Exhibit 99.2
| Merrill Lynch & Co., Inc. | ||||||||||||
| (Unaudited) | (dollars in billions except per share amounts, shares in millions) | |||||||||||
| Amended Pro Forma Stockholders' Equity | ||||||||||||
| 2Q08 | Pro Forma | 2Q08 | ||||||||||
| Estimate | Adjustments (1) | Pro Forma (1) | ||||||||||
| Stockholders' Equity | ||||||||||||
| Common Stockholders’ Equity | $21.1 | $11.2 | $32.3 | |||||||||
| Preferred Stockholders' Equity | 13.7 | (4.9 | ) | 8.8 | ||||||||
| Total Stockholders' Equity | $34.8 | $6.3 | $41.1 | |||||||||
| Common Shares Outstanding (millions) | 985 | 490 | 1,475 | |||||||||
| Book Value per Common Share | $21.43 | $21.88 | ||||||||||
| "If-Converted" Stockholders' Equity | ||||||||||||
| Common Stockholders’ Equity | $21.1 | $11.2 | $32.3 | |||||||||
| Convertible Preferred Stock | 6.6 | (4.9 | ) | 1.7 | ||||||||
| "If-Converted" Stockholders' Equity | $27.7 | $6.3 | $34.0 | |||||||||
| "If-Converted" Common Shares Outstanding (millions) | 1,111 | 418 | 1,529 | |||||||||
| "If-Converted" Book Value per Common Share | $24.94 | $22.21 | ||||||||||
| Tier 1 Capital Ratio (Tier 1 / Risk Weighted Assets) | 7.5 | % | 10.5 | % | ||||||||
| Total Capital Ratio (Total Allowable Capital / Risk Weighted Assets) | 12.1 | % | 16.6 | % | ||||||||
| (1) | Pro forma adjustments include the following transactions and assumptions (including estimates for transaction-related adjustments): | |||||||||||
| (a) | Gain on completed sale of Bloomberg for $4.425 billion in proceeds. | |||||||||||
| (b) | Estimated gain on closing planned sale of a majority of FDS amounting to substantially all of the enterprise value of approximately $3.5 billion, marking remaining stake to sale price. This sale is currently subject to a non-binding letter of intent and there can be no assurance that a definitive agreement will be completed with the current purchasers, or if a sale is consummated, that it will be on the financial terms reflected in our pro forma calculations and disclosures. | |||||||||||
| (c) | Pre-tax write-downs of $4.4 billion associated with the CDO sale and an additional $1.3 billion related to termination and settlement negotiations with monoline guarantors. | |||||||||||
| (d) | Conversion of $4.9 billion of Merrill Lynch's 9% Non-Voting Mandatory Convertible Preferred Stock into 179.7 million shares of common stock. | |||||||||||
| (e) |
The offering of 310,000,000 shares of common stock at a price of $27.52 per share (the closing price as of July 25, 2008) for total proceeds of $8.5 billion, less $2.5 billion paid to Temasek in satisfaction of obligations under the reset provision, and including 13.5 million incremental 'if-converted' common shares to reflect the exchange for a new mandatory convertible preferred stock issuance and 8.8 million shares to reflect the settlement of reset provisions for the remaining 9% Non-Voting Mandatory Convertible Preferred Stock holder. |
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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
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