2003 Merrill Lynch Managing an account and Money related Administrations Financial specialist Meeting.


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2003 Merrill Lynch Banking & Financial Services Investor Conference ... cost funds and budgetary results, foreseen consequences of prosecution and ...
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2003 Merrill Lynch Banking & Financial Services Investor Conference Merrill Lynch: Beyond the Numbers Stan O\'Neal Chairman & CEO Merrill Lynch & Co., Inc. November 19, 2003

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Safe Harbor Statements made in this may contain forward-looking data about administration\'s desires, key targets, business prospects, expected cost investment funds and money related results, foreseen aftereffects of prosecution and administrative procedures, and other comparative matters. An assortment of variables, a hefty portion of which are past Merrill Lynch\'s control, influence its operations, execution, business technique and comes about and could bring about its real results and encounters to vary physically from the desires and goals communicated in any such proclamations. These components incorporate, yet are not restricted to, the variables portrayed in Merrill Lynch\'s reports on Forms 10-K, 10-Q and 8-K documented with SEC, which are accessible on the Merrill Lynch Investor Relations site, www.ir.ml.com and on the SEC\'s site, www.sec.gov . Appropriately, financial specialists are advised not to place undue dependence on forward-looking proclamations, which talk just as of the date on which they are made. Merrill Lynch does not embrace to upgrade such explanations to mirror the effect of circumstances or occasions that emerge after the date the announcements are made. Financial specialists ought to, nonetheless, counsel any further revelations Merrill Lynch may make in its reports recorded with the SEC. 2

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A Look at the Environment Still dubious, however… S&P 500 up 15% from a year prior 3Q03 S&P working income up 24% from 3Q02 GDP up 3.3% from a year back Capital increases charge rates most minimal in right around 50 years 10-year treasury yields are close to 40-year lows 4

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On the Other Hand... Basic uneven characters Geopolitical vulnerability Financial Services Industry: Overcapacity Mutual asset disclosures/control Cautiously Optimistic 5

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Achieving Our Margin Goal Pre-Tax Profit Margin Increased gainfulness Re-formed organizations Strengthened liquidity & capital base Enhanced working order 6

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Quarterly Financial Results Change 3Q03 3Q02 Net Revenues + 16% $ 4.4 B $ 5.1 B Net Earnings + half $ 0.7 B $ 1.0 B Pre-Tax Profit Margin 24.2% + 5.6 pts 29.8% MER\'s Highest-Ever Third Quarter Earnings & Second-Best Quarterly Earnings Note: Third quarter 2003 net income incorporate $13 million after duty owing to a September 11-related net protection recuperation. Second from last quarter 2002 net profit included $115 million after duty related principally to September 11-related net recuperations. 7

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Year-to-Date Financial Results first Nine Months 2002 first Nine Months 2003 Change Net Revenues + 6% $15.2 B $14.4 B Net Earnings + 39% $2.0 B $2.7 B Pre-Tax Profit Margin 20.9% + 5.3 pts 26.2% Year-to-Date 2003 Earnings Exceed Full-Year 2002 Note: Year-to-date 2003 net income incorporate $49 million after expense inferable from September 11-related net protection recuperations. Year-to-date 2002 net income included $114 million after assessment of September 11-related net recuperations, $78 million after duty of examination related costs and a $1 million after expense rebuilding related credit. 8

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Consistent, Strong Results Identify open doors early Execute with dexterity and insight Deliver for customers Deepen connections Diversify incomes Grow with order Lead in our picked markets Realize Full Potential of the Merrill Lynch Franchise 9

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Global Markets & Investment Banking Growth Initiatives GMI Third Quarter Results Debt Markets Principal Investments Foreign Exchange Municipals Mortgages Derivatives Equity Markets Portfolio Trading/Direct Execution High Touch Services/Research Prime Brokerage Investment Banking Increased Resources in Select Industries Leveraged Finance $2.5 B $1.9 B 41.1% 28.3% $1.0 B $0.5 B 11 Note: Earnings and net revenues for business fragments are accounted for on a pre-charge premise.

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Global Private Client Growth Initiatives GPC Third Quarter Results Wealth Management Recruiting/Training Top FAs Total Merrill SM Private Wealth Services Fee-based Services Insurance Banking Services Beyond Banking ® Small Business Services Middle Market Services Credit Cards Retirement Services IRA 401-K $2.3 B $2.1 B 20.2% 15.2% $0.5 B $0.3 B 12 Note: Earnings and overall revenues for business portions are accounted for on a pre-charge premise.

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Merrill Lynch Investment Managers Growth Initiatives MLIM Third Quarter Results Sustain Strong Investment Performance GPC Distribution Third Party Distribution US Non-US: Europe Further Penetrate US Institutional Market Alternative Investments $360 M $352 M 21.9% 18.6% $77 M $67 M 13 Note: Earnings and net revenues for business portions are accounted for on a pre-charge premise.

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Beyond the Numbers Discipline makes the chance to put resources into the future for our: Shareholders Employees Clients Creating a Climate for Success: Appropriately estimated to circumstance - working influence Effective asset designation Products & administration advancement Performance-based society 14

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2003 Merrill Lynch Banking & Financial Services Investor Conference Merrill Lynch: Beyond the Numbers Stan O\'Neal Chairman & CEO Merrill Lynch & Co., Inc. November 19, 2003

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