EXHIBIT 99.2 PRELIMINARY EARNINGS & SEGMENT DATA

Exhibit 99.2

Merrill Lynch & Co., Inc. Attachment I

Preliminary
Unaudited Earnings
Summary
For the Three Months Ended Percent Inc / (Dec)
----------------------------- -------------------
December September December 4Q04 vs. 4Q04 vs.
31, 24, 26,
(in millions, except 2004 2004 2003 3Q04 4Q03
per share amounts) --------- --------- --------- --------- ---------
(14 (13 (13
weeks) weeks) weeks)
Net Revenues
Asset management
and portfolio
service fees $ 1,439 $ 1,344 $ 1,237 7.1 % 16.3 %
Commissions 1,302 1,076 1,138 21.0 14.4
Principal
transactions 296 341 377 (13.2) (21.5)
Investment banking 994 666 759 49.2 31.0
Revenues from
consolidated firm
investments 139 104 54 33.7 157.4
Other 272 392 301 (30.6) (9.6)
--------- --------- ---------
Subtotal 4,442 3,923 3,866 13.2 14.9

Interest and
dividend revenues 5,175 3,630 2,800 42.6 84.8
Less interest
expense 3,728 2,730 1,813 36.6 105.6
--------- --------- ---------
Net interest
profit 1,447 900 987 60.8 46.6
--------- --------- ---------

Total Net Revenues 5,889 4,823 4,853 22.1 21.3
--------- --------- ---------

Non-Interest
Expenses
Compensation and
benefits 2,689 2,273 2,052 18.3 31.0
Communications and
technology 400 363 345 10.2 15.9
Occupancy and
related
depreciation 255 219 228 16.4 11.8
Brokerage,
clearing, and
exchange fees 208 193 180 7.8 15.6
Professional fees 203 162 151 25.3 34.4
Advertising and
market
development 152 127 106 19.7 43.4
Expenses of
consolidated firm
investments 103 47 54 119.1 90.7
Office supplies
and postage 56 47 43 19.1 30.2
Other 271 184 199 47.3 36.2
Net recoveries
related to
September 11 - - (65) - 100.0
--------- --------- ---------

Total Non-Interest
Expenses 4,337 3,615 3,293 20.0 31.7
--------- --------- ---------

Earnings Before
Income Taxes 1,552 1,208 1,560 28.5 (0.5)

Income tax expense 359 286 345 25.5 4.1
--------- --------- ---------

Net Earnings $ 1,193 $ 922 $ 1,215 29.4 (1.8)
========= ========= =========

Preferred Stock
Dividends $ 15 $ 9 $ 10 66.7 50.0
========= ========= =========

Earnings Per Common
Share
Basic $ 1.31 $ 1.01 $ 1.32 29.7 (0.8)
Diluted $ 1.19 $ 0.93 $ 1.19 28.0 0.0

Average Shares Used
in Computing
Earnings Per Common
Share
Basic 896.6 903.2 913.3 (0.7) (1.8)
Diluted 992.7 985.0 1,013.0 0.8 (2.0)

Annualized Return on
Average Common
Equity 15.7% 12.5% 17.4%

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


12


Merrill Lynch & Co., Inc. Attachment II

Preliminary Unaudited Earnings
Summary
For the Year Ended
-------------------------
December 31, December 26, Percent
(in millions, except per share 2004 (1) 2003 (1) Inc / (Dec)
amounts) ------------ ------------ -----------
(53 weeks) (52 weeks)
Net Revenues
Asset management and
portfolio service fees $ 5,440 $ 4,698 15.8%
Commissions 4,877 4,299 13.4
Principal transactions 2,300 3,233 (28.9)
Investment banking 3,261 2,628 24.1
Revenues from consolidated
firm investments 346 70 394.3
Other 1,270 1,111 14.3
------------ ------------
Subtotal 17,494 16,039 9.1

Interest and dividend revenues 14,973 11,669 28.3
Less interest expense 10,444 7,840 33.2
------------ ------------
Net interest profit 4,529 3,829 18.3
------------ ------------

Total Net Revenues 22,023 19,868 10.8
------------ ------------

Non-Interest Expenses
Compensation and benefits 10,596 9,810 8.0
Communications and technology 1,461 1,457 0.3
Occupancy and related
depreciation 893 889 0.4
Brokerage, clearing, and
exchange fees 773 676 14.3
Professional fees 705 580 21.6
Advertising and market
development 533 429 24.2
Expenses of consolidated firm
investments 231 68 239.7
Office supplies and postage 203 197 3.0
Other 792 690 14.8
Net recoveries related to
September 11 - (147) 100.0
------------ ------------

Total Non-Interest Expenses 16,187 14,649 10.5
------------ ------------

Earnings Before Income Taxes 5,836 5,219 11.8

Income tax expense 1,400 1,383 1.2
------------ ------------

Net Earnings $ 4,436 $ 3,836 15.6
============ ============

Preferred Stock Dividends $ 43 $ 39 10.3
============ ============

Earnings Per Common Share
Basic $ 4.81 $ 4.22 14.0
Diluted $ 4.38 $ 3.87 13.2

Average Shares Used in Computing
Earnings Per Common Share
Basic 912.9 900.7 1.4
Diluted 1,003.8 980.9 2.3

Annualized Return on Average
Common Equity 14.9% 14.8%

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

(1) Includes $1 million and $2 million increase to net earnings in
2004 and 2003, respectively, related to the change in the method
of accounting for certain retail account fees.


13


Merrill Lynch & Co., Inc. Attachment III

Preliminary Segment
Data (unaudited)
For the Three Months Ended For the Year Ended
-------------------------- ---------------------
December September December December December
31, 24, 26, 31, 26,
(dollars in 2004 2004 2003 2004 2003
millions) -------- -------- -------- -------- --------
(14 (13 (13 (53 (52
weeks) weeks) weeks) weeks) weeks)

Global Markets &
Investment Banking
Global Markets
Debt Markets $ 1,249 $ 1,020 $ 1,013 $ 5,125 $ 5,049
Equity
Markets 822 633 562 3,086 2,775
-------- -------- -------- -------- --------
Total Global
Markets net
revenues 2,071 1,653 1,575 8,211 7,824
Investment
Banking(a)
Origination:
Debt 346 252 259 1,138 853
Equity 279 195 231 994 762
Strategic
Advisory
Services 247 128 159 679 554
-------- -------- -------- -------- --------
Total
Investment
Banking net
revenues 872 575 649 2,811 2,169
-------- -------- -------- -------- --------
Total net
revenues 2,943 2,228 2,224 11,022 9,993
-------- -------- -------- -------- --------

Pre-tax
earnings 990 771 971 (b) 3,869 3,775 (b)

Pre-tax profit
margin 33.6% 34.6% 43.7% (b) 35.1% 37.8% (b)
- ------------------------------------------------------------------

Global Private
Client
Fee-based
revenues $ 1,256 $ 1,191 $ 1,092 $ 4,800 $ 4,046
Transactional
and
origination
revenues 878 713 790 3,270 3,030
Net interest
profit 382 303 350 1,324 1,357
Other revenues 100 110 105 437 460
-------- -------- -------- -------- --------
Total net
revenues 2,616 2,317 2,337 9,831 8,893
-------- -------- -------- -------- --------

Pre-tax
earnings 519 412 503 (c) 1,873 1,526 (c)

Pre-tax profit
margin 19.8% 17.8% 21.5% (c) 19.1% 17.2% (c)
- ------------------------------------------------------------------

Merrill Lynch
Investment
Managers
Total net
revenues $ 426 $ 374 $ 375 $ 1,581 $ 1,359

Pre-tax
earnings 130 111 95 (d) 460 260 (d)

Pre-tax profit
margin 30.5% 29.7% 25.3% (d) 29.1% 19.1% (d)
- ------------------------------------------------------------------

Corporate
Total net
revenues $ (96) $ (96) $ (83) $ (411) $ (377)

Pre-tax
earnings
(loss) (87) (86) (9) (366) (342)
- ------------------------------------------------------------------

Total
Total net
revenues $ 5,889 $ 4,823 $ 4,853 $22,023 $19,868

Pre-tax
earnings 1,552 1,208 1,560 (e) 5,836 5,219 (e)

Pre-tax profit
margin 26.4% 25.0% 32.1% (e) 26.5% 26.3% (e)
- ------------------------------------------------------------------

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

(a) A portion of Origination revenue is recorded in the Global Private
Client segment.

(b) Includes the impact of insurance recoveries related to September
11, which have been recorded as a contra-expense, of $55 million
for the quarter and $155 million for the year-to-date period. Also
includes net restructuring and other charges of $18 million for
the quarter and year-to-date period. Excluding these items, GMI's
pre-tax earnings were $934 million ($971 million minus $37
million) for the quarter and $3,638 million ($3,775 million minus
$137 million) for the year-to-date period. Excluding these items,
GMI's pre-tax profit margin was 42.0% ($934 million/$2,224
million) for the quarter and 36.4% ($3,638 million/$9,993 million)
for the year-to-date period.

(c) Includes the impact of insurance recoveries related to September
11, which have been recorded as a contra-expense, of $15 million
for the quarter and year-to-date period. Also includes net
restructuring credits of $2 million for the quarter and
year-to-date period. Excluding these items, GPC's pre-tax earnings
were $486 million ($503 million minus $17 million) for the quarter
and $1,509 million ($1,526 million minus $17 million) for the
year-to-date period. Excluding these items, GPC's pre-tax profit
margin was 20.8% ($486 million/$2,337 million) for the quarter and
17.0% ($1,509 million/$8,893 million) for the year-to-date period.

(d) Includes the impact of net restructuring and other charges of $4
million for the quarter and year-to-date period. Excluding this
item, MLIM's pre-tax earnings were $99 million ($95 million plus
$4 million) for the quarter and $264 million ($260 million plus $4
million) for the year-to-date period. Excluding this item, MLIM's
pre-tax profit margin was 26.4% ($99 million/$375 million) for the
quarter and 19.4% ($264 million/$1,359 million) for the
year-to-date period.

(e) Excluding the impact of September 11 and restructuring items,
total pre-tax earnings were $1,515 million ($1,560 million minus
$45 million) for the quarter and $5,092 million ($5,219 million
minus $127 million) for the year-to-date period. Excluding these
items, total pre-tax profit margins were 31.2% ($1,515
million/$4,853 million) for the quarter and 25.6% ($5,092
million/$19,868 million) for the year-to-date period.


14


Merrill Lynch & Co., Inc. Attachment IV

Consolidated Quarterly (in millions)
Earnings (unaudited)

4Q03 (1) 1Q04 (1) 2Q04 (1) 3Q04 (1) 4Q04 (1)
-------- -------- -------- -------- --------
(13 (13 (13 (13 (14
weeks) weeks) weeks) weeks) weeks)
Net Revenues
Asset management and
portfolio service fees
Asset management
fees $ 429 $ 448 $ 440 $ 443 $ 522
Portfolio service
fees 534 578 606 611 614
Account fees 134 131 131 128 126
Other fees 140 156 167 162 177
-------- -------- -------- -------- --------
Total 1,237 1,313 1,344 1,344 1,439
Commissions
Listed and over-
the-counter
securities 626 816 605 563 705
Mutual funds 314 340 322 306 343
Other 198 183 233 207 254
-------- -------- -------- -------- --------
Total 1,138 1,339 1,160 1,076 1,302
Principal transactions 377 1,029 634 341 296
Investment banking
Underwriting 599 672 622 537 747
Strategic advisory 160 165 142 129 247
-------- -------- -------- -------- --------
Total 759 837 764 666 994
Revenues from
consolidated firm
investments 54 57 46 104 139
Other 301 332 274 392 272
-------- -------- -------- -------- --------
Subtotal 3,866 4,907 4,222 3,923 4,442
Interest and dividend
revenues 2,800 3,056 3,112 3,630 5,175
Less interest expense 1,813 1,902 2,084 2,730 3,728
-------- -------- -------- -------- --------
Net interest profit 987 1,154 1,028 900 1,447

-------- -------- -------- -------- --------
Total Net Revenues 4,853 6,061 5,250 4,823 5,889
-------- -------- -------- -------- --------

Non-Interest Expenses
Compensation and
benefits 2,052 3,047 2,587 2,273 2,689
Communications and
technology 345 340 358 363 400
Occupancy and related
depreciation 228 217 202 219 255
Brokerage, clearing,
and exchange fees 180 185 187 193 208
Professional fees 151 177 163 162 203
Advertising and market
development 106 122 132 127 152
Expenses of
consolidated firm
investments 54 42 39 47 103
Office supplies and
postage 43 51 49 47 56
Other 199 190 147 184 271
Net recoveries related
to September 11 (65) - - - -

-------- -------- -------- -------- --------
Total Non-Interest
Expenses 3,293 4,371 3,864 3,615 4,337
-------- -------- -------- -------- --------

Earnings Before Income
Taxes 1,560 1,690 1,386 1,208 1,552
Income tax expense 345 439 316 286 359
-------- -------- -------- -------- --------

Net Earnings $ 1,215 $ 1,251 $ 1,070 $ 922 $ 1,193

- ----------------------------------------------------------------------
Per Common Share Data
4Q03 1Q04 2Q04 3Q04 4Q04
-------- -------- -------- -------- --------

Earnings - Basic $ 1.32 $ 1.33 $ 1.15 $ 1.01 $ 1.31
Earnings - Diluted 1.19 1.21 1.05 0.93 1.19
Dividends paid 0.16 0.16 0.16 0.16 0.16
Book value 29.96 30.68 30.97 31.75 32.97 Est.
- ----------------------------------------------------------------------

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

(1) Includes increase (decrease) of $4 million, ($1) million, ($8)
million, $2 million and $8 million adjustments to net earnings in
4Q03, 1Q04, 2Q04, 3Q04 and 4Q04, respectively, related to the
change in the method of accounting for certain retail account
fees.


15


Merrill Lynch & Co., Inc. Attachment V

Percentage of Quarterly
Net Revenues (unaudited)

4Q03 1Q04 2Q04 3Q04 4Q04
-------- -------- -------- -------- --------
(13 (13 (13 (13 (14
weeks) weeks) weeks) weeks) weeks)
Net Revenues
Asset management and
portfolio service fees
Asset management
fees 8.8% 7.4% 8.4% 9.2% 8.9%
Portfolio service
fees 11.0% 9.5% 11.5% 12.7% 10.4%
Account fees 2.8% 2.2% 2.5% 2.7% 2.1%
Other fees 2.9% 2.6% 3.2% 3.3% 3.0%
-------- -------- -------- -------- --------
Total 25.5% 21.7% 25.6% 27.9% 24.4%
Commissions
Listed and over-
the-counter
securities 12.9% 13.5% 11.5% 11.7% 12.0%
Mutual funds 6.5% 5.6% 6.1% 6.3% 5.8%
Other 4.0% 3.0% 4.5% 4.3% 4.3%
-------- -------- -------- -------- --------
Total 23.4% 22.1% 22.1% 22.3% 22.1%
Principal transactions 7.8% 17.0% 12.1% 7.1% 5.0%
Investment banking
Underwriting 12.3% 11.1% 11.8% 11.1% 12.7%
Strategic advisory 3.3% 2.7% 2.7% 2.7% 4.2%
-------- -------- -------- -------- --------
Total 15.6% 13.8% 14.5% 13.8% 16.9%
Revenues from
consolidated firm
investments 1.1% 0.9% 0.9% 2.2% 2.4%
Other 6.3% 5.5% 5.2% 8.0% 4.6%
-------- -------- -------- -------- --------
Subtotal 79.7% 81.0% 80.4% 81.3% 75.4%
Interest and dividend
revenues 57.7% 50.4% 59.3% 75.3% 87.9%
Less interest expense 37.4% 31.4% 39.7% 56.6% 63.3%
-------- -------- -------- -------- --------
Net interest profit 20.3% 19.0% 19.6% 18.7% 24.6%

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

Non-Interest Expenses
Compensation and
benefits 42.3% 50.3% 49.3% 47.1% 45.7%
Communications and
technology 7.1% 5.6% 6.8% 7.5% 6.8%
Occupancy and related
depreciation 4.7% 3.6% 3.8% 4.5% 4.3%
Brokerage, clearing,
and exchange fees 3.7% 3.1% 3.6% 4.0% 3.5%
Professional fees 3.1% 2.9% 3.1% 3.4% 3.4%
Advertising and market
development 2.2% 2.0% 2.5% 2.6% 2.6%
Expenses of
consolidated firm
investments 1.1% 0.7% 0.7% 1.0% 1.7%
Office supplies and
postage 0.9% 0.8% 0.9% 1.0% 1.0%
Other 4.1% 3.1% 2.9% 3.9% 4.6%
Net recoveries related
to September 11 -1.3% - - - -
-------- -------- -------- -------- --------
Total Non-Interest
Expenses 67.9% 72.1% 73.6% 75.0% 73.6%
-------- -------- -------- -------- --------

Earnings Before Income
Taxes 32.1% 27.9% 26.4% 25.0% 26.4%

Income tax expense 7.1% 7.3% 6.0% 5.9% 6.1%
-------- -------- -------- -------- --------

Net Earnings 25.0% 20.6% 20.4% 19.1% 20.3%

- ----------------------------------------------------------------------
Common shares
outstanding (in
millions):
4Q03 1Q04 2Q04 3Q04 4Q04
-------- -------- -------- -------- --------
Weighted-average -
basic 913.3 930.2 923.0 903.2 896.6
Weighted-average -
diluted 1,013.0 1,022.8 1,015.9 985.0 992.7
Period-end 949.9 967.7 948.9 932.9 931.8
- ----------------------------------------------------------------------


16


Merrill Lynch & Co., Inc. Attachment VI


Supplemental Data (dollars in billions)
(unaudited)
4Q03 1Q04 2Q04 3Q04 4Q04
-------- -------- -------- -------- --------
Client Assets
Private Client
U.S. $ 1,164 $ 1,187 $ 1,176 $ 1,179 $ 1,244
Non - U.S. 103 105 105 109 115
-------- -------- -------- -------- --------
Total Private Client
Assets 1,267 1,292 1,281 1,288 1,359
MLIM direct sales (1) 219 229 213 199 215
-------- -------- -------- -------- --------
Total Client Assets(2) $ 1,486 $ 1,521 $ 1,494 $ 1,487 $ 1,574
======== ======== ======== ======== ========

Assets in Asset-Priced
Accounts $ 226 $ 235 $ 237 $ 244 $ 257

Assets Under Management $ 500 $ 513 $ 488 $ 478 $ 501

Retail 207 212 212 208 218
Institutional 253 259 235 228 240
Retail Separate
Accounts 40 42 41 42 43

U.S. 337 349 330 322 332
Non-U.S. 163 164 158 156 169

Equity 225 229 229 223 245
Retail Money
Market 67 58 56 53 50
Institutional
Liquidity Funds 107 117 97 91 90
Fixed Income 101 109 106 111 116

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

Net New Money

Private Client
Accounts(2)(4) $ 4 $ 5 $ 4 $ 9 $ 6

Assets Under
Management $ - $ 7 $ (22) $ (10) $ (5)

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

Balance Sheet
Information
(estimated)

Commercial Paper
and Other Short-
term Borrowings $ 5.0 $ 4.6 $ 3.2 $ 6.0 $ 4.0
Deposits 79.5 78.1 76.1 77.3 79.8
Long-term
Borrowings 83.3 96.9 93.4 102.6 115.5
Long-term debt
issued to
TOPrS(SM)
Partnerships 3.2 3.2 3.2 3.1 3.1
Total Stockholders'
Equity 28.9 30.1 29.8 30.0 31.4 Est

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

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

Volume $ 11 $ 12 $ 7 $ 11 $ 12
Market Share 8.3% 8.4% 6.2% 11.1% 8.8%
Ranking 5 4 6 1 3

Global Debt
Underwriting(2)(3)

Volume $ 82 $ 122 $ 76 $ 64 $ 69
Market Share 7.3% 7.9% 6.1% 5.2% 5.9%
Ranking 2 2 7 7 6

Global Completed
Mergers and
Acquisitions(2)(3)

Volume $ 68 $ 41 $ 48 $ 113 $ 110
Market Share 20.5% 17.1% 12.0% 24.5% 27.6%
Ranking 3 2 7 4 3

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

Full-Time Employees(5) 48,100 48,200 49,300 49,900 50,600

Private Client
Financial Advisors 13,500 13,700 14,000 14,100 14,100

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

(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) GPC net new money excludes flows associated with the Institutional
Advisory Division which serves certain small and middle market
companies.

(5) Excludes 100 full-time employees on salary continuation severance
at the end of 4Q04, 3Q04, 2Q04 and 1Q04, and 200 at the end of
4Q03.


CONTACT: Merrill Lynch
Media Relations:
Michael O'Looney, 212-449-9205
michael_olooney@ml.com
or
Investor Relations:
Tina Madon, 866-607-1234
investor_relations@ml.com


17