Exhibit 99.2 Merrill Lynch & Co., Inc. Attachment I - ---------------------------------------------------------------------- Preliminary Unaudited Earnings Summary Percent Inc / For the Three Months Ended (Dec) -------------------------- --------------- June 30, March 31, July 1, 2Q06 2Q06 (in millions, except per vs. vs. share amounts) 2006 2006 2005 1Q06 2Q05 -------- --------- ------- ------ ------ Net Revenues Asset management and portfolio service fees $1,773 $1,679 $1,431 6 % 24 % Commissions 1,586 1,602 1,247 (1) 27 Investment banking 1,162 965 920 20 26 Principal transactions 1,182 1,993 1,006 (41) 17 Revenues from consolidated investments 186 104 84 79 121 Other 1,110 554 664 100 67 -------- --------- ------- Subtotal 6,999 6,897 5,352 1 31 Interest and dividend revenues 9,690 8,664 5,974 12 62 Less interest expense 8,531 7,599 5,007 12 70 -------- --------- ------- Net interest profit 1,159 1,065 967 9 20 -------- --------- ------- Total Net Revenues 8,158 7,962 6,319 2 29 -------- --------- ------- Non-Interest Expenses Compensation and benefits 3,980 5,750 3,148 (31) 26 Communications and technology 429 453 395 (5) 9 Brokerage, clearing, and exchange fees 253 248 216 2 17 Occupancy and related depreciation 249 241 227 3 10 Professional fees 196 200 183 (2) 7 Advertising and market development 191 144 160 33 19 Expenses of consolidated investments 145 47 35 209 314 Office supplies and postage 57 57 51 0 12 Other 309 229 309 35 0 -------- --------- ------- Total Non-Interest Expenses 5,809 7,369 4,724 (21) 23 -------- --------- ------- Earnings Before Income Taxes 2,349 593 1,595 296 47 Income tax expense 716 118 460 507 56 -------- --------- ------- Net Earnings $1,633 $475 $1,135 244 44 ======== ========= ======= Preferred Stock Dividends $45 $43 $17 5 165 ======== ========= ======= Net Earnings Applicable to Common Stockholders $1,588 $432 $1,118 268 42 ======== ========= ======= Earnings Per Common Share Basic $1.79 $0.49 $1.25 265 43 Diluted $1.63 $0.44 $1.14 270 43 Average Shares Used in Computing Earnings Per Common Share Basic 885.4 883.7 897.5 0 (1) Diluted 973.3 981.1 978.5 (1) (1) Annualized Return on Average Common Equity 18.6% 5.1% 14.3% - ---------------------------------------------------------------------- 12 Merrill Lynch & Co., Inc. Attachment II - ---------------------------------------------------------------------- Preliminary Unaudited Earnings Summary For the Six Months Ended ------------------ June 30, July 1, Percent Inc / (in millions, except per share amounts) 2006 2005 (Dec) -------- -------- ---------- Net Revenues Asset management and portfolio service fees $3,452 $2,866 20 % Commissions 3,188 2,588 23 Investment banking 2,127 1,733 23 Principal transactions 3,175 1,951 63 Revenues from consolidated investments 290 211 37 Other 1,664 1,034 61 -------- -------- Subtotal 13,896 10,383 34 Interest and dividend revenues 18,354 11,505 60 Less interest expense 16,130 9,337 73 -------- -------- Net interest profit 2,224 2,168 3 -------- -------- Total Net Revenues 16,120 12,551 28 -------- -------- Non-Interest Expenses Compensation and benefits 9,730 6,244 56 Communications and technology 882 791 12 Brokerage, clearing, and exchange fees 501 435 15 Occupancy and related depreciation 490 460 7 Professional fees 396 361 10 Advertising and market development 335 286 17 Expenses of consolidated investments 192 120 60 Office supplies and postage 114 103 11 Other 538 487 10 -------- -------- Total Non-Interest Expenses 13,178 9,287 42 -------- -------- Earnings Before Income Taxes 2,942 3,264 (10) Income tax expense 834 917 (9) -------- -------- Net Earnings $2,108 $2,347 (10) ======== ======== Preferred Stock Dividends $88 $24 267 ======== ======== Earnings Per Common Share Basic $2.28 $2.57 (11) Diluted $2.07 $2.36 (12) Average Shares Used in Computing Earnings Per Common Share Basic 884.6 902.7 (2) Diluted 977.2 985.9 (1) Annualized Return on Average Common Equity 11.9% 14.9% - ---------------------------------------------------------------------- 13 Merrill Lynch & Co., Inc. Attachment III - ---------------------------------------------------------------------- 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 of 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 ------------------------------------- (in millions, except per share Excluding One- Impact of One- amounts) time time Compensation Compensation GAAP 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 For the Six Months Ended June 30, 2006 ------------------------------------- (in millions, except per share Excluding One- Impact of amounts) time One-time Compensation Compensation GAAP Expenses(1) Expenses(1) Basis -------------- -------------- ------- Net Revenues $16,120 $- $16,120 -------------- -------------- ------- Non-Interest Expenses Compensation and benefits 7,971 1,759 9,730 Non-compensation expenses 3,448 - 3,448 -------------- -------------- ------- Total Non-Interest Expenses 11,419 1,759 13,178 -------------- -------------- ------- Earnings Before Income Taxes 4,701 (1,759) 2,942 Income Tax Expense 1,416 (582) 834 -------------- -------------- ------- Net Earnings $3,285 $(1,177) $2,108 ============== ============== ======= Preferred Stock Dividends $88 $- $88 ============== ============== ======= Net Earnings Applicable to Common Stockholders $3,197 $(1,177) $2,020 ============== ============== ======= Earnings Per Common Share Basic $3.63 $(1.35) $2.28 Diluted $3.28 $(1.21) $2.07 Average Shares Used in Computing Earnings Per Common Share Basic 881.7 2.9 884.6 Diluted 974.4 2.8 977.2 - ---------------------------------------------------------------------- Financial Ratios - ---------------- For the Three Months For the Six Months Ended Ended March 31, 2006 June 30, 2006 ---------------------- --------------------- Excluding Excluding One-time One-time Compensation GAAP Compensation GAAP (in millions) Expenses Basis Expenses(1) Basis ---------------------- --------------------- Compensation and benefits (a) $3,991 $5,750 $7,971 $9,730 Net Revenues (b) 7,962 7,962 16,120 16,120 Ratio of compensation and benefits to net revenues (a)/(b) 50.1% 72.2% 49.4% 60.4% - ----------------------------------------------- --------------------- Income Tax Expense (a) $700 $118 $1,416 $834 Earnings Before Income Taxes (b) 2,352 593 4,701 2,942 Effective Tax Rate (a)/(b) 29.8% 19.9% 30.1% 28.3% - ----------------------------------------------- --------------------- Earnings Before Income Taxes (a) $2,352 $593 $4,701 $2,942 Net Revenues (b) 7,962 7,962 16,120 16,120 Pre-tax Profit Margin (a)/(b) 29.5% 7.4% 29.2% 18.3% - ----------------------------------------------- --------------------- Average Common Equity $33,800 $33,800 $33,848 $33,848 Average impact of one- time compensation expenses (145) - (145) - ------------ --------- ------------ -------- Average Common Equity (a) 33,655 33,800 33,703 33,848 Annualized Net Earnings Applicable to Common Stockholders (b) 6,436 1,728 6,394 4,040 Annualized Return on Average Common Equity (b)/(a) 19.1% 5.1% 19.0% 11.9% - ---------------------------------------------------------------------- (1) For purposes of comparison with previously published results, data excluding the impact of the one-time compensation expenses for the first six months of 2006 assumes the impact of the one-time compensation expenses is limited to the first quarter of 2006. 14 Merrill Lynch & Co., Inc. Attachment IV - ---------------------------------------------------------------------- Preliminary Segment Data (unaudited) Percent For the Three Months Ended Inc / (Dec) ----------------------------------------- 2Q06 2Q06 June 30, March 31, July 1, vs. vs. (dollars in millions) 2006 2006 2005 1Q06 2Q05 -------- -------- -------- ------- ------ Global Markets & Investment Banking Global Markets Debt Markets $1,725 $2,091 $1,606 (18)% 7 % Equity Markets 1,877 1,573 1,022 19 84 -------- -------- -------- Total Global Markets net revenues 3,602 3,664 2,628 (2) 37 Investment Banking (1) Origination: Debt 367 395 374 (7) (2) Equity 315 237 223 33 41 Strategic Advisory Services 296 257 214 15 38 -------- -------- -------- Total Investment Banking net revenues 978 889 811 10 21 -------- -------- -------- Total net revenues (a) 4,580 4,553 3,439 1 33 -------- -------- -------- Pre-tax earnings 1,493 212 1,098 604 36 Impact of one-time compensation expenses - 1,369 - (100) N/M -------- -------- -------- Pre-tax earnings excluding one-time compensation expenses (b) 1,493 1,581 1,098 (6) 36 Pre-tax profit margin 32.6% 4.7% 31.9% Pre-tax profit margin excluding one-time compensation expenses (b)/(a) 32.6% 34.7% 31.9% - ---------------------------------------------------------------------- Global Private Client Fee-based revenues $1,533 $1,458 $1,286 5 19 Transactional and origination revenues 902 899 786 0 15 Net interest profit and related hedges(2) 554 527 420 5 32 Other revenues 56 55 76 2 (26) -------- -------- -------- Total net revenues (a) 3,045 2,939 2,568 4 19 -------- -------- -------- Pre-tax earnings 701 365 457 92 53 Impact of one-time compensation expenses - 281 - (100) N/M -------- -------- -------- Pre-tax earnings excluding one-time compensation expenses (b) 701 646 457 9 53 Pre-tax profit margin 23.0% 12.4% 17.8% Pre-tax profit margin excluding one-time compensation expenses (b)/(a) 23.0% 22.0% 17.8% - ---------------------------------------------------------------------- Merrill Lynch Investment Managers Total net revenues (a) $630 $570 $405 11 56 Pre-tax earnings 240 113 121 112 98 Impact of one-time compensation expenses - 109 - (100) N/M -------- -------- -------- Pre-tax earnings excluding one-time compensation expenses (b) 240 222 121 8 98 Pre-tax profit margin 38.1% 19.8% 29.9% Pre-tax profit margin excluding one-time compensation expenses (b)/(a) 38.1% 38.9% 29.9% - ---------------------------------------------------------------------- Corporate Total net revenues $(97) $(100) $(93) 3 (4) Pre-tax earnings (85) (97) (81) 12 (5) - ---------------------------------------------------------------------- Total Total net revenues (a) $8,158 $7,962 $6,319 2 29 Pre-tax earnings 2,349 593 1,595 296 47 Impact of one-time compensation expenses - 1,759 - (100) N/M -------- -------- -------- Pre-tax earnings excluding one-time compensation expenses (b) 2,349 2,352 1,595 (0) 47 Pre-tax profit margin 28.8% 7.4% 25.2% Pre-tax profit margin excluding one-time compensation expenses (b)/(a) 28.8% 29.5% 25.2% - ---------------------------------------------------------------------- Preliminary Segment Data (unaudited) For the Six Months Ended ------------------------------ Percent June 30, July 1, Inc / (dollars in millions) 2006 2005 (Dec) ---------- --------- ---------- Global Markets & Investment Banking Global Markets Debt Markets $3,816 $3,268 17 % Equity Markets 3,450 1,993 73 ---------- --------- Total Global Markets net revenues 7,266 5,261 38 Investment Banking (1) Origination: Debt 762 656 16 Equity 552 465 19 Strategic Advisory Services 553 374 48 ---------- --------- Total Investment Banking net revenues 1,867 1,495 25 ---------- --------- Total net revenues (a) 9,133 6,756 35 ---------- --------- Pre-tax earnings 1,705 2,222 (23) Impact of one-time compensation expenses 1,369 - N/M ---------- --------- Pre-tax earnings excluding one- time compensation expenses (b) 3,074 2,222 38 Pre-tax profit margin 18.7% 32.9% Pre-tax profit margin excluding one-time compensation expenses (b)/(a) 33.7% 32.9% - ---------------------------------------------------------------------- Global Private Client Fee-based revenues $2,991 $2,557 17 Transactional and origination revenues 1,801 1,643 10 Net interest profit and related hedges(2) 1,081 821 32 Other revenues 111 150 (26) ---------- --------- Total net revenues (a) 5,984 5,171 16 ---------- --------- Pre-tax earnings 1,066 967 10 Impact of one-time compensation expenses 281 - N/M ---------- --------- Pre-tax earnings excluding one- time compensation expenses (b) 1,347 967 39 Pre-tax profit margin 17.8% 18.7% Pre-tax profit margin excluding one-time compensation expenses (b)/(a) 22.5% 18.7% - ---------------------------------------------------------------------- Merrill Lynch Investment Managers Total net revenues (a) $1,200 $818 47 Pre-tax earnings 353 248 42 Impact of one-time compensation expenses 109 - N/M ---------- --------- Pre-tax earnings excluding one- time compensation expenses (b) 462 248 86 Pre-tax profit margin 29.4% 30.3% Pre-tax profit margin excluding one-time compensation expenses (b)/(a) 38.5% 30.3% - ---------------------------------------------------------------------- Corporate Total net revenues $(197) $(194) (2) Pre-tax earnings (182) (173) (5) - ---------------------------------------------------------------------- Total Total net revenues (a) $16,120 $12,551 28 Pre-tax earnings 2,942 3,264 (10) Impact of one-time compensation expenses 1,759 - N/M ---------- --------- Pre-tax earnings excluding one- time compensation expenses (b) 4,701 3,264 44 Pre-tax profit margin 18.3% 26.0% Pre-tax profit margin excluding one-time compensation expenses (b)/(a) 29.2% 26.0% - ---------------------------------------------------------------------- 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. 15 Merrill Lynch & Co., Inc. Attachment V - ---------------------------------------------------------------------- Consolidated Quarterly (in millions) Earnings (unaudited) 2Q05 3Q05 4Q05 1Q06 2Q06 ------- ------- ------- ------ ---------- Net Revenues Asset management and portfolio service fees Portfolio service fees $670 $689 $760 $747 $797 Asset management fees 472 527 556 619 641 Account fees 121 123 123 111 114 Other fees 168 188 199 202 221 ------- ------- ------- ------ ---------- Total 1,431 1,527 1,638 1,679 1,773 Commissions Listed and over-the- counter securities 747 823 878 990 1,027 Mutual funds 353 383 401 490 470 Other 147 136 162 122 89 ------- ------- ------- ------ ---------- Total 1,247 1,342 1,441 1,602 1,586 Investment banking Underwriting 706 720 632 720 865 Strategic advisory 214 160 349 245 297 ------- ------- ------- ------ ---------- Total 920 880 981 965 1,162 Principal transactions 1,006 917 715 1,993 1,182 Revenues from consolidated investments 84 142 85 104 186 Other 664 548 613 554 1,110 ------- ------- ------- ------ ---------- Subtotal 5,352 5,356 5,473 6,897 6,999 Interest and dividend revenues 5,974 7,039 8,027 8,664 9,690 Less interest expense 5,007 5,717 6,720 7,599 8,531 ------- ------- ------- ------ ---------- Net interest profit 967 1,322 1,307 1,065 1,159 ------- ------- ------- ------ ---------- Total Net Revenues 6,319 6,678 6,780 7,962 8,158 ------- ------- ------- ------ ---------- Non-Interest Expenses Compensation and benefits 3,148 3,270 2,927 5,750 3,980 Communications and technology 395 405 412 453 429 Brokerage, clearing, and exchange fees 216 190 217 248 253 Occupancy and related depreciation 227 235 243 241 249 Professional fees 183 173 193 200 196 Advertising and market development 160 138 175 144 191 Office supplies and postage 51 48 59 57 57 Expenses of consolidated investments 35 91 47 47 145 Other 309 192 476 229 309 ------- ------- ------- ------ ---------- Total Non-Interest Expenses 4,724 4,742 4,749 7,369 5,809 ------- ------- ------- ------ ---------- Earnings Before Income Taxes 1,595 1,936 2,031 593 2,349 Income tax expense 460 560 638 118 716 ------- ------- ------- ------ ---------- Net Earnings $1,135 $1,376 $1,393 $475 $1,633 - ---------------------------------------------------------------------- Per Common Share Data 2Q05 3Q05 4Q05 1Q06 2Q06 ------- ------- ------- ------ ---------- Earnings - Basic $1.25 $1.54 $1.56 $0.49 $1.79 Earnings - Diluted 1.14 1.40 1.41 0.44 1.63 Dividends paid 0.20 0.20 0.20 0.25 0.25 Book value 33.63 34.66 35.82 37.19 37.31 Est. - ---------------------------------------------------------------------- 16 Merrill Lynch & Co., Inc. Attachment VI - ---------------------------------------------------------------------- Percentage of Quarterly Net Revenues (unaudited) 2Q05 3Q05 4Q05 1Q06 2Q06 ------ ------ ------ ------ ------ Net Revenues Asset management and portfolio service fees Portfolio service fees 10.6% 10.3% 11.2% 9.4% 9.8% Asset management fees 7.5% 7.9% 8.2% 7.8% 7.9% Account fees 1.9% 1.8% 1.8% 1.4% 1.4% Other fees 2.6% 2.9% 3.0% 2.5% 2.6% ------ ------ ------ ------ ------ Total 22.6% 22.9% 24.2% 21.1% 21.7% Commissions Listed and over-the-counter securities 11.8% 12.3% 12.9% 12.4% 12.6% Mutual funds 5.6% 5.7% 5.9% 6.2% 5.8% Other 2.3% 2.1% 2.5% 1.5% 1.0% ------ ------ ------ ------ ------ Total 19.7% 20.1% 21.3% 20.1% 19.4% Investment banking Underwriting 11.2% 10.8% 9.3% 9.0% 10.6% Strategic advisory 3.4% 2.4% 5.1% 3.1% 3.6% ------ ------ ------ ------ ------ Total 14.6% 13.2% 14.4% 12.1% 14.2% Principal transactions 15.9% 13.7% 10.5% 25.0% 14.5% Revenues from consolidated investments 1.3% 2.1% 1.3% 1.3% 2.3% Other 10.6% 8.2% 9.0% 7.0% 13.7% ------ ------ ------ ------ ------ Subtotal 84.7% 80.2% 80.7% 86.6% 85.8% Interest and dividend revenues 94.5% 105.4% 118.4% 108.8% 118.8% Less interest expense 79.2% 85.6% 99.1% 95.4% 104.6% ------ ------ ------ ------ ------ Net interest profit 15.3% 19.8% 19.3% 13.4% 14.2% ------ ------ ------ ------ ------ Total Net Revenues 100.0% 100.0% 100.0% 100.0% 100.0% ------ ------ ------ ------ ------ Non-Interest Expenses Compensation and benefits 49.8% 49.0% 43.2% 72.2% 48.8% Communications and technology 6.3% 6.1% 6.1% 5.7% 5.3% Brokerage, clearing, and exchange fees 3.4% 2.8% 3.2% 3.1% 3.1% Occupancy and related depreciation 3.6% 3.5% 3.6% 3.0% 3.1% Professional fees 2.9% 2.6% 2.8% 2.5% 2.4% Advertising and market development 2.5% 2.1% 2.6% 1.8% 2.3% Office supplies and postage 0.8% 0.7% 0.9% 0.7% 0.7% Expenses of consolidated investments 0.6% 1.4% 0.7% 0.6% 1.8% Other 4.9% 2.8% 6.9% 3.0% 3.7% ------ ------ ------ ------ ------ Total Non-Interest Expenses 74.8% 71.0% 70.0% 92.6% 71.2% ------ ------ ------ ------ ------ Earnings Before Income Taxes 25.2% 29.0% 30.0% 7.4% 28.8% Income tax expense 7.2% 8.4% 9.5% 1.4% 8.8% ------ ------ ------ ------ ------ Net Earnings 18.0% 20.6% 20.5% 6.0% 20.0% - ---------------------------------------------------------------------- Common shares outstanding (in millions): 2Q05 3Q05 4Q05 1Q06 2Q06 ------ ------ ------ ------ ------ Weighted-average - basic 897.5 881.4 876.2 883.7 885.4 Weighted-average - diluted 978.5 968.5 970.7 981.1 973.3 Period-end 930.9 921.7 919.2 933.4 898.1 - ---------------------------------------------------------------------- 17 Merrill Lynch & Co., Inc. Attachment VII - ---------------------------------------------------------------------- Supplemental Data (unaudited) (dollars in billions) 2Q05 3Q05 4Q05 1Q06 2Q06 ------- ------- ------- ------- ------- Client Assets Private Client U.S. $1,234 $1,271 $1,341 $1,381 $1,370 Non - U.S. 115 113 117 121 124 ------- ------- ------- ------- ------- Total Private Client Assets 1,349 1,384 1,458 1,502 1,494 MLIM direct sales (1) 236 272 291 316 326 ------- ------- ------- ------- ------- Total Client Assets $1,585 $1,656 $1,749 $1,818 $1,820 ======= ======= ======= ======= ======= Assets Under Management (2) $478 $524 $544 $581 $589 Retail 218 231 245 272 275 Institutional 215 246 250 259 266 Retail Separate Accounts 45 47 49 50 48 U.S. 311 322 333 347 346 Non-U.S. 167 202 211 234 243 Equity 249 285 299 330 333 Retail Money Market 46 45 45 48 46 Institutional Liquidity Funds 68 74 77 78 83 Fixed Income 115 120 123 125 127 - ---------------------------------------------------------------------- Net New Money All Private Client Accounts (3) $7 $11 $17 $18 $7 Annuitized-Revenue Products (3) (4) $8 $10 $10 $13 $10 Assets Under Management $(2) $12 $11 $15 $8 - ---------------------------------------------------------------------- Balance Sheet Information: (5) Commercial Paper and Other Short-term Borrowings $6.8 $4.1 $3.9 $9.4 $13.3 Deposits 79.5 77.8 80.0 81.1 79.4 Long-term Borrowings 117.5 129.6 132.4 134.7 140.1 Long-term debt issued to TOPrS(SM) Partnerships 3.1 3.1 3.1 3.1 3.1 Stockholders' Equity: (5) Preferred Stockholders' Equity 1.7 1.7 2.7 3.1 3.1 Common Stockholders' Equity 31.3 31.9 32.9 34.7 33.6 ------- ------- ------- ------- ------- Total Stockholders' Equity 33.0 33.6 35.6 37.8 36.7 - ---------------------------------------------------------------------- Full-Time Employees (6) 51,800 53,100 54,600 55,500 56,000 Private Client Financial Advisors (7) 14,420 14,690 15,160 15,350 15,520 - ---------------------------------------------------------------------- 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 at the end of 2Q05, 3Q05, 4Q05 and 1Q06, and $6 billion at the end of 2Q06. (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 system conversion in early March. (4) Includes both net new client assets into annuitized-revenue products, as well as existing client assets transferred into annuitized-revenue products. (5) Balance Sheet Information and Stockholders' Equity are estimated for 2Q06. (6) Excludes 100 full-time employees on salary continuation severance at the end of 2Q05 and 3Q05; 200 at the end of 4Q05 and 1Q06; and 300 at the end of 2Q06. (7) Includes 140 Financial Advisors associated with the Mitsubishi UFJ joint venture at the end of 2Q06. CONTACT: Merrill Lynch Media Relations: Jessica Oppenheim, 212-449-2107 jessica_oppenheim@ml.com or Investor Relations: Jonathan Blum, 866-607-1234 investor_relations@ml.com 18