Form: 8-K

Current report filing

July 17, 2007

EXHIBIT 99.2

Published on July 17, 2007

Exhibit 99.2


Merrill Lynch & Co., Inc. Attachment I

Preliminary Unaudited
Earnings Summary
Percent
For the Three Months Ended Inc / (Dec)
----------------------------- ----------------
2Q07 2Q07
(in millions, except June 29, March 30, June 30, vs. vs.
per share amounts) 2007 2007 2006 1Q07 2Q06
--------- --------- --------- ------- --------

Net Revenues
Principal
transactions $ 3,548 $ 2,734 $ 1,180 30 % 201 %
Commissions 1,786 1,697 1,542 5 16
Investment banking 1,538 1,514 1,221 2 26
Managed accounts and
other fee-based
revenues 1,411 1,354 1,773 4 (20)
Revenues from
consolidated
investments 133 131 186 2 (28)
Other 719 1,083 1,112 (34) (35)
--------- --------- ---------
Subtotal 9,135 8,513 7,014 7 30

Interest and dividend
revenues 14,671 12,962 9,690 13 51
Less interest expense 14,078 11,621 8,531 21 65
--------- --------- ---------
Net interest profit 593 1,341 1,159 (56) (49)
--------- --------- ---------

Total Net Revenues 9,728 9,854 8,173 (1) 19
--------- --------- ---------

Non-Interest Expenses
Compensation and
benefits 4,759 4,887 3,980 (3) 20
Communications and
technology 484 480 429 1 13
Brokerage, clearing,
and exchange fees 346 310 266 12 30
Occupancy and related
depreciation 277 265 249 5 11
Professional fees 245 225 196 9 25
Advertising and
market development 201 158 191 27 5
Office supplies and
postage 56 59 57 (5) (2)
Expenses of
consolidated
investments 43 59 145 (27) (70)
Other 294 316 311 (7) (5)
--------- --------- ---------

Total Non-Interest
Expenses 6,705 6,759 5,824 (1) 15
--------- --------- ---------

Earnings Before Income
Taxes 3,023 3,095 2,349 (2) 29

Income tax expense 884 937 716 (6) 23
--------- --------- ---------

Net Earnings $ 2,139 $ 2,158 $ 1,633 (1) 31
========= ========= =========

Preferred Stock
Dividends $ 72 $ 52 $ 45 38 60
========= ========= =========

Net Earnings Applicable
to Common Stockholders $ 2,067 $ 2,106 $ 1,588 (2) 30
========= ========= =========

Earnings Per Common
Share
Basic $ 2.48 $ 2.50 $ 1.79 (1) 39
Diluted $ 2.24 $ 2.26 $ 1.63 (1) 37

Average Shares Used in
Computing Earnings Per
Common Share
Basic 833.8 841.3 885.4 (1) (6)
Diluted 923.3 930.2 973.3 (1) (5)

Annualized Return on
Average Common Equity 22.4% 23.2% 18.6%

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


9


Merrill Lynch & Co., Inc. Attachment II

Preliminary Unaudited Earnings
Summary
For the Six Months
Ended
---------------------
(in millions, except per share June 29, June 30, Percent
amounts) 2007 2006 Inc / (Dec)
---------- ---------- -----------

Net Revenues
Principal transactions $ 6,282 $ 3,168 98 %
Commissions 3,483 3,102 12
Investment banking 3,052 2,244 36
Managed accounts and other fee-
based revenues 2,765 3,452 (20)
Revenues from consolidated
investments 264 290 (9)
Other 1,802 1,665 8
---------- ----------
Subtotal 17,648 13,921 27

Interest and dividend revenues 27,633 18,354 51
Less interest expense 25,699 16,130 59
---------- ----------
Net interest profit 1,934 2,224 (13)
---------- ----------

Total Net Revenues 19,582 16,145 21
---------- ----------

Non-Interest Expenses
Compensation and benefits 9,646 9,730 (1)
Communications and technology 964 882 9
Brokerage, clearing, and exchange
fees 656 525 25
Occupancy and related
depreciation 542 490 11
Professional fees 470 396 19
Advertising and market
development 359 335 7
Office supplies and postage 115 114 1
Expenses of consolidated
investments 102 192 (47)
Other 610 539 13
---------- ----------

Total Non-Interest Expenses 13,464 13,203 2
---------- ----------

Earnings Before Income Taxes 6,118 2,942 108

Income tax expense 1,821 834 118
---------- ----------

Net Earnings $ 4,297 $ 2,108 104
========== ==========

Preferred Stock Dividends $ 124 $ 88 41
========== ==========

Net Earnings Applicable to Common
Stockholders $ 4,173 $ 2,020 107
========== ==========

Earnings Per Common Share
Basic $ 4.98 $ 2.28 118
Diluted $ 4.50 $ 2.07 117

Average Shares Used in Computing
Earnings Per Common Share
Basic 837.6 884.6 (5)
Diluted 926.8 977.2 (5)

Annualized Return on Average Common
Equity 22.8% 11.9%

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


10


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 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 For the Six Months Ended
Summary June 30, 2006
- ------------------------------- -------------------------------------

Excluding the First Quarter
Impact of Impact of
One-time One-time
(in millions, except per share Compensation Compensation GAAP
amounts) Expenses Expenses Basis
-------------------------------------
Net Revenues (a) $ 16,145 $ - $ 16,145
------------- ------------- ---------

Non-Interest Expenses
Compensation and benefits (b) 7,971 1,759 9,730
Non-compensation expenses (c) 3,473 - 3,473
------------- ------------- ---------
Total Non-Interest Expenses 11,444 1,759 13,203
------------- ------------- ---------

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

Income Tax Expense (e) 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 Six Months Ended
June 30, 2006
- ------------------------------- ---------------------------
Excluding the
Impact of
One-time
Compensation
Expenses GAAP Basis
---------------------------

Ratio of compensation and
benefits to net revenues
(b)/(a) 49.4% 60.3%

Ratio of non-compensation
expenses to net revenues
(c)/(a) 21.5% 21.5%

Effective Tax Rate (e)/(d) 30.1% 28.3%

Pre-tax Profit Margin (d)/(a) 29.1% 18.2%

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

Average Common Equity $ 33,831 $ 33,831

Average impact of one-time
compensation expenses (145) -
---------------------------

Average Common Equity 33,686 33,831

Annualized Return on Average
Common Equity 19.0% 11.9%


11


Merrill Lynch & Co., Inc. Attachment IV


Preliminary Segment Data
(unaudited)
Percent
For the Three Months Ended Inc / (Dec)
----------------------------------------------
2Q07 2Q07
June 29, March 30, June 30, vs. vs.
(dollars in millions) 2007 2007 2006 1Q07 2Q06
--------- --------- --------- ------- -------

Global Markets &
Investment Banking
Global Markets
FICC $ 2,618 $ 2,801 $ 1,691 (7) % 55 %
Equity Markets 2,148 2,386 1,863 (10) 15
--------- --------- ---------
Total Global
Markets net
revenues 4,766 5,187 3,554 (8) 34
Investment Banking
(1)
Origination:
Debt 479 591 401 (19) 19
Equity 547 363 315 51 74
Strategic Advisory
Services 397 399 296 (1) 34
--------- --------- ---------
Total Investment
Banking net
revenues 1,423 1,353 1,012 5 41
--------- --------- ---------
Total net revenues
(a) 6,189 6,540 4,566 (5) 36
--------- --------- ---------

Pre-tax earnings 2,102 2,343 1,465 (10) 43
Impact of one-time
compensation
expenses - - -
--------- --------- ---------
Pre-tax earnings
excluding one-
time compensation
expenses (b) 2,102 2,343 1,465 (10) 43

Pre-tax profit
margin 34.0% 35.8% 32.1%
Pre-tax profit
margin excluding
one-time
compensation
expenses (b)/(a) 34.0% 35.8% 32.1%
---------------------------------------------------------------------

Global Wealth
Management
Global Private Client
Fee-based revenues $ 1,602 $ 1,539 $ 1,443 4 11
Transactional and
origination
revenues 1,007 903 881 12 14
Net interest profit
and related
hedges(2) 587 604 533 (3) 10
Other revenues 117 97 77 21 52
--------- --------- ---------
Total Global
Private Client
net revenues 3,313 3,143 2,934 5 13
--------- --------- ---------
Global Investment
Management net
revenues 305 261 139 17 119
--------- --------- ---------
Total net
revenues (a) 3,618 3,404 3,073 6 18
--------- --------- ---------

Pre-tax earnings 1,011 842 729 20 39
Impact of one-time
compensation
expenses - - -
--------- --------- ---------
Pre-tax earnings
excluding one-
time compensation
expenses (b) 1,011 842 729 20 39

Pre-tax profit
margin 27.9% 24.7% 23.7%
Pre-tax profit
margin excluding
one-time
compensation
expenses (b)/(a) 27.9% 24.7% 23.7%
---------------------------------------------------------------------

Merrill Lynch
Investment Managers
Total net revenues
(a) $ - $ - $ 630 N/M N/M

Pre-tax earnings - - 240 N/M N/M
Impact of one-time
compensation
expenses - - - N/M N/M
--------- --------- ---------
Pre-tax earnings
excluding one-
time compensation
expenses (b) - - 240 N/M N/M

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

Corporate
Total net revenues$ (79) $ (90) $ (96) 12 18

Pre-tax earnings (90) (90) (85) - (6)
---------------------------------------------------------------------

Total
Total net revenues
(a) $ 9,728 $ 9,854 $ 8,173 (1) 19

Pre-tax earnings 3,023 3,095 2,349 (2) 29
Impact of one-time
compensation
expenses - - -
--------- --------- ---------
Pre-tax earnings
excluding one-
time compensation
expenses (b) 3,023 3,095 2,349 (2) 29

Pre-tax profit
margin 31.1% 31.4% 28.7%
Pre-tax profit
margin excluding
one-time
compensation
expenses (b)/(a) 31.1% 31.4% 28.7%
---------------------------------------------------------------------


Preliminary Segment Data (unaudited)
For the Six Months
Ended
-------------------
June 29, June 30, Percent
(dollars in millions) 2007 2006 Inc / (Dec)
--------- --------- -----------

Global Markets & Investment Banking
Global Markets
FICC $ 5,419 $ 3,749 45%
Equity Markets 4,534 3,450 31
--------- ---------
Total Global Markets net revenues 9,953 7,199 38
Investment Banking (1)
Origination:
Debt 1,070 829 29
Equity 910 552 65
Strategic Advisory Services 796 553 44
--------- ---------
Total Investment Banking net
revenues 2,776 1,934 44
--------- ---------
Total net revenues (a) 12,729 9,133 39
--------- ---------

Pre-tax earnings 4,445 1,681 164
Impact of one-time compensation
expenses - 1,369 N/M
--------- ---------
Pre-tax earnings excluding one-
time compensation expenses (b) 4,445 3,050 46

Pre-tax profit margin 34.9% 18.4%
Pre-tax profit margin excluding
one-time compensation expenses
(b)/(a) 34.9% 33.4%
--------------------------------------------------------------------

Global Wealth Management
Global Private Client
Fee-based revenues $ 3,141 $ 2,815 12
Transactional and origination
revenues 1,910 1,757 9
Net interest profit and related
hedges(2) 1,191 1,060 12
Other revenues 214 133 61
--------- ---------
Total Global Private Client net
revenues 6,456 5,765 12
--------- ---------
Global Investment Management net
revenues 566 243 133
--------- ---------
Total net revenues (a) 7,022 6,008 17
--------- ---------

Pre-tax earnings 1,853 1,090 70
Impact of one-time compensation
expenses - 281 N/M
--------- ---------
Pre-tax earnings excluding one-
time compensation expenses (b) 1,853 1,371 35

Pre-tax profit margin 26.4% 18.1%
Pre-tax profit margin excluding
one-time compensation expenses
(b)/(a) 26.4% 22.8%
--------------------------------------------------------------------

Merrill Lynch Investment Managers
Total net revenues (a) $ - $ 1,200 N/M

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

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

Corporate
Total net revenues $ (169) $ (196) 14

Pre-tax earnings (180) (182) 1
--------------------------------------------------------------------

Total
Total net revenues (a) $ 19,582 $ 16,145 21

Pre-tax earnings 6,118 2,942 108
Impact of one-time compensation
expenses - 1,759 N/M
--------- ---------
Pre-tax earnings excluding one-
time compensation expenses (b) 6,118 4,701 30

Pre-tax profit margin 31.2% 18.2%
Pre-tax profit margin excluding
one-time compensation expenses
(b)/(a) 31.2% 29.1%
--------------------------------------------------------------------

N/M = Not Meaningful
Note: Certain prior period amounts have been reclassified to conform
to the current period presentation.
(1) A portion of Origination revenue is recorded in the Global Wealth
Management segment.
(2) Includes interest component of non-qualifying derivatives which
are included in Other Revenues.


12


Merrill Lynch & Co., Inc. Attachment V


Consolidated Quarterly (in millions)
Earnings (unaudited)

2Q06 3Q06 4Q06 1Q07 2Q07
------- ------- ------- ------- -------
Net Revenues
Principal transactions $ 1,180 $ 1,673 $ 2,193 $ 2,734 $ 3,548
Commissions
Listed and over-
the-counter
securities 982 824 912 1,066 1,127
Mutual funds 470 426 485 521 541
Other 90 88 115 110 118
------- ------- ------- ------- -------
Total 1,542 1,338 1,512 1,697 1,786
Investment banking
Underwriting 924 660 1,227 1,117 1,140
Strategic advisory 297 262 287 397 398
------- ------- ------- ------- -------
Total 1,221 922 1,514 1,514 1,538
Managed accounts and
other fee-based
revenues
Portfolio service
fees 797 801 833 872 892
Asset management
fees 641 657 150 145 161
Account fees 114 113 115 111 118
Other fees 221 211 207 226 240
------- ------- ------- ------- -------
Total 1,773 1,782 1,305 1,354 1,411
Revenues from
consolidated
investments 186 210 70 131 133
Other 1,112 773 821 1,083 719
------- ------- ------- ------- -------
Subtotal 7,014 6,698 7,415 8,513 9,135
Interest and dividend
revenues 9,690 10,690 11,544 12,962 14,671
Less interest expense 8,531 9,452 10,350 11,621 14,078
------- ------- ------- ------- -------
Net interest profit 1,159 1,238 1,194 1,341 593
Gain on merger - 1,969 - - -

------- ------- ------- ------- -------
Total Net Revenues 8,173 9,905 8,609 9,854 9,728
------- ------- ------- ------- -------

Non-Interest Expenses
Compensation and
benefits 3,980 3,949 3,324 4,887 4,759
Communications and
technology 429 485 477 480 484
Brokerage, clearing,
and exchange fees 266 278 294 310 346
Occupancy and related
depreciation 249 259 249 265 277
Professional fees 196 224 264 225 245
Advertising and market
development 191 164 193 158 201
Office supplies and
postage 57 53 59 59 56
Expenses of
consolidated
investments 145 142 46 59 43
Other 311 223 347 316 294

------- ------- ------- ------- -------
Total Non-Interest
Expenses 5,824 5,777 5,253 6,759 6,705
------- ------- ------- ------- -------

Earnings Before Income
Taxes 2,349 4,128 3,356 3,095 3,023
Income tax expense 716 1,083 1,010 937 884
------- ------- ------- ------- -------

Net Earnings $ 1,633 $ 3,045 $ 2,346 $ 2,158 $ 2,139

- ------------------------------------------------- ---------------
Per Common Share Data
2Q06 3Q06 4Q06 1Q07 2Q07
------- ------- ------- ------- -------

Earnings - Basic $ 1.79 $ 3.50 $ 2.71 $ 2.50 $ 2.48
Earnings - Diluted 1.63 3.17 2.41 2.26 2.24
Dividends paid 0.25 0.25 0.25 0.35 0.35
Book value 37.18 40.22 41.35 42.25 43.55 est.

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

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


13


Merrill Lynch & Co., Inc. Attachment VI


Percentage of Quarterly Net
Revenues (unaudited)

2Q06 3Q06 4Q06 1Q07 2Q07
------- ------- ------- ------- -------
Net Revenues
Principal transactions 14.4% 16.9% 25.5% 27.7% 36.5%
Commissions
Listed and over-the-
counter securities 12.0% 8.3% 10.6% 10.8% 11.6%
Mutual funds 5.8% 4.3% 5.6% 5.3% 5.6%
Other 1.1% 0.9% 1.4% 1.1% 1.2%
------- ------- ------- ------- -------
Total 18.9% 13.5% 17.6% 17.2% 18.4%
Investment banking
Underwriting 11.3% 6.7% 14.3% 11.3% 11.7%
Strategic advisory 3.6% 2.6% 3.3% 4.0% 4.1%
------- ------- ------- ------- -------
Total 14.9% 9.3% 17.6% 15.3% 15.8%
Managed accounts and other
fee-based revenues
Portfolio service fees 9.8% 8.1% 9.7% 8.8% 9.2%
Asset management fees 7.8% 6.6% 1.7% 1.5% 1.7%
Account fees 1.4% 1.1% 1.3% 1.1% 1.2%
Other fees 2.7% 2.2% 2.5% 2.3% 2.4%
------- ------- ------- ------- -------
Total 21.7% 18.0% 15.2% 13.7% 14.5%
Revenues from consolidated
investments 2.3% 2.1% 0.8% 1.3% 1.4%
Other 13.6% 7.8% 9.4% 11.2% 7.3%
------- ------- ------- ------- -------
Subtotal 85.8% 67.6% 86.1% 86.4% 93.9%
Interest and dividend
revenues 118.6% 107.9% 134.1% 131.5% 150.8%
Less interest expense 104.4% 95.4% 120.2% 117.9% 144.7%
------- ------- ------- ------- -------
Net interest profit 14.2% 12.5% 13.9% 13.6% 6.1%
Gain on merger 0.0% 19.9% 0.0% 0.0% 0.0%

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

Non-Interest Expenses
Compensation and benefits 48.7% 39.9% 38.6% 49.6% 48.9%
Communications and
technology 5.2% 4.9% 5.5% 4.9% 5.0%
Brokerage, clearing, and
exchange fees 3.3% 2.8% 3.4% 3.1% 3.6%
Occupancy and related
depreciation 3.0% 2.6% 2.9% 2.7% 2.8%
Professional fees 2.4% 2.3% 3.1% 2.3% 2.5%
Advertising and market
development 2.3% 1.7% 2.2% 1.6% 2.1%
Office supplies and postage 0.7% 0.5% 0.7% 0.6% 0.6%
Expenses of consolidated
investments 1.8% 1.4% 0.5% 0.6% 0.4%
Other 3.9% 2.2% 4.1% 3.2% 3.0%
------- ------- ------- ------- -------
Total Non-Interest Expenses 71.3% 58.3% 61.0% 68.6% 68.9%
------- ------- ------- ------- -------

Earnings Before Income Taxes 28.7% 41.7% 39.0% 31.4% 31.1%

Income tax expense 8.7% 11.0% 11.7% 9.5% 9.1%
------- ------- ------- ------- -------

Net Earnings 20.0% 30.7% 27.3% 21.9% 22.0%

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

Common shares outstanding (in
millions):
2Q06 3Q06 4Q06 1Q07 2Q07
------- ------- ------- ------- -------
Weighted-average - basic 885.4 855.8 847.4 841.3 833.8
Weighted-average -
diluted 973.3 945.3 952.2 930.2 923.3
Period-end 898.1 883.3 868.0 876.9 862.6
- ----------------------------------------------------------------------

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


14


Merrill Lynch & Co., Inc. Attachment VII


Supplemental Data
(unaudited) (dollars in billions)

2Q06 3Q06 4Q06 1Q07 2Q07
-------- -------- -------- -------- --------
Client Assets
U.S. $ 1,370 $ 1,412 $ 1,483 $ 1,503 $ 1,550
Non - U.S. 124 130 136 145 153
-------- -------- -------- -------- --------
Total Client Assets 1,494 1,542 1,619 1,648 1,703

Assets in
Annuitized-Revenue
Products 559 578 613 633 668

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

Net New Money
All Client
Accounts (1) $ 7 $ 14 $ 22 $ 16 $ 9

Annuitized-
Revenue
Products (1)
(2) 10 7 18 16 12

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

Balance Sheet
Information: (3)
Short-term
Borrowings $ 17.5 $ 14.3 $ 18.1 $ 20.2 $ 20.0
Deposits 79.4 77.9 84.1 84.9 82.8
Long-term
Borrowings 140.0 160.4 181.4 205.4 226.3
Junior
Subordinated
Notes (related
to trust
preferred
securities) 3.1 3.1 3.8 3.5 4.4

Stockholders'
Equity: (3)
Preferred
Stockholders'
Equity 3.1 3.1 3.1 4.7 4.6
Common
Stockholders'
Equity 33.4 35.6 35.9 37.0 37.6
-------- -------- -------- -------- --------
Total Stockholders'
Equity 36.5 38.7 39.0 41.7 42.2

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

Full-Time Employees
(4) 56,000 55,300(5) 56,200 60,300 61,900

Private Client
Financial Advisors
(6) 15,520 15,700 15,880 15,930 16,200

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

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

(1) GWM net new money excludes flows associated with the Institutional
Advisory Division which serves certain small- and middle-market
companies, as well as net inflows at BlackRock from distribution
channels other than Merrill Lynch.

(2) Includes both net new client assets into annuitized-revenue
products, as well as existing client assets transferred into
annuitized-revenue products.

(3) Balance Sheet Information and Stockholders' Equity are estimated
for 2Q07.

(4) Excludes 300 full-time employees on salary continuation severance
at the end of 2Q06, 200 at the end of 3Q06, 100 at the end of
4Q06, 200 at the end of 1Q07, and 300 at the end of 2Q07.

(5) Excludes 2,400 MLIM employees that moved over to BlackRock at the
end of 3Q06.

(6) Includes 140 Financial Advisors associated with the Mitsubishi UFJ
joint venture at the end of 2Q06, 150 at the end of 3Q06 and
4Q06, 160 at the end of 1Q07, and 170 at the end of 2Q07.



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


15