Supplemental Financial Information (unaudited)

Delivering Shareholder Value

Selected Financial Data

Management's Discussion and Analysis Introduction

Business Environment

Consolidated Results of Operations

Business Segments

Global Operations

Non-Interest Expenses

Income Taxes

Balance Sheet

Capital Adequacy and Liquidity

Capital Projects and Expenditures

Risk Management

Non-Investment Grade Holdings and Highly Leveraged Transactions

Litigation and Recent Developments

Management's Discussion of Financial Responsibility

Independent Auditors' Report

Consolidated Statements of Earnings

Consolidated Balance Sheets

Changes in Stockholders' Equity

Comprehensive Income

Cash Flows

Note 1 - Summary of Significant Accounting Policies

Note 2 - Other Significant Events

Note 3 - Trading and Related Activities

Note 4 - Investments

Note 5 - Borrowings

Note 6 - Fair Value Information and Non-Trading Derivatives

Note 7 - Preferred Securities Issued by Subsidiaries

Note 8 - Stockholders’ Equity and Earnings Per Share

Note 9 - Commitments and Contingencies

Note 10 - Employee Benefit Plans

Note 11 - Employee Incentive Plans

Note 12 - Income Taxes

Note 13 - Regulatory Requirements and Dividend Restrictions

Note 14 - Segment and Geographic Information

Supplemental Financial Information (unaudited)

Supplemental Financial Information (unaudited)
Quarterly Information
The unaudited quarterly results of operations of Merrill Lynch for 2000 and 1999 are prepared in conformity with U.S. generally accepted accounting principles and reflect all adjustments (which consist of normal recurring accruals) that are, in the opinion of management, necessary for a fair presentation of the results of operations for the periods presented. Results of any interim period are not necessarily indicative of results for a full year.

Dividends Per Common Share

With the exception of regulatory restrictions on subsidiaries’ abilities to pay dividends, there are no restrictions on ML & Co.'s present ability to pay dividends on common stock, other than (a) ML & Co.'s obligation to make payments on its preferred stock and subsidiaries’ preferred securities, and (b) the governing provisions of the Delaware General Corporation Law. Certain subsidiaries’ ability to declare dividends may also be limited (see Note 13 to the Consolidated Financial Statements).
Stockholder Information
Consolidated Transaction Reporting System prices for the specified calendar quarters are noted below.

The approximate number of holders of record of ML & Co. common stock as of February 27, 2001 was 15,128. As of February 27, 2001, the closing price of ML & Co. common stock as reported on the Consolidated Transaction Reporting System was $62.70.