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 For the Six Months Ended -------------------------- ------------------------ June 27, June 28, June 27, June 28, 2003 2002 2003 2002 - ---------------------------------------------------------------------------------------------------------------------------------- Pre-tax earnings $1,466 $ 948 $2,488 $1,960 Add: Fixed charges (excluding capitalized interest and preferred security dividend requirements of subsidiaries) 2,021 2,441 4,132 4,965 ------ ------ ------ ------ Pre-tax earnings before fixed charges 3,487 3,389 6,620 6,925 ====== ====== ====== ====== Fixed charges: Interest 1,973 2,389 4,035 4,858 Other (a) 96 100 193 204 ------ ------ ------ ------ Total fixed charges 2,069 2,489 4,228 5,062 ====== ====== ====== ====== Preferred stock dividend requirements 13 13 26 27 ------ ------ ------ ------ Total combined fixed charges and preferred stock dividends $2,082 $2,502 $4,254 $5,089 ====== ====== ====== ====== Ratio of earnings to fixed charges 1.69 1.36 1.57 1.37 Ratio of earnings to combined fixed charges and preferred stock dividends 1.67 1.35 1.56 1.36 - ---------------------------------------------------------------------------------------------------------------------------------- (a) Other fixed charges consist of the interest factor in rentals, amortization of debt issuance costs, preferred security dividend requirements of subsidiaries, and capitalized interest.

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