Exhibit 99.2 Merrill Lynch & Co., Inc. Attachment I Preliminary Unaudited Earnings Summary For the Three Months Ended Percent Inc / (Dec) ---------------------------- ------------------- (in millions, except Sept. 28, June 29, Sept. 29, 3Q07 vs. 3Q07 vs. per share amounts) 2007 2007 2006 2Q07 3Q06 --------- -------- --------- -------- -------- Net revenues Principal transactions $ (5,930) $ 3,547 $ 1,673 N/M % N/M % Commissions 1,860 1,795 1,345 4 38 Investment banking 1,281 1,538 922 (17) 39 Managed accounts and other fee- based revenues 1,397 1,352 1,714 3 (18) Revenues from consolidated investments 508 133 210 282 142 Other (1) (918) 716 773 N/M N/M --------- -------- --------- Subtotal (1,802) 9,081 6,637 N/M N/M Gain on merger - - 1,969 N/M N/M Interest and dividend revenues 15,787 14,635 10,651 8 48 Less interest expense 13,408 14,052 9,424 (5) 42 --------- -------- --------- Net interest profit 2,379 583 1,227 308 94 --------- -------- --------- Total net revenues 577 9,664 9,833 (94) (94) --------- -------- --------- Non-interest expenses Compensation and benefits 1,992 4,760 3,942 (58) (49) Communications and technology 499 484 484 3 3 Brokerage, clearing, and exchange fees 365 346 278 5 31 Occupancy and related depreciation 297 276 259 8 15 Professional fees 243 244 223 (0) 9 Advertising and market development 182 201 163 (9) 12 Expenses of consolidated investments 68 43 142 58 (52) Office supplies and postage 55 56 53 (2) 4 Other 341 263 199 30 71 --------- -------- --------- Total non-interest expenses 4,042 6,673 5,743 (39) (30) --------- -------- --------- (Loss)/earnings from continuing operations before income taxes (3,465) 2,991 4,090 N/M N/M Income tax (benefit)/expense (1,199) 872 1,071 N/M N/M --------- -------- --------- Net (loss)/earnings from continuing operations (2,266) 2,119 3,019 N/M N/M --------- -------- --------- Discontinued operations: Earnings from discontinued operations 38 32 38 19 0 Income tax expense 13 12 12 8 8 --------- -------- --------- Net earnings from discontinued operations 25 20 26 25 (4) --------- -------- --------- Net (loss)/earnings $ (2,241) $ 2,139 $ 3,045 N/M N/M ========= ======== ========= Preferred stock dividends $ 73 $ 72 $ 50 1 46 ========= ======== ========= Net (loss)/earnings applicable to common stockholders $ (2,314) $ 2,067 $ 2,995 N/M N/M ========= ======== ========= Basic (loss)/earnings per common share from continuing operations (2.85) 2.46 3.47 N/M N/M Basic earnings per common share from discontinued operations 0.03 0.02 0.03 50 0 --------- -------- --------- Basic (loss)/earnings per common share $ (2.82) $ 2.48 $ 3.50 N/M N/M Diluted (loss)/earnings per common share from continuing operations (2.85) 2.22 3.14 N/M N/M Diluted earnings per common share from discontinued operations 0.03 0.02 0.03 50 0 --------- -------- --------- Diluted (loss)/earnings per common share $ (2.82) $ 2.24 $ 3.17 N/M N/M Average shares used in computing earnings per common share Basic 821.6 833.8 855.8 (1) (4) Diluted 821.6 923.3 945.3 (11) (13) Annualized return on average common equity from continuing operations N/M 22.1% 35.1% Annualized return on average common equity N/M 22.4% 35.4% - ---------------------------------------------------------------------- N/M = Not Meaningful Note: Certain prior period amounts have been reclassified to conform to the current period presentation. (1) Includes losses related to valuation allowances taken on held-for- sale loans. 12 Merrill Lynch & Co., Inc. Attachment II Preliminary Unaudited Earnings Summary For the Nine Months Ended ------------------------------------- (in millions, except per share Sept. 28, Sept. 29, Percent amounts) 2007 2006 Inc / (Dec) ------------- ----------- ----------- Net revenues Principal transactions $ 351 $ 4,841 (93)% Commissions 5,360 4,462 20 Investment banking 4,333 3,166 37 Managed accounts and other fee-based revenues 4,038 5,047 (20) Revenues from consolidated investments 772 500 54 Other (1) 880 2,436 (64) ------------- ----------- Subtotal 15,734 20,452 (23) Interest and dividend revenues 43,346 28,928 50 Less interest expense 39,055 25,500 53 ------------- ----------- Net interest profit 4,291 3,428 25 ------------- ----------- Gain on merger - 1,969 Total net revenues 20,025 25,849 (23) ------------- ----------- Non-interest expenses Compensation and benefits 11,640 13,662 (15) Communications and technology 1,462 1,365 7 Brokerage, clearing, and exchange fees 1,021 803 27 Occupancy and related depreciation 838 749 12 Professional fees 711 617 15 Advertising and market development 540 498 8 Expenses of consolidated investments 170 334 (49) Office supplies and postage 170 167 2 Other 910 687 32 ------------- ----------- Total non-interest expenses 17,462 18,882 (8) ------------- ----------- Earnings from continuing operations before income taxes 2,563 6,967 (63) Income tax expense 592 1,883 (69) ------------- ----------- Net earnings from continuing operations 1,971 5,084 (61) ------------- ----------- Discontinued operations: Earnings from discontinued operations 128 103 24 Income tax expense 43 34 26 ------------- ----------- Net earnings from discontinued operations 85 69 23 ------------- ----------- Net earnings $ 2,056 $ 5,153 (60) ============= =========== Preferred stock dividends $ 197 $ 138 43 ============= =========== Net earnings applicable to common stockholders $ 1,859 $ 5,015 (63) ============= =========== Basic earnings per common share from continuing operations 2.13 5.65 (62) Basic earnings per common share from discontinued operations 0.10 0.08 25 ------------- ----------- Basic earnings per common share $ 2.23 $ 5.73 (61) Diluted earnings per common share from continuing operations 1.94 5.12 (62) Diluted earnings per common share from discontinued operations 0.09 0.07 29 ------------- ----------- Diluted earnings per common share $ 2.03 $ 5.19 (61) Average shares used in computing earnings per common share Basic 832.2 875.0 (5) Diluted 916.3 966.6 (5) Annualized return on average common equity from continuing operations 6.5% 19.5% Annualized return on average common equity 6.8% 19.7% - --------------------------------------------------------------------- Note: Certain prior period amounts have been reclassified to conform to the current period presentation. (1) Includes losses related to valuation allowances taken on held-for- sale loans. 13 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. - ---------------------------------------------------------------------- Unaudited Earnings Summary For the Three Months Ended September 29, 2006 - ---------------------- ----------------------------------------------- (in millions, except Excluding Impact of Impact of per share amounts) BlackRock Merger BlackRock Merger GAAP Basis ------------------- ---------------- ---------- Net revenues (a) $ 7,864 $ 1,969 $ 9,833 ------------------- ---------------- ---------- Non-interest expenses Compensation and benefits (b) 3,798 144 3,942 Non-compensation expenses (c) 1,743 58 1,801 ------------------- ---------------- ---------- Total non-interest expenses 5,541 202 5,743 ------------------- ---------------- ---------- Earnings from continuing operations before income taxes (d) 2,323 1,767 4,090 Income tax expense (e) 409 662 1,071 ------------------- ---------------- ---------- Net earnings from continuing operations $ 1,914 $ 1,105 $ 3,019 ------------------- ---------------- ---------- Earnings from discontinued operations before income taxes $ 38 $ - $ 38 Income tax expense 12 - 12 ------------------- ---------------- ---------- Net earnings from discontinued operations $ 26 $ - $ 26 ------------------- ---------------- ---------- 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 =================== ================ ========== Basic earnings per common share from continuing operations $ 2.18 $ 1.29 $ 3.47 Basic earnings per common share from discontinued operations 0.03 - 0.03 ------------------- ---------------- ---------- Basic earnings per common share $ 2.21 $ 1.29 $ 3.50 ------------------- ---------------- ---------- Diluted earnings per common share from continuing operations $ 1.97 $ 1.17 $ 3.14 Diluted earnings per common share from discontinued operations 0.03 - 0.03 ------------------- ---------------- ---------- Diluted earnings per common share $ 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) 48.3% 40.1% Ratio of non- compensation and benefits to net revenues (c)/(a) 22.2% 18.3% Effective tax rate (e)/(d) 17.6% 26.2% Pre-tax profit margin (d)/(a) 29.5% 41.6% - ----------------------------------------------------------- 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 from continuing operations 22.2% 35.1% Annualized return on average common equity 22.5% 35.4% 14 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. - ---------------------------------------------------------------------- Unaudited Earnings Summary For the Nine Months Ended September 29, 2006 (1) - ------------------- -------------------------------------------------- Excluding One-time Compensation Impact of (in millions, Expenses One-time Impact of except per share & Impact of Compensation BlackRock amounts) BlackRock Merger Expenses Merger GAAP Basis -------------------------------------------------- Net revenues (a) $ 23,880 $ - $ 1,969 $ 25,849 ---------------- ------------ --------- ---------- Non-interest expenses Compensation and benefits (b) 11,759 1,759 144 13,662 Non-compensation expenses (c) 5,162 - 58 5,220 ---------------- ------------ --------- ---------- Total non- interest expenses 16,921 1,759 202 18,882 ---------------- ------------ --------- ---------- Earnings from continuing operations before income taxes (d) 6,959 (1,759) 1,767 6,967 Income tax expense (e) 1,803 (582) 662 1,883 ---------------- ------------ --------- ---------- Net earnings from continuing operations $ 5,156 $ (1,177) $ 1,105 $ 5,084 ---------------- ------------ --------- ---------- Earnings from discontinued operations before income taxes $ 103 $ - $ - $ 103 Income tax expense 34 - - 34 ---------------- ------------ --------- ---------- Net earnings from discontinued operations $ 69 $ - $ - $ 69 ---------------- ------------ --------- ---------- 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 ================ ============ ========= ========== Basic earnings per common share from continuing operations $ 5.75 $ (1.35) $ 1.25 $ 5.65 Basic earnings per common share from discontinued operations 0.08 - - 0.08 ---------------- ------------ --------- ---------- Basic earnings per common share $ 5.83 $ (1.35) $ 1.25 $ 5.73 ---------------- ------------ --------- ---------- Diluted earnings per common share from continuing operations $ 5.20 $ (1.22) $ 1.14 $ 5.12 Diluted earnings per common share from discontinued operations 0.07 - - 0.07 ---------------- ------------ --------- ---------- Diluted earnings per common share $ 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 Compensation Expenses & Impact of BlackRock Merger GAAP Basis ----------------------------- Ratio of compensation and benefits to net revenues (b)/(a) 49.2% 52.9% Ratio of non- compensation and benefits to net revenues (c)/(a) 21.6% 20.2% Effective tax rate (e)/(d) 25.9% 27.0% Pre-tax profit margin (d)/(a) 29.1% 27.0% - ------------------------------------------------- Average common equity $ 33,887 $ 33,887 Impact of one-time compensation expenses and the BlackRock merger (256) - ----------------------------- Average common equity 33,631 33,887 Annualized return on average common equity from continuing operations 19.9% 19.5% 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. 15 Merrill Lynch & Co., Inc. Attachment V Preliminary Segment Data (unaudited) For the Three Months Ended Percent Inc / (Dec) ------------------------------------------------- (dollars in Sept. 28, June 29, Sept. 29, 3Q07 vs. 3Q07 vs. millions) 2007 2007 2006 2Q07 3Q06 --------- -------- --------- --------- -------- Global Markets & Investment Banking Global Markets FICC $(5,572) $2,618 $ 2,081 N/M % N/M % Equity Markets 1,581 2,148 1,519 (26) 4 --------- -------- --------- Total Global Markets net revenues (3,991) 4,766 3,600 N/M N/M Investment Banking (1) Origination: Debt 281 479 366 (41) (23) Equity 344 547 193 (37) 78 Strategic Advisory Services 385 397 260 (3) 48 --------- -------- --------- Total Investment Banking net revenues 1,010 1,423 819 (29) 23 --------- -------- --------- Total net revenues (a) (2,981) 6,189 4,419 N/M N/M --------- -------- --------- Pre-tax earnings / (loss) from continuing operations (4,439) 2,102 1,472 N/M N/M Impact of one- time compensation expenses - - - N/M N/M --------- -------- --------- Pre-tax earnings / (loss) from continuing operations excluding one-time compensation expenses (b) (4,439) 2,102 1,472 N/M N/M Pre-tax profit margin N/M 34.0% 33.3% Pre-tax profit margin excluding one-time compensation expenses (b)/(a) N/M 34.0% 33.3% - ---------------------------------------------------------------------- Global Wealth Management Global Private Client Fee-based revenues $ 1,605 $1,544 $ 1,361 4 18 Transactional and origination revenues 989 1,015 708 (3) 40 Net interest profit and related hedges(2) 584 577 508 1 15 Other revenues 90 113 76 (20) 18 --------- -------- --------- Total Global Private Client net revenues 3,268 3,249 2,653 1 23 --------- -------- --------- Global Investment Management net revenues 270 305 87 (11) 210 --------- -------- --------- Total net revenues (a) 3,538 3,554 2,740 (0) 29 --------- -------- --------- Pre-tax earnings from continuing operations 953 979 560 (3) 70 Impact of one- time compensation expenses - - - N/M N/M --------- -------- --------- Pre-tax earnings from continuing operations excluding one-time compensation expenses (b) 953 979 560 (3) 70 Pre-tax profit margin 26.9% 27.5% 20.4% Pre-tax profit margin excluding one- time compensation expenses (b)/(a) 26.9% 27.5% 20.4% - ---------------------------------------------------------------------- Merrill Lynch Investment Managers Total net revenues (a) $ - $ - $ 700 N/M N/M Pre-tax earnings from continuing operations - - 284 N/M N/M Impact of one- time compensation expenses - - - N/M N/M --------- -------- --------- Pre-tax earnings from continuing operations excluding one-time compensation expenses (b) - - 284 N/M N/M Pre-tax profit margin - - 40.6% Pre-tax profit margin excluding one- time compensation expenses (b)/(a) - - 40.6% - ---------------------------------------------------------------------- Corporate Total net revenues $ 20 $ (79) $ 1,974 N/M (99) Impact of BlackRock merger - - 1,969 N/M N/M --------- -------- --------- Total net revenues excluding the BlackRock merger 20 (79) 5 N/M 300 Pre-tax earnings / (loss) from continuing operations 21 (90) 1,774 N/M (99) Impact of BlackRock merger - - (1,767) N/M N/M --------- -------- --------- Pre-tax earnings / (loss) from continuing operations excluding the BlackRock merger 21 (90) 7 N/M 200 - ---------------------------------------------------------------------- Total Total net revenues (a) $ 577 $9,664 $ 9,833 (94) (94) Impact of BlackRock merger - - 1,969 N/M N/M --------- -------- --------- Total net revenues excluding the BlackRock merger 577 9,664 7,864 (94) (93) Pre-tax earnings / (loss) from continuing operations (3,465) 2,991 4,090 N/M N/M Impact of BlackRock merger - - (1,767) N/M N/M Impact of one- time compensation expenses - - - N/M N/M --------- -------- --------- Pre-tax earnings / (loss) from continuing operations excluding BlackRock merger and one-time compensation expenses (b) (3,465) 2,991 2,323 N/M N/M Pre-tax profit margin N/M 30.9% 41.6% Pre-tax profit margin excluding BlackRock merger and one-time compensation expenses (b)/(a) N/M 30.9% 29.5% - ---------------------------------------------------------------------- Preliminary Segment Data (unaudited) For the Nine Months Ended ------------------------------------ Sept. 28, Sept. 29, Percent (dollars in millions) 2007 2006 Inc / (Dec) ------------- ----------- ----------- Global Markets & Investment Banking Global Markets FICC $ (153) $ 5,830 N/M % Equity Markets 6,115 4,969 23 ------------- ----------- Total Global Markets net revenues 5,962 10,799 (45) Investment Banking (1) Origination: Debt 1,351 1,195 13 Equity 1,254 745 68 Strategic Advisory Services 1,181 813 45 ------------- ----------- Total Investment Banking net revenues 3,786 2,753 38 ------------- ----------- Total net revenues (a) 9,748 13,552 (28) ------------- ----------- Pre-tax earnings / (loss) from continuing operations 6 3,153 (100) Impact of one-time compensation expenses - 1,369 N/M ------------- ----------- Pre-tax earnings / (loss) from continuing operations excluding one-time compensation expenses (b) 6 4,522 (100) Pre-tax profit margin 0.1% 23.3% Pre-tax profit margin excluding one-time compensation expenses (b)/(a) 0.1% 33.4% - ---------------------------------------------------------------------- Global Wealth Management Global Private Client Fee-based revenues $ 4,622 $ 4,057 14 Transactional and origination revenues 2,915 2,480 18 Net interest profit and related hedges(2) 1,753 1,545 13 Other revenues 300 207 45 ------------- ----------- Total Global Private Client net revenues 9,590 8,289 16 ------------- ----------- Global Investment Management net revenues 836 330 153 ------------- ----------- Total net revenues (a) 10,426 8,619 21 ------------- ----------- Pre-tax earnings from continuing operations 2,716 1,585 71 Impact of one-time compensation expenses - 281 N/M ------------- ----------- Pre-tax earnings from continuing operations excluding one-time compensation expenses (b) 2,716 1,866 46 Pre-tax profit margin 26.1% 18.4% Pre-tax profit margin excluding one-time compensation expenses (b)/(a) 26.1% 21.6% - ---------------------------------------------------------------------- Merrill Lynch Investment Managers Total net revenues (a) $ - $ 1,900 N/M Pre-tax earnings from continuing operations - 637 N/M Impact of one-time compensation expenses - 109 N/M ------------- ----------- Pre-tax earnings from continuing operations excluding one-time compensation expenses (b) - 746 N/M Pre-tax profit margin - 33.5% Pre-tax profit margin excluding one-time compensation expenses (b)/(a) - 39.3% - ---------------------------------------------------------------------- Corporate Total net revenues $ (149) $ 1,778 N/M Impact of BlackRock merger - 1,969 N/M ------------- ----------- Total net revenues excluding the BlackRock merger (149) (191) (22) Pre-tax earnings / (loss) from continuing operations (159) 1,592 N/M Impact of BlackRock merger - (1,767) N/M ------------- ----------- Pre-tax earnings / (loss) from continuing operations excluding the BlackRock merger (159) (175) (9) - ---------------------------------------------------------------------- Total Total net revenues (a) $ 20,025 $ 25,849 (23) Impact of BlackRock merger - 1,969 N/M ------------- ----------- Total net revenues excluding the BlackRock merger 20,025 23,880 (16) Pre-tax earnings / (loss) from continuing operations 2,563 6,967 (63) Impact of BlackRock merger - (1,767) N/M Impact of one-time compensation expenses - 1,759 N/M ------------- ----------- Pre-tax earnings / (loss) from continuing operations excluding BlackRock merger and one-time compensation expenses (b) 2,563 6,959 (63) Pre-tax profit margin 12.8% 27.0% Pre-tax profit margin excluding BlackRock merger and one-time compensation expenses (b)/(a) 12.8% 29.1% - ---------------------------------------------------------------------- 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 Global Wealth Management. (2) Includes interest component of non-qualifying derivatives which are included in Other Revenues in Attachments I & II. 16 Merrill Lynch & Co., Inc. Attachment VI Consolidated Quarterly Earnings (unaudited) (in millions) 3Q06 4Q06 1Q07 2Q07 3Q07 ------- ------- ------- ------- -------- Net Revenues Principal transactions $ 1,673 $ 2,193 $ 2,734 $ 3,547 $(5,930) Commissions Listed and over-the- counter securities 881 978 1,126 1,203 1,278 Mutual funds 426 485 521 541 522 Other 38 60 58 51 60 ------- ------- ------- ------- -------- Total 1,345 1,523 1,705 1,795 1,860 Investment banking Underwriting 660 1,227 1,117 1,140 899 Strategic advisory 262 287 397 398 382 ------- ------- ------- ------- -------- Total 922 1,514 1,514 1,538 1,281 Managed accounts and other fee-based revenues Portfolio service fees 757 795 832 859 904 Asset management fees 649 141 136 152 149 Account fees 113 115 111 118 120 Other fees 195 190 210 223 224 ------- ------- ------- ------- -------- Total 1,714 1,241 1,289 1,352 1,397 Revenues from consolidated investments 210 70 131 133 508 Other (1) 773 820 1,082 716 (918) ------- ------- ------- ------- -------- Subtotal 6,637 7,361 8,455 9,081 (1,802) Interest and dividend revenues 10,651 11,505 12,924 14,635 15,787 Less interest expense 9,424 10,322 11,595 14,052 13,408 ------- ------- ------- ------- -------- Net interest profit 1,227 1,183 1,329 583 2,379 Gain on merger 1,969 - - - - ------- ------- ------- ------- -------- Total Net Revenues 9,833 8,544 9,784 9,664 577 ------- ------- ------- ------- -------- Non-Interest Expenses Compensation and benefits 3,942 3,327 4,888 4,760 1,992 Communications and technology 484 477 479 484 499 Brokerage, clearing, and exchange fees 278 294 310 346 365 Occupancy and related depreciation 259 249 265 276 297 Professional fees 223 263 224 244 243 Advertising and market development 163 194 157 201 182 Expenses of consolidated investments 142 46 59 43 68 Office supplies and postage 53 59 59 56 55 Other 199 333 306 263 341 ------- ------- ------- ------- -------- Total Non-Interest Expenses 5,743 5,242 6,747 6,673 4,042 ------- ------- ------- ------- -------- Earnings/(loss) from continuing operations before income taxes 4,090 3,302 3,037 2,991 (3,465) Income tax expense/(benefit) 1,071 993 919 872 (1,199) ------- ------- ------- ------- -------- Net earnings/(loss) from continuing operations 3,019 2,309 2,118 2,119 (2,266) Discontinued operations: Earnings from discontinued operations 38 54 58 32 38 Income tax expense 12 17 18 12 13 ------- ------- ------- ------- -------- Net earnings from discontinued operations 26 37 40 20 25 ------- ------- ------- ------- -------- Net earnings/(loss) $ 3,045 $ 2,346 $ 2,158 $ 2,139 $(2,241) - ----------------------------- --------------- ------------------------ Per Common Share Data 3Q06 4Q06 1Q07 2Q07 3Q07 ------- ------- ------- ------- -------- Earnings/(loss) from continuing operations - Basic $ 3.47 $ 2.67 $ 2.45 $ 2.46 $ (2.85) Earnings/(loss) from continuing operations - Diluted 3.14 2.37 2.22 2.22 (2.85) Dividends paid 0.25 0.25 0.35 0.35 0.35 Book value 39.75 40.22 41.35 42.25 43.55 est. - ---------------------------------------------------------------------- Note: Certain prior period amounts have been reclassified to conform to the current period presentation. (1) Includes losses related to valuation allowances taken on held-for- sale loans. 17 Merrill Lynch & Co., Inc. Attachment VII Percentage of Quarterly Net Revenues (unaudited) 3Q06 4Q06 1Q07 2Q07 3Q07 ------ ------ ------ ------ ------- Net Revenues Principal transactions 17.0% 25.7% 27.9% 36.7% N/M% Commissions Listed and over-the-counter securities 9.0% 11.4% 11.5% 12.4% 221.5% Mutual funds 4.3% 5.7% 5.3% 5.6% 90.5% Other 0.4% 0.7% 0.6% 0.6% 10.4% ------ ------ ------ ------ ------- Total 13.7% 17.8% 17.4% 18.6% N/M% Investment banking Underwriting 6.7% 14.4% 11.4% 11.8% 155.8% Strategic advisory 2.7% 3.4% 4.1% 4.1% 66.2% ------ ------ ------ ------ ------- Total 9.4% 17.8% 15.5% 15.9% 222.0% Managed accounts and other fee- based revenues Portfolio service fees 7.7% 9.3% 8.5% 8.9% 156.7% Asset management fees 6.6% 1.7% 1.4% 1.6% 25.8% Account fees 1.1% 1.3% 1.1% 1.2% 20.8% Other fees 2.0% 2.2% 2.2% 2.3% 38.8% ------ ------ ------ ------ ------- Total 17.4% 14.5% 13.2% 14.0% 242.1% Revenues from consolidated investments 2.1% 0.8% 1.3% 1.4% 88.0% Other 7.9% 9.6% 11.1% 7.4% N/M% ------ ------ ------ ------ ------- Subtotal 67.5% 86.2% 86.4% 94.0% N/M% Interest and dividend revenues 108.3% 134.7% 132.1% 151.4% N/M% Less interest expense 95.8% 120.9% 118.5% 145.4% N/M% ------ ------ ------ ------ ------- Net interest profit 12.5% 13.8% 13.6% 6.0% N/M% Gain on merger 20.0% 0.0% 0.0% 0.0% 0.0% ------ ------ ------ ------ ------- Total Net Revenues 100.0% 100.0% 100.0% 100.0% 100.0% ------ ------ ------ ------ ------- Non-Interest Expenses Compensation and benefits 40.1% 38.9% 50.0% 49.3% N/M% Communications and technology 4.9% 5.6% 4.9% 5.0% 86.5% Brokerage, clearing, and exchange fees 2.8% 3.4% 3.2% 3.6% 63.3% Occupancy and related depreciation 2.6% 2.9% 2.7% 2.9% 51.5% Professional fees 2.3% 3.1% 2.3% 2.5% 42.1% Advertising and market development 1.7% 2.3% 1.6% 2.1% 31.5% Expenses of consolidated investments 1.4% 0.5% 0.6% 0.4% 11.8% Office supplies and postage 0.5% 0.7% 0.6% 0.6% 9.5% Other 2.1% 4.0% 3.1% 2.7% 59.1% ------ ------ ------ ------ ------- Total Non-Interest Expenses 58.4% 61.4% 69.0% 69.1% N/M% ------ ------ ------ ------ ------- Earnings/loss from continuing N/M% operations before income taxes 41.6% 38.6% 31.0% 30.9% Income tax expense/benefit 10.9% 11.6% 9.4% 9.0% N/M% ------ ------ ------ ------ ------- Net earnings from continuing N/M% operations 30.7% 27.0% 21.6% 21.9% Discontinued operations: Earnings from discontinued operations 0.4% 0.6% 0.6% 0.3% 6.6% Income tax expense 0.1% 0.2% 0.2% 0.1% 2.3% ------ ------ ------ ------ ------- Net earnings from discontinued operations 0.3% 0.4% 0.4% 0.2% 4.3% Net earnings/loss 31.0% 27.4% 22.0% 22.1% N/M% - ---------------------------------------------------------------------- Common shares outstanding (in millions): 3Q06 4Q06 1Q07 2Q07 3Q07 ------ ------ ------ ------ ------- Weighted-average - basic 855.8 847.4 841.3 833.8 821.6 Weighted-average - diluted 945.3 952.2 930.2 923.3 821.6 Period-end 883.3 868.0 876.9 862.6 855.4 - ---------------------------------------------------------------------- N/M = Not Meaningful Note: Certain prior period amounts have been reclassified to conform to the current period presentation. 18 Merrill Lynch & Co., Inc. Attachment VIII Supplemental Data (unaudited) (dollars in billions) 3Q06 4Q06 1Q07 2Q07 3Q07 ------- ------- ------- ------- ------- Client Assets U.S. $ 1,412 $ 1,483 $ 1,503 $ 1,550 $ 1,601 Non - U.S. 130 136 145 153 161 ------- ------- ------- ------- ------- Total Client Assets 1,542 1,619 1,648 1,703 1,762 Assets in Annuitized- Revenue Products 576 611 627 662 691 ------------------------------------------------------------------- Net New Money All Client Accounts (1) $ 14 $ 22 $ 16 $ 9 $ 26 Annuitized-Revenue Products (1) (2) 7 18 16 12 10 ------------------------------------------------------------------- Balance Sheet Information: (3) Short-term Borrowings $ 14.3 $ 18.1 $ 20.2 $ 20.1 $ 36.3 Deposits 77.9 84.1 84.9 82.8 95.0 Long-term Borrowings 160.4 181.4 205.4 226.0 238.6 Junior Subordinated Notes (related to trust preferred securities) 3.1 3.8 3.5 4.4 5.2 Stockholders' Equity: (3) Preferred Stockholders' Equity 3.1 3.1 4.7 4.6 4.8 Common Stockholders' Equity 35.6 35.9 37.0 37.6 34.0 ------- ------- ------- ------- ------- Total Stockholders' Equity 38.7 39.0 41.7 42.2 38.8 ------------------------------------------------------------------- Full-Time Employees (4) 55,300(5) 56,200 60,300 61,900 64,200 Financial Advisors (6) 15,700 15,880 15,930 16,200 16,610 ------------------------------------------------------------------- Note: Certain prior period amounts have been reclassified to conform to the current period presentation. (1)Net new money excludes flows associated with the Institutional Advisory Division which serves certain small- and middle-market companies, as well as net 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. (3)Balance Sheet Information and Stockholders' Equity are estimated for 3Q07. (4)Excludes 200 full-time employees on salary continuation severance at the end of 3Q06, 100 at the end of 4Q06, 200 at the end of 1Q07, 300 at the end of 2Q07, and 400 at the end of 3Q07. (5)Excludes 2,400 MLIM employees that moved over to BlackRock at the end of 3Q06. (6)Includes 150 Financial Advisors associated with the Mitsubishi UFJ joint venture at the end of 3Q06 and 4Q06, 160 at the end of 1Q07, 170 at the end of 2Q07, and 170 at the end of 3Q07. CONTACT: Merrill Lynch Media Relations: Jessica Oppenheim, 212-449-2107 jessica_oppenheim@ml.com or Investor Relations: Sara Furber, 866-607-1234 investor_relations@ml.com 19