EXHIBIT 12 MERRILL LYNCH & CO., INC. AND SUBSIDIARIES COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES AND COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS (dollars in millions) YEAR ENDED LAST FRIDAY IN DECEMBER 2002 2001 2000 1999 1998 ------- -------- ------- ------- ------- (52 weeks) (52 weeks) (52 weeks) (53 weeks) (52 weeks) Pre-tax earnings $ 3,757 $ 1,377 $ 5,717 $ 4,206 $ 2,120 Add: Fixed charges (excluding capitalized interest and preferred security dividend requirements of subsidiaries) 9,818 17,097 18,307 13,235 17,237 ------- ------- ------- ------- ------- Pre-tax earnings before fixed charges 13,575 18,474 24,024 17,441 19,357 ======= ======= ======= ======= ======= Fixed charges: Interest 9,613 16,843 18,052 12,987 17,014 Other (a) 396 451 465 451 354 ------- ------- ------- ------- ------- Total fixed charges 10,009 17,294 18,517 13,438 17,368 ======= ======= ======= ======= ======= Preferred stock dividend requirements 53 55 55 56 58 Total combined fixed charges ------- ------- ------- ------- ------- and preferred stock dividends $10,062 $17,349 $18,572 $13,494 $17,426 ======= ======= ======= ======= ======= RATIO OF EARNINGS TO FIXED CHARGES 1.36 1.07 1.30 1.30 1.11 RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS 1.35 1.06 1.29 1.29 1.11 (a) Other fixed charges consists of the interest factor in rentals, amortization of debt issuance costs, preferred security dividend requirements of subsidiaries, and capitalized interest.

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