2003 Merrill Lynch Banking & Financial Services Investor Conference Stan O’Neal Chairman & CEO Merrill Lynch & Co., Inc. November 19, 2003 Merrill Lynch: Beyond the Numbers
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Quarterly Financial Results 3Q02 3Q03 Change Net Earnings Pre-Tax Profit Margin $ 5.1 B $ 4.4 B + 16% 29.8% + 5.6 pts 24.2% MER’s Highest-Ever Third Quarter Earnings & Second-Best Quarterly Earnings Net Revenues + 50% $ 0.7 B $ 1.0 B Note: Third quarter 2003 net earnings include $13 million after tax attributable to a September 11-related net insurance recovery. Third quarter 2002 net earnings included $115 million after tax related primarily to September 11-related net recoveries.
Year-to-Date Financial Results 1st Nine Months 2003 Change Net Earnings Pre-Tax Profit Margin $2.7 B $2.0 B + 39% 26.2% + 5.3 pts 20.9% Year-to-Date 2003 Earnings Exceed Full-Year 2002 Net Revenues + 6% $14.4 B $15.2 B Note: Year-to-date 2003 net earnings include $49 million after tax attributable to September 11-related net insurance recoveries. Year-to-date 2002 net earnings included $114 million after tax of September 11-related net recoveries, $78 million after tax of research-related expenses and a $1 million after tax restructuring-related credit. 1st Nine Months 2002