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    • 1. 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
    • 2. Safe Harbor Statements made herein may contain forward-looking information about management’s 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 its operations, performance, business strategy and results and could cause its actual results and experiences to differ materially from the expectations and objectives expressed in any such statements. These factors include, but are not limited to, the factors described in Merrill Lynch’s reports on Forms 10-K, 10-Q and 8-K filed with SEC, which are available on the Merrill Lynch Investor Relations website, www.ir.ml.com and on the SEC's website, www.sec.gov . Accordingly, investors 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 the statements are made. Investors should, however, consult any further disclosures Merrill Lynch may make in its reports filed with the SEC.
    • 3.  
    • 4. A Look at the Environment
      • Still uncertain, but…
      • S&P 500 up 15% from a year ago
      • 3Q03 S&P operating earnings up 24% from 3Q02
      • GDP up 3.3% from a year ago
      • Capital gains tax rates lowest in almost 50 years
      • 10-year treasury yields are near 40-year lows
    • 5. On the Other Hand...
      • Structural imbalances
      • Geopolitical uncertainty
      • Financial Services Industry:
      • Overcapacity
      • Mutual fund revelations/regulation
      Cautiously Optimistic
    • 6. Achieving Our Margin Goal
      • Increased profitability
      • Re-shaped businesses
      • Strengthened liquidity & capital base
      • Enhanced operating discipline
      Pre-Tax Profit Margin
    • 7. 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.
    • 8. 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
    • 9. Consistent, Strong Results
      • Identify opportunities early
      • Execute with agility and intelligence
      • Deliver for clients
      • Deepen relationships
      • Diversify revenues
      • Grow with discipline
      • Lead in our chosen markets
      Realize Full Potential of the Merrill Lynch Franchise
    • 10.  
    • 11. Global Markets & Investment Banking
      • 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
      $1.9 B $2.5 B 41.1% 28.3% GMI Third Quarter Results Note: Earnings and profit margins for business segments are reported on a pre-tax basis. Growth Initiatives $0.5 B $1.0 B
    • 12. Global Private Client
      • 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
      $0.5 B $2.1 B 20.2% 15.2% $0.3 B $2.3 B GPC Third Quarter Results Note: Earnings and profit margins for business segments are reported on a pre-tax basis. Growth Initiatives
    • 13. Merrill Lynch Investment Managers
      • 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% MLIM Third Quarter Results $67 M $77 M Note: Earnings and profit margins for business segments are reported on a pre-tax basis. Growth Initiatives
    • 14. Beyond the Numbers Discipline creates the opportunity to invest in the future for our:
      • Clients
      • Employees
      Creating a Climate for Success:
      • Appropriately sized to opportunity - operating leverage
      • Effective resource allocation
      • Products & service innovation
      • Performance-based culture
      • Shareholders
    • 15.  
    • 16. 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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