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   For the Six Months Ended
    June 25,     June 27,     June 25,     June 27,  
    2004     2003(a)     2004     2003(a)  
Pre-tax earnings(b)
   $ 1,306     $ 1,371     $ 2,899     $ 2,282  
Add: Fixed charges (excluding capitalized interest and preferred security dividend requirements of subsidiaries)
     2,117       2,077       4,058       4,245  
 
                        
Pre-tax earnings before fixed charges
     3,423       3,448       6,957       6,527  
 
                        
Fixed charges:
                                
Interest
     2,071       2,028       3,963       4,147  
Other(c)
     45       49       94       98  
 
                        
Total fixed charges
     2,116       2,077       4,057       4,245  
 
                        
Preferred stock dividend requirements
     13       13       26       27  
 
                        
Total combined fixed charges and preferred stock dividends
   $ 2,129     $ 2,090     $ 4,083     $ 4,272  
 
                        
Ratio of earnings to fixed charges
     1.62       1.66       1.71       1.54  
Ratio of earnings to combined fixed charges and preferred stock dividends
     1.61       1.65       1.70       1.53  
     
(a)   Prior period amounts have been restated to reflect the retroactive adoption of the fair value recognition provisions of SFAS No. 123, Accounting for Stock-Based Compensation, as discussed in Note 2.
(b)   Excludes undistributed earnings (loss) from equity investees.
(c)   Other fixed charges consist of the interest factor in rentals, amortization of debt issuance costs and preferred security dividend requirements of subsidiaries.

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