Exhibit 99.2

Merrill Lynch & Co., Inc.       Attachment I
Preliminary Unaudited Earnings Summary
 
  For the Three Months Ended  

Percent Inc / (Dec)

Mar. 28,   Dec. 28,   Mar. 30, 1Q08 vs.     1Q08 vs.
(in millions, except per share amounts) 2008 2007 2007 4Q07 1Q07
 
Revenues
Principal transactions $ (2,418 ) $ (12,596 ) $ 2,734 N/M

%

 

N/M

%

Commissions 1,889 1,924 1,713 (2 ) 10
Managed accounts and other fee-based revenues 1,455 1,440 1,284 1 13
Investment banking 917 1,267 1,510 (28 ) (39 )
Earnings from equity method investments 431 531 310 (19 ) 39

Other (1)

  (1,449 )   (2,304 )   840   N/M N/M
Subtotal 825 (9,738 ) 8,391 N/M (90 )
 
Interest and dividend revenues 11,861 14,170 12,721 (16 ) (7 )
Less interest expense   9,752     12,624     11,509   (23 ) (15 )
Net interest profit   2,109     1,546     1,212   36 74
 
Revenues, net of interest expense   2,934     (8,192 )   9,603   N/M (69 )
 
Non-interest expenses
Compensation and benefits 4,196 4,339 4,854 (3 ) (14 )
Communications and technology 555 597 479 (7 ) 16
Brokerage, clearing, and exchange fees 387 395 310 (2 ) 25
Occupancy and related depreciation 309 306 265 1 17
Professional fees 242 311 226 (22 ) 7
Advertising and market development 176 249 155 (29 ) 14
Office supplies and postage 57 64 59 (11 ) (3 )
Other   313     467     354   (33 ) (12 )
 
Total non-interest expenses   6,235     6,728     6,702   (7 ) (7 )
 
Pre-tax (loss)/earnings from continuing operations (3,301 ) (14,920 ) 2,901 N/M N/M
 
Income tax (benefit)/expense   (1,332 )   (4,623 )   871   N/M N/M
 
Net (loss)/earnings from continuing operations   (1,969 )   (10,297 )   2,030   N/M N/M
 
Discontinued operations:
Pre-tax (loss)/earnings from discontinued operations (25 ) 795 194 N/M N/M
Income tax (benefit)/expense   (32 )   331     66   N/M N/M
Net earnings from discontinued operations   7     464     128   N/M N/M
 
Net (loss)/earnings $ (1,962 ) $ (9,833 ) $ 2,158   N/M N/M
 
Preferred stock dividends $ 174   $ 73   $ 52   138 235
 
Net (loss)/earnings applicable to common stockholders $ (2,136 ) $ (9,906 ) $ 2,106   N/M N/M
 
Basic (loss)/earnings per common share from continuing operations (2.20 ) (12.57 ) 2.35 N/M N/M
Basic earnings per common share from discontinued operations   0.01     0.56     0.15   N/M N/M
Basic (loss)/earnings per common share $ (2.19 ) $ (12.01 ) $ 2.50 N/M N/M
 
Diluted (loss)/earnings per common share from continuing operations (2.20 ) (12.57 ) 2.12 N/M N/M
Diluted earnings per common share from discontinued operations   0.01     0.56     0.14   N/M N/M
Diluted (loss)/earnings per common share $ (2.19 ) $ (12.01 ) $ 2.26 N/M N/M
 
Average shares used in computing earnings per common share
Basic 974.1 825.0 841.3 18 16
Diluted 974.1 825.0 930.2 18 5
 

Annualized return on average common equity from continuing operations

N/M N/M 21.8 %
Annualized return on average common equity N/M N/M 23.2 %
                                   
N/M = Not Meaningful
Note: Certain prior period amounts have been reclassified to conform to the current period presentation.
(1) Includes gains and losses on investment securities, private equity investments, loans and other miscellaneous items.
9

Merrill Lynch & Co., Inc.

      Attachment II

Preliminary Segment Data (unaudited)

         
 
For the Three Months Ended

Percent Inc / (Dec)

Mar. 28, Dec. 28, Mar. 30, 1Q08 vs. 1Q08 vs.
(dollars in millions) 2008 2007 2007 4Q07 1Q07
 
Global Markets & Investment Banking
Global Markets
FICC $ (3,378 ) $ (15,155 ) $ 2,625

N/M

%

N/M

%

Equity Markets   1,883     2,171     2,386   (13 ) (21 )
Total Global Markets net revenues (1,495 ) (12,984 ) 5,011 N/M N/M
Investment Banking (1)
Origination:
Debt 231 217 586 6 (61 )
Equity 199 375 363 (47 ) (45 )
Strategic Advisory Services   375     559     399   (33 ) (6 )
Total Investment Banking net revenues   805     1,151     1,348   (30 ) (40 )
Total net revenues   (690 )   (11,833 )   6,359   N/M N/M
 
Pre-tax (loss) / earnings from continuing operations (4,047 ) (15,877 ) 2,207 N/M N/M
 
Pre-tax profit margin     N/M       N/M       34.7 %            
 
Global Wealth Management
Global Private Client
Fee-based revenues $ 1,625 $ 1,656 $ 1,473 (2 ) 10
Transactional and origination revenues 926 972 911 (5 ) 2
Net interest profit and related hedges(2) 638 565 592 13 8
Other revenues   111     116     97   (4 ) 14
Total Global Private Client net revenues   3,300     3,309     3,073   (0 ) 7
Global Investment Management net revenues   299     286     261   5 15
Total net revenues   3,599     3,595     3,334   0 8
 
Pre-tax earnings from continuing operations 720 914 784 (21 ) (8 )
 
Pre-tax profit margin     20.0 %     25.4 %     23.5 %            
 
 
Corporate
Total net revenues $ 25 $ 46 $ (90 ) (46 ) N/M
 
Pre-tax earnings / (loss) from continuing operations     26       43       (90 )   (40 )   N/M  
 
Total
Total net revenues $ 2,934 $ (8,192 ) $ 9,603 N/M (69 )
 
Pre-tax (loss) / earnings from continuing operations (3,301 ) (14,920 ) 2,901 N/M N/M
 
Pre-tax profit margin     N/M       N/M       30.2 %            
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 Attachment I.
10

Merrill Lynch & Co., Inc.

      Attachment III

Consolidated Quarterly Earnings (unaudited)

  (in millions, except per share amounts)
       
1Q07 2Q07 3Q07 4Q07 1Q08
Revenues
Principal transactions $ 2,734 $ 3,556 $ (5,761 ) $ (12,596 ) $ (2,418 )
Commissions
Listed and over-the-counter securities 1,134 1,195 1,279 1,294 1,319
Mutual funds 521 541 522 570 532
Other   58   51   59     60     38  
Total 1,713 1,787 1,860 1,924 1,889
Managed accounts and other fee-based revenues
Portfolio service fees 832 860 904 902 892
Asset management fees 136 152 150 179 206
Account fees 109 115 117 120 117
Other fees   207   222   221     239     240  
Total 1,284 1,349 1,392 1,440 1,455
Investment banking
Underwriting 1,113 1,130 895 717 543
Strategic advisory   397   398   382     550     374  
Total 1,510 1,528 1,277 1,267 917
Earnings from equity method investments 309 375 412 531 431
Other (1)   841   387   (1,114 )   (2,304 )   (1,449 )
Subtotal 8,391 8,982 (1,934 ) (9,738 ) 825
Interest and dividend revenues 12,721 14,447 15,636 14,170 11,861
Less interest expense   11,509   13,970   13,322     12,624     9,752  
Net interest profit 1,212 477 2,314 1,546 2,109
 
         
Revenues, net of interest expense   9,603   9,459   380     (8,192 )   2,934  
 
Non-Interest Expenses
Compensation and benefits 4,854 4,731 1,979 4,339 4,196
Communications and technology 479 482 499 597 555
Brokerage, clearing, and exchange fees 310 346 364 395 387
Occupancy and related depreciation 265 273 295 306 309
Professional fees 226 245 245 311 242
Advertising and market development 155 200 181 249 176
Office supplies and postage 59 56 54 64 57
Other   354   300   401     467     313  
Total Non-Interest Expenses   6,702   6,633   4,018     6,728     6,235  
 
Pre-tax earnings/(loss) from continuing operations 2,901 2,826 (3,638 ) (14,920 ) (3,301 )
Income tax expense/(benefit)   871   816   (1,258 )   (4,623 )   (1,332 )
 
Net earnings/(loss) from continuing operations 2,030 2,010 (2,380 ) (10,297 ) (1,969 )
 
Discontinued operations:
Pre-tax earnings/(loss) from discontinued operations 194 197 211 795 (25 )
Income tax expense/(benefit)   66   68   72     331     (32 )
Net earnings from discontinued operations   128   129   139     464     7  
 
Net earnings/(loss) $ 2,158 $ 2,139 $ (2,241 ) $ (9,833 ) $ (1,962 )
 
                     
 

Per Common Share Data

1Q07 2Q07 3Q07 4Q07 1Q08
 
Earnings/(loss) from continuing operations - Basic $ 2.35 $ 2.32 $ (2.99 ) $ (12.57 ) $ (2.20 )
Earnings/(loss) from continuing operations - Diluted 2.12 2.10 (2.99 ) (12.57 ) (2.20 )
Dividends paid 0.35 0.35 0.35 0.35 0.35
Book value 42.25 43.55 39.60 29.34 25.93 est.
                                 
Note: Certain prior period amounts have been reclassified to conform to the current period presentation.
(1) Includes gains and losses on investment securities, private equity investments, loans and other miscellaneous items.
11

Merrill Lynch & Co., Inc.

          Attachment IV

Supplemental Data (unaudited)

 

(dollars in billions)

         

 

 

 
1Q07 2Q07 3Q07 4Q07 1Q08
Client Assets
U.S. $ 1,503 $ 1,550 $ 1,601 $ 1,586 $ 1,479
Non - U.S.   145   153   161   165   158
Total Client Assets 1,648 1,703 1,762 1,751 1,637
 
Assets in Annuitized-Revenue Products 627 662 691 655 607
                     
 
Net New Money
All Client Accounts (1) $ 16 $ 9 $ 26 $ 30 $ 4
 
Annuitized-Revenue Products (1) (2) 16 12 10 - 9
                     
 
Balance Sheet Information: (3)
Short-term Borrowings $ 20.2 $ 20.1 $ 27.1 $ 24.9 $ 21.6
Deposits 84.9 82.8 95.0 104.0 104.9
Long-term Borrowings 205.4 226.0 264.9 261.0 259.5
Junior Subordinated Notes (related to trust preferred securities) 3.5 4.4 5.2 5.2 5.2
 
Stockholders' Equity: (3)
Preferred Stockholders' Equity 4.7 4.6 4.8 4.4 11.0
Common Stockholders' Equity   37.0   37.6   33.8   27.5   25.5
Total Stockholders' Equity 41.7 42.2 38.6 31.9 36.5
                     
 
Full-Time Employees (4) 60,300 61,900 64,200 64,200 63,100
 
Financial Advisors 15,930 16,200 16,610 16,740 16,660
                     
 

Common shares outstanding (in millions):

Weighted-average - basic 841.3 833.8 821.6 825.0 974.1
Weighted-average - diluted 930.2 923.3 821.6 825.0 974.1
  Period-end     876.9     862.6     855.4     939.1     985.1
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 1Q08.
 
(4)

Excludes 200 full-time employees on salary continuation severance at the end of 1Q07, 300 at the end of 2Q07, 400 at the end of 3Q07, 700 at the end of 4Q07, and 900 at the end of 1Q08.

12

Merrill Lynch & Co., Inc.      

Attachment V

(Unaudited)

   

(dollars in millions)

 

   
 
Net

exposures as

of Dec. 28,

2007

 

Net gains (losses)
for the quarter
ended Mar. 28, 2008 (1)

 

Other net
changes in net exposures (2)

  Net

exposures as

of Mar. 28,

2008

U.S. ABS CDO net exposures and losses:
U.S. super senior ABS CDO net exposures and losses:
High-grade $ 4,380 $ (1,731 ) $ 1,472 $ 4,121
Mezzanine 2,184 38 27 2,249
CDO-squared   271       (89 )     5     187
Total super senior ABS CDO net exposures and losses 6,835 (1,782 ) 1,504 6,557
Secondary trading   (1,721 )     310       1,525     114
Total (3)(4) $ 5,114     $ (1,472 )   $ 3,029   $ 6,671
(1)  

Primarily represents unrealized losses on net exposures. Amounts exclude credit valuation adjustments of negative $2.2 billion for the 2008 first quarter ($4.8 billion life-to-date) related to financial guarantor exposures on U.S. super senior ABS CDOs. See table regarding financial guarantor exposures.

(2) Primarily consists of the impact of hedge ineffectiveness and other hedging activity, transactions executed, and amortization during the period.
(3)

Hedges are affected by a variety of factors that impact the degree of their effectiveness. These factors may include differences in attachment point, timing of cash flows, control rights, litigation, the creditworthiness of the counterparty, limited recourse to counterparties and other basis risks.

(4)

For total U.S. super senior ABS CDOs, long exposures (including associated gains and losses reported in income and other net changes in net exposures) were $26.3 billion and $30.4 billion at March 28, 2008 and December 28, 2007, respectively. Short exposures (including associated gains and losses reported in income and other net changes in net exposures) were $19.8 billion and $23.6 billion at March 28, 2008 and December 28, 2007, respectively. Short exposures primarily consist of purchases of credit default swap protection from various third parties, including monoline financial guarantors, insurers and other market participants.

     
    Financial Guarantor Exposure on U.S. Super Senior ABS CDOs as of March 28, 2008

Notional of

CDS (1)

 

Notional of CDS, net of gains prior to credit valuation adjustment (2)

 

Mark-to-market gains prior

to credit valuation adjustments (3)

 

Credit

valuation adjustments (4)

  Mark-to-market value of CDS
Credit default swaps with financial guarantors:        
By counterparty credit quality (5):
AAA $ (6,756 ) $ (5,065 ) $ 1,691 $ (438 ) $ 1,253
AA - - - - -
A (5,347 ) (1,907 ) 3,440 (1,646 ) 1,794
BBB - - - - -
Non-investment grade or unrated   (6,649 )     (3,945 )     2,704     (2,704 )     -
Total $ (18,752 )   $ (10,917 )   $ 7,835   $ (4,788 )   $ 3,047
(1)  

The gross notional amount of credit default swaps ("CDS") purchased as protection for U.S. super senior ABS CDOs was $19.9 billion and $18.8 billion at December 28, 2007 and March 28, 2008, respectively. This decline primarily resulted from the firm's decision to consider $1.1 billion notional amount of certain hedges with a highly rated financial guarantor as ineffective, resulting in a write-off of $45 million. Amounts do not include counterparty exposure with financial guarantors for other asset classes.

(2)

The notional of the total CDS, net of gains prior to credit valuation adjustments, was $13.8 billion and $10.9 billion at December 28, 2007 and March 28, 2008, respectively.

(3) Represents life-to-date mark-to-market gains prior to credit valuation adjustments. Amount was $1.8 billion for the quarter ended March 28, 2008.
(4) Represents life-to-date credit valuation adjustments. Amount was $2.2 billion for the quarter ended March 28, 2008.
(5) Represents rating agency credit ratings as of March 28, 2008.
     
13

Merrill Lynch & Co., Inc.      

Attachment VI

(Unaudited)    

(dollars in millions)

   
 
Net

exposures as

of Dec. 28,

2007 (1)

 

Gain/(Loss)
reported in income (2)

  Other net changes in net

exposures (3)

  Net

exposures as

of Mar. 28,

2008

Residential mortgage-related net exposures and losses

(excluding U.S. Banks investment securities portfolio):

U.S. Sub-prime:
Warehouse lending $ 137 $ (1 ) $ (24 ) $ 112
Whole loans 994 17 (405 ) 606
Residuals 855 (363 ) (38 ) 454
Residential mortgage-backed securities   723     41       (501 )     263
Total U.S. sub-prime 2,709 (306 ) (968 ) 1,435
U.S. Alt-A (4) 2,687 (402 ) 887 3,172
U.S. Prime (4)(5) 27,789 31 2,930 30,750
Non-U.S. (4)   9,379     (105 )     (505 )     8,769
Total $ 42,564   $ (782 )   $ 2,344     $ 44,126
(1)  

The previously reported net exposures of $43,556 million as of December 28, 2007 have been adjusted primarily to exclude mortgage servicing rights and certain First Republic loans, which have been reclassified as commercial real estate exposures.

(2) Primarily represents unrealized losses on net exposures.
(3) Represents purchases, sales, hedges, paydowns, changes in loan commitments and related funding.
(4) Includes warehouse lending, whole loans, residuals and residential mortgage-backed securities.
(5)

As of March 28, 2008, net exposures include $10.4 billion of prime loans originated by First Republic and approximately $15 billion of prime loans originated with GPC clients.

     
  Net

exposures as

of Dec. 28,

2007

 

Gain/(Loss)
reported in income (1)

 

Unrealized

Gain/(Loss) included in OCI (pre-tax) (2)

 

Other net
changes in net exposures (3)

  Net

exposures as

of Mar. 28,

2008

U.S. Banks Investment Securities Portfolio
Sub-prime residential mortgage-related net exposures:
Sub-prime residential mortgage-backed securities $ 3,910 $ (5 ) $ (599 ) $ (101 ) $ 3,205
ABS CDOs   251   (121 )   5     (13 )   122
Total sub-prime residential mortgage-related securities 4,161 (126 ) (594 ) (114 ) 3,327
Other net exposures:
Alt-A residential mortgage-backed securities 7,120 (182 ) (1,436 ) (172 ) 5,330
Commercial mortgage-backed securities 5,791 (37 ) (679 ) 13 5,088
Prime residential mortgage-backed securities 4,174 (8 ) (303 ) (283 ) 3,580
Non-residential asset-backed securities 1,214 (10 ) (48 ) (168 ) 988
Non-residential CDOs 903 (65 ) (61 ) (7 ) 770
Agency residential asset-backed securities - 9 - 523 532
Other   240   (2 )   (17 )   8     229
Total $ 23,603 $ (421 ) $ (3,138 ) $ (200 ) $ 19,844

(1)

 

Primarily represents unrealized losses on net exposures.

(2)

Represents write-downs on SFAS 115 investment securities, which are reported net of taxes in other comprehensive (loss)/income ("OCI").

The cumulative, pre-tax balance in OCI related to this portfolio was approximately negative $5.4 billion as of March 28, 2008.

(3)

Primarily represents principal paydowns, purchases and sales.

     

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

14