EXHIBIT 12
MERRILL LYNCH & CO., INC. AND SUBSIDIARIES
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Computation of Ratio of Earnings to Fixed Charges
(In Thousands, Except Ratios)
Year Ended Last Friday in December
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1993 1992 1991 1990 1989
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(53 weeks) (52 weeks) (52 weeks) (52 weeks) (52 weeks)
Pretax earnings (loss) $2,424,808 $1,621,389 $1,017,418 $ 282,328 $ (158,386)
Deduct equity in undistributed
net earnings of unconsolidated
subsidiaries (13,029) (12,913) (10,677) (9,429) (23,292)
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Total pretax earnings (loss) 2,411,779 1,608,476 1,006,741 272,899 (181,678)
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Add: Fixed charges:
Interest 6,008,511 4,822,711 5,073,824 5,343,107 5,351,027
Amortization of debt expense 3,921 4,232 4,366 3,890 5,785
Capitalized interest - - 929 555 5,886
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Total interest 6,012,432 4,826,943 5,079,119 5,347,552 5,362,698
Interest factor in rents 141,654 141,546 141,438 135,038 124,104
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Total fixed charges 6,154,086 4,968,489 5,220,557 5,482,590 5,486,802
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Pretax earnings before fixed charges
(excluding capitalized interest) $8,565,865 $6,576,965 $6,226,369 $5,754,934 $5,299,238
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Ratio of earnings to fixed charges 1.39 1.32 1.19 1.05 (A)
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(A) In 1989, pretax earnings before fixed charges were inadequate to cover
fixed charges by $187,564.