EXHIBIT 99.2 UNAUDITED EARNINGS SUMMARY

Exhibit 99.2

Merrill Lynch & Co., Inc. Attachment I

Preliminary Unaudited
Earnings Summary
For the Three Months Ended Percent Inc/(Dec)
-------------------------- -----------------
4Q03 4Q03
(in millions, except per Dec. 26, Sept. 26, Dec. 27, vs. vs.
share amounts) 2003 2003 2002 3Q03 4Q02
---------- -------- -------- ------ --------

Net Revenues
Asset management and
portfolio service fees $1,231 $1,184 $1,106 4.0 % 11.3 %
Commissions 1,163 1,120 1,078 3.8 7.9
Principal transactions 380 704 349 (46.0) 8.9
Investment banking 759 678 577 11.9 31.5
Other 335 300 148 11.7 126.4
---------- -------- --------
Subtotal 3,868 3,986 3,258 (3.0) 18.7

Interest and dividend
revenues 2,805 2,871 3,240 (2.3) (13.4)
Less interest expense 1,750 1,794 2,274 (2.5) (23.0)
---------- -------- --------
Net interest profit 1,055 1,077 966 (2.0) 9.2
---------- -------- --------

Total Net Revenues 4,923 5,063 4,224 (2.8) 16.5
---------- -------- --------

Non-Interest Expenses
Compensation and benefits 2,003 2,393 1,983 (16.3) 1.0
Communications and
technology 345 352 434 (2.0) (20.5)
Occupancy and related
depreciation 226 226 225 0.0 0.4
Brokerage, clearing,
and exchange fees 195 188 175 3.7 11.4
Advertising and market
development 106 89 114 19.1 (7.0)
Professional fees 151 146 155 3.4 (2.6)
Office supplies and postage 43 46 62 (6.5) (30.6)
Other 247 135 164 83.0 50.6
Net recoveries related
to September 11 (65) (21) (21) 209.5 209.5
Net restructuring and
other charges 20 - 10 N/M 100.0
Research and other
settlement - related
expenses - - 180 N/M (100.0)
---------- -------- --------

Total Non-Interest
Expenses 3,271 3,554 3,481 (8.0) (6.0)
---------- -------- --------

Earnings Before Income
Taxes and Dividends on
Preferred
Securities Issued by
Subsidiaries 1,652 1,509 743 9.5 122.3

Income tax expense 361 422 157 (14.5) 129.9

Dividends on preferred
securities issued by
subsidiaries 48 48 47 0.0 2.1
---------- -------- --------

Net Earnings $1,243 $1,039 $539 19.6 130.6
========== ======== ========

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

Earnings Per Common Share
Basic $1.35 $1.14 $0.61 18.4 121.3
Diluted $1.23 $1.04 $0.56 18.3 119.6

Average Shares Used in
Computing Earnings Per
Common Share
Basic 913.3 904.8 868.2 0.9 5.2
Diluted 1,006.5 991.1 942.9 1.6 6.7

Annualized Return on
Average Common Equity 18.7% 16.5% 9.5%


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 Year Ended
------------------
(in millions, except per share December 26, December 27, Percent
amounts) 2003 2002 Inc / (Dec)
-------------------------------------

Net Revenues
Asset management and
portfolio service fees $4,696 $4,914 (4.4)%
Commissions 4,396 4,657 (5.6)
Principal transactions 3,236 2,331 38.8
Investment banking 2,628 2,413 8.9
Other 1,111 751 47.9
----------- ------------
Subtotal 16,067 15,066 6.6

Interest and dividend
revenues 11,678 13,206 (11.6)
Less interest expense 7,591 9,645 (21.3)
----------- ------------
Net interest profit 4,087 3,561 14.8
----------- ------------

Total Net Revenues 20,154 18,627 8.2
----------- ------------

Non-Interest Expenses
Compensation and benefits 9,570 9,426 1.5
Communications and technology 1,457 1,741 (16.3)
Occupancy and related depreciation 889 909 (2.2)
Brokerage, clearing, and
exchange fees 722 727 (0.7)
Advertising and market development 429 540 (20.6)
Professional fees 581 552 5.3
Office supplies and postage 197 258 (23.6)
Other 787 630 24.9
Net recoveries related to
September 11 (147) (212) (30.7)
Net restructuring and other charges 20 8 150.0
Research and other settlement
- related expenses - 291 (100.0)
----------- ------------

Total Non-Interest Expenses 14,505 14,870 (2.5)
----------- ------------

Earnings Before Income Taxes and
Dividends on Preferred Securities
Issued by Subsidiaries 5,649 3,757 50.4

Income tax expense 1,470 1,053 39.6

Dividends on preferred
securities issued by
subsidiaries 191 191 -
----------- ------------

Net Earnings $3,988 $2,513 58.7
=========== ============

Preferred Stock Dividends $38 $38 -
=========== ============

Earnings Per Common Share
Basic $4.39 $2.87 53.0
Diluted $4.05 $2.63 54.0

Average Shares Used in Computing
Earnings Per Common Share
Basic 900.7 862.3 4.5
Diluted 975.5 942.2 3.5

Annualized Return on Average
Common Equity 16.1% 11.7%

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 Ended For the Year Ended
----------------------------- ------------------
December September December December December
26, 26, 27, 26, 27,
(dollars in millions) 2003 2003 2002 2003 2002
----------------------------- ------------------

Global Markets &
Investment Banking
Non-interest
revenues $1,525 $1,694 $1,142 $7,223 $6,167
Net interest profit 723 793 670 2,853 2,261
------- ------- ------- ------- -------
Total net revenues 2,248 2,487 1,812 10,076 8,428
------- ------- ------- ------- -------

Pre-tax earnings 1,002(a) 1,023(a) 558(a) 3,934(a) 2,389(a)

Pre-tax profit
margin 44.6%(a) 41.1%(a) 30.8%(a) 39.0%(a) 28.3%(a)
- ----------------------------------------------------------------------

Global Private Client
Non-interest
revenues $1,975 $1,957 $1,809 $7,505 $7,447
Net interest profit 350 351 319 1,358 1,333
------- ------- ------- ------- -------
Total net revenues 2,325 2,308 2,128 8,863 8,780
------- ------- ------- ------- -------

Pre-tax earnings 512(b) 467 365(b) 1,582(b) 1,297(b)

Pre-tax profit
margin 22.0%(b) 20.2% 17.2%(b) 17.8%(b) 14.8%(b)
- ----------------------------------------------------------------------

Merrill Lynch
Investment Managers
Non-interest
revenues $380 $342 $326 $1,377 $1,526
Net interest profit 6 6 11 24 24
------- ------- ------- ------- -------
Total net revenues 386 348 337 1,401 1,550
------- ------- ------- ------- -------

Pre-tax earnings 98(c) 75 48(c) 284(c) 318(c)

Pre-tax profit
margin 25.4%(c) 21.6% 14.2%(c) 20.3%(c) 20.5%(c)
- ----------------------------------------------------------------------

Corporate
Non-interest
revenues $(12) $(7) $(19) $(38) $(74)
Net interest profit (24) (73) (34) (148) (57)
------- ------- ------- ------- -------
Total net revenues (36) (80) (53) (186) (131)
------- ------- ------- ------- -------


Pre-tax earnings
(loss) 40 (56) (228) (151) (247)
- ----------------------------------------------------------------------

Total
Non-interest
revenues $3,868 $3,986 $3,258 $16,067 $15,066
Net interest profit 1,055 1,077 966 4,087 3,561
------- ------- ------- ------- -------
Total net revenues 4,923 5,063 4,224 20,154 18,627
------- ------- ------- ------- -------

Pre-tax earnings 1,652(d) 1,509(d) 743(d) 5,649(d) 3,757(d)

Pre-tax profit
margin 33.6%(d) 29.8%(d) 17.6%(d) 28.0%(d) 20.2%(d)
- ----------------------------------------------------------------------

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 $55 million,
$25 million and $40 million for the three months ended December
26, 2003, September 26, 2003, and December 27, 2002, respectively,
and $155 million and $90 million for the years ended December 26,
2003 and December 27, 2002, respectively. Also includes net
restructuring and other charges of $18 million and $51 million for
the three month and full-year periods ended December 26, 2003 and
December 27, 2002, respectively. Excluding these items, GMI's
pre-tax earnings were $965 million ($1,002 million minus $37
million), $998 million ($1,023 million minus $25 million), and
$569 million ($558 million plus $11 million) for the three months
ended December 26, 2003, September 26, 2003 and December 27, 2002,
respectively, and $3,797 million ($3,934 million minus $137
million) and $2,350 million ($2,389 million minus $39 million) for
the years ended December 26, 2003 and December 27, 2002,
respectively. Excluding these items, GMI's pre-tax profit margin
was 42.9% ($965 million/$2,248 million), 40.1% ($998
million/$2,487 million), and 31.4% ($569 million/$1,812 million)
for the three months ended December 26, 2003, September 26, 2003
and December 27, 2002, respectively, and 37.7% ($3,797
million/$10,076 million) and 27.9%($2,350 million/$8,428 million)
for the years ended December 26, 2003 and December 27, 2002,
respectively.

(b) Includes the impact of net insurance recoveries related to
September 11, which have been recorded as a contra-expense, of $15
million for the three months ended December 26, 2003, and $15
million and $25 million for the years ended December 26, 2003 and
December 27, 2002, respectively. Also includes restructuring and
other charges/(credits) of $(2) million and $(64) million for the
three months ended December 26, 2003 and December 27, 2002,
respectively, and $(2) million and $(66) million for the years
ended December 26, 2003 and December 27, 2002, respectively.
Excluding these items, GPC's pre-tax earnings were $495 million
($512 million minus $17 million) and $301 million ($365 million
minus $64 million) for the three months ended December 26, 2003
and December 27, 2002, respectively, and $1,565 million ($1,582
million minus $17 million) and $1,206 million ($1,297 minus $91
million) for the years ended December 26, 2003 and December 27,
2002, respectively. Excluding these items, GPC's pre-tax profit
margin was 21.3% ($495 million/$2,325 million) and 14.1% ($301
million/$2,128 million) for the three months ended December 26,
2003 and December 27, 2002, respectively, and 17.7% ($1,565
million/$8,863 million) and 13.7% ($1,206 million/$8,780 million)
for the years ended December 26, 2003 and December 27, 2002,
respectively.

(c) Includes the impact of net restructuring and other charges of $4
million and $23 million for the three month and full-year periods
ended December 26, 2003 and December 27, 2002, respectively.
Excluding these items, MLIM's pre-tax earnings were $102 million
($98 million plus $4 million) and $71 million ($48 million plus
$23 million) for the three months ended December 26, 2003 and
December 27, 2002, respectively, and $288 million ($284 million
plus $4 million) and $341 million ($318 million plus $23 million)
for the years ended December 26, 2003 and December 27, 2002,
respectively. Excluding these items, MLIM's pre-tax profit margin
was 26.4% ($102 million/$386 million) and 21.1% ($71 million/$337
million) for the three months ended December 26, 2003 and December
27, 2002, respectively, and 20.6%($288 million/$1,401 million) and
22.0% ($341 million/ $1,550 million) for the years ended December
26, 2003 and December 27, 2002.

(d) Excluding the impact of September 11, restructuring, and
research-related items, total pre-tax earnings were $1,607 million
($1,652 million minus $45 million), $1,488 million ($1,509 million
minus $21 million), and $912 million ($743 million plus $169
million) for the three months ended December 26, 2003, September
26, 2003, and December 27, 2002, respectively, and $5,522 million
($5,649 million minus $127 million) and $3,844 million ($3,757
million plus $87 million) for the years ended December 26, 2003
and December 27, 2002, respectively. Excluding these items, total
pre-tax profit margins were 32.6% ($1,607 million/$4,923 million),
29.4% ($1,488 million/$5,063 million), and 21.6% ($912
million/$4,224 million) for the three months ended December 26,
2003, September 26, 2003 and December 27, 2002, respectively, and
27.4% ($5,522 million/$20,154 million) and 20.6% ($3,844
million/$18,627 million) for the years ended December 26, 2003 and
December 27, 2002, respectively.



15

Merrill Lynch & Co., Inc. Attachment IV


Consolidated Quarterly Earnings (unaudited) (in millions)

4Q02 1Q03 2Q03 3Q03 4Q03
------- ------ ------- ------- -------
Net Revenues
Asset management and
portfolio service fees
Asset management fees $386 $385 $394 $401 $429
Portfolio service fees 480 476 469 511 534
Account fees 122 135 136 128 128
Other fees 118 131 155 144 140
------- ------ ------- ------- -------
Total 1,106 1,127 1,154 1,184 1,231
Commissions
Listed and over-the-
counter securities 623 618 617 634 626
Mutual funds 274 266 234 291 314
Other 181 185 193 195 223
------- ------ ------- ------- -------
Total 1,078 1,069 1,044 1,120 1,163
Principal transactions 349 1,025 1,127 704 380
Investment banking
Underwriting 414 368 565 545 599
Strategic advisory 163 125 133 133 160
------- ------ ------- ------- -------
Total 577 493 698 678 759
Other 148 205 271 300 335
------- ------ ------- ------- -------
Subtotal 3,258 3,919 4,294 3,986 3,868
Interest and dividend
revenues 3,240 3,004 2,998 2,871 2,805
Less interest expense 2,274 2,071 1,976 1,794 1,750
------- ------ ------- ------- -------
Net interest profit 966 933 1,022 1,077 1,055

------- ------ ------- ------- -------
Total Net Revenues 4,224 4,852 5,316 5,063 4,923
------- ------ ------- ------- -------

Non-Interest Expenses
Compensation and benefits 1,983 2,496 2,678 2,393 2,003
Communications and technology 434 403 357 352 345
Occupancy and related
depreciation 225 216 221 226 226
Brokerage, clearing, and
exchange fees 175 170 169 188 195
Advertising and market
development 114 121 113 89 106
Professional fees 155 144 140 146 151
Office supplies and postage 62 58 50 46 43
Other 164 222 183 135 247
Net recoveries related to
September 11 (21) - (61) (21) (65)
Net restructuring and other
charges 10 - - - 20
Research and other
settlement-related expenses 180 - - - -
------- ------ ------- ------- -------
Total Non-Interest Expenses 3,481 3,830 3,850 3,554 3,271
------- ------ ------- ------- -------

Earnings Before Income Taxes
and Dividends on Preferred
Securities Issued by
Subsidiaries 743 1,022 1,466 1,509 1,652
Income tax expense 157 289 398 422 361
Dividends on preferred
securities issued by
subsidiaries 47 48 47 48 48
------- ------ ------- ------- -------

Net Earnings $539 $685 $1,021 $1,039 $1,243

- ----------------------------------------------------------------------
Per Common Share Data
4Q02 1Q03 2Q03 3Q03 4Q03
------- ------ ------- ------- -------

Earnings - Basic $0.61 $0.76 $1.13 $1.14 $1.35
Earnings - Diluted 0.56 0.72 1.05 1.04 1.23
Dividends paid 0.16 0.16 0.16 0.16 0.16
Book value 25.69 24.97 26.04 27.21 28.66est.

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


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)

4Q02 1Q03 2Q03 3Q03 4Q03
------- ------- ------ ------ -------
Net Revenues
Asset management and portfolio
service fees
Asset management fees 9.1% 7.9% 7.4% 7.9% 8.7%
Portfolio service fees 11.4% 9.8% 8.8% 10.1% 10.8%
Account fees 2.9% 2.8% 2.6% 2.5% 2.6%
Other fees 2.8% 2.7% 2.9% 2.9% 2.9%
------- ------- ------ ------ -------
Total 26.2% 23.2% 21.7% 23.4% 25.0%
Commissions
Listed and over-the-
counter securities 14.7% 12.7% 11.6% 12.5% 12.7%
Mutual funds 6.5% 5.5% 4.4% 5.7% 6.4%
Other 4.3% 3.8% 3.6% 3.9% 4.5%
------- ------- ------ ------ -------
Total 25.5% 22.0% 19.6% 22.1% 23.6%
Principal transactions 8.3% 21.1% 21.2% 13.9% 7.7%
Investment banking
Underwriting 9.8% 7.6% 10.6% 10.8% 12.2%
Strategic advisory 3.9% 2.6% 2.5% 2.6% 3.3%
------- ------- ------ ------ -------
Total 13.7% 10.2% 13.1% 13.4% 15.5%
Other 3.4% 4.3% 5.2% 5.9% 6.8%
------- ------- ------ ------ -------
Subtotal 77.1% 80.8% 80.8% 78.7% 78.6%
Interest and dividend revenues 76.7% 62.0% 56.4% 56.7% 57.0%
Less interest expense 53.8% 42.8% 37.2% 35.4% 35.6%
------- ------- ------ ------ -------
Net interest profit 22.9% 19.2% 19.2% 21.3% 21.4%

------- ------- ------ ------ -------
Total Net Revenues 100.0% 100.0% 100.0% 100.0% 100.0%
------- ------- ------ ------ -------

Non-Interest Expenses
Compensation and benefits 46.9% 51.4% 50.4% 47.3% 40.7%
Communications and technology 10.3% 8.3% 6.7% 7.0% 7.0%
Occupancy and related
depreciation 5.3% 4.5% 4.2% 4.5% 4.6%
Brokerage, clearing, and
exchange fees 4.1% 3.5% 3.2% 3.7% 4.0%
Advertising and market
development 2.7% 2.5% 2.1% 1.8% 2.2%
Professional fees 3.7% 3.0% 2.6% 2.9% 3.1%
Office supplies and postage 1.5% 1.2% 0.9% 0.9% 0.9%
Other 3.9% 4.5% 3.4% 2.5% 4.8%
Net recoveries related to
September 11 -0.5% - -1.1% -0.4% -1.3%
Net restructuring and other
charges 0.2% - - - 0.4%
Research and other settlement-
related expenses 4.3% - - - -
------- ------- ------ ------ -------
Total Non-Interest Expenses 82.4% 78.9% 72.4% 70.2% 66.4%
------- ------- ------ ------ -------

Earnings Before Income Taxes and
Dividends on Preferred
Securities Issued by
Subsidiaries 17.6% 21.1% 27.6% 29.8% 33.6%
Income tax expense 3.6% 6.0% 7.5% 8.4% 7.4%
Dividends on preferred
securities issued by
subsidiaries 1.2% 1.0% 0.9% 0.9% 1.0%
------- ------- ------ ------ -------

Net Earnings 12.8% 14.1% 19.2% 20.5% 25.2%

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

Common shares outstanding (in millions):
4Q02 1Q03 2Q03 3Q03 4Q03
------- ------- ------ ------ -------
Weighted-average - basic 868.2 887.6 897.2 904.8 913.3
Weighted-average - diluted 942.9 939.2 965.3 991.1 1006.5
Period-end 873.8 929.8 935.2 942.6 949.9
- ----------------------------------------------------------------------


17

Merrill Lynch & Co., Inc. Attachment VI


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

Client Assets
Private Client
U.S. $1,021 $1,009 $1,076 $1,093 $1,165
Non - U.S. 89 86 92 92 97
-------- ------- ------- ------- -------
Total Private Client Assets 1,110 1,095 1,168 1,185 1,262
MLIM direct sales (1) 201 193 205 202 222
-------- ------- ------- ------- -------
Total Client Assets $1,311 $1,288 $1,373 $1,387 $1,484
======== ======= ======= ======= =======

Assets in Asset-Priced
Accounts $182 $181 $200 $206 $226

Assets Under Management $462 $442 $471 $473 $500

Retail 189 187 195 194 207
Institutional 235 220 239 241 253
Private Investors 38 35 37 38 40

U.S. 313 303 320 327 337
Non-U.S. 149 139 151 146 163

Equity 191 183 209 202 225
Fixed Income 122 108 108 125 132
Money Market 149 151 154 146 143


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

Net New Money

Private Client Accounts
U.S. $11 $(4) $(2) $4 $5
Non-U.S. - (1) 1 1 1
-------- ------- ------- ------- -------
Total 11 (5) (1) 5 6
-------- ------- ------- ------- -------

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

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

Balance Sheet Information (estimated)

Commercial Paper and
Other Short-term
Borrowings $5.4 $3.5 $5.5 $3.0 $5.4
Deposits 81.8 81.9 80.5 79.3 79.5
Long-term Borrowings 78.5 77.0 79.1 80.7 83.9
Preferred Securities
Issued by
Subsidiaries 2.7 2.7 2.7 2.7 2.7
Total Stockholders'
Equity 22.9 23.6 24.8 26.1 27.6

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

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

Volume $6 $4 $8 $8 $11
Market Share 10.3% 8.0% 7.8% 7.7% 8.3%
Ranking 2 5 6 6 5

Global Debt Underwriting(2)(3)

Volume $59 $95 $86 $88 $80
Market Share 6.5% 7.1% 6.4% 7.6% 7.3%
Ranking 6 3 5 4 3

Global Completed Mergers and Acquisitions(2)(3)

Volume $116 $39 $31 $59 $66
Market Share 29.4% 15.4% 10.0% 20.1% 22.8%
Ranking 5 3 8 4 3

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

Full-Time Employees(4) 50,900 49,500 48,200 47,800 48,100

Private Client Financial
Advisors 14,000 13,600 13,300 13,400 13,500

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

(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 200, 300, 500, 500 and 1,500 full-time employees on
salary continuation severance at the end of 4Q03, 3Q03, 2Q03, 1Q03
and 4Q02, respectively.

For more information, please contact:

Investor Relations Phone: 866-607-1234
Merrill Lynch & Co., Inc. Fax: 212-449-7461
investorrelations@ml.com
www.ir.ml.com


CONTACT: Merrill Lynch
Media Relations:
Timothy Cobb, 212-449-9205
timothy_cobb@ml.com
or
Investor Relations:
Tina Madon, 866-607-1234
investor_relations@ml.com


18