EXHIBIT 99.1
MERRILL LYNCH & CO., INC. AND SUBSIDIARIES
PRELIMINARY UNAUDITED CONSOLIDATED BALANCE SHEET
Jun. 27,
(dollars in millions) 2003
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ASSETS
CASH AND CASH EQUIVALENTS....................................................... $ 14,046
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CASH AND SECURITIES SEGREGATED FOR REGULATORY PURPOSES OR
DEPOSITED WITH CLEARING ORGANIZATIONS...................................... 7,212
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SECURITIES FINANCING TRANSACTIONS
Receivables under resale agreements........................................... 75,482
Receivables under securities borrowed transactions............................ 50,917
--------
126,399
TRADING ASSETS, AT FAIR VALUE (includes securities pledged
as collateral of $18,050)
Contractual agreements........................................................ 40,601
Corporate debt and preferred stock............................................ 23,892
Mortgages, mortgage-backed, and asset-backed.................................. 20,306
Equities and convertible debentures........................................... 14,646
Non-U.S. governments and agencies............................................. 13,708
U.S. Government and agencies.................................................. 10,540
Municipals and money markets.................................................. 4,936
--------
128,629
INVESTMENT SECURITIES........................................................... 77,124
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SECURITIES RECEIVED AS COLLATERAL............................................... 2,794
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OTHER RECEIVABLES
Customers (net of allowance for doubtful accounts of $62)..................... 41,185
Brokers and dealers........................................................... 9,126
Interest and other............................................................ 9,248
--------
59,559
LOANS, NOTES, AND MORTGAGES (net of allowance for loan losses of $297).......... 38,485
SEPARATE ACCOUNTS ASSETS........................................................ 14,572
EQUIPMENT AND FACILITIES (net of accumulated depreciation and
amortization of $4,921)..................................................... 2,650
GOODWILL (net of accumulated amortization of $1,005)............................ 4,570
OTHER ASSETS.................................................................... 5,035
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TOTAL ASSETS.................................................................... $481,075
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MERRILL LYNCH & CO., INC. AND SUBSIDIARIES
PRELIMINARY UNAUDITED CONSOLIDATED BALANCE SHEET
Jun. 27,
(dollars in millions, except per share amount) 2003
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LIABILITIES
SECURITIES FINANCING TRANSACTIONS
Payables under repurchase agreements........................................ $ 92,967
Payables under securities loaned transactions............................... 9,726
--------
102,693
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COMMERCIAL PAPER AND OTHER SHORT-TERM BORROWINGS.............................. 5,517
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DEPOSITS...................................................................... 80,468
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TRADING LIABILITIES, AT FAIR VALUE
Contractual agreements...................................................... 44,593
U.S. Government and agencies................................................ 18,101
Non-U.S. governments and agencies .......................................... 12,099
Corporate debt, municipals and preferred stock.............................. 10,032
Equities and convertible debentures......................................... 8,536
--------
93,361
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OBLIGATION TO RETURN SECURITIES RECEIVED AS COLLATERAL........................ 2,794
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OTHER PAYABLES
Customers................................................................... 34,519
Brokers and dealers......................................................... 17,439
Interest and other.......................................................... 19,750
--------
71,708
LIABILITIES OF INSURANCE SUBSIDIARIES......................................... 3,459
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SEPARATE ACCOUNTS LIABILITIES................................................. 14,572
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LONG-TERM BORROWINGS.......................................................... 79,062
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TOTAL LIABILITIES............................................................. 453,634
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PREFERRED SECURITIES ISSUED BY SUBSIDIARIES................................... 2,660
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STOCKHOLDERS' EQUITY
PREFERRED STOCKHOLDERS' EQUITY (42,500 shares issued and outstanding,
liquidation preference $10,000 per share).................................. 425
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COMMON STOCKHOLDERS' EQUITY
Shares exchangeable into common stock....................................... 46
Common stock, par value $1.33 1/3 per share;
authorized: 3,000,000,000 shares;
issued: 1,047,824,694 shares............................................... 1,397
Paid-in capital............................................................. 6,093
Accumulated other comprehensive loss (net of tax)........................... (505)
Retained earnings........................................................... 19,464
--------
26,495
Less: Treasury stock, at cost: 116,923,484 shares............................ 1,191
Unamortized employee stock grants.................................... 948
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TOTAL COMMON STOCKHOLDERS' EQUITY............................................. 24,356
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TOTAL STOCKHOLDERS' EQUITY.................................................... 24,781
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TOTAL LIABILITIES, PREFERRED SECURITIES ISSUED BY SUBSIDIARIES,
AND STOCKHOLDERS' EQUITY................................................. $481,075
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