Exhibit 99.2 Merrill Lynch & Co., Inc. Attachment I - ---------------------------------------------------------------------- Preliminary Unaudited Earnings Summary For the Three Months Percent Inc / Ended (Dec) ------------------------------------- March December April 1Q06 1Q06 31, 30, 1, vs. vs. (in millions, except per share 2006 2005 2005 4Q05 1Q05 amounts) ------ ------ ------ ----- ------ Net Revenues Asset management and portfolio service fees $1,679 $1,638 $1,435 3 % 17 % Commissions 1,602 1,441 1,341 11 19 Investment banking 965 981 813 (2) 19 Principal transactions 1,993 715 945 179 111 Revenues from consolidated investments 104 85 127 22 (18) Other 554 613 370 (10) 50 ------ ------ ------ Subtotal 6,897 5,473 5,031 26 37 Interest and dividend revenues 8,664 8,027 5,531 8 57 Less interest expense 7,599 6,720 4,330 13 75 ------ ------ ------ Net interest profit 1,065 1,307 1,201 (19) (11) ------ ------ ------ Total Net Revenues 7,962 6,780 6,232 17 28 ------ ------ ------ Non-Interest Expenses Compensation and benefits 5,750 2,927 3,096 96 86 Communications and technology 453 412 396 10 14 Brokerage, clearing, and exchange fees 248 217 219 14 13 Occupancy and related depreciation 241 243 233 (1) 3 Professional fees 200 193 178 4 12 Advertising and market development 144 175 126 (18) 14 Office supplies and postage 57 59 52 (3) 10 Expenses of consolidated investments 47 47 85 0 (45) Other 229 476 178 (52) 29 ------ ------ ------ Total Non-Interest Expenses 7,369 4,749 4,563 55 61 ------ ------ ------ Earnings Before Income Taxes 593 2,031 1,669 (71) (64) Income tax expense 118 638 457 (82) (74) ------ ------ ------ Net Earnings $ 475 $1,393 $1,212 (66) (61) ====== ====== ====== Preferred Stock Dividends $ 43 $ 28 $ 7 54 514 ====== ====== ====== Net Earnings Applicable to Common Stockholders $ 432 $1,365 $1,205 (68) (64) ====== ====== ====== Earnings Per Common Share Basic $ 0.49 $ 1.56 $ 1.33 (69) (63) Diluted $ 0.44 $ 1.41 $ 1.21 (69) (64) Average Shares Used in Computing Earnings Per Common Share Basic 883.7 876.2 907.8 1 (3) Diluted 981.1 970.7 993.3 1 (1) Annualized Return on Average Common Equity 5.1% 16.9% 15.5% - ---------------------------------------------------------------------- 12 Merrill Lynch & Co., Inc. Attachment II - ---------------------------------------------------------------------- Reconciliation of "Non-GAAP" Measures Merrill Lynch adopted Statement of Financial Accounting Standards No. 123 (as revised in 2004) for stock-based employee compensation during the first quarter 2006. Additionally, as a result of a comprehensive review of the retirement provisions in its stock-based compensation plans, Merrill Lynch also modified the retirement eligibility requirements of existing stock awards in order to facilitate transition to more stringent retirement eligibility requirements for future stock awards. These modifications and the adoption of the new accounting standard required Merrill Lynch to accelerate the recognition of compensation expenses for affected stock awards, resulting in the "one-time compensation expenses." These changes represent timing differences and are not economic in substance. Management believes that while the results excluding the one-time expenses are considered "non-GAAP" measures, they depict the operating performance of the company more clearly and enable more appropriate period-to-period comparisons. - ---------------------------------------------------------------------- Preliminary Unaudited Earnings Summary - -------------------------------------- For the Three Months Ended March 31, 2006 ----------------------------------- Excluding the First Quarter Impact of Impact of One-time One-time (in millions, except per share Compensation Compensation GAAP amounts) Expenses Expenses Basis ----------------------------------- Net Revenues $ 7,962 $ - $ 7,962 ------- ------- ------- Non-Interest Expenses Compensation and benefits 3,991 1,759 5,750 Non-compensation expenses 1,619 - 1,619 ------- ------- ------- Total Non-Interest Expenses 5,610 1,759 7,369 ------- ------- ------- Earnings Before Income Taxes 2,352 (1,759) 593 Income Tax Expense 700 (582) 118 ------- ------- ------- Net Earnings $ 1,652 $(1,177) $ 475 ======= ======= ======= Preferred Stock Dividends $ 43 $ - $ 43 ======= ======= ======= Net Earnings Applicable to Common Stockholders $ 1,609 $(1,177) $ 432 ======= ======= ======= Earnings Per Common Share Basic $ 1.83 $ (1.34) $ 0.49 Diluted $ 1.65 $ (1.21) $ 0.44 Average Shares Used in Computing Earnings Per Common Share Basic 878.0 5.7 883.7 Diluted 975.4 5.7 981.1 - ---------------------------------------------------------------------- Financial Ratios Excluding the - ---------------- Impact of (in millions) One-time Compensation GAAP Expenses Basis ------------------------ Compensation and benefits (a) $ 3,991 $ 5,750 Net Revenues (b) 7,962 7,962 Ratio of compensation and benefits to net revenues (a)/(b) 50.1% 72.2% - ---------------------------------------------------------------------- Income Tax Expense (a) $ 700 $ 118 Earnings Before Income Taxes (b) 2,352 593 Effective Tax Rate (a)/(b) 29.8% 19.9% - ---------------------------------------------------------------------- Earnings Before Income Taxes (a) $ 2,352 $ 593 Net Revenues (b) 7,962 7,962 Pre-tax Profit Margin (a)/(b) 29.5% 7.4% - ---------------------------------------------------------------------- Average Common Equity $33,800 $33,800 Average impact of one-time compensation expenses (145) - ------- ------- Average Common Equity (a) 33,655 33,800 Annualized Net Earnings Applicable to Common Stockholders (b) 6,436 1,728 Annualized Return on Average Common Equity (b)/(a) 19.1% 5.1% - ---------------------------------------------------------------------- 13 Merrill Lynch & Co., Inc. Attachment III - ---------------------------------------------------------------------- Preliminary Segment Data (unaudited) For the Three Months Percent Inc / Ended (Dec) ------------------------------------------- March December April 1Q06 1Q06 31, 30, 1, vs. vs. (dollars in millions) 2006 2005 2005 4Q05 1Q05 ------- ------- ------- ------ ------ Global Markets & Investment Banking Global Markets Debt Markets $ 2,091 $ 1,376 $ 1,662 52 % 26 % Equity Markets 1,573 1,196 971 32 62 ------- ------- ------- Total Global Markets net revenues 3,664 2,572 2,633 42 39 Investment Banking (1) Origination: Debt 395 278 282 42 40 Equity 237 268 242 (12) (2) Strategic Advisory Services 257 350 160 (27) 61 ------- ------- ------- Total Investment Banking net revenues 889 896 684 (1) 30 ------- ------- ------- Total net revenues (a) 4,553 3,468 3,317 31 37 ------- ------- ------- Pre-tax earnings 212 1,517 1,124 (86) (81) Impact of one-time compensation expenses 1,369 - - N/M N/M ------- ------- ------- Pre-tax earnings excluding one-time compensation expenses (b) 1,581 1,517 1,124 4 41 Pre-tax profit margin 4.7% 43.7% 33.9% Pre-tax profit margin excluding one-time compensation expenses (b)/(a) 34.7% 43.7% 33.9% - ---------------------------------------------------------------------- Global Private Client Fee-based revenues $ 1,458 $ 1,432 $ 1,271 2 15 Transactional and origination revenues 899 868 857 4 5 Net interest profit and related hedges(2) 527 519 401 2 31 Other revenues 55 83 74 (34) (26) ------- ------- ------- Total net revenues (a) 2,939 2,902 2,603 1 13 ------- ------- ------- Pre-tax earnings 365 620 510 (41) (28) Impact of one-time compensation expenses 281 - - N/M N/M ------- ------- ------- Pre-tax earnings excluding one-time compensation expenses (b) 646 620 510 4 27 Pre-tax profit margin 12.4% 21.4% 19.6% Pre-tax profit margin excluding one-time compensation expenses (b)/(a) 22.0% 21.4% 19.6% - ---------------------------------------------------------------------- Merrill Lynch Investment Managers Total net revenues (a)$ 570 $ 533 $ 413 7 38 Pre-tax earnings 113 176 127 (36) (11) Impact of one-time compensation expenses 109 - - N/M N/M ------- ------- ------- Pre-tax earnings excluding one-time compensation expenses (b) 222 176 127 26 75 Pre-tax profit margin 19.8% 33.0% 30.8% Pre-tax profit margin excluding one-time compensation expenses (b)/(a) 38.9% 33.0% 30.8% - ---------------------------------------------------------------------- Corporate Total net revenues $ (100) $ (123) $ (101) 19 1 Pre-tax earnings (97) (282) (92) 66 (5) - ---------------------------------------------------------------------- Total Total net revenues (a)$ 7,962 $ 6,780 $ 6,232 17 28 Pre-tax earnings 593 2,031 1,669 (71) (64) Impact of one-time compensation expenses 1,759 - - N/M N/M ------- ------- ------- Pre-tax earnings excluding one-time compensation expenses (b) 2,352 2,031 1,669 16 41 Pre-tax profit margin 7.4% 30.0% 26.8% Pre-tax profit margin excluding one-time compensation expenses (b)/(a) 29.5% 30.0% 26.8% - ---------------------------------------------------------------------- N/M= Not Meaningful (1) A portion of Origination revenue is recorded in the Global Private Client segment. (2) Includes interest component of non-qualifying derivatives which are included in Other Revenues in Attachment I. 14 Merrill Lynch & Co., Inc. Attachment IV - ---------------------------------------------------------------------- Consolidated Quarterly Earnings (unaudited) (in millions) 1Q05 2Q05 3Q05 4Q05 1Q06 ------- ------- ------- ------- ------- Net Revenues Asset management and portfolio service fees Portfolio service fees $650 $670 $689 $760 $747 Asset management fees 481 472 527 556 619 Account fees 124 121 123 123 111 Other fees 180 168 188 199 202 ------- ------- ------- ------- ------- Total 1,435 1,431 1,527 1,638 1,679 Commissions Listed and over-the-counter securities 842 747 823 878 990 Mutual funds 364 353 383 401 490 Other 135 147 136 162 122 ------- ------- ------- ------- ------- Total 1,341 1,247 1,342 1,441 1,602 Investment banking Underwriting 652 706 720 632 720 Strategic advisory 161 214 160 349 245 ------- ------- ------- ------- ------- Total 813 920 880 981 965 Principal transactions 945 1,006 917 715 1,993 Revenues from consolidated investments 127 84 142 85 104 Other 370 664 548 613 554 ------- ------- ------- ------- ------- Subtotal 5,031 5,352 5,356 5,473 6,897 Interest and dividend revenues 5,531 5,974 7,039 8,027 8,664 Less interest expense 4,330 5,007 5,717 6,720 7,599 ------- ------- ------- ------- ------- Net interest profit 1,201 967 1,322 1,307 1,065 ------- ------- ------- ------- ------- Total Net Revenues 6,232 6,319 6,678 6,780 7,962 ------- ------- ------- ------- ------- Non-Interest Expenses Compensation and benefits 3,096 3,148 3,270 2,927 5,750 Communications and technology 396 395 405 412 453 Brokerage, clearing, and exchange fees 219 216 190 217 248 Occupancy and related depreciation 233 227 235 243 241 Professional fees 178 183 173 193 200 Advertising and market development 126 160 138 175 144 Office supplies and postage 52 51 48 59 57 Expenses of consolidated investments 85 35 91 47 47 Other 178 309 192 476 229 ------- ------- ------- ------- ------- Total Non-Interest Expenses 4,563 4,724 4,742 4,749 7,369 ------- ------- ------- ------- ------- Earnings Before Income Taxes 1,669 1,595 1,936 2,031 593 Income tax expense 457 460 560 638 118 ------- ------- ------- ------- ------- Net Earnings $1,212 $1,135 $1,376 $1,393 $475 - ---------------------------------------------------------------------- Per Common Share Data 1Q05 2Q05 3Q05 4Q05 1Q06 ------- ------- ------- ------- ------- Earnings - Basic $1.33 $1.25 $1.54 $1.56 $0.49 Earnings - Diluted 1.21 1.14 1.40 1.41 0.44 Dividends paid 0.16 0.20 0.20 0.20 0.25 Book value 32.91 33.63 34.66 35.82 37.18 Est. - ---------------------------------------------------------------------- 15 Merrill Lynch & Co., Inc. Attachment V - ---------------------------------------------------------------------- Percentage of Quarterly Net Revenues (unaudited) 1Q05 2Q05 3Q05 4Q05 1Q06 ------- ------- ------- ------- ------- Net Revenues Asset management and portfolio service fees Portfolio service fees 10.4% 10.6% 10.3% 11.2% 9.4% Asset management fees 7.7% 7.5% 7.9% 8.2% 7.8% Account fees 2.0% 1.9% 1.8% 1.8% 1.4% Other fees 2.9% 2.6% 2.9% 3.0% 2.5% ------- ------- ------- ------- ------- Total 23.0% 22.6% 22.9% 24.2% 21.1% Commissions Listed and over-the-counter securities 13.5% 11.8% 12.3% 12.9% 12.4% Mutual funds 5.8% 5.6% 5.7% 5.9% 6.2% Other 2.2% 2.3% 2.1% 2.5% 1.5% ------- ------- ------- ------- ------- Total 21.5% 19.7% 20.1% 21.3% 20.1% Investment banking Underwriting 10.5% 11.2% 10.8% 9.3% 9.0% Strategic advisory 2.6% 3.4% 2.4% 5.1% 3.1% ------- ------- ------- ------- ------- Total 13.1% 14.6% 13.2% 14.4% 12.1% Principal transactions 15.2% 15.9% 13.7% 10.5% 25.0% Revenues from consolidated investments 2.0% 1.3% 2.1% 1.3% 1.3% Other 5.9% 10.6% 8.2% 9.0% 7.0% ------- ------- ------- ------- ------- Subtotal 80.7% 84.7% 80.2% 80.7% 86.6% Interest and dividend revenues 88.8% 94.5% 105.4% 118.4% 108.8% Less interest expense 69.5% 79.2% 85.6% 99.1% 95.4% ------- ------- ------- ------- ------- Net interest profit 19.3% 15.3% 19.8% 19.3% 13.4% ------- ------- ------- ------- ------- Total Net Revenues 100.0% 100.0% 100.0% 100.0% 100.0% ------- ------- ------- ------- ------- Non-Interest Expenses Compensation and benefits 49.7% 49.8% 49.0% 43.2% 72.2% Communications and technology 6.4% 6.3% 6.1% 6.1% 5.7% Brokerage, clearing, and exchange fees 3.5% 3.4% 2.8% 3.2% 3.1% Occupancy and related depreciation 3.7% 3.6% 3.5% 3.6% 3.0% Professional fees 2.9% 2.9% 2.6% 2.8% 2.5% Advertising and market development 2.0% 2.5% 2.1% 2.6% 1.8% Office supplies and postage 0.8% 0.8% 0.7% 0.9% 0.7% Expenses of consolidated investments 1.4% 0.6% 1.4% 0.7% 0.6% Other 2.8% 4.9% 2.8% 6.9% 3.0% ------- ------- ------- ------- ------- Total Non-Interest Expenses 73.2% 74.8% 71.0% 70.0% 92.6% ------- ------- ------- ------- ------- Earnings Before Income Taxes 26.8% 25.2% 29.0% 30.0% 7.4% Income tax expense 7.4% 7.2% 8.4% 9.5% 1.4% ------- ------- ------- ------- ------- Net Earnings 19.4% 18.0% 20.6% 20.5% 6.0% - ---------------------------------------------------------------------- Common shares outstanding (in millions): 1Q05 2Q05 3Q05 4Q05 1Q06 ------- ------- ------- ------- ------- Weighted-average - basic 907.8 897.5 881.4 876.2 883.7 Weighted-average - diluted 993.3 978.5 968.5 970.7 981.1 Period-end 948.7 930.9 921.7 919.2 933.4 - ---------------------------------------------------------------------- 16 Merrill Lynch & Co., Inc. Attachment VI - ---------------------------------------------------------------------- Supplemental Data (unaudited) (dollars in billions) 1Q05 2Q05 3Q05 4Q05 1Q06 ------- ------- ------- ------- ------- Client Assets Private Client U.S. $1,223 $1,234 $1,271 $1,341 $1,381 Non - U.S. 116 115 113 117 121 ------- ------- ------- ------- ------- Total Private Client Assets 1,339 1,349 1,384 1,458 1,502 MLIM direct sales (1) 233 236 272 291 316 ------- ------- ------- ------- ------- Total Client Assets $1,572 $1,585 $1,656 $1,749 $1,818 ======= ======= ======= ======= ======= Assets Under Management (2) $479 $478 $524 $544 $581 Retail 218 218 231 245 272 Institutional 217 215 246 250 259 Retail Separate Accounts 44 45 47 49 50 U.S. 312 311 322 333 347 Non-U.S. 167 167 202 211 234 Equity 245 249 285 299 330 Retail Money Market 49 46 45 45 48 Institutional Liquidity Funds 70 68 74 77 78 Fixed Income 115 115 120 123 125 - ---------------------------------------------------------------------- Net New Money All Private Client Accounts (3) $17 $9 $15 $22 $17 Annuitized-Revenue Products (3)(4) $13 $8 $11 $13 $12 Assets Under Management $(16) $(2) $12 $11 $15 - ---------------------------------------------------------------------- Balance Sheet Information (estimated) Commercial Paper and Other Short-term Borrowings $2.7 $6.8 $4.1 $3.9 $9.4 Deposits 79.9 79.5 77.8 80.0 81.1 Long-term Borrowings 115.7 117.5 129.6 132.4 136.2 Long-term debt issued to TOPrS(SM) Partnerships 3.1 3.1 3.1 3.1 3.1 Stockholders' Equity (estimated): Preferred Stockholders' Equity 1.6 1.7 1.7 2.7 3.1 Common Stockholders' Equity 31.3 31.3 31.9 32.9 34.7 ------- ------- ------- ------- ------- Total Stockholders' Equity 32.9 33.0 33.6 35.6 37.8 - ---------------------------------------------------------------------- Full-Time Employees (5) 50,900 51,800 53,100 54,600 55,500 Private Client Financial Advisors 14,180 14,420 14,690 15,160 15,350 - ---------------------------------------------------------------------- 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) Includes $5 billion of accounts managed by GPC. (3) GPC net new money excludes flows associated with the Institutional Advisory Division which serves certain small- and middle-market companies, as well as net outflows in the recently acquired Amvescap retirement business and the Advest acquisition prior to its systems conversion in early March. (4) Includes both new client assets into annuitized-revenue products as well as existing client assets transferred into annuitized-revenue products. (5) Excludes 100 full-time employees on salary continuation severance at the end of 1Q05, 2Q05, 3Q05, and 200 at the end of 4Q05 and 1Q06. 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