Exhibit 99.2 Merrill Lynch & Co., Inc. Attachment I Preliminary Unaudited Earnings Summary For the Three Months Ended Percent Inc / (Dec) ---------------------------- ------------------ Sept. 29, June 30, Sept. 30, 3Q06 vs. 3Q06 vs. (in millions, except per share amounts) 2006 2006 2005 2Q06 3Q05 --------- -------- --------- -------- -------- Net Revenues Asset management and portfolio service fees $1,782 $1,773 $1,527 1 % 17 % Commissions 1,383 1,586 1,342 (13) 3 Investment banking 857 1,162 880 (26) (3) Principal transactions 1,681 1,182 917 42 83 Revenues from consolidated investments 210 186 142 13 48 Other 776 1,110 548 (30) 42 --------- -------- --------- Subtotal 6,689 6,999 5,356 (4) 25 Interest and dividend revenues 10,690 9,690 7,039 10 52 Less interest expense 9,452 8,531 5,717 11 65 --------- -------- --------- Net interest profit 1,238 1,159 1,322 7 (6) --------- -------- --------- Gain on merger 1,969 - - N/M N/M Total Net Revenues 9,896 8,158 6,678 21 48 --------- -------- --------- Non-Interest Expenses Compensation and benefits 3,950 3,980 3,270 (1) 21 Communications and technology 485 429 405 13 20 Brokerage, clearing, and exchange fees 268 253 190 6 41 Occupancy and related depreciation 259 249 235 4 10 Professional fees 224 196 173 14 29 Advertising and market development 164 191 138 (14) 19 Expenses of consolidated investments 142 145 91 (2) 56 Office supplies and postage 53 57 48 (7) 10 Other 223 309 192 (28) 16 --------- -------- --------- Total Non-Interest Expenses 5,768 5,809 4,742 (1) 22 --------- -------- --------- Earnings Before Income Taxes 4,128 2,349 1,936 76 113 Income tax expense 1,083 716 560 51 93 --------- -------- --------- Net Earnings $3,045 $1,633 $1,376 86 121 ========= ======== ========= Preferred Stock Dividends $50 $45 $18 11 178 ========= ======== ========= Net Earnings Applicable to Common Stockholders $2,995 $1,588 $1,358 89 121 ========= ======== ========= Earnings Per Common Share Basic $3.50 $1.79 $1.54 96 127 Diluted $3.17 $1.63 $1.40 94 126 Average Shares Used in Computing Earnings Per Common Share Basic 855.8 885.4 881.4 (3) (3) Diluted 945.3 973.3 968.5 (3) (2) Annualized Return on Average Common Equity 35.3% 18.6% 17.2% - --------------------------------------------------------------------- N/M = Not Meaningful 13 Merrill Lynch & Co., Inc. Attachment II Preliminary Unaudited Earnings Summary For the Nine Months Ended --------------------------------------- September 29, September 30, Percent (in millions, except per share amounts) 2006 2005 Inc / (Dec) ------------- ------------- ----------- Net Revenues Asset management and portfolio service fees $5,234 $4,393 19 % Commissions 4,571 3,930 16 Investment banking 2,984 2,613 14 Principal transactions 4,856 2,868 69 Revenues from consolidated investments 500 353 42 Other 2,440 1,582 54 ------------- ------------- Subtotal 20,585 15,739 31 Interest and dividend revenues 29,044 18,544 57 Less interest expense 25,582 15,054 70 ------------- ------------- Net interest profit 3,462 3,490 (1) ------------- ------------- Gain on merger 1,969 - N/M Total Net Revenues 26,016 19,229 35 ------------- ------------- Non-Interest Expenses Compensation and benefits 13,680 9,514 44 Communications and technology 1,367 1,196 14 Brokerage, clearing, and exchange fees 769 625 23 Occupancy and related depreciation 749 695 8 Professional fees 620 534 16 Advertising and market development 499 424 18 Expenses of consolidated investments 334 211 58 Office supplies and postage 167 151 11 Other 761 679 12 ------------- ------------- Total Non-Interest Expenses 18,946 14,029 35 ------------- ------------- Earnings Before Income Taxes 7,070 5,200 36 Income tax expense 1,917 1,477 30 ------------- ------------- Net Earnings $5,153 $3,723 38 ============= ============= Preferred Stock Dividends $138 $42 229 ============= ============= Net Earnings Applicable to Common Stockholders $5,015 $3,681 36 ============= ============= Earnings Per Common Share Basic $5.73 $4.11 39 Diluted $5.19 $3.76 38 Average Shares Used in Computing Earnings Per Common Share Basic 875.0 895.6 (2) Diluted 966.6 980.1 (1) Annualized Return on Average Common Equity 19.7% 15.7% - --------------------------------------------------------------------- N/M = Not Meaningful 14 Merrill Lynch & Co., Inc. Attachment III Reconciliation of Non-GAAP Measures During the third quarter of 2006, Merrill Lynch completed the merger of its Merrill Lynch Investment Managers business with BlackRock, Inc. Merrill Lynch recognized a gain associated with this merger along with other non-recurring expenses, collectively "Impact of BlackRock Merger". Management believes that while the results excluding the impact of the BlackRock merger 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 For the Three Months Ended September 29, 2006 Earnings Summary - ----------------------- ---------------------------------------------- (in millions, except Excluding Impact of Impact of GAAP Basis per share amounts) BlackRock Merger BlackRock Merger ---------------------------------------------- Net Revenues (a) $7,927 $1,969 $9,896 ------------------ ---------------- ---------- Non-Interest Expenses Compensation and benefits (b) 3,806 144 3,950 Non-compensation expenses (c) 1,760 58 1,818 ------------------ ---------------- ---------- Total Non-Interest Expenses 5,566 202 5,768 ------------------ ---------------- ---------- Earnings Before Income Taxes (d) 2,361 1,767 4,128 Income Tax Expense (e) 421 662 1,083 ------------------ ---------------- ---------- Net Earnings $1,940 $1,105 $3,045 ================== ================ ========== Preferred Stock Dividends $50 $- $50 ================== ================ ========== Net Earnings Applicable to Common Stockholders $1,890 $1,105 $2,995 ================== ================ ========== Earnings Per Common Share Basic $2.21 $1.29 $3.50 Diluted $2.00 $1.17 $3.17 Average Shares Used in Computing Earnings Per Common Share Basic 855.8 - 855.8 Diluted 945.3 - 945.3 Financial Ratios For the Three Months Ended - --------------------------------------- September 29, 2006 ------------------------------ Excluding Impact of GAAP Basis BlackRock Merger ------------------------------ Ratio of compensation and benefits to net revenues (b)/(a) 48.0% 39.9% Ratio of non-compensation and benefits to net revenues (c)/(a) 22.2% 18.4% Effective Tax Rate (e)/(d) 17.8% 26.2% Pre-tax Profit Margin (d)/(a) 29.8% 41.7% - ---------------------------------------------------------------------- Average Common Equity $33,929 $33,929 Impact of the BlackRock merger (276) - ------------------------------ Average Common Equity 33,653 33,929 Annualized Return on Average Common Equity 22.5% 35.3% 15 Merrill Lynch & Co., Inc. Attachment IV 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. During the third quarter of 2006, Merrill Lynch completed the merger of its Merrill Lynch Investment Managers business with BlackRock, Inc. Merrill Lynch recognized a gain associated with this merger along with other non-recurring expenses, collectively "Impact of BlackRock Merger". Management believes that while the results excluding these one-time compensation expenses and the impact of the BlackRock merger are considered non-GAAP measures, they depict the operating performance of the company more clearly and enable more appropriate period-to- period comparisons. Preliminary For the Nine Months Ended September 29, 2006 (1) Unaudited Earnings Summary - --------------- ------------------------------------------------------ (in millions, Excluding One-time Impact of Impact of GAAP Basis except per Compensation One-time BlackRock share amounts) Expenses & Impact Compensation Merger of BlackRock Expenses Merger ------------------------------------------------------ Net Revenues (a) $24,047 $- $1,969 $26,016 ------------------ ------------- ---------- ---------- Non-Interest Expenses Compensation and benefits (b) 11,777 1,759 144 13,680 Non- compensation expenses (c) 5,208 - 58 5,266 ------------------ ------------- ---------- ---------- Total Non- Interest Expenses 16,985 1,759 202 18,946 ------------------ ------------- ---------- ---------- Earnings Before Income Taxes (d) 7,062 (1,759) 1,767 7,070 Income Tax Expense (e) 1,837 (582) 662 1,917 ------------------ ------------- ---------- ---------- Net Earnings $5,225 $(1,177) $1,105 $5,153 ================== ============= ========== ========== Preferred Stock Dividends $138 $- $- $138 ================== ============= ========== ========== Net Earnings Applicable to Common Stockholders $5,087 $(1,177) $1,105 $5,015 ================== ============= ========== ========== Earnings Per Common Share Basic $5.83 $(1.35) $1.25 $5.73 Diluted $5.27 $(1.22) $1.14 $5.19 Average Shares Used in Computing Earnings Per Common Share Basic 873.1 1.9 - 875.0 Diluted 964.7 1.9 - 966.6 Financial Ratios For the Nine Months Ended (1) - -------------------------------------- September 29, 2006 ------------------------------- Excluding One-time GAAP Basis Compensation Expenses & Impact of BlackRock Merger ------------------------------- Ratio of compensation and benefits to net revenues (b)/(a) 49.0% 52.6% Ratio of non-compensation and benefits to net revenues (c)/(a) 21.7% 20.2% Effective Tax Rate (e)/(d) 26.0% 27.1% Pre-tax Profit Margin (d)/(a) 29.4% 27.2% - ---------------------------------------------------------------------- Average Common Equity $33,914 $33,914 Impact of one-time compensation expenses and the BlackRock merger (256) - ------------------------------- Average Common Equity 33,658 33,914 Annualized Return on Average Common Equity 20.2% 19.7% (1) For purposes of comparison with previously published results, data excluding the impact of the one-time compensation expenses for the first nine months of 2006 assumes the impact of the one-time compensation expenses is limited to the first quarter of 2006. 16 Merrill Lynch & Co., Inc. Attachment V Preliminary Segment Data (unaudited) For the Three Months Ended Percent Inc / (Dec) ---------------------------- ----------------- Sept. 29, June 30, Sept. 30, 3Q06 vs. 3Q06 vs. (dollars in millions) 2006 2006 2005 2Q06 3Q05 --------- -------- --------- -------- -------- Global Markets & Investment Banking Global Markets FICC $2,117 $1,725 $1,680 23 % 26 % Equity Markets 1,496 1,877 1,192 (20) 26 --------- -------- --------- Total Global Markets net revenues 3,613 3,602 2,872 0 26 Investment Banking (1) Origination: Debt 330 367 396 (10) (17) Equity 193 315 219 (39) (12) Strategic Advisory Services 260 296 158 (12) 65 --------- -------- --------- Total Investment Banking net revenues 783 978 773 (20) 1 --------- -------- --------- Total net revenues (a) 4,396 4,580 3,645 (4) 21 --------- -------- --------- Pre-tax earnings 1,459 1,493 1,289 (2) 13 Impact of one-time compensation expenses - - - N/M N/M --------- -------- --------- Pre-tax earnings excluding one- time compensation expenses (b) 1,459 1,493 1,289 (2) 13 Pre-tax profit margin 33.2% 32.6% 35.4% Pre-tax profit margin excluding one-time compensation expenses (b)/(a) 33.2% 32.6% 35.4% - ------------------------------------------------------------ --------- Global Private Client Fee-based revenues $1,516 $1,533 $1,351 (1) 12 Transactional and origination revenues 713 902 800 (21) (11) Net interest profit and related hedges(2) 519 533 461 (3) 13 Other revenues 77 77 79 0 (3) --------- -------- --------- Total net revenues (a) 2,825 3,045 2,691 (7) 5 --------- -------- --------- Pre-tax earnings 611 701 590 (13) 4 Impact of one-time compensation expenses - - - N/M N/M --------- -------- --------- Pre-tax earnings excluding one- time compensation expenses (b) 611 701 590 (13) 4 Pre-tax profit margin 21.6% 23.0% 21.9% Pre-tax profit margin excluding one-time compensation expenses (b)/(a) 21.6% 23.0% 21.9% - ------------------------------------------------------------ --------- Merrill Lynch Investment Managers Total net revenues (a) $700 $630 $456 11 54 Pre-tax earnings 284 240 162 18 75 Impact of one-time compensation expenses - - - N/M N/M --------- -------- --------- Pre-tax earnings excluding one- time compensation expenses (b) 284 240 162 18 75 Pre-tax profit margin 40.6% 38.1% 35.5% Pre-tax profit margin excluding one-time compensation expenses (b)/(a) 40.6% 38.1% 35.5% - ------------------------------------------------------------ --------- Corporate Total net revenues $1,975 $(97) $(114) N/M N/M Impact of BlackRock merger 1,969 - - N/M N/M --------- -------- --------- Total net revenues excluding the BlackRock merger 6 (97) (114) 106 105 Pre-tax earnings 1,774 (85) (105) N/M N/M Impact of BlackRock merger (1,767) - - N/M N/M --------- -------- --------- Pre-tax earnings excluding the BlackRock merger 7 (85) (105) 108 107 - ------------------------------------------------------------ --------- Total Total net revenues (a) $9,896 $8,158 $6,678 21 48 Impact of BlackRock merger 1,969 - - N/M N/M --------- -------- --------- Total net revenues excluding the BlackRock merger 7,927 8,158 6,678 (3) 19 Pre-tax earnings 4,128 2,349 1,936 76 113 Impact of BlackRock merger (1,767) - - N/M N/M Impact of one-time compensation expenses - - - N/M N/M --------- -------- --------- Pre-tax earnings excluding BlackRock merger and one-time compensation expenses (b) 2,361 2,349 1,936 1 22 Pre-tax profit margin 41.7% 28.8% 29.0% Pre-tax profit margin excluding BlackRock merger and one-time compensation expenses (b)/(a) 29.8% 28.8% 29.0% - ------------------------------------------------------------ --------- For the Nine Months Ended ------------------- Sept. 29, Sept. 30, Percent (dollars in millions) 2006 2005 Inc / (Dec) --------- --------- ------------ Global Markets & Investment Banking Global Markets FICC $5,933 $4,948 20 % Equity Markets 4,946 3,185 55 --------- --------- Total Global Markets net revenues 10,879 8,133 34 Investment Banking (1) Origination: Debt 1,092 1,052 4 Equity 745 684 9 Strategic Advisory Services 813 532 53 --------- --------- Total Investment Banking net revenues 2,650 2,268 17 --------- --------- Total net revenues (a) 13,529 10,401 30 --------- --------- Pre-tax earnings 3,164 3,511 (10) Impact of one-time compensation expenses 1,369 - N/M --------- --------- Pre-tax earnings excluding one- time compensation expenses (b) 4,533 3,511 29 Pre-tax profit margin 23.4% 33.8% Pre-tax profit margin excluding one-time compensation expenses (b)/(a) 33.5% 33.8% - --------------------------------------------------------------------- Global Private Client Fee-based revenues $4,507 $3,908 15 Transactional and origination revenues 2,514 2,443 3 Net interest profit and related hedges(2) 1,579 1,282 23 Other revenues 209 229 (9) --------- --------- Total net revenues (a) 8,809 7,862 12 --------- --------- Pre-tax earnings 1,677 1,557 8 Impact of one-time compensation expenses 281 - N/M --------- --------- Pre-tax earnings excluding one- time compensation expenses (b) 1,958 1,557 26 Pre-tax profit margin 19.0% 19.8% Pre-tax profit margin excluding one-time compensation expenses (b)/(a) 22.2% 19.8% - --------------------------------------------------------------------- Merrill Lynch Investment Managers Total net revenues (a) $1,900 $1,274 49 Pre-tax earnings 637 410 55 Impact of one-time compensation expenses 109 - N/M --------- --------- Pre-tax earnings excluding one- time compensation expenses (b) 746 410 82 Pre-tax profit margin 33.5% 32.2% Pre-tax profit margin excluding one-time compensation expenses (b)/(a) 39.3% 32.2% - --------------------------------------------------------------------- Corporate Total net revenues $1,778 $(308) N/M Impact of BlackRock merger 1,969 - N/M --------- --------- Total net revenues excluding the BlackRock merger (191) (308) 38 Pre-tax earnings 1,592 (278) N/M Impact of BlackRock merger (1,767) - N/M --------- --------- Pre-tax earnings excluding the BlackRock merger (175) (278) 37 - --------------------------------------------------------------------- Total Total net revenues (a) $26,016 $19,229 35 Impact of BlackRock merger 1,969 - N/M --------- --------- Total net revenues excluding the BlackRock merger 24,047 19,229 25 Pre-tax earnings 7,070 5,200 36 Impact of BlackRock merger (1,767) - N/M Impact of one-time compensation expenses 1,759 - N/M --------- --------- Pre-tax earnings excluding BlackRock merger and one-time compensation expenses (b) 7,062 5,200 36 Pre-tax profit margin 27.2% 27.0% Pre-tax profit margin excluding BlackRock merger and one-time compensation expenses (b)/(a) 29.4% 27.0% - --------------------------------------------------------------------- N/M = Not Meaningful Note: Certain prior period amounts have been reclassified to conform to the current period presentation. (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 Attachments I & II. 17 Merrill Lynch & Co., Inc. Attachment VI - ---------------------------------------------------------------------- Consolidated Quarterly Earnings (unaudited) (in millions) 3Q05 4Q05 1Q06 2Q06 3Q06 -------- -------- -------- -------- -------- Net Revenues Asset management and portfolio service fees Portfolio service fees $ 689 $ 760 $ 747 $ 797 $ 801 Asset management fees 527 556 619 641 657 Account fees 123 123 111 114 113 Other fees 188 199 202 221 211 -------- -------- -------- -------- -------- Total 1,527 1,638 1,679 1,773 1,782 Commissions Listed and over-the- counter securities 823 878 990 1,027 868 Mutual funds 383 401 490 470 426 Other 136 162 122 89 89 -------- -------- -------- -------- -------- Total 1,342 1,441 1,602 1,586 1,383 Investment banking Underwriting 720 632 720 865 596 Strategic advisory 160 349 245 297 261 -------- -------- -------- -------- -------- Total 880 981 965 1,162 857 Principal transactions 917 715 1,993 1,182 1,681 Revenues from consolidated investments 142 85 104 186 210 Other 548 613 554 1,110 776 -------- -------- -------- -------- -------- Subtotal 5,356 5,473 6,897 6,999 6,689 Interest and dividend revenues 7,039 8,027 8,664 9,690 10,690 Less interest expense 5,717 6,720 7,599 8,531 9,452 -------- -------- -------- -------- -------- Net interest profit 1,322 1,307 1,065 1,159 1,238 Gain on merger - - - - 1,969 -------- -------- -------- -------- -------- Total Net Revenues 6,678 6,780 7,962 8,158 9,896 -------- -------- -------- -------- -------- Non-Interest Expenses Compensation and benefits 3,270 2,927 5,750 3,980 3,950 Communications and technology 405 412 453 429 485 Brokerage, clearing, and exchange fees 190 217 248 253 268 Occupancy and related depreciation 235 243 241 249 259 Professional fees 173 193 200 196 224 Advertising and market development 138 175 144 191 164 Office supplies and postage 48 59 57 57 53 Expenses of consolidated investments 91 47 47 145 142 Other 192 476 229 309 223 -------- -------- -------- -------- -------- Total Non-Interest Expenses 4,742 4,749 7,369 5,809 5,768 -------- -------- -------- -------- -------- Earnings Before Income Taxes 1,936 2,031 593 2,349 4,128 Income tax expense 560 638 118 716 1,083 -------- -------- -------- -------- -------- Net Earnings $ 1,376 $ 1,393 $ 475 $ 1,633 $ 3,045 - ---------------------------------------------------------------------- Per Common Share Data 3Q05 4Q05 1Q06 2Q06 3Q06 -------- -------- -------- -------- -------- Earnings - Basic $ 1.54 $ 1.56 $ 0.49 $ 1.79 $ 3.50 Earnings - Diluted 1.40 1.41 0.44 1.63 3.17 Dividends paid 0.20 0.20 0.25 0.25 0.25 Book value 34.66 35.82 37.19 37.18 40.52 Est. 18 Merrill Lynch & Co., Inc. Attachment VII - ---------------------------------------------------------------------- Percentage of Quarterly Net Revenues (unaudited) 3Q05 4Q05 1Q06 2Q06 3Q06 ------ ------ ------ ------ ------ Net Revenues Asset management and portfolio service fees Portfolio service fees 10.3% 11.2% 9.4% 9.8% 8.1% Asset management fees 7.9% 8.2% 7.8% 7.9% 6.6% Account fees 1.8% 1.8% 1.4% 1.4% 1.1% Other fees 2.9% 3.0% 2.5% 2.6% 2.2% ------ ------ ------ ------ ------ Total 22.9% 24.2% 21.1% 21.7% 18.0% Commissions Listed and over-the-counter securities 12.3% 12.9% 12.4% 12.6% 8.8% Mutual funds 5.7% 5.9% 6.2% 5.8% 4.3% Other 2.1% 2.5% 1.5% 1.0% 0.9% ------ ------ ------ ------ ------ Total 20.1% 21.3% 20.1% 19.4% 14.0% Investment banking Underwriting 10.8% 9.3% 9.0% 10.6% 6.0% Strategic advisory 2.4% 5.1% 3.1% 3.6% 2.6% ------ ------ ------ ------ ------ Total 13.2% 14.4% 12.1% 14.2% 8.6% Principal transactions 13.7% 10.5% 25.0% 14.5% 17.0% Revenues from consolidated investments 2.1% 1.3% 1.3% 2.3% 2.1% Other 8.2% 9.0% 7.0% 13.7% 7.9% ------ ------ ------ ------ ------ Subtotal 80.2% 80.7% 86.6% 85.8% 67.6% Interest and dividend revenues 105.4% 118.4% 108.8% 118.8% 108.0% Less interest expense 85.6% 99.1% 95.4% 104.6% 95.5% ------ ------ ------ ------ ------ Net interest profit 19.8% 19.3% 13.4% 14.2% 12.5% Gain on merger 0.0% 0.0% 0.0% 0.0% 19.9% ------ ------ ------ ------ ------ Total Net Revenues 100.0% 100.0% 100.0% 100.0% 100.0% ------ ------ ------ ------ ------ Non-Interest Expenses Compensation and benefits 49.0% 43.2% 72.2% 48.8% 39.9% Communications and technology 6.1% 6.1% 5.7% 5.3% 4.9% Brokerage, clearing, and exchange fees 2.8% 3.2% 3.1% 3.1% 2.7% Occupancy and related depreciation 3.5% 3.6% 3.0% 3.1% 2.6% Professional fees 2.6% 2.8% 2.5% 2.4% 2.3% Advertising and market development 2.1% 2.6% 1.8% 2.3% 1.7% Office supplies and postage 0.7% 0.9% 0.7% 0.7% 0.5% Expenses of consolidated investments 1.4% 0.7% 0.6% 1.8% 1.4% Other 2.8% 6.9% 3.0% 3.7% 2.3% ------ ------ ------ ------ ------ Total Non-Interest Expenses 71.0% 70.0% 92.6% 71.2% 58.3% ------ ------ ------ ------ ------ Earnings Before Income Taxes 29.0% 30.0% 7.4% 28.8% 41.7% Income tax expense 8.4% 9.5% 1.4% 8.8% 10.9% ------ ------ ------ ------ ------ Net Earnings 20.6% 20.5% 6.0% 20.0% 30.8% - ---------------------------------------------------------------------- Common shares outstanding (in millions): 3Q05 4Q05 1Q06 2Q06 3Q06 ------ ------ ------ ------ ------ Weighted-average - basic 881.4 876.2 883.7 885.4 855.8 Weighted-average - diluted 968.5 970.7 981.1 973.3 945.3 Period-end 921.7 919.2 933.4 898.1 883.3 - ---------------------------------------------------------------------- 19 Merrill Lynch & Co., Inc. Attachment VIII - ---------------------------------------------------------------------- Supplemental Data (unaudited) (dollars in billions) 3Q05 4Q05 1Q06 2Q06 3Q06 -------- -------- -------- -------- -------- Client Assets Private Client U.S. $ 1,271 $ 1,341 $ 1,381 $ 1,370 $ 1,412 Non - U.S. 113 117 121 124 130 -------- -------- -------- -------- -------- Total Private Client Assets 1,384 1,458 1,502 1,494 1,542 Assets in Annuitized- Revenue Products 496 528 560 559 578 - ---------------------------------------------------------------------- Net New Money All Private Client Accounts (1) $ 11 $ 17 $ 18 $ 7 $ 14 Annuitized-Revenue Products (1) (2) 10 10 13 10 7 - ---------------------------------------------------------------------- Balance Sheet Information: (3) Commercial Paper and Other Short-term Borrowings $ 4.1 $ 3.9 $ 9.4 $ 13.3 $ 8.5 Deposits 77.8 80.0 81.1 79.4 77.9 Long-term Borrowings 129.6 132.4 134.7 140.1 160.4 Long-term debt issued to TOPrS(SM) Partnerships 3.1 3.1 3.1 3.1 3.1 Stockholders' Equity: (3) Preferred Stockholders' Equity 1.7 2.7 3.1 3.1 3.1 Common Stockholders' Equity 31.9 32.9 34.7 33.4 35.8 -------- -------- -------- -------- -------- Total Stockholders' Equity 33.6 35.6 37.8 36.5 38.9 - ---------------------------------------------------------------------- Full-Time Employees (4) (5) 53,100 54,600 55,500 56,000 55,300 Private Client Financial Advisors (6) 14,690 15,160 15,350 15,520 15,700 - ---------------------------------------------------------------------- Note: Certain prior period amounts have been reclassified to conform to the current period presentation. (1) 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 Amvescap retirement business and the Advest acquisition prior to its system conversion in early March 2006. (2) Includes both net new client assets into annuitized-revenue products, as well as existing client assets transferred into annuitized-revenue products. Includes net flows from the majority of annuitized-revenue products but excludes flows in the Amvescap retirement business, as well as certain other annuitized-revenue products. (3) Balance Sheet Information and Stockholders' Equity are estimated for 3Q06. (4) Excludes 200 full-time employees on salary continuation severance at the end of 3Q05 and 4Q05; 300 at the end of 1Q06 and 2Q06, and 200 at the end of 3Q06. (5) Excludes 2,400 MLIM employees that moved over to BlackRock at the end of 3Q06. (6) Includes 140 Financial Advisors associated with the Mitsubishi UFJ joint venture at the end of 2Q06 and 150 at the end of 3Q06. 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: Jessica Oppenheim, 212-449-2107 jessica_oppenheim@ml.com OR Investor Relations: Jonathan Blum, 866-607-1234 investor_relations@ml.com 20