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
    2003     2002     2001     2000     1999  
    (52 weeks)     (52 weeks)     (52 weeks)     (52 weeks)     (53 weeks)  
 
                                        
Pre-tax earnings (a)
   $ 5,469     $ 3,788     $ 1,390     $ 5,721     $ 4,203  
 
                                        
Add: Fixed charges (excluding capitalized interest and preferred security dividend requirements of subsidiaries)
     7,762       9,818       17,097       18,306       13,234  
 
                                        
 
                              
Pre-tax earnings before fixed charges
     13,231       13,606       18,487       24,027       17,437  
 
                              
 
                                        
Fixed charges:
                                        
Interest
     7,569       9,613       16,843       18,052       12,987  
Other (b)
     384       396       451       465       451  
 
                                        
 
                              
Total fixed charges
     7,953       10,009       17,294       18,517       13,438  
 
                              
 
                                        
Preferred stock dividend requirements
     52       53       55       55       56  
 
                                        
 
                              
Total combined fixed charges and preferred stock dividends
   $ 8,005     $ 10,062     $ 17,349     $ 18,572     $ 13,494  
 
                              
 
                                        
Ratio of earnings to fixed charges
     1.66       1.36       1.07       1.30       1.30  
 
                                        
Ratio of earnings to combined fixed charges and preferred stock dividends
     1.65       1.35       1.07       1.29       1.29  

   
 
(a)  
Excludes undistributed earnings (loss) from equity investees.
 
(b)  
Other fixed charges consists of the interest factor in rentals, amortization of debt issuance costs, preferred security dividend requirements of subsidiaries, and capitalized interest.