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			Six Months Ended			Year Ended			Year Ended			Year Ended			Year Ended
	June 30, 2013 (unaudited)			June 30, 2013 (unaudited)			December 31, 2012			December 31, 2011			December 31, 2010			December 31, 2009
Pre-tax earnings (loss) (a)	$	742		$	436		$	(2,574	)	$	(5,344	)	$	2,812		$	6,527
Add: Fixed charges (excluding capitalized interest and preferred security dividend requirements of subsidiaries)	1,542			3,159			7,387			9,098			9,924			12,335
Pre-tax earnings before fixed charges	$	2,284		$	3,595		$	4,813		$	3,754		$	12,736		$	18,862
Fixed charges:
Interest	$	1,469		$	3,012		$	7,098		$	8,785		$	9,610		$	12,035
Other (b)	73			147			289			313			314			300
Total fixed charges	$	1,542		$	3,159		$	7,387		$	9,098		$	9,924		$	12,335
Preferred stock dividend requirements	—			—			—			—			140			141
Total combined fixed charges and preferred stock dividends	$	1,542		$	3,159		$	7,387		$	9,098		$	10,064		$	12,476
Ratio of earnings to fixed charges	1.48			1.14			*			*			1.28			1.53
Ratio of earnings to combined fixed charges and preferred stock dividends	1.48			1.14			*			*			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 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 years ended December 31, 2012 and 2011 were $2,574 million and $5,344 million, respectively.

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