MERRILL LYNCH EXHIBIT 99.2

Exhibit 99.2

Merrill Lynch & Co., Inc. Attachment I
- ----------------------------------------------------------------------
Preliminary Unaudited Earnings Summary

For the Three Months Ended Percent Inc/(Dec)
---------------------------- --------------------
September June September 3Q03 3Q03
26, 27, 27, vs. vs.
2003 2003 2002 2Q03 3Q02
----------- ----- --------- -------- ---------
(in millions, except
per share amounts)

Net Revenues
Asset management and
portfolio service
fees $1,184 $1,154 $1,217 2.6 % (2.7) %
Commissions 1,120 1,044 1,125 7.3 (0.4)
Principal transactions 705 1,100 377 (35.9) 87.0
Investment banking
Underwriting 545 565 329 (3.5) 65.7
Strategic advisory 133 133 163 - (18.4)
Other 300 271 165 10.7 81.8
------- ------ ------
Subtotal 3,987 4,267 3,376 (6.6) 18.1

Interest and
dividend revenues 2,873 3,028 3,484 (5.1) (17.5)
Less interest expense 1,794 1,976 2,498 (9.2) (28.2)
------- ------ ------
Net interest profit 1,079 1,052 986 2.6 9.4
------- ------ ------
Total Net Revenues 5,066 5,319 4,362 (4.8) 16.1
------- ------ ------

Non-Interest
Expenses
Compensation and
benefits 2,393 2,678 2,228 (10.6) 7.4
Communications and
technology 352 357 421 (1.4) (16.4)
Occupancy and related
depreciation 226 221 218 2.3 3.7
Brokerage, clearing, and
exchange fees 188 169 182 11.2 3.3
Advertising and market
development 89 113 125 (21.2) (28.8)
Professional fees 146 140 135 4.3 8.1
Office supplies
and postage 46 50 62 (8.0) (25.8)
Other 138 186 130 (25.8) 6.2
Net recoveries related
to September 11 (21) (61) (191) (65.6) (89.0)
Restructuring -
related credit - - (2) N/M (100.0)
-------- ------ ------

Total Non-Interest
Expenses 3,557 3,853 3,308 (7.7) 7.5
-------- ------ ------

Earnings Before Income Taxes
and Dividends on Preferred
Securities Issued by
Subsidiaries 1,509 1,466 1,054 2.9 43.2

Income tax expense 422 398 313 6.0 34.8

Dividends on preferred
securities issued
by subsidiaries 48 47 48 2.1 -
-------- ------ ------

Net Earnings $1,039 $1,021 $693 1.8 49.9
======== ======= ======

Preferred Stock Dividends $9 $10 $10 - -
======== ======= ======

Earnings Per Common Share
Basic $1.14 $1.13 $0.79 0.9 44.3
Diluted $1.04 $1.05 $0.73 (1.0) 42.5

Average Shares Used in
Computing Earnings Per
Common Share
Basic 904.8 897.2 864.6 0.8 4.6
Diluted 991.1 965.3 934.5 2.7 6.1

Annualized Return on
Average Common Equity 16.5% 17.0% 12.7%

- ----------------------------------------------------------------------
Note: Certain prior period amounts have been reclassified to conform
to the current period presentation.

13

Merrill Lynch & Co., Inc. Attachment II
- ----------------------------------------------------------------------
Preliminary Unaudited Earnings Summary

For the Nine
Months Ended
--------------------
September September
26, 27, Percent
(in millions, except per share amounts) 2003 2002 Inc/(Dec)
-------- --------- ---------
Net Revenues
Asset management and portfolio
service fees $3,465 $3,808 (9.0)%
Commissions 3,233 3,579 (9.7)
Principal transactions 2,815 1,982 42.0
Investment banking
Underwriting 1,478 1,296 14.0
Strategic advisory 391 540 (27.6)
Other 776 603 28.7
-------- ---------
Subtotal 12,158 11,808 3.0

Interest and dividend revenues 8,922 9,966 (10.5)
Less interest expense 5,841 7,371 (20.8)
-------- ---------
Net interest profit 3,081 2,595 18.7
-------- ---------

Total Net Revenues 15,239 14,403 5.8
-------- ---------

Non-Interest Expenses
Compensation and benefits 7,567 7,443 1.7
Communications and technology 1,112 1,307 (14.9)
Occupancy and related depreciation 663 684 (3.1)
Brokerage, clearing, and exchange fees 527 552 (4.5)
Advertising and market development 323 426 (24.2)
Professional fees 430 397 8.3
Office supplies and postage 154 196 (21.4)
Other 548 466 17.6
Net recoveries related to September 11 (82) (191) (57.1)
Restructuring - related credit - (2) (100.0)
Research - related expenses - 111 (100.0)
-------- ---------

Total Non-Interest Expenses 11,242 11,389 (1.3)
-------- ---------

Earnings Before Income Taxes and
Dividends on Preferred
Securities Issued by Subsidiaries 3,997 3,014 32.6

Income tax expense 1,109 896 23.8

Dividends on preferred securities issued
by subsidiaries 143 144 (0.7)
-------- ---------

Net Earnings $2,745 $1,974 39.1
======== =========

Preferred Stock Dividends $28 $29 -
======== =========

Earnings Per Common Share
Basic $3.03 $2.26 34.1
Diluted $2.81 $2.07 35.7

Average Shares Used in Computing Earnings Per
Common Share
Basic 896.5 860.4 4.2
Diluted 965.2 942.0 2.5

Annualized Return on Average Common
Equity 15.2% 12.5%

- ----------------------------------------------------------------------
Note: Certain prior period amounts have been reclassified to conform
to the current period presentation.

14

Merrill Lynch & Co., Inc. Attachment III
- ----------------------------------------------------------------------
Preliminary Segment Data (unaudited)

For the Three Months For the Nine Months
Ended Ended
----------------------------- ---------------------
September June September September September
(dollars in 26, 27, 27, 26, 27,
millions) 2003 2003 2002 2003 2002
------- ------ -------- -------- --------
Global Markets &
Investment Banking

Non-interest
revenues $1,690 $2,154 $1,270 $5,651 $5,028
Net interest
profit 796 732 652 2,183 1,590
------ ------- ------ ------- -------
Total net
revenues 2,486 2,886 1,922 7,834 6,618
------ ------- ------ ------- -------
Pre-tax earnings 1,022(a) 1,115(a) 544(a) 2,928(a) 1,832(a)

Pre-tax profit
margin 41.1%(a) 38.6%(a) 28.3%(a) 37.4%(a) 27.7%(a)
- ----------------------------------------------------------------------
Global Private Client

Non-interest
revenues $1,958 $1,795 $1,762 $5,532 $5,636
Net interest
profit 350 333 323 1,004 1,015
------- ------- ------- ------- --------
Total net
revenues 2,308 2,128 2,085 6,536 6,651
------- ------- ------- ------- --------
Pre-tax earnings 466 339 317(b) 1,071 932(b)

Pre-tax profit
margin 20.2% 15.9% 15.2%(b) 16.4% 14.0%(b)
- ----------------------------------------------------------------------
Merrill Lynch Investment Managers

Non-interest
revenues $346 $325 $356 $1,001 $1,199
Net interest
profit 6 5 4 18 13
------ ------ ------ ------- --------
Total net
revenues 352 330 360 1,019 1,212
------ ------ ------ ------- --------
Pre-tax
earnings 77 67 67 189 269

Pre-tax profit
margin 21.9% 20.3% 18.6% 18.5% 22.2%
- ----------------------------------------------------------------------
Corporate

Non-interest
revenues $(7) $(7) $(12) $(26) $(55)
Net interest
profit (73) (18) 7 (124) (23)
------ ------- ------- -------- -------
Total net
revenues (80) (25) (5) (150) (78)
------ ------- ------- -------- -------
Pre-tax earnings
(loss) (56) (55) 126 (191) (19)
- ----------------------------------------------------------------------
Total

Non-interest
revenues $3,987 $4,267 $3,376 $12,158 $11,808
Net interest
profit 1,079 1,052 986 3,081 2,595
------- ------- ------- -------- --------
Total net
revenues 5,066 5,319 4,362 15,239 14,403
------- ------- ------- -------- --------
Pre-tax
earnings 1,509(c) 1,466(c) 1,054(c) 3,997(c) 3,014(c)

Pre-tax profit
margin 29.8%(c) 27.6%(c) 24.2%(c) 26.2%(c) 20.9%(c)
- ----------------------------------------------------------------------
Note: Certain prior period amounts have been restated to conform to
the current period presentation.

(a) Includes the impact of insurance recoveries related to September
11, which have been recorded as a contra-expense, of $25 million, $75
million and $50 million for the three months ended September 26, 2003,
June 27, 2003, and September 27, 2002, respectively, and $100 million
and $50 million for the nine months ended September 26, 2003 and
September 27, 2002, respectively. Excluding these items, GMI's pre-tax
earnings were $997 million ($1,022 million minus $25 million), $1,040
million ($1,115 million minus $75 million), and $494 million ($544
million minus $50 million) for the three months ended September 26,
2003, June 27, 2003 and September 27, 2002, respectively, and $2,828
million ($2,928 million minus $100 million) and $1,782 million ($1,832
million minus $50 million) for the nine months ended September 26,
2003 and September 27, 2002, respectively. Excluding these items,
GMI's pre-tax profit margin was 40.1% ($997 million/$2,486 million),
36.0% ($1,040 million/$2,886 million), and 25.7% ($494 million/$1,922
million) for the three months ended September 26, 2003, June 27, 2003
and September 27, 2002, respectively, and 36.1% ($2,828 million/$7,834
million) and 26.9% ($1,782 million/$6,618 million) for the nine months
ended September 26, 2003 and September 27, 2002, respectively.

(b) Includes the impact of an insurance recovery related to September
11 ($25 million) and a restructuring-related credit ($2 million) which
have been recorded as a contra-expense. Excluding these items, GPC's
pre-tax earnings were $290 million ($317 million minus $27 million)
and GPC's pre-tax profit margin was 13.9% ($290 million/$2,085
million). For the year-to-date period, excluding these items, GPC's
pre-tax earnings were $905 million ($932 million minus $27 million)
and GPC's pre-tax profit margin was 13.6% ($905 million/$6,651
million).

(c) Excluding the impact of September 11, restructuring, and research-
related items, total pre-tax earnings were $1,488 million ($1,509
million minus $21 million), $1,405 million ($1,466 million minus $61
million), and $861 million ($1,054 million minus $193 million) for the
three months ended September 26, 2003, June 27, 2003, and September
27, 2002, respectively, and $3,915 million ($3,997 million minus $82
million) and $2,932 million ($3,014 million minus $82 million) for the
nine months ended September 26, 2003 and September 27, 2002,
respectively. Excluding these items, total pre-tax profit margins were
29.4% ($1,488 million/$5,066 million), 26.4% ($1,405 million/$5,319
million), and 19.7% ($861 million/$4,362 million) for the three months
ended September 26, 2003, June 27, 2003 and September 27, 2002,
respectively, and 25.7% ($3,915 million/$15,239 million) and 20.4%
($2,932 million/$14,403 million) for the nine months ended September
26, 2003 and September 27, 2002, respectively.

15

Merrill Lynch & Co., Inc. Attachment IV
- ----------------------------------------------------------------------

Consolidated Quarterly Earnings (unaudited) (in millions)


3Q02 4Q02 1Q03 2Q03 3Q03
------- ------ ------- ------ -------
Net Revenues
Asset management and
portfolio service fees
Asset management fees $402 $386 $385 $394 $401
Portfolio service fees 526 480 476 469 511
Account fees 138 122 135 136 128
Other fees 151 118 131 155 144
------- ------ ------ ------ -------
Total 1,217 1,106 1,127 1,154 1,184
Commissions
Listed and over-the-
counter securities 653 623 618 617 634
Mutual funds 277 274 266 234 291
Other 195 181 185 193 195
------- ------ ------ ------ -------
Total 1,125 1,078 1,069 1,044 1,120
Principal transactions 377 358 1,010 1,100 705
Investment banking
Underwriting 329 414 368 565 545
Strategic advisory 163 163 125 133 133
------- ------ ------ ------ -------
Total 492 577 493 698 678
Other 165 148 205 271 300
------- ------ ------ ------ -------
Subtotal 3,376 3,267 3,904 4,267 3,987
Interest and dividend
revenues 3,484 3,212 3,021 3,028 2,873
Less interest expense 2,498 2,274 2,071 1,976 1,794
------- ------ ------ ------ -------
Net interest profit 986 938 950 1,052 1,079
------- ------ ------ ------ -------
Total Net Revenues 4,362 4,205 4,854 5,319 5,066
------- ------ ------ ------ -------
Non-Interest Expenses
Compensation and benefits 2,228 1,983 2,496 2,678 2,393
Communications and technology 421 434 403 357 352
Occupancy and related
depreciation 218 225 216 221 226
Brokerage, clearing, and
exchange fees 182 175 170 169 188
Advertising and market
development 125 114 121 113 89
Professional fees 135 155 144 140 146
Office supplies and postage 62 62 58 50 46
Other 130 145 224 186 138
Research and other
settlement-related expenses - 180 - - -
Net recoveries related to
September 11 (191) (21) - (61) (21)
Restructuring and other
charges (2) 10 - - -
------- ------ ------ ------ -------
Total Non-Interest Expenses 3,308 3,462 3,832 3,853 3,557
------- ------ ------ ------ -------
Earnings Before Income Taxes
and Dividends on
Preferred Securities
Issued by Subsidiaries 1,054 743 1,022 1,466 1,509
Income tax expense 313 157 289 398 422
Dividends on preferred
securities issued by
subsidiaries 48 47 48 47 48
------- ------ ------ ------ -------

Net Earnings $693 $539 $685 $1,021 $1,039
- ----------------------------------------------------------------------
Per Common Share Data
3Q02 4Q02 1Q03 2Q03 3Q03
------- ------ ------- ------ -------
Earnings - Basic $0.79 $0.61 $0.76 $1.13 $1.14
Earnings - Diluted 0.73 0.56 0.72 1.05 1.04
Dividends paid 0.16 0.16 0.16 0.16 0.16
Book value 25.17 25.69 24.97 26.04 27.21 est.
- ----------------------------------------------------------------------
Certain prior period amounts have been reclassified to conform to the
current period presentation.

16

Merrill Lynch & Co., Inc. Attachment V
- ----------------------------------------------------------------------
Percentage of Quarterly Net Revenues (unaudited)

3Q02 4Q02 1Q03 2Q03 3Q03
------ ------ ------ ------ ------
Net Revenues
Asset management and portfolio
service fees
Asset management fees 9.2% 9.2% 7.9% 7.4% 7.9%
Portfolio service fees 12.1% 11.4% 9.8% 8.8% 10.1%
Account fees 3.2% 2.9% 2.8% 2.6% 2.5%
Other fees 3.4% 2.8% 2.7% 2.9% 2.9%
------ ------ ------ ------ ------
Total 27.9% 26.3% 23.2% 21.7% 23.4%
Commissions
Listed and over-the-counter
securities 15.0% 14.8% 12.7% 11.6% 12.5%
Mutual funds 6.4% 6.5% 5.5% 4.4% 5.7%
Other 4.4% 4.3% 3.8% 3.6% 3.9%
------ ------ ------ ------ ------
Total 25.8% 25.6% 22.0% 19.6% 22.1%
Principal transactions 8.6% 8.5% 20.8% 20.7% 13.9%
Investment banking
Underwriting 7.6% 9.8% 7.6% 10.6% 10.8%
Strategic advisory 3.7% 3.9% 2.6% 2.5% 2.6%
------ ------ ------ ------ ------
Total 11.3% 13.7% 10.2% 13.1% 13.4%
Other 3.8% 3.6% 4.2% 5.1% 5.9%
------ ------ ------ ------ ------
Subtotal 77.4% 77.7% 80.4% 80.2% 78.7%
Interest and dividend revenues 79.9% 76.4% 62.3% 56.9% 56.7%
Less interest expense 57.3% 54.1% 42.7% 37.1% 35.4%
------ ------ ------ ------ ------
Net interest profit 22.6% 22.3% 19.6% 19.8% 21.3%
------ ------ ------ ------ ------
Total Net Revenues 100.0% 100.0% 100.0% 100.0% 100.0%
------ ------ ------ ------ ------

Non-Interest Expenses
Compensation and benefits 51.1% 47.2% 51.4% 50.3% 47.2%
Communications and technology 9.7% 10.3% 8.3% 6.7% 6.9%
Occupancy and related depreciation 5.0% 5.4% 4.4% 4.2% 4.5%
Brokerage, clearing, and exchange
fees 4.2% 4.2% 3.5% 3.2% 3.7%
Advertising and market development 2.9% 2.7% 2.5% 2.1% 1.8%
Professional fees 3.1% 3.7% 3.0% 2.6% 2.9%
Office supplies and postage 1.4% 1.5% 1.2% 0.9% 0.9%
Other 2.9% 3.3% 4.6% 3.5% 2.7%
Research and other settlement-
related expenses - 4.3% - - -
Net recoveries related to
September 11 -4.4% -0.5% - -1.1% -0.4%
Restructuring and other charges -0.1% 0.2% - - -
------ ------ ------ ------ ------
Total Non-Interest Expenses 75.8% 82.3% 78.9% 72.4% 70.2%
------ ------ ------ ------ ------

Earnings Before Income Taxes and
Dividends on Preferred Securities
Issued by Subsidiaries 24.2% 17.7% 21.1% 27.6% 29.8%
Income tax expense 7.2% 3.7% 6.0% 7.5% 8.4%
Dividends on preferred securities
issued by subsidiaries 1.1% 1.2% 1.0% 0.9% 0.9%
------ ------ ------ ------ ------
Net Earnings 15.9% 12.8% 14.1% 19.2% 20.5%
- ----------------------------------------------------------------------
Common shares outstanding (in millions):

3Q02 4Q02 1Q03 2Q03 3Q03
------ ------ ------ ------ ------
Weighted-average - basic 864.6 868.2 887.6 897.2 904.8
Weighted-average - diluted 934.5 942.9 939.2 965.3 991.1
Period-end 869.0 873.8 929.8 935.2 942.6
- ----------------------------------------------------------------------

17

Merrill Lynch & Co., Inc. Attachment VI
- ----------------------------------------------------------------------

Supplemental Data (unaudited) (dollars in billions)
3Q02 4Q02 1Q03 2Q03 3Q03
------- ------- ------- ------- -------

Client Assets
Private Client
U.S. $997 $1,021 $1,009 $1,076 $1,093
Non - U.S. 87 89 86 92 92
------- ------- ------- ------- -------
Total Private Client Assets 1,084 1,110 1,095 1,168 1,185
MLIM direct sales (1) 205 201 193 205 202
------- ------- ------- ------- -------
Total Client Assets $1,289 $1,311 $1,288 $1,373 $1,387
======= ======= ======= ======= =======

Assets in Asset-Priced Accounts $177 $182 $181 $200 $206

Assets Under Management $452 $462 $442 $471 $473

Retail 182 189 187 195 194
Institutional 234 235 220 239 241
Private Investors 36 38 35 37 38

U.S. 305 313 303 320 327
Non-U.S. 147 149 139 151 146

Equity 190 191 183 209 202
Fixed Income 119 122 108 108 125
Money Market 143 149 151 154 146

- ----------------------------------------------------------------------

Net New Money

Private Client Accounts
U.S. $4 $11 $(4) $(2) $4
Non-U.S. (2) - (1) 1 1
------- ------- ------- ------- -------
Total 2 11 (5) (1) 5
------- ------- ------- ------- -------

Assets Under Management $(12) $5 $(11) $4 $(4)
- ----------------------------------------------------------------------

Balance Sheet Information
(estimated)

Commercial Paper and Other
Short-term Borrowings $6.6 $5.4 $3.5 $5.5 $3.0
Deposits 80.8 81.8 81.9 80.5 79.3
Long-term Borrowings 73.9 78.5 77.0 79.1 80.8
Preferred Securities
Issued by Subsidiaries 2.7 2.7 2.7 2.7 2.7
Total Stockholders' Equity 22.3 22.9 23.6 24.8 26.1
- ----------------------------------------------------------------------

Global Equity and Equity-Linked
Underwriting(2)(3)

Volume $3 $6 $4 $8 $8
Market Share 5.9% 10.4% 8.1% 7.8% 7.4%
Ranking 5 2 5 6 6

Global Debt Underwriting(2)(3)

Volume $65 $59 $95 $86 $85
Market Share 7.6% 6.5% 7.1% 6.5% 7.8%
Ranking 3 6 3 4 4

Global Completed Mergers and
Acquisitions(2)(3)

Volume $79 $118 $39 $31 $59
Market Share 23.7% 29.8% 15.5% 10.5% 21.4%
Ranking 3 5 3 8 4
- ----------------------------------------------------------------------

Full-Time Employees(4) 53,200 50,900 49,500 48,200 47,800

Private Client Financial
Advisors 14,600 14,000 13,600 13,300 13,400
- ----------------------------------------------------------------------



(1) Reflects funds managed by MLIM not sold through Private Client
channels.

(2) Certain prior period amounts have been restated to conform to the
current period presentation.

(3) Full credit to book manager. Market shares derived from Thomson
Financial Securities Data statistics.

(4) Excludes 300, 500, 500, 1,500 and 700 full-time employees on
salary continuation severance at the end of 3Q03, 2Q03, 1Q03, 4Q02 and
3Q02, respectively.


CONTACT: Merrill Lynch & Co., Inc., New York
Media Relations:
Timothy Cobb, 212-449-9205
timothy_cobb@ml.com
Investor Relations:
Tina Madon, 866-607-1234
investor_relations@ml.com
Fax: 212-449-7461
www.ir.ml.com

18