Document:

<PAGE>
                                                                               .
                                                                               .
                                                                               .

CONSOLIDATED STATEMENT OF INCOME

<TABLE>
<CAPTION>
                                                  THREE MONTHS ENDED      TWELVE MONTHS ENDED
                                                        DEC. 31                 DEC. 31
                                                  ------------------      -------------------
US$ millions, except per share amounts             2003        2002         2003        2002
--------------------------------------            -------    -------      -------     -------
<S>                                               <C>        <C>          <C>         <C>

TOTAL REVENUES AND GAINS                          $ 1,110    $   943      $ 3,302     $ 3,064
                                                  -------    -------      -------     -------
NET OPERATING INCOME
  Real estate                                         235        191          841         745
  Power generation                                     57         38          172         153
  Funds management                                     34         32          166         140
  Property gains                                      100         --          100          60
  Investment income and other                          65         29          156         116
                                                  -------    -------      -------     -------
                                                      491        290        1,435       1,214
EXPENSES
  Interest expense                                    126        113          471         466
  Minority share of income before non-cash items      119         59          319         287
  Other operating costs and taxes                      39         17           88          56
                                                  -------    -------      -------     -------
INCOME BEFORE NON-CASH ITEMS                          207        101          557         405

  Depreciation and amortization                        40         31          149         121
  Taxes and other non-cash items                       66         24          165         104
  Minority share of non-cash items                    (28)       (20)        (100)        (84)
                                                  -------    -------      -------     -------
INCOME BEFORE INVESTMENTS                             129         66          343         264
  Equity accounted income (loss) from
    investments                                        60       (176)          65        (181)
                                                  -------    -------      -------     -------
NET INCOME (LOSS)                                 $   189    $  (110)     $   408     $    83
                                                  =======    =======      =======     =======

Net income (loss) per common share
  Diluted                                         $  1.00    $ (0.73)     $  1.98     $  0.21
                                                  -------    -------      -------     -------
  Basic                                           $  1.03    $ (0.73)     $  2.03     $  0.21
                                                  =======    =======      =======     =======
</TABLE>

CONSOLIDATED STATEMENT OF CASH FLOW FROM OPERATIONS

<TABLE>
<CAPTION>
                                                  THREE MONTHS ENDED      TWELVE MONTHS ENDED
                                                       DEC. 31                   DEC. 31
                                                  ------------------      -------------------
US$ millions                                        2003       2002         2003        2002
------------                                      -------    -------      -------     -------
<S>                                               <C>        <C>          <C>         <C>
INCOME BEFORE NON-CASH ITEMS                       $ 207      $ 101        $ 557       $ 405
Dividends from Noranda Inc.                           12         12           49          48
Dividends from Nexfor Inc.                             5          4           18          16
                                                   -----      -----        -----       -----
CASH FLOW FROM OPERATIONS AND GAINS                $ 224      $ 117        $ 624       $ 469
                                                   =====      =====        =====       =====
</TABLE>

See Note 1

Brascan Corporation                                                            3
2003 Year End Results

<PAGE>

CONSOLIDATED BALANCE SHEET

<TABLE>
<CAPTION>
                                                    DECEMBER 31    December 31
US$ millions                                            2003          2002
------------                                        -----------    -----------
<S>                                                 <C>            <C>
ASSETS
  Operating assets
    Real estate                                       $  8,311       $  7,912
    Power generation                                     1,927          1,587
    Funds management                                     1,215          1,209
                                                      --------       --------
                                                        11,453         10,708
  Investments                                            2,003          1,464
  Accounts receivable and other                          1,623          1,200
  Financial assets                                         854            718
  Cash and cash equivalents                                382            332
                                                      --------       --------
                                                      $ 16,315       $ 14,422
                                                      ========       ========

LIABILITIES
  Corporate borrowings                                $  1,213       $  1,035
  Non-recourse borrowings
    Property specific mortgages                          4,881          4,992
    Other debt of subsidiaries                           2,075          1,867
  Accounts and other payables                            1,745          1,262

SHAREHOLDERS' INTERESTS
  Minority interests of others in assets                 1,516          1,456
  Preferred equity
    Corporate                                              852            735
    Subsidiaries                                         1,009            450
  Common equity                                          3,024          2,625
                                                      --------       --------
                                                      $ 16,315       $ 14,422
                                                      ========       ========
</TABLE>

NOTE 1

The press release and accompanying consolidated financial statements make
reference to cash flow from operations on a total and per share basis.
Management uses cash flow from operations as a key measure to evaluate
performance and to determine the underlying value of its businesses. The
consolidated statement of cash flow from operations provides a full
reconciliation between this measure and net income. Readers are encouraged to
consider both measures in assessing Brascan's results.

                                     - 30 -

Brascan Corporation                                                            4
2003 Year End ResultsEXHIBIT 4.2

                      PPLUS TRUST CERTIFICATES SERIES GSG-2

                         AMENDMENT TO SERIES SUPPLEMENT

                                     between

                         MERRILL LYNCH DEPOSITOR, INC.,

                                  as Depositor,

                                       and

                              THE BANK OF NEW YORK,

                     as Trustee and Securities Intermediary

                          Dated as of February 17, 2004

<PAGE>

                  AMENDMENT TO SERIES SUPPLEMENT, dated as of February 17, 2004
(the "Amendment"), by and between MERRILL LYNCH DEPOSITOR INC., a Delaware
corporation, as Depositor, THE BANK OF NEW YORK, a New York corporation, as
Trustee and Securities Intermediary.

                                   WITNESSETH:

              REFERENCE is made to the PPLUS Trust Series GSG-2 (the "Trust")
created by the Depositor by executing and delivering the Series Supplement dated
as of July 30, 2003 (the "Series Supplement"), which incorporates the terms of
the Standard Terms for Trust Agreements, dated as of February 20, 1998 (the
"Standard Terms" and, together with such Series Supplement, the "Trust
Agreement"), by and between the Depositor and the Trustee and Securities
Intermediary, as modified by such Series Supplement;

              WHEREAS, Section 3(b) of the Series Supplement permits the
Depositor to increase the amount of the Underlying Securities in the Trust and
the Trust to issue a corresponding number of additional Warrants subject to the
terms and conditions set forth in Section 3(b); and

              WHEREAS, the Depositor, on July 30, 2003, deposited $35,000,000
Underlying Securities into the Trust and now desires to increase the number of
Underlying Securities in the Trust from $35,000,000 to $73,000,000 and,
therefore, increase the number of Class A and Class B Trust Certificates issued
by the Trust and the corresponding number of Warrants from 1,400,000 to
2,920,000;

              NOW, THEREFORE, in consideration of the foregoing premises, it is
hereby agreed by and between the Depositor and the Trustee and Securities
Intermediary as follows:

Section 1.    Amendment of Series Supplement.

              The Series Supplement is hereby amended as follows:

              (a) All references to "1,400,000" shall be replaced with
"2,920,000"; and

              (b) All references to "$35,000,000" shall be replaced with
"$73,000,000".

              (c) The following definition shall be added to Section 2 of the
Series Supplement:

                  "Warrant" shall mean a Warrant Certificate as such term is
                  defined in the Warrant Agreement.

              (d) The introductory clause of Section 4 of the Series Supplement
shall be amended to read:

                  The Trustee hereby acknowledges receipt, with respect to
                  $35,000,000 of Underlying Securities, on or prior to the
                  Closing Date, and with respect to $38,000,000 of Underlying
                  Securities, on or prior to February 17, 2004, of:

<PAGE>

              (e) The address for notices sent to The Bank of New York, as
Trustee, Securities Intermediary or Warrant Agent, as the case may be, set forth
in Section 10 (a) shall be amended to read:

                  The Bank of New York
                  Corporate Trust Dealing & Trading Group
                  101 Barclay Street
                  Floor 8E
                  New York, NY  10286
                  Attention:  PPLUS Trust Series GSG-2
                  Telephone:  (212) 895-2515
                  Facsimile:  (212) 895-2830 / (646) 835-4286

Section 2.    Additional Warrant Certificates. Simultaneously with the execution
hereof, the Depositor directs the Trustee, in the name and on behalf of the
Trust, to enter into additional Warrant Certificates (as defined in the Warrant
Agreement) evidencing the additional Call Rights related to the increase in the
amount of Underlying Securities.

Section 3.    References. All references to the Series Supplement or the Trust
Agreement, in any document executed in connection with the Series Supplement,
shall be deemed to refer to the Series Supplement or the Trust Agreement, as
applicable, as amended by this Amendment.

Section 4.    Miscellaneous.

              (a) Counterparts. This Amendment may be executed by the parties
hereto in separate counterparts, each of which when so executed and delivered
shall be an original, but all such counterparts shall together constitute but
one and the same instrument.

              (b) Amendments. Neither this Amendment nor any of the terms hereof
may be terminated, amended, supplemented, waived or modified orally, but only by
an instrument in writing signed by the party against which the enforcement of
such termination, amendment, supplement, waiver or modification is sought.

              (c) Governing Law. This Amendment shall in all respects be
construed in accordance with and governed by the laws of the State of New York,

              (d) Benefit and Binding Effect. The terms of this Amendment shall
be binding upon, and shall inure to the benefit of, the parties hereto and their
successors and permitted assigns.

              Except as amended by this Amendment, the Series Supplement remains
in full force and effect.

                                       2
<PAGE>

                  IN WITNESS WHEREOF, the parties hereto have caused this
Amendment to be duly executed by their respective authorized officers as of the
date first written above.

                                                 Merrill Lynch Depositor, Inc.,
                                                 as Depositor

                                                 By:
                                                     ---------------------------
                                                 Name:  Barry N. Finkelstein
                                                 Title: President

                                                 The Bank of New York,
                                                 not in its individual capacity
                                                 but as Trustee

                                                 By:
                                                     ---------------------------
                                                 Name:  Fernando Acebedo
                                                 Title: Authorized Signatory

                                                 The Bank of New York,
                                                 as Securities Intermediary

                                                 By:
                                                     ---------------------------
                                                 Name:  Fernando Acebedo

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