Exhibit 99.2
  Merrill
    Lynch & Co., Inc.
  (Unaudited)
  Pro Forma
    Stockholders Equity
  (dollars in billions except per share amounts, shares in
    millions)Pro Forma

2Q082Q08

Adjustments(1)

Pro
    Forma(1)Stockholders EquityCommon Stockholders Equity

$
21.1


$
12.4


$
33.5Preferred Stockholders Equity


13.7



(4.9
)


8.8Total Stockholders Equity

$
34.8


$
7.5


$
42.3Common Shares Outstanding (millions)


985



615



1,600Book Value per Common Share

$
21.43






$
20.95If-Converted Common EquityCommon Stockholders Equity

$
21.1


$
12.4


$
33.5Convertible Preferred Stock


6.6



(4.9
)


1.7If-Converted Common Equity

$
27.7


$
7.5


$
35.2If-Converted Common Shares Outstanding (millions)


1,111



547



1,658If-Converted Book Value per Common Share

$
24.94






$
21.24Tier 1 Capital Ratio (Tier 1 Capital / Risk
    Weighted Assets)


7.6
%






11.0
%Total Capital Ratio (Total Allowable Capital / Risk Weighted
    Assets)


12.3
%






17.5
%  (1)
    
    Pro forma adjustments include
    the following transactions and assumptions (including estimates
    for transaction-related adjustments): 
    
    Gain on the completed sale of
    our 20% ownership stake in Bloomberg, L.P. to Bloomberg Inc. for
    $4.425 billion in proceeds, as further described in our
    July 17, 2008
    Form 8-K.
    
    Estimated gain on closing the
    planned sale of a controlling interest in Financial Data
    Services, Inc., currently our wholly-owned subsidiary, amounting
    to substantially all of the enterprise value of approximately
    $3.5 billion and marking our remaining stake to sale price,
    as further described in our July 17, 2008
    Form 8-K.
    This sale is currently subject to a non-binding letter of intent
    and there can be no assurance that a definitive agreement will
    be completed with the current purchasers, or if a sale is
    consummated, that it will be on the financial terms reflected in
    our pro forma calculations and disclosures.
    
    Pre-tax write-downs of
    $4.4 billion associated with the sale of our
    U.S. super senior ABS CDOs and an additional
    $1.3 billion related to termination and settlement
    negotiations with monoline counterparties, as further described
    in our July 28, 2008
    Form 8-K.
    
    Conversion of $4.9 billion
    of Merrill Lynchs 9% Non-Voting Mandatory Convertible
    Preferred Stock into 177.3 million shares of common stock,
    plus $64.5 million in cash.
    
    The offering of
    437,000,000 shares of common stock (including the exercise
    of the overallotment option in full on July 29,
    2008) at a price of $22.50 per share, for total proceeds of
    $9.8 billion, less $2.5 billion paid to an affiliate
    of Temasek Holdings (Private) Limited in satisfaction of
    obligations under price reset features that adjusted the
    original investment purchase price associated with Temasek
    Holdings initial investment in us. Up to approximately
    $2 billion of the share purchase by the Temasek Holdings
    affiliate, and the payment by us to the Temasek Holdings
    affiliate of a like amount, will not occur until regulatory
    approval has been obtained.
    
    Including 26.1 million
    if-converted shares of common stock to reflect the
    incremental shares underlying the exchanges by two 9% Mandatory
    Convertible Preferred Stock holders for two new mandatory
    convertible preferred stock issues.