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 -------------------------- ------------------------- SEPT. 24, SEPT. 25, SEPT. 24, SEPT. 25, 1999 1998 1999 1998 -------- -------- -------- -------- Pre-tax earnings (loss) from continuing operations $ 891 $ (205) $2,918 $ 1,577 Add: Fixed charges (excluding capitalized interest and preferred security dividend requirements of subsidiaries) 3,197 4,553 9,792 13,411 ------ ------ ------ ------- Pre-tax earnings before fixed charges 4,088 4,348 12,710 14,988 ====== ====== ====== ======= Fixed charges: Interest 3,138 4,493 9,612 13,247 Other (a) 110 94 332 249 ------ ------ ------ ------- Total fixed charges 3,248 4,587 9,944 13,496 ====== ====== ====== ======= Preferred stock dividend requirements 14 15 41 46 ------ ------ ------ ------- Total combined fixed charges and preferred stock dividends $3,262 $4,602 $9,985 $13,542 ====== ====== ====== ======= Ratio of earnings to fixed charges (b) 1.26 0.95 1.28 1.11 Ratio of earnings to combined fixed charges and preferred stock dividends (b) 1.25 0.94 1.27 1.11

(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. (b) The ratio calculations indicate a less than one-to-one coverage for the three months ended September 25, 1998. Pre-tax loss from continuing operations for the three months ended September 25, 1998 is inadequate to cover the fixed charges. The deficient amounts for the respective ratios are $239 and $254.