Exhibit 99.2 Merrill Lynch & Co., Inc. Attachment I Preliminary Unaudited Earnings Summary For the Three Months Ended Percent Inc / (Dec) ------------------------------ ------------------- (in millions, except per share December September December amounts) 29, 29, 30, 4Q06 vs. 4Q06 vs. 2006 2006 2005 3Q06 4Q05 ---------- --------- --------- --------- --------- Net Revenues Asset management and portfolio service fees $ 1,305 $ 1,782 $ 1,638 (27)% (20)% Commissions 1,512 1,338 1,407 13 7 Investment banking 1,514 922 1,026 64 48 Principal transactions 2,193 1,673 710 31 209 Revenues from consolidated investments 70 210 85 (67) (18) Other 821 773 612 6 34 ---------- --------- --------- Subtotal 7,415 6,698 5,478 11 35 Interest and dividend revenues 11,544 10,690 8,027 8 44 Less interest expense 10,350 9,452 6,720 10 54 ---------- --------- --------- Net interest profit 1,194 1,238 1,307 (4) (9) ---------- --------- --------- Gain on merger - 1,969 - N/M N/M Total Net Revenues 8,609 9,905 6,785 (13) 27 ---------- --------- --------- Non-Interest Expenses Compensation and benefits 3,324 3,949 2,927 (16) 14 Communications and technology 477 485 412 (2) 16 Brokerage, clearing, and exchange fees 294 278 223 6 32 Occupancy and related depreciation 249 259 243 (4) 2 Professional fees 264 224 193 18 37 Advertising and market development 193 164 175 18 10 Expenses of consolidated investments 46 142 47 (68) (2) Office supplies and postage 59 53 59 11 0 Other 347 223 475 56 (27) ---------- --------- --------- Total Non- Interest Expenses 5,253 5,777 4,754 (9) 10 ---------- --------- --------- Earnings Before Income Taxes 3,356 4,128 2,031 (19) 65 Income tax expense 1,010 1,083 638 (7) 58 ---------- --------- --------- Net Earnings $ 2,346 $ 3,045 $ 1,393 (23) 68 ========== ========= ========= Preferred Stock Dividends $ 50 $ 50 $ 28 0 79 ========== ========= ========= Net Earnings Applicable to Common Stockholders $ 2,296 $ 2,995 $ 1,365 (23) 68 ========== ========= ========= Earnings Per Common Share Basic $ 2.71 $ 3.50 $ 1.56 (23) 74 Diluted $ 2.41 $ 3.17 $ 1.41 (24) 71 Average Shares Used in Computing Earnings Per Common Share Basic 847.4 855.8 876.2 (1) (3) Diluted 952.2 945.3 970.7 1 (2) Annualized Return on Average Common Equity 25.6% 35.4% 16.9% - --------------------------------------------------------------------- N/M = Not Meaningful Note: Certain prior period amounts have been reclassified to conform to the current period presentation. 13 Merrill Lynch & Co., Inc. Attachment II Preliminary Unaudited Earnings Summary For the Year Ended --------------------- (in millions, except per share amounts) Percent December December Inc / 29, 2006 30, 2005 (Dec) ---------- ---------- ---------- Net Revenues Asset management and portfolio service fees $ 6,539 $ 6,031 8 % Commissions 5,952 5,219 14 Investment banking 4,680 3,797 23 Principal transactions 7,034 3,545 98 Revenues from consolidated investments 570 438 30 Other 3,259 2,195 48 ---------- ---------- Subtotal 28,034 21,225 32 Interest and dividend revenues 40,588 26,571 53 Less interest expense 35,932 21,774 65 ---------- ---------- Net interest profit 4,656 4,797 (3) ---------- ---------- Gain on merger 1,969 - N/M Total Net Revenues 34,659 26,022 33 ---------- ---------- Non-Interest Expenses Compensation and benefits 17,003 12,441 37 Communications and technology 1,844 1,608 15 Brokerage, clearing, and exchange fees 1,097 856 28 Occupancy and related depreciation 998 938 6 Professional fees 884 727 22 Advertising and market development 692 599 16 Expenses of consolidated investments 380 258 47 Office supplies and postage 226 210 8 Other 1,109 1,154 (4) ---------- ---------- Total Non-Interest Expenses 24,233 18,791 29 ---------- ---------- Earnings Before Income Taxes 10,426 7,231 44 Income tax expense 2,927 2,115 38 ---------- ---------- Net Earnings $ 7,499 $ 5,116 47 ========== ========== Preferred Stock Dividends $ 188 $ 70 169 ========== ========== Net Earnings Applicable to Common Stockholders $ 7,311 $ 5,046 45 ========== ========== Earnings Per Common Share Basic $ 8.42 $ 5.66 49 Diluted $ 7.59 $ 5.16 47 Average Shares Used in Computing Earnings Per Common Share Basic 868.1 890.7 (3) Diluted 963.0 977.7 (2) Return on Average Common Equity 21.3% 16.0% - --------------------------------------------------------------------- N/M = Not Meaningful Note: Certain prior period amounts have been reclassified to conform to the current period presentation. 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 Earnings For the Three Months Ended Summary September 29, 2006 - -------------------------------- ------------------------------------ (in millions, except per share Excluding amounts) Impact of Impact of BlackRock BlackRock Merger Merger GAAP Basis ------------ ----------- ----------- Net Revenues (a) $ 7,936 $ 1,969 $ 9,905 ------------ ----------- ----------- Non-Interest Expenses Compensation and benefits (b) 3,805 144 3,949 Non-compensation expenses (c) 1,770 58 1,828 ------------ ----------- ----------- Total Non-Interest Expenses 5,575 202 5,777 ------------ ----------- ----------- 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(1) $ 3.50 Diluted $ 2.00 $ 1.17(1) $ 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 BlackRock Merger GAAP Basis ------------------------ Ratio of compensation and benefits to net revenues (b)/(a) 47.9% 39.9% Ratio of non-compensation expenses to net revenues (c)/(a) 22.3% 18.5% Effective Tax Rate (e)/(d) 17.8% 26.2% Pre-tax Profit Margin (d)/(a) 29.8% 41.7% - ---------------------------------------------------------- Average Common Equity $ 33,862 $ 33,862 Impact of the BlackRock merger (276) - ------------------------ Average Common Equity 33,586 33,862 Annualized Return on Average Common Equity 22.5% 35.4% (1) EPS calculated using weighted average shares for the quarter. 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 Unaudited Earnings Summary For the Year Ended December 29, 2006 (1) - ------------------ --------------------------------------------------- Excluding One-time Compensation Expenses & Impact of One- (in millions, Impact of time Impact of except per share BlackRock Compensation BlackRock GAAP amounts) Merger Expenses Merger Basis ------------- -------------- ------------ --------- Net Revenues (a) $ 32,690 $ - $ 1,969 $ 34,659 ------------- -------------- ------------ --------- Non-Interest Expenses Compensation and benefits (b) 15,100 1,759 144 17,003 Non-compensation expenses (c) 7,172 - 58 7,230 ------------- -------------- ------------ --------- Total Non- Interest Expenses 22,272 1,759 202 24,233 ------------- -------------- ------------ --------- Earnings Before Income Taxes (d) 10,418 (1,759) 1,767 10,426 Income Tax Expense (e) 2,847 (582) 662 2,927 ------------- -------------- ------------ --------- Net Earnings $ 7,571 $ (1,177) $ 1,105 $ 7,499 ============= ============== ============ ========= Preferred Stock Dividends $ 188 $ - $ - $ 188 ============= ============== ============ ========= Net Earnings Applicable to Common Stockholders $ 7,383 $ (1,177) $ 1,105 $ 7,311 ============= ============== ============ ========= Earnings Per Common Share Basic $ 8.52 $ (1.37)(2) $ 1.27(2) $ 8.42 Diluted $ 7.68 $ (1.23)(2) $ 1.14(2) $ 7.59 Average Shares Used in Computing Earnings Per Common Share Basic 866.7 1.4 - 868.1 Diluted 961.5 1.5 - 963.0 - ---------------------------------------------------------------------- Financial Ratios For the Year Ended (1) - ------------------ December 29, 2006 ---------------------------- Excluding One-time Compensation Expenses & GAAP Basis Impact of BlackRock Merger ---------------------------- Ratio of compensation and benefits to net revenues (b)/(a) 46.2% 49.1% Ratio of non- compensation expenses to net revenues (c)/(a) 21.9% 20.9% Effective Tax Rate (e)/(d) 27.3% 28.1% Pre-tax Profit Margin (d)/(a) 31.9% 30.1% - ----------------------------------------------- Average Common Equity $ 34,354 $ 34,354 Impact of one-time compensation expenses and the BlackRock merger (130) - ---------------------------- Average Common Equity 34,224 34,354 Return on Average Common Equity 21.6% 21.3% (1) For purposes of comparison with previously published results, data excluding the impact of the one-time compensation expenses and the BlackRock merger assumes the impact is limited to the first and third quarter of 2006, respectively. (2) EPS calculated using weighted average shares for the year. 16 Merrill Lynch & Co., Inc. Attachment V Preliminary Segment Data (unaudited) Percent Inc / For the Three Months Ended (Dec) ------------------------------ ---------- 4Q06 4Q06 Dec. 29, Sept. 29, Dec. 30, vs. vs. (dollars in millions) 2006 2006 2005 3Q06 4Q05 ---------- ---------- -------- ---- ---- Global Markets & Investment Banking Global Markets FICC $ 2,303 $ 2,081 $ 1,352 11 % 70 % Equity Markets 1,761 1,519 1,182 16 49 ---------- ---------- -------- Total Global Markets net revenues 4,064 3,600 2,534 13 60 Investment Banking (1) Origination: Debt 540 366 302 48 79 Equity 475 193 268 146 77 Strategic Advisory Services 286 260 350 10 (18) ---------- ---------- -------- Total Investment Banking net revenues 1,301 819 920 59 41 ---------- ---------- -------- Total net revenues (a) 5,365 4,419 3,454 21 55 ---------- ---------- -------- Pre-tax earnings 2,598 1,472 1,498 76 73 Impact of one-time compensation expenses - - - N/M N/M ---------- ---------- -------- Pre-tax earnings excluding one-time compensation expenses (b) 2,598 1,472 1,498 76 73 Pre-tax profit margin 48.4% 33.3% 43.4% Pre-tax profit margin excluding one-time compensation expenses (b)/(a) 48.4% 33.3% 43.4% --------------------------------------------------------------------- Global Wealth Management Global Private Client Fee-based revenues $ 1,523 $ 1,444 $ 1,362 5 % 12 % Transactional and origination revenues 890 685 838 30 6 Net interest profit and related hedges(2) 569 519 520 10 9 Other revenues 94 77 84 22 12 ---------- ---------- -------- Total Global Private Client net revenues 3,076 2,725 2,804 13 10 ---------- ---------- -------- Global Investment Management net revenues 211 87 117 143 80 ---------- ---------- -------- Total net revenues (a) 3,287 2,812 2,921 17 13 ---------- ---------- -------- Pre-tax earnings 759 598 639 27 19 Impact of one-time compensation expenses - - - N/M N/M ---------- ---------- -------- Pre-tax earnings excluding one-time compensation expenses (b) 759 598 639 27 19 Pre-tax profit margin 23.1% 21.3% 21.9% Pre-tax profit margin excluding one-time compensation expenses (b)/(a) 23.1% 21.3% 21.9% --------------------------------------------------------------------- Merrill Lynch Investment Managers Total net revenues (a)$ - $ 700 $ 533 N/M %N/M % ---------- ---------- -------- Pre-tax earnings - 284 176 N/M N/M Impact of one-time compensation expenses - - - N/M N/M ---------- ---------- -------- Pre-tax earnings excluding one-time compensation expenses (b) - 284 176 N/M N/M Pre-tax profit margin 40.6% 33.0% Pre-tax profit margin excluding one-time compensation expenses (b)/(a) 40.6% 33.0% --------------------------------------------------------------------- Corporate Total net revenues $ (43) $ 1,974 $ (123) N/M %(65)% Impact of BlackRock merger - (1,969) - N/M N/M ---------- ---------- -------- Total net revenues excluding the BlackRock merger (43) 5 (123) N/M (65) Pre-tax earnings (1) 1,774 (282) N/M N/M Impact of BlackRock merger - (1,767) - N/M N/M ---------- ---------- -------- Pre-tax earnings excluding the BlackRock merger (1) 7 (282) N/M N/M --------------------------------------------------------------------- Total Total net revenues $ 8,609 $ 9,905 $ 6,785 (13)% 27 % Impact of BlackRock merger - (1,969) - N/M N/M ---------- ---------- -------- Total net revenues excluding the BlackRock merger (a) 8,609 7,936 6,785 8 27 Pre-tax earnings 3,356 4,128 2,031 (19) 65 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) 3,356 2,361 2,031 42 65 Pre-tax profit margin 39.0% 41.7% 29.9% Pre-tax profit margin excluding BlackRock merger and one-time compensation expenses (b)/(a) 39.0% 29.8% 29.9% --------------------------------------------------------------------- Merrill Lynch & Co., Inc. Preliminary Segment Data (unaudited) For the Year Ended ------------------ Dec. 29, Dec. 30, Percent (dollars in millions) 2006 2005 Inc / (Dec) ------------------------------- Global Markets & Investment Banking Global Markets FICC $ 8,133 $ 6,210 31 % Equity Markets 6,730 4,356 54 ------------------- Total Global Markets net revenues 14,863 10,566 41 Investment Banking (1) Origination: Debt 1,735 1,444 20 Equity 1,220 952 28 Strategic Advisory Services 1,099 882 25 ------------------- Total Investment Banking net revenues 4,054 3,278 24 ------------------- Total net revenues (a) 18,917 13,844 37 ------------------- Pre-tax earnings 5,751 4,990 15 Impact of one-time compensation expenses 1,369 - N/M ------------------- Pre-tax earnings excluding one-time compensation expenses (b) 7,120 4,990 43 Pre-tax profit margin 30.4% 36.0% Pre-tax profit margin excluding one-time compensation expenses (b)/(a) 37.6% 36.0% -------------------------------------------------------------------- Global Wealth Management Global Private Client Fee-based revenues $ 5,813 $ 5,062 15 % Transactional and origination revenues 3,301 3,207 3 Net interest profit and related hedges(2) 2,148 1,808 19 Other revenues 304 316 (4) ------------------- Total Global Private Client net revenues 11,566 10,393 11 ------------------- Global Investment Management net revenues 541 409 32 ------------------- Total net revenues (a) 12,107 10,802 12 ------------------- Pre-tax earnings 2,447 2,215 10 Impact of one-time compensation expenses 281 - N/M ------------------- Pre-tax earnings excluding one- time compensation expenses (b) 2,728 2,215 23 Pre-tax profit margin 20.2% 20.5% Pre-tax profit margin excluding one-time compensation expenses (b)/(a) 22.5% 20.5% -------------------------------------------------------------------- Merrill Lynch Investment Managers Total net revenues (a) $ 1,900 $ 1,807 5 % ------------------- Pre-tax earnings 637 586 9 Impact of one-time compensation expenses 109 - N/M ------------------- Pre-tax earnings excluding one- time compensation expenses (b) 746 586 27 Pre-tax profit margin 33.5% 32.4% Pre-tax profit margin excluding one-time compensation expenses (b)/(a) 39.3% 32.4% -------------------------------------------------------------------- Corporate Total net revenues $ 1,735 $ (431) N/M % Impact of BlackRock merger (1,969) - N/M ------------------- Total net revenues excluding the BlackRock merger (234) (431) (46) Pre-tax earnings 1,591 (560) N/M Impact of BlackRock merger (1,767) - N/M ------------------- Pre-tax earnings excluding the BlackRock merger (176) (560) (69) -------------------------------------------------------------------- Total Total net revenues $ 34,659 $ 26,022 33 % Impact of BlackRock merger (1,969) - N/M ------------------- Total net revenues excluding the BlackRock merger (a) 32,690 26,022 26 Pre-tax earnings 10,426 7,231 44 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) 10,418 7,231 44 Pre-tax profit margin 30.1% 27.8% Pre-tax profit margin excluding BlackRock merger and one-time compensation expenses (b)/(a) 31.9% 27.8% -------------------------------------------------------------------- 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 Wealth Management segment. (2) Includes interest component of non-qualifying derivatives which are included in Other Revenues. 17 Merrill Lynch & Co., Inc. Attachment VI Consolidated Quarterly Earnings (unaudited) (in millions) 4Q05 1Q06 2Q06 3Q06 4Q06 --------- -------- -------- -------- -------- Net Revenues Asset management and portfolio service fees Portfolio service fees $ 760 $ 747 $ 797 $ 801 $ 833 Asset management fees 556 619 641 657 150 Account fees 123 111 114 113 115 Other fees 199 202 221 211 207 --------- -------- -------- -------- -------- Total 1,638 1,679 1,773 1,782 1,305 Commissions Listed and over- the-counter securities 844 948 982 824 912 Mutual funds 401 490 470 426 485 Other 162 122 90 88 115 --------- -------- -------- -------- -------- Total 1,407 1,560 1,542 1,338 1,512 Investment banking Underwriting 677 778 924 660 1,227 Strategic advisory 349 245 297 262 287 --------- -------- -------- -------- -------- Total 1,026 1,023 1,221 922 1,514 Principal transactions 710 1,988 1,180 1,673 2,193 Revenues from consolidated investments 85 104 186 210 70 Other 612 553 1,112 773 821 --------- -------- -------- -------- -------- Subtotal 5,478 6,907 7,014 6,698 7,415 Interest and dividend revenues 8,027 8,664 9,690 10,690 11,544 Less interest expense 6,720 7,599 8,531 9,452 10,350 --------- -------- -------- -------- -------- Net interest profit 1,307 1,065 1,159 1,238 1,194 Gain on merger - - - 1,969 - --------- -------- -------- -------- -------- Total Net Revenues 6,785 7,972 8,173 9,905 8,609 --------- -------- -------- -------- -------- Non-Interest Expenses Compensation and benefits 2,927 5,750 3,980 3,949 3,324 Communications and technology 412 453 429 485 477 Brokerage, clearing, and exchange fees 223 259 266 278 294 Occupancy and related depreciation 243 241 249 259 249 Professional fees 193 200 196 224 264 Advertising and market development 175 144 191 164 193 Office supplies and postage 59 57 57 53 59 Expenses of consolidated investments 47 47 145 142 46 Other 475 228 311 223 347 --------- -------- -------- -------- -------- Total Non-Interest Expenses 4,754 7,379 5,824 5,777 5,253 --------- -------- -------- -------- -------- Earnings Before Income Taxes 2,031 593 2,349 4,128 3,356 Income tax expense 638 118 716 1,083 1,010 --------- -------- -------- -------- -------- Net Earnings $ 1,393 $ 475 $ 1,633 $ 3,045 $ 2,346 - ------------------------------------------------------------- -------- Per Common Share Data 4Q05 1Q06 2Q06 3Q06 4Q06 --------- -------- -------- -------- -------- Earnings - Basic $ 1.56 $ 0.49 $ 1.79 $ 3.50 $ 2.71 Earnings - Diluted 1.41 0.44 1.63 3.17 2.41 Dividends paid 0.20 0.25 0.25 0.25 0.25 Book value 35.82 37.19 37.18 40.22 41.37 est. - ---------------------------------------------------------------------- Note: Certain prior period amounts have been reclassified to conform to the current period presentation. 18 Merrill Lynch & Co., Inc. Attachment VII Percentage of Quarterly Net Revenues (unaudited) 4Q05 1Q06 2Q06 3Q06 4Q06 ------- ------- ------- ------- ------- Net Revenues Asset management and portfolio service fees Portfolio service fees 11.2% 9.4% 9.8% 8.1% 9.7% Asset management fees 8.2% 7.8% 7.8% 6.6% 1.7% Account fees 1.8% 1.4% 1.4% 1.1% 1.3% Other fees 2.9% 2.5% 2.7% 2.2% 2.5% ------- ------- ------- ------- ------- Total 24.1% 21.1% 21.7% 18.0% 15.2% Commissions Listed and over-the- counter securities 12.4% 11.9% 12.0% 8.3% 10.6% Mutual funds 5.9% 6.1% 5.8% 4.3% 5.6% Other 2.4% 1.6% 1.1% 0.9% 1.4% ------- ------- ------- ------- ------- Total 20.7% 19.6% 18.9% 13.5% 17.6% Investment banking Underwriting 10.0% 9.8% 11.3% 6.7% 14.3% Strategic advisory 5.1% 3.1% 3.6% 2.6% 3.3% ------- ------- ------- ------- ------- Total 15.1% 12.9% 14.9% 9.3% 17.6% Principal transactions 10.5% 24.9% 14.4% 16.9% 25.5% Revenues from consolidated investments 1.3% 1.3% 2.3% 2.1% 0.8% Other 9.0% 6.8% 13.6% 7.8% 9.4% ------- ------- ------- ------- ------- Subtotal 80.7% 86.6% 85.8% 67.6% 86.1% Interest and dividend revenues 118.3% 108.7% 118.6% 107.9% 134.1% Less interest expense 99.0% 95.3% 104.4% 95.4% 120.2% ------- ------- ------- ------- ------- Net interest profit 19.3% 13.4% 14.2% 12.5% 13.9% Gain on merger 0.0% 0.0% 0.0% 19.9% 0.0% ------- ------- ------- ------- ------- Total Net Revenues 100.0% 100.0% 100.0% 100.0% 100.0% ------- ------- ------- ------- ------- Non-Interest Expenses Compensation and benefits 43.1% 72.1% 48.7% 39.9% 38.6% Communications and technology 6.1% 5.7% 5.2% 4.9% 5.5% Brokerage, clearing, and exchange fees 3.3% 3.2% 3.3% 2.8% 3.4% Occupancy and related depreciation 3.6% 3.0% 3.0% 2.6% 2.9% Professional fees 2.8% 2.5% 2.4% 2.3% 3.1% Advertising and market development 2.6% 1.8% 2.3% 1.7% 2.2% Office supplies and postage 0.9% 0.7% 0.7% 0.5% 0.7% Expenses of consolidated investments 0.7% 0.6% 1.8% 1.4% 0.5% Other 7.0% 3.0% 3.9% 2.2% 4.1% ------- ------- ------- ------- ------- Total Non-Interest Expenses 70.1% 92.6% 71.3% 58.3% 61.0% ------- ------- ------- ------- ------- Earnings Before Income Taxes 29.9% 7.4% 28.7% 41.7% 39.0% Income tax expense 9.4% 1.4% 8.7% 11.0% 11.7% ------- ------- ------- ------- ------- Net Earnings 20.5% 6.0% 20.0% 30.7% 27.3% - -------------------------------------------------------------- ------- Common shares outstanding (in millions): 4Q05 1Q06 2Q06 3Q06 4Q06 ------- ------- ------- ------- ------- Weighted-average - basic 876.2 883.7 885.4 855.8 847.4 Weighted-average - diluted 970.7 981.1 973.3 945.3 952.2 Period-end 919.2 933.4 898.1 883.3 868.0 - ---------------------------------------------------------------------- Note: Certain prior period amounts have been reclassified to conform to the current period presentation. 19 Merrill Lynch & Co., Attachment VIII Inc. Supplemental Data (unaudited) (dollars in billions) 4Q05 1Q06 2Q06 3Q06 4Q06 -------- -------- --------- ---------- ---------- Client Assets Private Client U.S. $ 1,341 $ 1,381 $ 1,370 $ 1,412 $ 1,483 Non - U.S. 117 121 124 130 136 -------- -------- --------- ---------- ---------- Total Private Client Assets 1,458 1,502 1,494 1,542 1,619 Assets in Annuitized- Revenue Products 528 560 559 578 613 ------------------------------------------------------------------- Net New Money All Private Client Accounts (1) $ 17 $ 18 $ 7 $ 14 $ 22 Annuitized- Revenue Products (1) (2) 10 13 10 7 18 ------------------------------------------------------------------- Balance Sheet Information: (3) Commercial Paper and Other Short- term Borrowings $ 3.9 $ 9.4 $ 13.4 $ 8.5 $ 18.0 Deposits 80.0 81.1 79.4 77.9 84.1 Long-term Borrowings 132.4 134.7 140.0 160.4 181.6 Long-term debt related to trust preferred issuances 3.1 3.1 3.1 3.1 3.8 Stockholders' Equity: (3) Preferred Stockholders' Equity 2.7 3.1 3.1 3.1 3.1 Common Stockholders' Equity 32.9 34.7 33.4 35.6 35.9 -------- -------- --------- ---------- ---------- Total Stockholders' Equity 35.6 37.8 36.5 38.7 39.0 ------------------------------------------------------------------- Full-Time Employees (4) 54,600 55,500 56,000 55,300(5) 56,200(5) Private Client Financial Advisors (6) 15,160 15,350 15,520 15,700 15,880 ------------------------------------------------------------------- Note: Certain prior period amounts have been reclassified to conform to the current period presentation. (1)GWM 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. Net new money also excludes inflows at BlackRock from distribution channels other than Merrill Lynch. (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 4Q06. (4)Excludes 200 full-time employees on salary continuation severance at the end of 4Q05, 300 at the end of 1Q06 and 2Q06, 200 at the end of 3Q06 and 100 at the end of 4Q06. (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 and 4Q06. 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 20