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 Nine Months Ended ------------------------------ ------------------------------ September 26, September 27, September 26, September 27, 2003 2002 2003 2002 ------------ ------------ ------------ ------------- Pre-tax earnings $1,509 $1,054 $3,997 $ 3,014 Add: Fixed charges (excluding capitalized interest and preferred security dividend requirements of subsidiaries) 1,839 2,534 5,971 7,499 ------ ------ ------ ------ Pre-tax earnings before fixed charges 3,348 3,588 9,968 10,513 ====== ====== ====== ====== Fixed charges: Interest 1,790 2,484 5,825 7,342 Other (a) 96 98 289 302 ------ ------ ------ ------ Total fixed charges 1,886 2,582 6,114 7,644 ====== ====== ====== ====== Preferred stock dividend requirements 14 14 40 41 ------ ------ ------ ------ Total combined fixed charges and preferred stock dividends $1,900 $2,596 $6,154 $7,685 ====== ====== ====== ====== RATIO OF EARNINGS TO FIXED CHARGES 1.78 1.39 1.63 1.38 RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS 1.76 1.38 1.62 1.37 (a) Other fixed charges consist of the interest factor in rentals, amortization of debt issuance costs, and preferred security dividend requirements of subsidiaries.

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