Merrill Lynch & Co

  Merrill Lynch Reports Record Quarterly and Full Year Net Earnings;
        2003 Earnings of $4.0 Billion, $4.05 Per Diluted Share

       Fourth Quarter Earnings of $1.2 Billion, $1.23 Per Share

Merrill Lynch (NYSE: MER) today reported net earnings of $4.0 billion for 2003,
the firm's highest-ever annual net earnings, up 59% from $2.5 billion in 2002.
2003 earnings per diluted share were $4.05, compared with $2.63 for the prior
year. Net revenues were $20.2 billion, up 8% from 2002. The 2003 pre-tax profit
margin rose to 28.0%, the highest full year margin the firm has ever reported
and almost eight percentage points higher than the 20.2% reported for 2002. The
full year return on average common equity was 16.1%, up from 11.7% in 2002.
Fourth quarter 2003 net earnings of $1.2 billion reflected a pre-tax margin of
33.6% and yielded an annualized return on average common equity of 18.7%.

Full year results for 2003 include after-tax net benefits of $94 million, or
$0.10 per diluted share, associated with September 11-related net recoveries and
net restructuring and other charges. Full year results for 2002 included
after-tax net expenses of $39 million, or $0.04 per diluted share, associated
with research and other settlement-related expenses, September 11-related net
recoveries and restructuring-related net benefits.

"By almost any measure, this was an extremely important year for Merrill Lynch,"
said Stan O'Neal, the company's chairman and chief executive officer. "Our
best-ever earnings performance demonstrated we have a real ability to perform
for the benefit of our shareholders. Our emphasis on diversifying revenues and
improving operating discipline across all business lines has proven to be right
on target. We also grew revenues meaningfully this year, and we are confident
that we are realizing the enormous potential of this company.

"Our portfolio of businesses is now well positioned to serve clients and deliver
growth globally. Our progress reflects the collective efforts of employees in
every region in which we operate, who have embraced a commitment to the
disciplined management and execution critical to successful growth. We have
proven Merrill Lynch can be very profitable in a difficult market environment,
and we are confident we can continue to manage the company for growth - always
with an eye on profitability - in 2004."

Net earnings for the 2003 fourth quarter were $1.2 billion, 131% higher than the
fourth quarter of 2002, as net revenues increased 17%, to $4.9 billion. Fourth
quarter earnings per diluted share were $1.23. The fourth quarter 2003 pre-tax
margin of 33.6% was nearly double the 17.6% achieved in the year-ago period.
Both the net earnings and pre-tax margin are the highest Merrill Lynch has ever
reported for a single quarter.

Fourth quarter 2003 results included $45 million, or $0.05 per diluted share, of
after-tax net benefits associated with September 11-related net recoveries and
net restructuring and other charges. Fourth quarter 2002 results included $76
million, or $0.08 per diluted share, of after-tax net charges associated with
research and other settlement-related expenses, restructuring-related net
benefits, and September 11-related net recoveries.

Business Segment Review:

September 11-Related and Other Items

The September 11-related net recovery in the fourth quarter of 2003 included a
final pre-tax insurance recovery of $85 million, offset by September 11-related
costs of $20 million. The insurance recovery represented a partial business
interruption settlement for GMI and GPC and was recorded as a reduction of
expenses in those segments. The costs were booked in GPC and the Corporate
segment. Merrill Lynch has now concluded its insurance recovery efforts. Net
Restructuring and other charges of $20 million were also recorded in the fourth
quarter, which were distributed across all three business segments.

These items, as well as similar items in the 2002 periods, are included in the
following discussion of the business segment results. For further details on
these items and their impact on the business segments, please see Attachment III
to this press release.

Global Markets and Investment Banking (GMI)

Throughout 2003, GMI demonstrated the benefits of its diverse global sources of
revenue and strong client relationships. Both the Global Markets and Investment
Banking businesses contributed to the segment's full-year pre-tax earnings
increase. GMI's investments for growth and built-in operating leverage were
particularly evident in the debt markets product area, which posted record
revenues and profits for the second straight year.

--  For the full year 2003, GMI's pre-tax earnings increased 65%, to $3.9
    billion, on net revenues of $10.1 billion. The full-year pre-tax profit
    margin was a record 39.0%, almost 11 percentage points higher than the 2002
    pre-tax margin. The margin improvement was driven primarily by a 20%
    increase in net revenues and continued expense discipline. Total
    non-interest expenses in 2003 were up only 2% from 2002.

--  GMI's fourth quarter pre-tax earnings were $1.0 billion, up 80% from the
    year-ago quarter, on net revenues that increased 24%, to $2.2 billion. The
    fourth quarter pre-tax margin was 44.6%, almost 14 percentage points higher
    than the year-ago quarter.

Global Markets net revenues increased from the prior-year quarter, driven by
debt markets as principal investments and secured financing, certain credit
products, and foreign exchange experienced strong growth. Net revenues for
Global Markets declined from the third quarter of 2003, due primarily to lower
equity markets net revenues. Debt markets net revenues were somewhat lower than
the third quarter due to a decline in the global rates and credit businesses,
partly offset by improvement in principal investments and secured financing.

Investment Banking net revenues rose strongly from both the year-ago and third
quarters. Compared with the fourth quarter of 2002, increased debt and equity
origination revenues more than offset a slight decline in advisory revenues.
Debt origination and advisory revenues contributed to the sequential-quarter
increase in investment banking net revenues.

Global Private Client (GPC)

GPC's performance in 2003 was driven by Merrill Lynch's broad range of advisory
services and products for clients. Diverse sources of revenue, combined with
operating discipline, provided overall earnings consistency and growth.

--  2003 pre-tax earnings for GPC were $1.6 billion, up 22% from 2002, on net
    revenues of $8.9 billion. Non-interest expenses declined 3% from a year ago,
    driving a three percentage point improvement in the pre-tax margin, which
    was 17.8% for the full year. This was GPC's highest-ever full-year pre-tax
    profit margin since the Firm began reporting GPC as a separate segment.
    Importantly, GPC's non-U.S. businesses recorded pre-tax margins similar to
    those of the U.S. business.

--  GPC's fourth quarter pre-tax earnings of $512 million were up 40% from the
    year-ago quarter, as net revenues increased 9%, to $2.3 billion. The revenue
    increase was broad-based across most products. The fourth quarter pre-tax
    margin was 22.0% and was the highest-ever since GPC has been reported as a
    separate segment, up almost five percentage points from the prior-year
    quarter.

--  Asset-priced account revenues increased for the second consecutive quarter.
    Total assets in GPC accounts increased 14% from the year-ago quarter, to
    $1.3 trillion, of which 17.9% were in asset-priced accounts. Net inflows
    into annuitized products continued at a strong pace at $10 billion during
    the quarter, contributing to total net inflows into annuitized products of
    $28 billion for the year.

--  GPC continues to recruit top quality Financial Advisors and trainees and
    added 145 Financial Advisors during the quarter, bringing the global total
    to 13,500.

Merrill Lynch Investment Managers (MLIM)

MLIM is leveraging its strong investment performance to grow distribution while
maintaining an efficient operating platform. MLIM posted its second consecutive
quarter of revenue and earnings growth in the fourth quarter of 2003, finishing
the year with positive momentum despite a decline in annual revenues and pre-tax
earnings.

--  MLIM's 2003 pre-tax earnings were $284 million, down 11% from 2002, on net
    revenues that declined 10%, to $1.4 billion. A 9% reduction in non-interest
    expenses from 2002 levels resulted in a full-year pre-tax profit margin that
    was essentially unchanged from 2002, at 20.3%, despite the decline in net
    revenues.

--  For the fourth quarter of 2003, MLIM's pre-tax earnings were $98 million,
    more than double those of the year-ago quarter and up 31% from the 2003
    third quarter. Net revenues increased 15% from the year-ago quarter, to $386
    million, and were 11% higher sequentially, as asset values increased amidst
    improving equity markets. MLIM's operating discipline held non-interest
    expenses at the prior-year quarter level. The fourth quarter pre-tax margin
    increased by over 11 percentage points from the 2002 quarter, to 25.4%,
    which is nearly four percentage points higher than the 2003 third quarter.

--  MLIM's relative investment performance continues to be strong, with more
    than 70% of global assets under management ahead of their respective
    benchmarks or medians for the one-, three- and five-year periods ended in
    November.

--  Market appreciation and positive currency movements resulted in a net
    increase in MLIM assets under management from the year-ago quarter of $38
    billion, or 8%, to $500 billion. Strong inflows in European retail and Japan
    offset outflows for the European institutional business during the fourth
    quarter.

Fourth Quarter Income Statement Review:

Revenues

Net revenues were $4.9 billion, 17% higher than the 2002 fourth quarter.

Asset management and portfolio service fees were $1.2 billion, up 11% from the
fourth quarter of 2002. This increase includes higher portfolio servicing fees,
a large portion of which are calculated on beginning-of-period asset values as
well as increased investment management fees.

Commission revenues were $1.2 billion, up 8% from the fourth quarter of 2002,
due primarily to increased mutual fund commissions.

Principal transactions revenues increased 9% from the 2002 fourth quarter, to
$380 million, due to increased debt and equity markets trading revenues.
Principal transactions and net interest revenues in GMI are closely related and
need to be analyzed in aggregate to understand the changes in net trading
revenues.

Net interest profit was $1.1 billion, up 9% from the 2002 fourth quarter, due to
a more favorable yield curve environment.

Investment banking revenues were $759 million, 32% higher than the 2002 fourth
quarter. These revenues included underwriting revenues of $599 million which
increased 45% from the 2002 fourth quarter, driven by increased debt and equity
underwriting revenues.

Other revenues were $335 million, up $187 million from the 2002 fourth quarter
due principally to increased revenue from investments, including the
consolidation of private equity investments.

Expenses

Compensation and benefits expenses were $2.0 billion, essentially unchanged from
the year-ago period. Compensation and benefits expenses were 40.7% of net
revenues for the fourth quarter of 2003, compared to 46.9% in the year-ago
quarter. The full-year ratio declined to 47.5% from 50.6% in 2002, due primarily
to lower staffing levels and changes in the composition of net revenues.

Excluding the impact of the net recoveries related to September 11, net
restructuring and other charges and the 2002 research and other
settlement-related expenses, non-compensation expenses remained essentially
unchanged from the 2002 fourth quarter at $1.3 billion.

Details of the significant changes in non-compensation expenses from the 2002
fourth quarter are as follows:

--  communications and technology costs were $345 million, down 21%, due
    primarily to reduced technology equipment depreciation and rental costs as
    well as lower communications costs;

--  office supplies and postage decreased 31%, to $43 million, due to efficiency
    initiatives; and

--  other expenses were $247 million, up $83 million due primarily to increased
    expenses from the consolidation of private equity investments, and higher
    litigation provisions.

The net recoveries related to September 11 in the current quarter include a
partial pre-tax net insurance recovery of $85 million, offset by September
11-related costs of $20 million. In the fourth quarter of 2003, net
restructuring and other charges of $20 million reflected $56 million of 2003
real estate and technology charges, which were partially offset by a credit of
$36 million related to the reversal of 2001 restructuring reserves, primarily
related to Japan.

Merrill Lynch's year-to-date effective tax rate was 26.0%.

Staffing

Merrill Lynch's full-time employees totaled 48,100 at the end of the fourth
quarter of 2003, an increase of 300 during the quarter.

Ahmass Fakahany, executive vice president and chief financial officer, will host
a conference call today at 10:00 a.m. EST to discuss the company's fourth
quarter and full year 2003 results. The conference call can be accessed via a
live audio webcast available through the Investor Relations website at
www.ir.ml.com or by dialing (888) 810-0245 (U.S. callers) or (706) 634-0180
(non-U.S. callers). On-demand replay of the webcast will be available from
approximately 1:00 p.m. EST today at the same web address.

Merrill Lynch is one of the world's leading financial management and advisory
companies with offices in 35 countries and total client assets of approximately
$1.5 trillion. As an investment bank, it is a leading global underwriter of debt
and equity securities and strategic advisor to corporations, governments,
institutions, and individuals worldwide. Through Merrill Lynch Investment
Managers, the company is one of the world's largest managers of financial
assets, with assets under management of $500 billion. For more information on
Merrill Lynch, please visit www.ml.com.

Merrill Lynch may make or publish forward-looking statements about management
expectations, strategic objectives, business prospects, anticipated expense
savings and financial results, anticipated results of litigation and regulatory
proceedings, and other similar matters. A variety of factors, many of which are
beyond Merrill Lynch's control, affect the operations, performance, business
strategy and results of Merrill Lynch and could cause actual results and
experiences to differ materially from the expectations and objectives expressed
in these statements. These factors include, but are not limited to, financial
market volatility, actions and initiatives by current and potential competitors,
the effect of current and future legislation or regulation, and certain other
additional factors described in Merrill Lynch's 2002 Annual Report on Form 10-K
and subsequent reports on Form 10-Q and Form 8-K, which are available on the
Merrill Lynch Investor Relations website at www.ir.ml.com and at the SEC's
website, www.sec.gov.

Accordingly, readers are cautioned not to place undue reliance on
forward-looking statements, which speak only as of the date on which they are
made. Merrill Lynch does not undertake to update such statements to reflect the
impact of circumstances or events that arise after the date these statements
were made. Readers should, however, consult any further disclosures Merrill
Lynch may make in its reports filed with the SEC.




 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.



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.



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.



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.



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



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