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 For the Six Months Ended Ended ----------------------- ------------------------ June 28, June 30, June 28, June 30, 1996 1995 1996 1995 ---------- ---------- ---------- ---------- Total pretax earnings from continuing operations . . . . . . . . . . . . . . . . . . $ 698 $ 464 $1,369 $ 843 ------ ------ ------ ------ Add: Fixed Charges Interest . . . . . . . . . . . . . . . . . . 2,808 3,032 5,565 5,813 Other (A) . . . . . . . . . . . . . . . . . . 38 34 77 69 ------ ------ ------ ------ Total fixed charges . . . . . . . . . . . . . . 2,846 3,066 5,642 5,882 Preferred stock dividend requirements . . . . . 19 19 37 39 ------ ------ ------ ------ Total combined fixed charges and preferred stock dividends . . . . . . . . . . 2,865 3,085 5,679 5,921 ------ ------ ------ ------ Pretax earnings before fixed charges . . . . . . $3,544 $3,530 $7,011 $6,725 ====== ====== ====== ====== Pretax earnings before combined fixed charges and preferred stock dividends . . . . . $3,563 $3,549 $7,048 $6,764 ====== ====== ====== ====== Ratio of earnings to fixed charges . . . . . . . 1.25 1.15 1.24 1.14 Ratio of earnings to combined fixed charges and preferred stock dividends . . . . . . . . . 1.24 1.15 1.24 1.14

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