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) (1)(2)

                                         
    Year Ended Last Friday in December
    2003   2002   2001   2000   1999
    (52 weeks)   (52 weeks)   (52 weeks)   (52 weeks)   (53 weeks)
Pre-tax earnings (loss)(3)
   $ 5,040     $ 2,343     $ (228 )   $ 4,994     $ 3,573  
 
                                        
Add: Fixed charges (excluding
                                        
capitalized interest and preferred security
                                        
dividend requirements of subsidiaries)
     7,989       10,045       17,328       18,538       13,464  
 
                                        
 
                                        
Pre-tax earnings before fixed charges
     13,029       12,388       17,100       23,532       17,037  
 
                                        
 
                                        
Fixed charges:
                                        
Interest
     7,796       9,839       17,074       18,283       13,217  
Other(4)
     193       206       260       274       262  
 
                                        
 
                                        
Total fixed charges
     7,989       10,045       17,334       18,557       13,479  
 
                                        
 
                                        
Preferred stock dividend requirements
     52       52       54       55       57  
 
                                        
Total combined fixed charges
                                        
 
                                        
and preferred stock dividends
   $ 8,041     $ 10,097     $ 17,388     $ 18,612     $ 13,536  
 
                                        
 
                                        
Ratio of earnings to fixed charges
     1.63       1.23       0.99(5)       1.27       1.26  
 
                                        
Ratio of earnings to combined fixed
charges and preferred stock dividends
     1.62       1.23       0.98(5)       1.26       1.26  

(1)  
Amounts have been restated as per Note 1 to the consolidated financial statements.
(2)  
Amounts have been restated as per Note 2 to the consolidated financial statements.
(3)  
Excludes undistributed earnings (loss) from equity investees.
(4)  
Other fixed charges consists of the interest factor in rentals, amortization of debt issuance costs, preferred security dividend requirements of subsidiaries, and capitalized interest.
(5)  
Earnings were insufficient to cover fixed charges and fixed charges and preferred dividend requirements by $234 million and $288 million, respectively.