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 ---------------------- March 29, March 31, 1996 1995 --------- -------- Pretax earnings from continuing operations $ 671 $ 380 Add: Fixed charges Interest 2,756 2,781 Other(A) 39 35 ------ ------ Total fixed charges 2,795 2,816 Preferred stock dividend requirements 19 20 ------ ------ Total combined fixed charges and preferred stock dividends 2,814 2,836 ------ ------ Pretax earnings before fixed charges $3,466 $3,196 ====== ====== Pretax earnings before combined fixed charges and preferred stock dividends $3,485 $3,216 ====== ====== Ratio of earnings to fixed charges 1.24 1.13 Ratio of earnings to combined fixed charges and preferred stock dividends 1.24 1.13 (A) Other fixed charges consist of the interest factor in rentals, amortization of debt expense, and preferred stock dividend requirements of majority-owned subsidiaries.