EXHIBIT 99.2 PRELIMINARY UNAUDITED EARNINGS

Exhibit 99.2


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

Percent Inc /
For the Three Months Ended (Dec)
-------------------------- ---------------
June 30, March 31, July 1, 2Q06 2Q06
(in millions, except per vs. vs.
share amounts) 2006 2006 2005 1Q06 2Q05
-------- --------- ------- ------ ------

Net Revenues
Asset management and
portfolio service fees $1,773 $1,679 $1,431 6 % 24 %
Commissions 1,586 1,602 1,247 (1) 27
Investment banking 1,162 965 920 20 26
Principal transactions 1,182 1,993 1,006 (41) 17
Revenues from consolidated
investments 186 104 84 79 121
Other 1,110 554 664 100 67
-------- --------- -------
Subtotal 6,999 6,897 5,352 1 31

Interest and dividend
revenues 9,690 8,664 5,974 12 62
Less interest expense 8,531 7,599 5,007 12 70
-------- --------- -------
Net interest profit 1,159 1,065 967 9 20
-------- --------- -------

Total Net Revenues 8,158 7,962 6,319 2 29
-------- --------- -------

Non-Interest Expenses
Compensation and benefits 3,980 5,750 3,148 (31) 26
Communications and
technology 429 453 395 (5) 9
Brokerage, clearing, and
exchange fees 253 248 216 2 17
Occupancy and related
depreciation 249 241 227 3 10
Professional fees 196 200 183 (2) 7
Advertising and market
development 191 144 160 33 19
Expenses of consolidated
investments 145 47 35 209 314
Office supplies and
postage 57 57 51 0 12
Other 309 229 309 35 0
-------- --------- -------

Total Non-Interest
Expenses 5,809 7,369 4,724 (21) 23
-------- --------- -------

Earnings Before Income
Taxes 2,349 593 1,595 296 47

Income tax expense 716 118 460 507 56
-------- --------- -------

Net Earnings $1,633 $475 $1,135 244 44
======== ========= =======

Preferred Stock Dividends $45 $43 $17 5 165
======== ========= =======

Net Earnings Applicable to
Common Stockholders $1,588 $432 $1,118 268 42
======== ========= =======

Earnings Per Common Share
Basic $1.79 $0.49 $1.25 265 43
Diluted $1.63 $0.44 $1.14 270 43

Average Shares Used in
Computing Earnings Per
Common Share
Basic 885.4 883.7 897.5 0 (1)
Diluted 973.3 981.1 978.5 (1) (1)

Annualized Return on
Average Common Equity 18.6% 5.1% 14.3%

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

12

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

For the Six Months
Ended
------------------
June 30, July 1, Percent
Inc /
(in millions, except per share amounts) 2006 2005 (Dec)
-------- -------- ----------

Net Revenues
Asset management and portfolio service
fees $3,452 $2,866 20 %
Commissions 3,188 2,588 23
Investment banking 2,127 1,733 23
Principal transactions 3,175 1,951 63
Revenues from consolidated investments 290 211 37
Other 1,664 1,034 61
-------- --------
Subtotal 13,896 10,383 34

Interest and dividend revenues 18,354 11,505 60
Less interest expense 16,130 9,337 73
-------- --------
Net interest profit 2,224 2,168 3
-------- --------

Total Net Revenues 16,120 12,551 28
-------- --------

Non-Interest Expenses
Compensation and benefits 9,730 6,244 56
Communications and technology 882 791 12
Brokerage, clearing, and exchange fees 501 435 15
Occupancy and related depreciation 490 460 7
Professional fees 396 361 10
Advertising and market development 335 286 17
Expenses of consolidated investments 192 120 60
Office supplies and postage 114 103 11
Other 538 487 10
-------- --------

Total Non-Interest Expenses 13,178 9,287 42
-------- --------

Earnings Before Income Taxes 2,942 3,264 (10)

Income tax expense 834 917 (9)
-------- --------

Net Earnings $2,108 $2,347 (10)
======== ========

Preferred Stock Dividends $88 $24 267
======== ========

Earnings Per Common Share
Basic $2.28 $2.57 (11)
Diluted $2.07 $2.36 (12)

Average Shares Used in Computing
Earnings Per Common Share
Basic 884.6 902.7 (2)
Diluted 977.2 985.9 (1)

Annualized Return on Average Common
Equity 11.9% 14.9%

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

13

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

Reconciliation of "Non-GAAP" Measures

Merrill Lynch adopted Statement of Financial Accounting Standards
No. 123 (as revised in 2004) for stock-based employee compensation
during the first quarter of 2006. Additionally, as a result of a
comprehensive review of the retirement provisions in its stock-based
compensation plans, Merrill Lynch also modified the retirement
eligibility requirements of existing stock awards in order to
facilitate transition to more stringent retirement eligibility
requirements for future stock awards. These modifications and the
adoption of the new accounting standard required Merrill Lynch to
accelerate the recognition of compensation expenses for affected stock
awards, resulting in the "one-time compensation expenses." These
changes represent timing differences and are not economic in
substance. Management believes that while the results excluding the
one-time expenses are considered "non-GAAP" measures, they depict the
operating performance of the company more clearly and enable more
appropriate period-to-period comparisons.

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

Preliminary Unaudited Earnings Summary
- --------------------------------------


For the Three Months Ended
March 31, 2006
-------------------------------------
(in millions, except per share Excluding One- Impact of One-
amounts) time time
Compensation Compensation GAAP
Expenses Expenses Basis
-------------------------------------

Net Revenues $7,962 $- $7,962
-------------- -------------- -------

Non-Interest Expenses
Compensation and benefits 3,991 1,759 5,750
Non-compensation expenses 1,619 - 1,619
-------------- -------------- -------
Total Non-Interest Expenses 5,610 1,759 7,369
-------------- -------------- -------

Earnings Before Income Taxes 2,352 (1,759) 593

Income Tax Expense 700 (582) 118
-------------- -------------- -------

Net Earnings $1,652 $(1,177) $475
============== ============== =======

Preferred Stock Dividends $43 $- $43
============== ============== =======

Net Earnings Applicable to Common
Stockholders $1,609 $(1,177) $432
============== ============== =======

Earnings Per Common Share
Basic $1.83 $(1.34) $0.49
Diluted $1.65 $(1.21) $0.44

Average Shares Used in Computing
Earnings Per Common Share
Basic 878.0 5.7 883.7
Diluted 975.4 5.7 981.1



For the Six Months Ended
June 30, 2006
-------------------------------------
(in millions, except per share Excluding One- Impact of
amounts) time One-time
Compensation Compensation GAAP
Expenses(1) Expenses(1) Basis
-------------- -------------- -------

Net Revenues $16,120 $- $16,120
-------------- -------------- -------

Non-Interest Expenses
Compensation and benefits 7,971 1,759 9,730
Non-compensation expenses 3,448 - 3,448
-------------- -------------- -------
Total Non-Interest Expenses 11,419 1,759 13,178
-------------- -------------- -------

Earnings Before Income Taxes 4,701 (1,759) 2,942

Income Tax Expense 1,416 (582) 834
-------------- -------------- -------

Net Earnings $3,285 $(1,177) $2,108
============== ============== =======

Preferred Stock Dividends $88 $- $88
============== ============== =======

Net Earnings Applicable to Common
Stockholders $3,197 $(1,177) $2,020
============== ============== =======

Earnings Per Common Share
Basic $3.63 $(1.35) $2.28
Diluted $3.28 $(1.21) $2.07

Average Shares Used in Computing
Earnings Per Common Share
Basic 881.7 2.9 884.6
Diluted 974.4 2.8 977.2

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

Financial Ratios
- ----------------

For the Three Months For the Six Months
Ended Ended
March 31, 2006 June 30, 2006
---------------------- ---------------------
Excluding Excluding
One-time One-time
Compensation GAAP Compensation GAAP
(in millions) Expenses Basis Expenses(1) Basis
---------------------- ---------------------

Compensation and
benefits (a) $3,991 $5,750 $7,971 $9,730
Net Revenues (b) 7,962 7,962 16,120 16,120
Ratio of compensation
and benefits to net
revenues (a)/(b) 50.1% 72.2% 49.4% 60.4%

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

Income Tax Expense (a) $700 $118 $1,416 $834
Earnings Before Income
Taxes (b) 2,352 593 4,701 2,942
Effective Tax Rate (a)/(b) 29.8% 19.9% 30.1% 28.3%

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

Earnings Before Income
Taxes (a) $2,352 $593 $4,701 $2,942
Net Revenues (b) 7,962 7,962 16,120 16,120
Pre-tax Profit Margin
(a)/(b) 29.5% 7.4% 29.2% 18.3%

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

Average Common Equity $33,800 $33,800 $33,848 $33,848
Average impact of one-
time compensation
expenses (145) - (145) -
------------ --------- ------------ --------
Average Common Equity
(a) 33,655 33,800 33,703 33,848

Annualized Net Earnings
Applicable to Common
Stockholders (b) 6,436 1,728 6,394 4,040
Annualized Return on
Average Common Equity
(b)/(a) 19.1% 5.1% 19.0% 11.9%

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

(1) For purposes of comparison with previously published results,
data excluding the impact of the one-time compensation
expenses for the first six months of 2006 assumes the impact
of the one-time compensation expenses is limited to the first
quarter of 2006.

14

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


Percent
For the Three Months Ended Inc / (Dec)
-----------------------------------------
2Q06 2Q06
June 30, March 31, July 1, vs. vs.
(dollars in millions) 2006 2006 2005 1Q06 2Q05
-------- -------- -------- ------- ------

Global Markets & Investment
Banking
Global Markets
Debt Markets $1,725 $2,091 $1,606 (18)% 7 %
Equity Markets 1,877 1,573 1,022 19 84
-------- -------- --------
Total Global Markets
net revenues 3,602 3,664 2,628 (2) 37
Investment Banking (1)
Origination:
Debt 367 395 374 (7) (2)
Equity 315 237 223 33 41
Strategic Advisory
Services 296 257 214 15 38
-------- -------- --------
Total Investment
Banking net revenues 978 889 811 10 21
-------- -------- --------
Total net revenues (a) 4,580 4,553 3,439 1 33
-------- -------- --------

Pre-tax earnings 1,493 212 1,098 604 36
Impact of one-time
compensation expenses - 1,369 - (100) N/M
-------- -------- --------
Pre-tax earnings
excluding one-time
compensation expenses
(b) 1,493 1,581 1,098 (6) 36

Pre-tax profit margin 32.6% 4.7% 31.9%
Pre-tax profit margin
excluding one-time
compensation expenses
(b)/(a) 32.6% 34.7% 31.9%
- ----------------------------------------------------------------------

Global Private Client
Fee-based revenues $1,533 $1,458 $1,286 5 19
Transactional and
origination revenues 902 899 786 0 15
Net interest profit and
related hedges(2) 554 527 420 5 32
Other revenues 56 55 76 2 (26)
-------- -------- --------
Total net revenues (a) 3,045 2,939 2,568 4 19
-------- -------- --------

Pre-tax earnings 701 365 457 92 53
Impact of one-time
compensation expenses - 281 - (100) N/M
-------- -------- --------
Pre-tax earnings
excluding one-time
compensation expenses
(b) 701 646 457 9 53

Pre-tax profit margin 23.0% 12.4% 17.8%
Pre-tax profit margin
excluding one-time
compensation expenses
(b)/(a) 23.0% 22.0% 17.8%
- ----------------------------------------------------------------------

Merrill Lynch Investment
Managers
Total net revenues (a) $630 $570 $405 11 56

Pre-tax earnings 240 113 121 112 98
Impact of one-time
compensation expenses - 109 - (100) N/M
-------- -------- --------
Pre-tax earnings
excluding one-time
compensation expenses
(b) 240 222 121 8 98

Pre-tax profit margin 38.1% 19.8% 29.9%
Pre-tax profit margin
excluding one-time
compensation expenses
(b)/(a) 38.1% 38.9% 29.9%
- ----------------------------------------------------------------------

Corporate
Total net revenues $(97) $(100) $(93) 3 (4)

Pre-tax earnings (85) (97) (81) 12 (5)
- ----------------------------------------------------------------------

Total
Total net revenues (a) $8,158 $7,962 $6,319 2 29

Pre-tax earnings 2,349 593 1,595 296 47
Impact of one-time
compensation expenses - 1,759 - (100) N/M
-------- -------- --------
Pre-tax earnings
excluding one-time
compensation expenses
(b) 2,349 2,352 1,595 (0) 47

Pre-tax profit margin 28.8% 7.4% 25.2%
Pre-tax profit margin
excluding one-time
compensation expenses
(b)/(a) 28.8% 29.5% 25.2%
- ----------------------------------------------------------------------

Preliminary Segment Data (unaudited)

For the Six Months Ended
------------------------------
Percent
June 30, July 1, Inc /
(dollars in millions) 2006 2005 (Dec)
---------- --------- ----------

Global Markets & Investment Banking
Global Markets
Debt Markets $3,816 $3,268 17 %
Equity Markets 3,450 1,993 73
---------- ---------
Total Global Markets net revenues 7,266 5,261 38
Investment Banking (1)
Origination:
Debt 762 656 16
Equity 552 465 19
Strategic Advisory Services 553 374 48
---------- ---------
Total Investment Banking net
revenues 1,867 1,495 25
---------- ---------
Total net revenues (a) 9,133 6,756 35
---------- ---------

Pre-tax earnings 1,705 2,222 (23)
Impact of one-time compensation
expenses 1,369 - N/M
---------- ---------
Pre-tax earnings excluding one-
time compensation expenses (b) 3,074 2,222 38

Pre-tax profit margin 18.7% 32.9%
Pre-tax profit margin excluding
one-time compensation expenses
(b)/(a) 33.7% 32.9%
- ----------------------------------------------------------------------

Global Private Client
Fee-based revenues $2,991 $2,557 17
Transactional and origination
revenues 1,801 1,643 10
Net interest profit and related
hedges(2) 1,081 821 32
Other revenues 111 150 (26)
---------- ---------
Total net revenues (a) 5,984 5,171 16
---------- ---------

Pre-tax earnings 1,066 967 10
Impact of one-time compensation
expenses 281 - N/M
---------- ---------
Pre-tax earnings excluding one-
time compensation expenses (b) 1,347 967 39

Pre-tax profit margin 17.8% 18.7%
Pre-tax profit margin excluding
one-time compensation expenses
(b)/(a) 22.5% 18.7%
- ----------------------------------------------------------------------

Merrill Lynch Investment Managers
Total net revenues (a) $1,200 $818 47

Pre-tax earnings 353 248 42
Impact of one-time compensation
expenses 109 - N/M
---------- ---------
Pre-tax earnings excluding one-
time compensation expenses (b) 462 248 86

Pre-tax profit margin 29.4% 30.3%
Pre-tax profit margin excluding
one-time compensation expenses
(b)/(a) 38.5% 30.3%
- ----------------------------------------------------------------------

Corporate
Total net revenues $(197) $(194) (2)

Pre-tax earnings (182) (173) (5)
- ----------------------------------------------------------------------

Total
Total net revenues (a) $16,120 $12,551 28

Pre-tax earnings 2,942 3,264 (10)
Impact of one-time compensation
expenses 1,759 - N/M
---------- ---------
Pre-tax earnings excluding one-
time compensation expenses (b) 4,701 3,264 44

Pre-tax profit margin 18.3% 26.0%
Pre-tax profit margin excluding
one-time compensation expenses
(b)/(a) 29.2% 26.0%
- ----------------------------------------------------------------------

N/M = Not Meaningful
(1) A portion of Origination revenue is recorded in the Global Private
Client segment.
(2) Includes interest component of non-qualifying derivatives which
are included in Other Revenues in Attachment I.

15

Merrill Lynch & Co., Inc. Attachment V
- ----------------------------------------------------------------------
Consolidated Quarterly (in millions)
Earnings (unaudited)


2Q05 3Q05 4Q05 1Q06 2Q06
------- ------- ------- ------ ----------
Net Revenues
Asset management and
portfolio service fees
Portfolio service fees $670 $689 $760 $747 $797
Asset management fees 472 527 556 619 641
Account fees 121 123 123 111 114
Other fees 168 188 199 202 221
------- ------- ------- ------ ----------
Total 1,431 1,527 1,638 1,679 1,773
Commissions
Listed and over-the-
counter securities 747 823 878 990 1,027
Mutual funds 353 383 401 490 470
Other 147 136 162 122 89
------- ------- ------- ------ ----------
Total 1,247 1,342 1,441 1,602 1,586
Investment banking
Underwriting 706 720 632 720 865
Strategic advisory 214 160 349 245 297
------- ------- ------- ------ ----------
Total 920 880 981 965 1,162
Principal transactions 1,006 917 715 1,993 1,182
Revenues from consolidated
investments 84 142 85 104 186
Other 664 548 613 554 1,110
------- ------- ------- ------ ----------
Subtotal 5,352 5,356 5,473 6,897 6,999
Interest and dividend
revenues 5,974 7,039 8,027 8,664 9,690
Less interest expense 5,007 5,717 6,720 7,599 8,531
------- ------- ------- ------ ----------
Net interest profit 967 1,322 1,307 1,065 1,159

------- ------- ------- ------ ----------
Total Net Revenues 6,319 6,678 6,780 7,962 8,158
------- ------- ------- ------ ----------

Non-Interest Expenses
Compensation and benefits 3,148 3,270 2,927 5,750 3,980
Communications and
technology 395 405 412 453 429
Brokerage, clearing, and
exchange fees 216 190 217 248 253
Occupancy and related
depreciation 227 235 243 241 249
Professional fees 183 173 193 200 196
Advertising and market
development 160 138 175 144 191
Office supplies and
postage 51 48 59 57 57
Expenses of consolidated
investments 35 91 47 47 145
Other 309 192 476 229 309

------- ------- ------- ------ ----------
Total Non-Interest
Expenses 4,724 4,742 4,749 7,369 5,809
------- ------- ------- ------ ----------

Earnings Before Income Taxes 1,595 1,936 2,031 593 2,349
Income tax expense 460 560 638 118 716
------- ------- ------- ------ ----------

Net Earnings $1,135 $1,376 $1,393 $475 $1,633
- ----------------------------------------------------------------------
Per Common Share Data
2Q05 3Q05 4Q05 1Q06 2Q06
------- ------- ------- ------ ----------

Earnings - Basic $1.25 $1.54 $1.56 $0.49 $1.79
Earnings - Diluted 1.14 1.40 1.41 0.44 1.63
Dividends paid 0.20 0.20 0.20 0.25 0.25
Book value 33.63 34.66 35.82 37.19 37.31 Est.
- ----------------------------------------------------------------------

16

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


2Q05 3Q05 4Q05 1Q06 2Q06
------ ------ ------ ------ ------
Net Revenues
Asset management and portfolio
service fees
Portfolio service fees 10.6% 10.3% 11.2% 9.4% 9.8%
Asset management fees 7.5% 7.9% 8.2% 7.8% 7.9%
Account fees 1.9% 1.8% 1.8% 1.4% 1.4%
Other fees 2.6% 2.9% 3.0% 2.5% 2.6%
------ ------ ------ ------ ------
Total 22.6% 22.9% 24.2% 21.1% 21.7%
Commissions
Listed and over-the-counter
securities 11.8% 12.3% 12.9% 12.4% 12.6%
Mutual funds 5.6% 5.7% 5.9% 6.2% 5.8%
Other 2.3% 2.1% 2.5% 1.5% 1.0%
------ ------ ------ ------ ------
Total 19.7% 20.1% 21.3% 20.1% 19.4%
Investment banking
Underwriting 11.2% 10.8% 9.3% 9.0% 10.6%
Strategic advisory 3.4% 2.4% 5.1% 3.1% 3.6%
------ ------ ------ ------ ------
Total 14.6% 13.2% 14.4% 12.1% 14.2%
Principal transactions 15.9% 13.7% 10.5% 25.0% 14.5%
Revenues from consolidated
investments 1.3% 2.1% 1.3% 1.3% 2.3%
Other 10.6% 8.2% 9.0% 7.0% 13.7%
------ ------ ------ ------ ------
Subtotal 84.7% 80.2% 80.7% 86.6% 85.8%
Interest and dividend revenues 94.5% 105.4% 118.4% 108.8% 118.8%
Less interest expense 79.2% 85.6% 99.1% 95.4% 104.6%
------ ------ ------ ------ ------
Net interest profit 15.3% 19.8% 19.3% 13.4% 14.2%

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

Non-Interest Expenses
Compensation and benefits 49.8% 49.0% 43.2% 72.2% 48.8%
Communications and technology 6.3% 6.1% 6.1% 5.7% 5.3%
Brokerage, clearing, and
exchange fees 3.4% 2.8% 3.2% 3.1% 3.1%
Occupancy and related
depreciation 3.6% 3.5% 3.6% 3.0% 3.1%
Professional fees 2.9% 2.6% 2.8% 2.5% 2.4%
Advertising and market
development 2.5% 2.1% 2.6% 1.8% 2.3%
Office supplies and postage 0.8% 0.7% 0.9% 0.7% 0.7%
Expenses of consolidated
investments 0.6% 1.4% 0.7% 0.6% 1.8%
Other 4.9% 2.8% 6.9% 3.0% 3.7%
------ ------ ------ ------ ------
Total Non-Interest Expenses 74.8% 71.0% 70.0% 92.6% 71.2%
------ ------ ------ ------ ------

Earnings Before Income Taxes 25.2% 29.0% 30.0% 7.4% 28.8%

Income tax expense 7.2% 8.4% 9.5% 1.4% 8.8%
------ ------ ------ ------ ------

Net Earnings 18.0% 20.6% 20.5% 6.0% 20.0%

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

Common shares outstanding (in
millions):
2Q05 3Q05 4Q05 1Q06 2Q06
------ ------ ------ ------ ------
Weighted-average - basic 897.5 881.4 876.2 883.7 885.4
Weighted-average - diluted 978.5 968.5 970.7 981.1 973.3
Period-end 930.9 921.7 919.2 933.4 898.1
- ----------------------------------------------------------------------

17

Merrill Lynch & Co., Inc. Attachment VII
- ----------------------------------------------------------------------
Supplemental Data (unaudited) (dollars in billions)


2Q05 3Q05 4Q05 1Q06 2Q06
------- ------- ------- ------- -------
Client Assets
Private Client
U.S. $1,234 $1,271 $1,341 $1,381 $1,370
Non - U.S. 115 113 117 121 124
------- ------- ------- ------- -------
Total Private Client Assets 1,349 1,384 1,458 1,502 1,494
MLIM direct sales (1) 236 272 291 316 326
------- ------- ------- ------- -------
Total Client Assets $1,585 $1,656 $1,749 $1,818 $1,820
======= ======= ======= ======= =======

Assets Under Management (2) $478 $524 $544 $581 $589

Retail 218 231 245 272 275
Institutional 215 246 250 259 266
Retail Separate Accounts 45 47 49 50 48

U.S. 311 322 333 347 346
Non-U.S. 167 202 211 234 243

Equity 249 285 299 330 333
Retail Money Market 46 45 45 48 46
Institutional Liquidity
Funds 68 74 77 78 83
Fixed Income 115 120 123 125 127

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

Net New Money
All Private Client
Accounts (3) $7 $11 $17 $18 $7

Annuitized-Revenue
Products (3) (4) $8 $10 $10 $13 $10

Assets Under Management $(2) $12 $11 $15 $8

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

Balance Sheet Information: (5)
Commercial Paper and
Other Short-term
Borrowings $6.8 $4.1 $3.9 $9.4 $13.3
Deposits 79.5 77.8 80.0 81.1 79.4
Long-term Borrowings 117.5 129.6 132.4 134.7 140.1
Long-term debt issued to
TOPrS(SM) Partnerships 3.1 3.1 3.1 3.1 3.1

Stockholders' Equity: (5)
Preferred Stockholders'
Equity 1.7 1.7 2.7 3.1 3.1
Common Stockholders'
Equity 31.3 31.9 32.9 34.7 33.6
------- ------- ------- ------- -------
Total Stockholders' Equity 33.0 33.6 35.6 37.8 36.7

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

Full-Time Employees (6) 51,800 53,100 54,600 55,500 56,000

Private Client Financial
Advisors (7) 14,420 14,690 15,160 15,350 15,520

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

(1) Reflects funds managed by MLIM not sold through Private Client
channels.
(2) Includes $5 billion of accounts managed by GPC at the end of 2Q05,
3Q05, 4Q05 and 1Q06, and $6 billion at the end of 2Q06.
(3) GPC net new money excludes flows associated with the Institutional
Advisory Division which serves certain small- and middle-market
companies, as well as net outflows in the recently acquired
Amvescap retirement business and the Advest acquisition prior to
its system conversion in early March.
(4) Includes both net new client assets into annuitized-revenue
products, as well as existing client assets transferred into
annuitized-revenue products.
(5) Balance Sheet Information and Stockholders' Equity are estimated
for 2Q06.
(6) Excludes 100 full-time employees on salary continuation severance
at the end of 2Q05 and 3Q05; 200 at the end of 4Q05 and 1Q06; and
300 at the end of 2Q06.
(7) Includes 140 Financial Advisors associated with the Mitsubishi UFJ
joint venture at the end of 2Q06.

CONTACT: Merrill Lynch
Media Relations:
Jessica Oppenheim, 212-449-2107
jessica_oppenheim@ml.com
or
Investor Relations:
Jonathan Blum, 866-607-1234
investor_relations@ml.com

18