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) Year Ended Last Friday in December ---------------------------------------------------------- 1995 1994 1993 1992 1991 -------- -------- -------- -------- -------- (52 Weeks) (52 Weeks) (53 weeks) (52 weeks) (52 weeks) Pretax earnings from continuing operations $ 1,811 $ 1,730 $2,425 $1,621 $1,017 Deduct equity in undistributed net earnings of unconsolidated subsidiaries - (19) (13) (13) (10) ------- ------- ------ ------ ------ Total pretax earnings from continuing operations 1,811 1,711 2,412 1,608 1,007 ------- ------- ------ ------ ------ Add: Fixed charges Interest 11,238 8,586 6,009 4,823 5,074 Other(A) 144 138 152 152 146 ------- ------- ------ ------ ------ Total fixed charges 11,382 8,724 6,161 4,975 5,220 Preferred stock dividend requirements 77 22 9 11 26 ------- ------- ------ ------ ------ Total combined fixed charges and preferred stock dividends 11,459 8,746 6,170 4,986 5,246 ------- ------- ------ ------ ------ Pretax earnings before fixed charges $13,193 $10,435 $8,573 $6,583 $6,227 ======= ======= ====== ====== ====== Pretax earnings before combined fixed charges and preferred stock dividends $13,270 $10,457 $8,582 $6,594 $6,253 ======= ======= ====== ====== ====== Ratio of earnings to fixed charges 1.16 1.20 1.39 1.32 1.19 Ratio of earnings to combined fixed charges and preferred stock dividends 1.16 1.20 1.39 1.32 1.19

(A) Other fixed charges consist of the interest factor in rentals, amortization of debt expense, and preferred stock dividend requirements of majority-owned subsidiaries.