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) For the Three Months Ended ---------------------------- March 28, March 29, 2003 2002 --------- -------- Pre-tax earnings $ 1,022 $ 1,012 Add: Fixed charges (excluding capitalized interest and preferred security dividend requirements of subsidiaries) 2,111 2,524 ------- ------- Pre-tax earnings before fixed charges 3,133 3,536 ======= ======= Fixed charges: Interest 2,062 2,469 Other (a) 97 104 ------- ------- Total fixed charges 2,159 2,573 ======= ======= Preferred stock dividend requirements 13 14 ------- ------- Total combined fixed charges and preferred stock dividends $ 2,172 $ 2,587 ======= ======= RATIO OF EARNINGS TO FIXED CHARGES 1.45 1.37 RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS 1.44 1.37 (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.