin 20.2% 19.1% - ----------------------------------------------------------- Merrill Lynch Investment Managers Total net revenues $ 1,807 $ 1,580 14 Pre-tax earnings 586 460 27 Pre-tax profit margin 32.4% 29.1% - ----------------------------------------------------------- Corporate Total net revenues $ (431) (411) (5) Pre-tax earnings (loss) (390) (366) (7) - ----------------------------------------------------------- Total Total net revenues $26,009 $22,059 18 Pre-tax earnings 7,401 5,836 27 Pre-tax profit margin 28.5% 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. (b) Includes interest component of non-qualifying derivatives which are included in Other Revenues in Attachments I and II. 14 Merrill Lynch & Co., Inc. Attachment IV Consolidated Quarterly (in millions) Earnings (unaudited) 4Q04 1Q05 2Q05 3Q05 4Q05 ------- ------- ------- ------- ------- (14 (13 (13 (13 (13 weeks) weeks) weeks) weeks) weeks) Net Revenues Asset management and portfolio service fees Portfolio service fees $ 614 $ 650 $ 670 $ 689 $ 760 Asset management fees 522 481 472 527 556 Account fees 126 124 121 123 123 Other fees 177 180 168 188 199 ------- ------- ------- ------- ------- Total 1,439 1,435 1,431 1,527 1,638 Commissions Listed and over- the-counter securities 818 842 747 823 878 Mutual funds 343 364 353 383 401 Other 140 135 147 136 162 ------- ------- ------- ------- ------- Total 1,301 1,341 1,247 1,342 1,441 Investment banking Underwriting 755 652 706 720 632 Strategic advisory 247 161 214 160 349 ------- ------- ------- ------- ------- Total 1,002 813 920 880 981 Principal transactions 309 945 1,006 917 715 Revenues from consolidated investments 139 127 84 142 85 Other 311 370 664 548 613 ------- ------- ------- ------- ------- Subtotal 4,501 5,031 5,352 5,356 5,473 Interest and dividend revenues 5,179 5,531 5,974 7,039 8,027 Less interest expense 3,774 4,330 5,007 5,717 6,720 ------- ------- ------- ------- ------- Net interest profit 1,405 1,201 967 1,322 1,307 ------- ------- ------- ------- ------- Total Net Revenues 5,906 6,232 6,319 6,678 6,780 ------- ------- ------- ------- ------- Non-Interest Expenses Compensation and benefits 2,709 3,096 3,148 3,270 2,927 Communications and technology 400 396 395 405 412 Occupancy and related depreciation 255 233 227 235 243 Brokerage, clearing, and exchange fees 208 219 216 190 217 Professional fees 208 178 183 173 193 Advertising and market development 152 126 160 138 175 Expenses of consolidated investments 103 85 35 91 47 Office supplies and postage 56 52 51 48 59 Other 263 178 309 192 306 ------- ------- ------- ------- ------- Total Non-Interest Expenses 4,354 4,563 4,724 4,742 4,579 ------- ------- ------- ------- ------- Earnings Before Income Taxes 1,552 1,669 1,595 1,936 2,201 Income tax expense 359 457 460 560 706 ------- ------- ------- ------- ------- Net Earnings $1,193 $1,212 $1,135 $1,376 $1,495 - ---------------------------------------------------------------------- Per Common Share Data 4Q04 1Q05 2Q05 3Q05 4Q05 ------- ------- ------- ------- ------- Earnings - Basic $ 1.32 $ 1.33 $ 1.25 $ 1.54 $ 1.67 Earnings - Diluted 1.19 1.21 1.14 1.40 1.51 Dividends paid 0.16 0.16 0.20 0.20 0.20 Book value 32.99 32.91 33.63 34.66 35.98 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) 4Q04 1Q05 2Q05 3Q05 4Q05 ------- ------- ------- ------- ------- (14 (13 (13 (13 (13 weeks) weeks) weeks) weeks) weeks) Net Revenues Asset management and portfolio service fees Portfolio service fees 10.4% 10.4% 10.6% 10.3% 11.2% Asset management fees 8.8% 7.7% 7.5% 7.9% 8.2% Account fees 2.1% 2.0% 1.9% 1.8% 1.8% Other fees 3.1% 2.9% 2.6% 2.9% 3.0% ------- ------- ------- ------- ------- Total 24.4% 23.0% 22.6% 22.9% 24.2% Commissions Listed and over-the- counter securities 13.9% 13.5% 11.8% 12.3% 12.9% Mutual funds 5.8% 5.8% 5.6% 5.7% 5.9% Other 2.3% 2.2% 2.3% 2.1% 2.5% ------- ------- ------- ------- ------- Total 22.0% 21.5% 19.7% 20.1% 21.3% Investment banking Underwriting 12.8% 10.5% 11.2% 10.8% 9.3% Strategic advisory 4.2% 2.6% 3.4% 2.4% 5.1% ------- ------- ------- ------- ------- Total 17.0% 13.1% 14.6% 13.2% 14.4% Principal transactions 5.2% 15.2% 15.9% 13.7% 10.5% Revenues from consolidated investments 2.4% 2.0% 1.3% 2.1% 1.3% Other 5.2% 5.9% 10.6% 8.2% 9.0% ------- ------- ------- ------- ------- Subtotal 76.2% 80.7% 84.7% 80.2% 80.7% Interest and dividend revenues 87.7% 88.8% 94.5% 105.4% 118.4% Less interest expense 63.9% 69.5% 79.2% 85.6% 99.1% ------- ------- ------- ------- ------- Net interest profit 23.8% 19.3% 15.3% 19.8% 19.3% ------- ------- ------- ------- ------- Total Net Revenues 100.0% 100.0% 100.0% 100.0% 100.0% ------- ------- ------- ------- ------- Non-Interest Expenses Compensation and benefits 45.9% 49.7% 49.8% 49.0% 43.2% Communications and technology 6.8% 6.4% 6.3% 6.1% 6.1% Occupancy and related depreciation 4.3% 3.7% 3.6% 3.5% 3.6% Brokerage, clearing, and exchange fees 3.5% 3.5% 3.4% 2.8% 3.2% Professional fees 3.5% 2.9% 2.9% 2.6% 2.8% Advertising and market development 2.6% 2.0% 2.5% 2.1% 2.6% Expenses of consolidated investments 1.7% 1.4% 0.6% 1.4% 0.7% Office supplies and postage 0.9% 0.8% 0.8% 0.7% 0.9% Other 4.5% 2.8% 4.9% 2.8% 4.4% ------- ------- ------- ------- ------- Total Non-Interest Expenses 73.7% 73.2% 74.8% 71.0% 67.5% ------- ------- ------- ------- ------- Earnings Before Income Taxes 26.3% 26.8% 25.2% 29.0% 32.5% Income tax expense 6.1% 7.4% 7.2% 8.4% 10.4% ------- ------- ------- ------- ------- Net Earnings 20.2% 19.4% 18.0% 20.6% 22.1% - ---------------------------------------------------------------------- Common shares outstanding (in millions): 4Q04 1Q05 2Q05 3Q05 4Q05 ------- ------- ------- ------- ------- Weighted-average - basic (1) 896.6 907.8 897.5 881.4 876.2 Weighted-average - diluted 992.7 993.3 978.5 968.5 970.7 Period-end (1) 931.8 948.7 930.9 921.7 919.2 - ---------------------------------------------------------------------- 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) 4Q04 1Q05 2Q05 3Q05 4Q05 ------- ------- ------- ------- ------- Client Assets Private Client U.S. $1,244 $1,226 $1,238 $1,282 $1,356 Non - U.S. 115 116 115 113 117 ------- ------- ------- ------- ------- Total Private Client Assets 1,359 1,342 1,353 1,395 1,473 MLIM direct sales(1) 238 233 236 272 291 ------- ------- ------- ------- ------- Total Client Assets $1,597 $1,575 $1,589 $1,667 $1,764 ======= ======= ======= ======= ======= Assets in Asset-Priced Accounts $ 257 $ 256 $ 262 $ 276 $ 284 Assets Under Management $ 501 $ 479 $ 478 $ 524 $ 544 Retail 218 218 218 231 245 Institutional 240 217 215 246 250 Retail Separate Accounts 43 44 45 47 49 U.S. 332 312 311 322 333 Non-U.S. 169 167 167 202 211 Equity 247 245 249 285 299 Retail Money Market 50 49 46 45 45 Institutional Liquidity Funds 90 70 68 74 77 Fixed Income 114 115 115 120 123 - ---------------------------------------------------------------------- Net New Money Private Client Accounts (2) $ 6 $ 11 $ 8 $ 10 $ 17 Assets Under Management $ (5) $ (16) $ (2) $ 12 $ 11 - ---------------------------------------------------------------------- Balance Sheet Information (estimated) Commercial Paper and Other Short-term Borrowings $ 4.0 $ 2.7 $ 6.8 $ 4.1 $ 3.9 Deposits 79.7 79.9 79.5 77.8 79.7 Long-term Borrowings 119.5 115.7 117.5 129.6 132.2 Long-term debt issued to TOPrS(SM) Partnerships 3.1 3.1 3.1 3.1 3.1 Stockholders' Equity (estimated): Preferred Stockholders' Equity 0.6 1.6 1.7 1.7 2.7 Common Stockholders' Equity 30.8 31.3 31.3 31.9 33.0 ------- ------- ------- ------- ------- Total Stockholders' Equity 31.4 32.9 33.0 33.6 35.7 - ---------------------------------------------------------------------- Global Equity and Equity-Linked Underwriting (3) Volume $ 13 $ 12 $ 7 $ 10 $ 11 Market Share 8.7% 10.4% 6.5% 6.9% 6.4% Ranking 3 2 6 5 5 Global Debt Underwriting (3) Volume $ 75 $ 66 $ 73 $ 82 $ 82 Market Share 6.2% 4.2% 4.6% 6.0% 5.7% Ranking 5 10 8 5 5 Global Completed Mergers and Acquisitions Volume $ 117 $ 54 $ 56 $ 72 $ 219 Market Share 25.5% 13.2% 13.0% 10.5% 34.0% Ranking 3 6 7 11 2 Global Announced Mergers and Acquisitions Volume $ 71 $ 130 $ 117 $ 136 $ 215 Market Share 10.3% 21.2% 16.9% 22.3% 27.3% Ranking 10 4 6 5 3 - ---------------------------------------------------------------------- Full-Time Employees (4) 50,600 50,900 51,800 53,100 54,600 Private Client Financial Advisors 14,140 14,180 14,420 14,690 15,160 - ---------------------------------------------------------------------- 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 4Q04, 1Q05, 2Q05, 3Q05, and 200 at the end of 4Q05. 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