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
     
      2002   2001   2000   1999   1998
     
 
 
 
 
      (52 weeks)   (52 weeks)   (52 weeks)   (53 weeks)   (52 weeks)
 
Pre-tax earnings
   $ 3,757     $ 1,377     $ 5,717     $ 4,206     $ 2,120  
Add: Fixed charges (excluding capitalized interest and preferred security dividend requirements of subsidiaries)
     9,818       17,097       18,307       13,235       17,237  
 
    
     
     
     
     
 
Pre-tax earnings before fixed charges
     13,575       18,474       24,024       17,441       19,357  
 
    
     
     
     
     
 
Fixed charges:
                                        
 
Interest
     9,613       16,843       18,052       12,987       17,014  
 
Other (a)
     396       451       465       451       354  
 
    
     
     
     
     
 
 
Total fixed charges
     10,009       17,294       18,517       13,438       17,368  
 
    
     
     
     
     
 
Preferred stock dividend requirements
     53       55       55       56       58  
 
    
     
     
     
     
 
Total combined fixed charges and preferred stock dividends
   $ 10,062     $ 17,349     $ 18,572     $ 13,494     $ 17,426  
 
    
     
     
     
     
 
Ratio of earnings to fixed charges
     1.36       1.07       1.30       1.30       1.11  
 
Ratio of earnings to combined fixed charges and preferred stock dividends
     1.35       1.06       1.29       1.29       1.11  

(a)   Other fixed charges consists of the interest factor in rentals, amortization of debt issuance costs, preferred security dividend requirements of subsidiaries, and capitalized interest.