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
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March 26, March 28,
2004 2003(a)
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Pre-tax earnings(b) $ 1,593 $ 911
Add: Fixed charges (excluding capitalized
interest and preferred security dividend
requirements of subsidiaries) 1,941 2,168
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Pre-tax earnings before fixed charges 3,534 3,079
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Fixed charges:
Interest 1,892 2,119
Other(c) 49 49
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Total fixed charges 1,941 2,168
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Preferred stock dividend requirements 13 14
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Total combined fixed charges
and preferred stock dividends $ 1,954 $ 2,182
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Ratio of earnings to fixed charges 1.82 1.42
Ratio of earnings to combined fixed charges
and preferred stock dividends 1.81 1.41
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(a) Prior period amounts have been restated to reflect the retroactive adoption
of the fair value recognition provisions of SFAS No. 123, Accounting for
Stock-Based Compensation, as discussed in Note 2.
(b) Excludes undistributed earnings (loss) from equity investees.
(c) 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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