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)
 
Three Months Ended
Year Ended
Year Ended
Year Ended
Year Ended
 
March 31, 2013
(unaudited)
December 31, 2012
December 31, 2011
December 31, 2010
December 31, 2009
 
 
 
 
 
 
Pre-tax (loss) earnings (a)
$
(306
)
$
(2,574
)
$
(5,344
)
$
2,812

$
6,527

 
 
 
 
 
 
Add: Fixed charges (excluding capitalized interest and preferred security dividend requirements of subsidiaries)
1,616

7,387

9,098

9,924

12,335

Pre-tax earnings (loss) before fixed charges
$
1,310

$
4,813

$
3,754

$
12,736

$
18,862

 
 
 
 
 
 
Fixed charges:
 
 
 
 
 
   Interest
$
1,543

$
7,098

$
8,785

$
9,610

$
12,035

   Other (b)
73

289

313

314

300

   Total fixed charges
$
1,616

$
7,387

$
9,098

$
9,924

$
12,335

 
 
 
 
 
 
Preferred stock dividend requirements
—

—

—

140

141

Total combined fixed charges and preferred stock dividends
$
1,616

$
7,387

$
9,098

$
10,064

$
12,476

 
 
 
 
 
 
Ratio of earnings to fixed charges
*
*
*
1.28
1.53
 
 
 
 
 
 
Ratio of earnings to combined fixed charges and preferred stock dividends
*
*
*
1.27
1.51

(a) Excludes undistributed earnings (loss) from equity investments.
(b) Other fixed charges consist of the interest factor in rentals, amortization of debt issuance costs and preferred
     security dividend requirements of subsidiaries.

*The earnings for the three months ended March 31, 2013 and for the years ended December 31, 2012 and 2011 were inadequate to cover total fixed charges and total fixed charges and preferred stock dividends.

The coverage deficiencies for total fixed charges for the three months ended March 31, 2013 and for the years ended December 31, 2012 and 2011 were $306 million, $2,574 million and $5,344 million, respectively.

The coverage deficiencies for total fixed charges and preferred stock dividends for the three months ended March 31, 2013 and for the years ended December 31, 2012 and 2011 were $306 million, $2,574 million and $5,344 million, respectively.