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 --------------------- -------------------- June 27, June 28, June 27, June 28, 1997 1996 1997 1996 ---------- --------- -------- -------- Pretax earnings from continuing operations .... $ 784 $ 698 $1,551 $1,369 Add: Fixed charges ......... 4,101 2,846 7,772 5,642 ------- ------- ------- ------- Pretax earnings before fixed charges .................. $4,885 $3,544 $9,323 $7,011 ------- ------- ------- ------- ------- ------- ------- ------- Fixed charges: Interest ................. $4,038 $2,808 $7,646 $5,565 Other (A) ................ 63 38 126 77 ------- ------- ------- ------- Total fixed charges ...... 4,101 2,846 7,772 5,642 Preferred stock dividend requirements ........... 15 19 32 37 ------- ------- ------- ------- Total combined fixed charges and preferred stock dividends ........ $4,116 $2,865 $7,804 $5,679 ------- ------- ------- ------- ------- ------- ------- ------- Ratio of earnings to fixed charges .................. 1.19 1.25 1.20 1.24 Ratio of earnings to combined fixed charges and preferred stock dividends ................ 1.19 1.24 1.19 1.23 (A) Other fixed charges consist of the interest factor in rentals, amortization of debt expense, and preferred stock dividend requirements of majority-owned subsidiaries.