Merrill Lynch & Co., Inc.										Attachment I

Preliminary Unaudited Earnings Summary

	For the Three Months Ended									Percent Inc / (Dec)
	Sep. 26,			Jun. 27,			Sep. 28			3Q08 vs.		3Q08 vs.
(in millions, except per share amounts)	2008			2008			2007			2Q08		3Q07

Revenues
Principal transactions	$	(6,573	)	$	(4,083	)	$	(5,761	)	N/M		N/M		%
Commissions		1,745			1,811			1,860		(4	)	(6	)
Managed accounts and other fee-based revenues		1,395			1,399			1,392		(0	)	0
Investment banking		845			1,158			1,277		(27	)	(34	)
Earnings from equity method investments		4,401			111			412		N/M		N/M
Other⁽¹⁾		(2,986	)		(1,875	)		(1,114	)	N/M		N/M
Subtotal		(1,173	)		(1,479	)		(1,934	)	N/M		N/M

Interest and dividend revenues		9,019			7,535			15,636		20		(42	)
Less interest expense		7,830			8,172			13,322		(4	)	(41	)
Net interest (loss)/profit		1,189			(637	)		2,314		N/M		(49	)

Revenues, net of interest expense		16			(2,116	)		380		N/M		(96	)

Non-interest expenses
Compensation and benefits		3,483			3,491			1,979		(0	)	76
Communications and technology		546			566			499		(4	)	9
Brokerage, clearing, and exchange fees		348			370			364		(6	)	(4	)
Occupancy and related depreciation		314			328			295		(4	)	6
Professional fees		242			263			245		(8	)	(1	)
Advertising and market development		159			166			181		(4	)	(12	)
Office supplies and postage		48			55			54		(13	)	(11	)
Other		588			311			401		89		47
Payment related to price reset on common stock offering		2,500			-			-		N/M		N/M
Restructuring charge		39			445			-		(91	)	N/M

Total non-interest expenses		8,267			5,995			4,018		38		106

Pre-tax loss from continuing operations		(8,251	)		(8,111	)		(3,638	)	N/M		N/M

Income tax benefit		(3,131	)		(3,477	)		(1,258	)	N/M		N/M

Net loss from continuing operations		(5,120	)		(4,634	)		(2,380	)	N/M		N/M

Discontinued operations:
Pre-tax (loss)/earnings from discontinued operations		(53	)		(32	)		211		N/M		N/M
Income tax (benefit)/expense		(21	)		(12	)		72		N/M		N/M
Net (loss)/earnings from discontinued operations		(32	)		(20	)		139		N/M		N/M

Net loss	$	(5,152	)	$	(4,654	)	$	(2,241	)	N/M		N/M

Preferred stock dividends	$	2,319		$	237		$	73		N/M		N/M

Net loss applicable to common stockholders	$	(7,471	)	$	(4,891	)	$	(2,314	)	N/M		N/M

Basic loss per common share from continuing operations		(5.56	)		(4.95	)		(2.99	)	N/M		N/M
Basic (loss)/earnings per common share from discontinued operations		(0.02	)		(0.02	)		0.17		N/M		N/M
Basic loss per common share	$	(5.58	)	$	(4.97	)	$	(2.82	)	N/M		N/M

Diluted loss per common share from continuing operations		(5.56	)		(4.95	)		(2.99	)	N/M		N/M
Diluted (loss)/earnings per common share from discontinued operations		(0.02	)		(0.02	)		0.17		N/M		N/M
Diluted loss per common share	$	(5.58	)	$	(4.97	)	$	(2.82	)	N/M		N/M

Average shares used in computing earnings per common share
Basic		1,339.0			984.1			821.6		36		63
Diluted		1,339.0			984.1			821.6		36		63


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.

Merrill Lynch & Co., Inc.				Attachment II

Preliminary Unaudited Earnings Summary

	For the Nine Months Ended
	Sep. 26,			Sep. 28,		Percent
(in millions, except per share amounts)	2008			2007		Inc / (Dec)

Revenues
Principal transactions	$	(13,074	)	$	529	N/M		%
Commissions		5,445			5,360	2
Managed accounts and other fee-based revenues		4,249			4,025	6
Investment banking		2,920			4,315	(32	)
Earnings from equity method investments		4,943			1,096	N/M
Other⁽¹⁾		(6,310	)		114	N/M
Subtotal		(1,827	)		15,439	N/M

Interest and dividend revenues		28,415			42,804	(34	)
Less interest expense		25,754			38,801	(34	)
Net interest profit		2,661			4,003	(34	)

Revenues, net of interest expense		834			19,442	(96	)

Non-interest expenses
Compensation and benefits		11,170			11,564	(3	)
Communications and technology		1,667			1,460	14
Brokerage, clearing, and exchange fees		1,105			1,020	8
Occupancy and related depreciation		951			833	14
Professional fees		747			716	4
Advertising and market development		501			536	(7	)
Office supplies and postage		160			169	(5	)
Other		1,212			1,055	15
Payment related to price reset on common stock offering		2,500			-	N/M
Restructuring charge		484			-	N/M

Total non-interest expenses		20,497			17,353	18

Pre-tax (loss)/earnings from continuing operations		(19,663	)		2,089	N/M

Income tax (benefit)/expense		(7,940	)		429	N/M

Net (loss)/earnings from continuing operations		(11,723	)		1,660	N/M

Discontinued operations:
Pre-tax (loss)/earnings from discontinued operations		(110	)		602	N/M
Income tax (benefit)/expense		(65	)		206	N/M
Net (loss)/earnings from discontinued operations		(45	)		396	N/M

Net (loss)/earnings	$	(11,768	)	$	2,056	N/M

Preferred stock dividends	$	2,730		$	197	N/M

Net (loss)/earnings applicable to common stockholders	$	(14,498	)	$	1,859	N/M

Basic (loss)/earnings per common share from continuing operations		(13.16	)		1.75	N/M
Basic (loss)/earnings per common share from discontinued operations		(0.04	)		0.48	N/M
Basic (loss)/earnings per common share	$	(13.20	)	$	2.23	N/M

Diluted (loss)/earnings per common share from continuing operations		(13.16	)		1.60	N/M
Diluted (loss)/earnings per common share from discontinued operations		(0.04	)		0.43	N/M
Diluted (loss)/earnings per common share	$	(13.20	)	$	2.03	N/M

Average shares used in computing earnings per common share
Basic		1,098.6			832.2	32
Diluted		1,098.6			916.3	20


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.

Merrill Lynch & Co., Inc.																					Attachment III

Preliminary Segment Data (unaudited)

			For the Three Months Ended									Percent Inc / (Dec)						For the Nine Months Ended
			Sep. 26,			Jun. 27,			Sep. 28,			3Q08 vs.			3Q08 vs.			Sep. 26,			Sep. 28,			Percent
	(dollars in millions)		2008			2008			2007			2Q08			3Q07			2008			2007			Inc / (Dec)

	Global Markets & Investment Banking
	Global Markets
	FICC		$	(9,943	)	$	(8,068	)	$	(5,764	)	N/M		%	N/M		%	$	(21,389	)	$	(718	)	N/M		%
	Equity Markets			6,030			1,727			1,581		249			281				9,640			6,115		58
	Total Global Markets net revenues			(3,913	)		(6,341	)		(4,183	)	N/M			N/M				(11,749	)		5,397		N/M
	Investment Banking ⁽¹⁾
	Origination:
	Debt			182			367			276		(50	)		(34	)			780			1,333		(41	)
	Equity			214			338			344		(37	)		(38	)			751			1,254		(40	)
	Strategic Advisory Services			354			317			385		12			(8	)			1,046			1,181		(11	)
	Total Investment Banking net revenues			750			1,022			1,005		(27	)		(25	)			2,577			3,768		(32	)
	Total net revenues			(3,163	)		(5,319	)		(3,178	)	N/M			N/M				(9,172	)		9,165		N/M

	Non-interest expenses before restructuring charge			2,833			2,929			1,434		(3	)		98				9,119			9,633		(5	)

	Restructuring charge			18			311			-		N/M			N/M				329			-		N/M

		Pre-tax (loss) / earnings from continuing operations		(6,014	)		(8,559	)		(4,612	)	N/M			N/M				(18,620	)		(468	)	N/M

		Pre-tax (loss) / earnings from continuing operations, before restructuring charge		(5,996	)		(8,248	)		(4,612	)	N/M			N/M				(18,291	)		(468	)	N/M

		Pre-tax profit margin		N/M			N/M			N/M									N/M			-5.1	%

		Pre-tax profit margin, before restructuring charge		N/M			N/M			N/M									N/M			-5.1	%

	Global Wealth Management
	Global Private Client
	Fee-based revenues		$	1,568		$	1,591		$	1,605		(1	)		(2	)		$	4,784		$	4,622		4
	Transactional and origination revenues			729			897			989		(19	)		(26	)			2,552			2,915		(12	)
	Net interest profit and related hedges⁽²⁾			587			604			584		(3	)		1				1,829			1,753		4
	Other revenues			110			74			90		49			22				295			300		(2	)
	Total Global Private Client net revenues			2,994			3,166			3,268		(5	)		(8	)			9,460			9,590		(1	)
	Global Investment Management net revenues			241			193			270		25			(11	)			733			836		(12	)
	Total net revenues			3,235			3,359			3,538		(4	)		(9	)			10,193			10,426		(2	)

	Non-interest expenses before restructuring charge			2,461			2,621			2,585		(6	)		(5	)			7,961			7,710		3

	Restructuring charge			21			134			-		N/M			N/M				155			-		N/M

		Pre-tax (loss) / earnings from continuing operations		753			604			953		25			(21	)			2,077			2,716		(24	)

		Pre-tax (loss) / earnings from continuing operations, before restructuring charge		774			738			953		5			(19	)			2,232			2,716		(18	)

		Pre-tax profit margin		23.3	%		18.0	%		26.9	%								20.4	%		26.1	%

		Pre-tax profit margin, before restructuring charge		23.9	%		22.0	%		26.9	%								21.9	%		26.1	%

	Corporate
	Total net revenues		$	(56	)	$	(156	)	$	20		N/M			N/M			$	(187	)	$	(149	)	(26	)

	Non-interest expenses before restructuring charge⁽³⁾			2,934			-			(1	)	N/M			N/M				2,933			10		N/M

	Restructuring charge			-			-			-		N/M			N/M				-			-		N/M

	Pre-tax (loss) / earnings from continuing operations			(2,990	)		(156	)		21		N/M			N/M				(3,120	)		(159	)	N/M

	Total
	Total net revenues		$	16		$	(2,116	)	$	380		N/M			(96	)		$	834		$	19,442		(96	)

	Non-interest expenses before restructuring charge			8,228			5,550			4,018		48			105				20,013			17,353		15

	Restructuring charge			39			445			-		N/M			N/M				484			-		N/M

	Pre-tax (loss) / earnings from continuing operations			(8,251	)		(8,111	)		(3,638	)	N/M			N/M				(19,663	)		2,089		N/M


	Pre-tax profit margin			N/M			N/M			N/M									N/M			10.7	%

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 and II.
(3) Includes expenses of $2.5 billion related to the Temasek reset payment and $425 million associated with the auction rate securities repurchase program.

Merrill Lynch & Co., Inc.												Attachment IV

Consolidated Quarterly Earnings (unaudited)						(in millions, except per share amounts)

			3Q07			4Q07			1Q08			2Q08			3Q08
		Revenues
		Principal transactions	$	(5,761	)	$	(12,596	)	$	(2,418	)	$	(4,083	)	$	(6,573	)
		Commissions
		Listed and over-the-counter securities		1,279			1,294			1,319			1,221			1,220
		Mutual funds		522			570			532			539			459
		Other		59			60			38			51			66
		Total		1,860			1,924			1,889			1,811			1,745
		Managed accounts and other fee-based revenues
		Portfolio service fees		904			902			892			852			857
		Asset management fees		150			179			206			198			196
		Account fees		117			120			117			116			115
		Other fees		221			239			240			233			227
		Total		1,392			1,440			1,455			1,399			1,395
		Investment banking
		Underwriting		895			717			543			841			490
		Strategic advisory		382			550			374			317			355
		Total		1,277			1,267			917			1,158			845
		Earnings from equity method investments		412			531			431			111			4,401
		Other⁽¹⁾		(1,114	)		(2,304	)		(1,449	)		(1,875	)		(2,986	)
		Subtotal		(1,934	)		(9,738	)		825			(1,479	)		(1,173	)
		Interest and dividend revenues		15,636			14,170			11,861			7,535			9,019
		Less interest expense		13,322			12,624			9,752			8,172			7,830
		Net interest profit		2,314			1,546			2,109			(637	)		1,189


		Revenues, net of interest expense		380			(8,192	)		2,934			(2,116	)		16

		Non-Interest Expenses
		Compensation and benefits		1,979			4,339			4,196			3,491			3,483
		Communications and technology		499			597			555			566			546
		Brokerage, clearing, and exchange fees		364			395			387			370			348
		Occupancy and related depreciation		295			306			309			328			314
		Professional fees		245			311			242			263			242
		Advertising and market development		181			249			176			166			159
		Office supplies and postage		54			64			57			55			48
		Other		401			467			313			311			588
		Payment related to common stock offering		-			-			-			-			2,500
		Restructuring charge		-			-			-			445			39
		Total Non-Interest Expenses		4,018			6,728			6,235			5,995			8,267

		Pre-tax loss from continuing operations		(3,638	)		(14,920	)		(3,301	)		(8,111	)		(8,251	)
		Income tax benefit		(1,258	)		(4,623	)		(1,332	)		(3,477	)		(3,131	)

		Net loss from continuing operations		(2,380	)		(10,297	)		(1,969	)		(4,634	)		(5,120	)

		Discontinued operations:
		Pre-tax earnings/(loss) from discontinued operations		211			795			(25	)		(32	)		(53	)
		Income tax expense/(benefit)		72			331			(32	)		(12	)		(21	)
		Net earnings/(loss) from discontinued operations		139			464			7			(20	)		(32	)

		Net loss	$	(2,241	)	$	(9,833	)	$	(1,962	)	$	(4,654	)	$	(5,152	)


	Per Common Share Data
			3Q07			4Q07			1Q08			2Q08			3Q08

		Loss from continuing operations - Basic	$	(2.99	)	$	(12.57	)	$	(2.20	)	$	(4.95	)	$	(5.56	)
		Loss from continuing operations - Diluted		(2.99	)		(12.57	)		(2.20	)		(4.95	)		(5.56	)
		Dividends paid		0.35			0.35			0.35			0.35			0.35
		Book value		39.60			29.34			25.93			21.43		18.59 est.
		Adjusted book value ⁽²⁾		N/M			N/M			28.93			24.94		18.90 est.

	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.
	(2) Adjusted book value per common share is calculated by dividing: common stockholders' equity after giving effect for conversion of convertible preferred on an "if-converted" basis by common shares outstanding adjusted for such conversion.

Merrill Lynch & Co., Inc.									Attachment V

Supplemental Data (unaudited)							(dollars in billions)

			3Q07		4Q07		1Q08		2Q08			3Q08
		Client Assets
		U.S.	$	1,601	$	1,586	$	1,479	$	1,447		$	1,333
		Non - U.S.		161		165		158		158			142
		Total Client Assets		1,762		1,751		1,637		1,605			1,475

		Assets in Annuitized-Revenue Products		691		655		607		630			580


		Net New Money^{(1) (2)}
		All Client Accounts	$	26	$	30	$	6	$	(5	)	$	(3	)

		Annuitized-Revenue Products ⁽³⁾		10		-		11		8			2


		Balance Sheet Information: ⁽⁴⁾
		Short-term Borrowings	$	27.1	$	24.9	$	21.6	$	19.1		$	25.7
		Deposits		95.0		104.0		104.8		100.5			90.0
		Long-term Borrowings		264.9		261.0		259.5		270.4			227.3
		Junior Subordinated Notes (related to trust preferred securities)		5.2		5.2		5.2		5.2			5.2

		Stockholders' Equity: ⁽⁴⁾
		Preferred Stockholders' Equity		4.8		4.4		11.0		13.7			8.6
		Common Stockholders' Equity		33.8		27.5		25.5		21.1			29.8
		Total Stockholders' Equity		38.6		31.9		36.5		34.8			38.4


		Full-Time Employees ⁽⁵⁾		64,200		64,200		63,100		60,000			60,900

		Financial Advisors		16,610		16,740		16,660		16,690			16,850


	Common shares outstanding (in millions):
		Weighted-average - basic		821.6		825.0		974.1		984.1			1,339.0
		Weighted-average - diluted		821.6		825.0		974.1		984.1			1,339.0
		Period-end		855.4		939.1		985.1		985.4			1,600.1

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)	Net new money has been restated to include net inflows of assets which are not held in custody but generate fee revenue.

	(3)	Includes both net new client assets into annuitized-revenue products, as well as existing client assets transferred into annuitized-revenue products.

	(4)	Balance Sheet Information and Stockholders' Equity are estimated for 3Q08.

	(5)	Excludes 400 full-time employees on salary continuation severance at the end of 3Q07, 700 at the end of 4Q07, 900 at the end of 1Q08, 2,800 at the end of 2Q08 and 300 at the end of 3Q08.

Merrill Lynch & Co., Inc.						Attachment VI

(Unaudited)			(dollars in billions)



U.S. Super Senior ABS CDO Exposure			Long			Short			Net
June 27, 2008 (As Reported In Earnings Release Dated 7/17/08)			$	19.9		$	(15.6	)	$	4.3
	Sale of CDOs:
		Sale Price of CDOs ⁽¹⁾		(6.7	)		--			(6.7	)
		Loss on CDOs		(4.4	)		--			(4.4	)
	Total Reduction in Exposure from Sale			(11.1	)		--			(11.1	)

	Tear-up of XL Hedges⁽²⁾			--			1.2			1.2
	Settlement of Monoline Hedges on Long Position Sold ⁽³⁾			--			7.2			7.2
	Total Increase in Exposure from Tear-ups			--			8.4			8.4

Total Exposure (As Reported in Press Release Dated 7/28/08)			$	8.8		$	(7.2	)	$	1.6

	3Q Exposure Changes:
		Gains / (Losses)	$	(1.9	)	$	1.6		$	(0.3	)
		Liquidations / Amortization		(0.5	)		0.3			(0.2	)
September 26, 2008			$	6.4		$	(5.3	)	$	1.1

As reported in Merrill Lynch's earnings release dated July 17, 2008, secondary trading exposure was $227 million for 2Q08.
As of 3Q08, exposure is $(273) million. Exposure change was driven by liquidations, unwinds, and gains / (losses) recognized.
(1) Merrill Lynch provided financing to the purchaser for approximately 75% of the purchase price. The recourse on this loan is limited to the assets of the purchaser, which will consist solely of the CDOs.
(2) Merrill Lynch terminated all of its CDO-related hedges with XL, which had a June 27, 2008 carrying value of $1,029 million in exchange for an upfront payment of $500 million. This termination resulted in a net loss of approximately $529 million.
(3) This includes both settled and potentially settled monoline hedges.



Credit Default Swaps with Financial Guarantors on U.S. Super Senior ABS CDOs		Notional of CDS			Net Exposure			Mark-to- Market Prior to Credit Valuation Adjustments			Life-to-Date Credit Valuation Adjustments			Carrying Value
June 27, 2008 (As Reported In Earnings Release Dated 7/17/08)		$	(18.7	)	$	(9.6	)	$	9.1		$	(6.2	)	$	2.9
	Tear-up of XL Hedges ⁽¹⁾		3.7			1.2			(2.5	)		1.5			(1.0	)
	Settlement of Monoline Hedges on Long Position Sold ⁽²⁾		12.1			7.2			(4.9	)		4.1			(0.8	)
Total (As Reported in Press Release Dated 7/28/08)		$	(2.9	)	$	(1.2	)	$	1.7		$	(0.6	)	$	1.1
	3Q Activity		0.0			0.3			0.3			(0.0	)		0.3
September 26, 2008		$	(2.9	)	$	(0.9	)	$	2.0		$	(0.6	)	$	1.4


(1) Merrill Lynch terminated all of its CDO-related hedges with XL, which had a June 27, 2008 carrying value of $1,029 million in exchange for an upfront payment of $500 million. This termination resulted in a net loss of approximately $529 million.
(2) This includes both settled and potentially settled monoline hedges.

Merrill Lynch & Co., Inc.										Attachment VII

(Unaudited)		(dollars in millions)

		Net exposures as of Jun. 27, 2008		Net gains/(losses) reported in income			Other net changes in net exposures ⁽¹⁾			Net exposures as of Sep. 26, 2008		Net exposures inclusive of planned sales		3Q08 vs. 2Q08 Percent Inc/(Dec)		3Q08 vs. 2Q08 Percent Inc/(Dec) inclusive of planned sales
Residential Mortgage-Related (excluding U.S. Banks investment securities portfolio):

	U.S. Prime ⁽²⁾	$	33,718	$	(123	)	$	1,042		$	34,637	$	34,637	3	%	3	%

	Other Residential:
	U.S. Sub-prime		1,012		(392	)		(325	)		295		295	(71	)%	(71	)%
	U.S. Alt-A		1,542		(492	)		(1,025	)		25		25	(98	)%	(98	)%
	Non-U.S.		7,448		(1,282	)		(1,522	)		4,644		3,250	(38	)%	(56	)%
	Total Other Residential⁽³⁾	$	10,002	$	(2,166	)	$	(2,872	)	$	4,964	$	3,570	(50	)%	(64	)%

(1)	Represents U.S. Prime originations, sales, foreign exchange revaluations, hedges, paydowns, changes in loan commitments and related funding.
(2)	As of September 26, 2008, net exposures include approximately $31 billion of prime loans originated with GWM clients (of which $14.5 billion were originated by First Republic Bank).
(3)	Includes warehouse lending, whole loans and residential mortgage-backed securities.



		Net exposures as of Jun. 27, 2008		Net gains/(losses) reported in income ⁽²⁾			Unrealized gains/(losses) included in OCI (pre-tax) ⁽³⁾			Other net changes in net exposures ⁽⁴⁾			Net exposures as of Sep. 26, 2008		Percent Inc/(Dec)
U.S. Banks Investment Securities Portfolio:
	Sub-prime residential mortgage-backed securities	$	2,901	$	(116	)	$	24		$	(107	)	$	2,702	(7	)%
	Alt-A residential mortgage-backed securities		4,338		(622	)		(135	)		(83	)		3,498	(19	)%
	Commercial mortgage-backed securities		5,376		6			(370	)		28			5,040	(6	)%
	Prime residential mortgage-backed securities		3,114		(82	)		(152	)		(371	)		2,509	(19	)%
	Non-residential asset-backed securities		831		(8	)		(40	)		(60	)		723	(13	)%
	Non-residential CDOs		745		(30	)		(181	)		(48	)		486	(35	)%
	Agency residential asset-backed securities		505		-			-			(13	)		492	(3	)%
	Other		226		-			(28	)		9			207	(8	)%
	Total ⁽¹⁾	$	18,036	$	(852	)	$	(882	)	$	(645	)	$	15,657	(13	)%

(1) The September 26, 2008 net exposures include investment securities of approximately $140 million recorded in a non-U.S. Banks legal entity.
(2) Primarily represents losses on certain securities deemed to be other-than-temporarily impaired.
(3) The cumulative, pre-tax balance in OCI related to this portfolio was approximately negative $5.5 billion as of September 26, 2008.
(4) Primarily represents principal paydowns and sales.



		Net exposures as of Jun. 27, 2008		Net gains/(losses) reported in income			Other net changes in net exposures ⁽¹⁾			Net exposures as of Sep. 26, 2008		Net exposures inclusive of planned sales		3Q08 vs. 2Q08 Percent Inc/(Dec)		3Q08 vs. 2Q08 Percent Inc/(Dec) inclusive of planned sales
Commercial Real Estate:
	Whole Loans/Conduits	$	7,872	$	(838	)	$	(906	)	$	6,128	$	4,525	(22	)%	(43	)%
	Securities and Derivatives		575		(10	)		(10	)		555		555	(3	)%	(3	)%
	Real Estate Investments⁽²⁾		6,454		(6	)		(312	)		6,136		6,136	(5	)%	(5	)%
	Total Commercial Real Estate, excluding First Republic Bank	$	14,901	$	(854	)	$	(1,228	)	$	12,819	$	11,216	(14	)%	(25	)%

	First Republic Bank	$	2,670	$	22		$	241		$	2,933	$	2,933	10	%	10	%

(1) Primarily represents sales, paydowns and foreign exchange revaluations.
(2) The Company makes equity and debt investments in entities whose underlying assets are real estate. The Company consolidates those entities in which we are the primary beneficiary in accordance with FIN No. 46-R, Consolidation of Variable Interest Entities (revised December 2003)—an interpretation of ARB No. 51.
The Company does not consider itself to have economic exposure to the total underlying assets in those entities. The amounts presented are the Company’s net investment and therefore exclude the amounts that have been consolidated but for which the Company does not consider itself to have economic exposure.

Merrill Lynch & Co., Inc.														Attachment VIII

Revenue Reconciliation (Non-GAAP Measures)
(dollars in millions)

The following table provides the calculation of Merrill Lynch's net revenues excluding certain adjustments. While these amounts are considered non-GAAP measures, management believes that it is relevant in assessing the quality of our financial performance, identifying trends in our results and providing more meaningful period-to-period comparisons.

			For the Three Months Ended									Percent Inc / (Dec)				For the Nine Months Ended
			Sep. 26,			Jun. 27,			Sep. 28,			3Q08 vs.		3Q08 vs.		Sep. 26,			Sep. 28,			Percent
				2008			2008			2007		2Q08		3Q07			2008			2007		Inc/(Dec)
GMI:
	FICC
	GAAP revenues, net of interest expense		$	(9,943	)	$	(8,068	)	$	(5,764	)					$	(21,389	)	$	(718	)
		Net losses / (gains) as follows:
		U.S. ABS CDOs		4,836			3,492			6,855							9,800			6,956
		Leveraged finance commitments write-downs		546			348			463							1,821			463
		Residential mortgage-related exposures		2,289			1,255			1,027							4,326			1,646
		U.S. Banks investment securities portfolio		852			1,673			143							2,946			101
		Commercial real estate		832			15			-							794			(695	)
		Other ⁽¹⁾		2,051			-			-							2,051			-
		Total net losses		11,406			6,783			8,488							21,738			8,471

		Credit valuation adjustments ("CVA") related to
		hedges with financial guarantors ⁽²⁾		1,302			2,888			-							7,221			-

		Net effect due to change in Merrill Lynch credit
		spreads on certain long-term debt liabilities		(1,969	)		(98	)		(420	)						(3,446	)		(405	)

	Adjusted revenues, net of interest expense			796			1,505			2,304		(47	)%	(65	)%		4,124			7,348		(44	)%

	Equity Markets
	GAAP revenues, net of interest expense			6,030			1,727			1,581							9,640			6,115
		Net losses / (gains) as follows:
		Bloomberg sale		(4,296	)		-			-							(4,296	)		-
		Other		47			-			-							47			-
		Total net losses / (gains)		(4,249	)		-			-							(4,249	)		-

		CVA related to hedges with financial guarantors		-			-			-							-			-
		Net effect of Merrill Lynch credit spreads		(830	)		-			(174	)						(1,525	)		(208	)
	Adjusted revenues, net of interest expense			951			1,727			1,407		(45	)%	(32	)%		3,866			5,907		(35	)%

	Investment Banking
	GAAP revenues, net of interest expense			750			1,022			1,005							2,577			3,768
		Net losses / (gains)		-			-			-							-			-
		CVA related to hedges with financial guarantors		-			-			-							-			-
		Net effect of Merrill Lynch credit spreads		-			-			-							-			-
	Adjusted revenues, net of interest expense			750			1,022			1,005		(27	)%	(25	)%		2,577			3,768		(32	)%

Total GMI
	GAAP revenues, net of interest expense			(3,163	)		(5,319	)		(3,178	)						(9,172	)		9,165
		Net losses / (gains)		7,157			6,783			8,488							17,489			8,471
		CVA related to hedges with financial guarantors⁽²⁾		1,302			2,888			-							7,221			-
		Net effect of Merrill Lynch credit spreads		(2,799	)		(98	)		(594	)						(4,971	)		(613	)
	Adjusted revenues, net of interest expense			2,497			4,254			4,716		(41	)%	(47	)%		10,567			17,023		(38	)%

GWM
	GAAP revenues, net of interest expense			3,235			3,359			3,538							10,193			10,426
		Net losses / (gains)		-			-			-							-			-
		CVA related to hedges with financial guarantors		-			-			-							-			-
		Net effect of Merrill Lynch credit spreads		(44	)		7			(15	)						(66	)		(15	)
	Adjusted revenues, net of interest expense			3,191			3,366			3,523		(5	)%	(9	)%		10,127			10,411		(3	)%

Corporate
	GAAP revenues, net of interest expense			(56	)		(156	)		20							(187	)		(149	)
		Other net losses / (gains)		66			-			-							66			-
		CVA related to hedges with financial guarantors		-			-			-							-			-
		Net effect of Merrill Lynch credit spreads		-			-			-							-			-
	Adjusted revenues, net of interest expense			10			(156	)		20		N/M		N/M			(121	)		(149	)	N/M

Total
	GAAP revenues, net of interest expense			16			(2,116	)		380							834			19,442
		Net losses / (gains)		7,223			6,783			8,488							17,555			8,471
		CVA related to hedges with financial guarantors ⁽²⁾		1,302			2,888			-							7,221			-
		Net effect of Merrill Lynch credit spreads		(2,843	)		(91	)		(609	)						(5,037	)		(628	)
	Adjusted revenues, net of interest expense		$	5,698		$	7,464		$	8,259		(24	)%	(31	)%	$	20,573		$	27,285		(25	)%

	N/M = Not Meaningful
	(1) Primarily related to the default and spread movements of certain government sponsored entities and major U.S. broker-dealers.
	(2) The CVA related to hedges with financial guarantors for the third quarter of 2008 is primarily related to the termination and potential settlement of monoline hedges.

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