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  
    2004     2003     2002     2001     2000  
    (53 weeks)     (52 weeks)     (52 weeks)     (52 weeks)     (52 weeks)  
                                         
Pre-tax earnings (loss) (a)
   $ 5,436     $ 5,040     $ 2,343     $ (228 )   $ 4,994  
                                         
Add: Fixed charges (excluding capitalized interest and preferred security dividend requirements of subsidiaries)
     10,618       8,011       10,044       17,322       18,532  
                                         
 
                              
Pre-tax earnings before fixed charges
     16,054       13,051       12,387       17,094       23,526  
 
                              
                                         
Fixed charges:
                                        
Interest
     10,414       7,819       9,838       17,069       18,278  
Other (b)
     204       193       206       260       287  
                                         
 
                              
Total fixed charges
     10,618       8,012       10,044       17,329       18,565  
 
                              
                                         
Preferred stock dividend requirements
     55       52       52       54       55  
                                         
 
                              
Total combined fixed charges and preferred stock dividends
   $ 10,673     $ 8,064     $ 10,096     $ 17,383     $ 18,620  
 
                              
                                         
Ratio of earnings to fixed charges
     1.51       1.63       1.23       0.99 (c)     1.27  
                                         
Ratio of earnings to combined fixed charges and preferred stock dividends
     1.50       1.62       1.23       0.98 (c)     1.26  
(a)   Excludes undistributed earnings (loss) from equity investees.
 
(b)   Other fixed charges consist of the interest factor in rentals, amortization of debt issuance costs, preferred security dividend requirements of subsidiaries, and capitalized interest.
 
(c)   Earnings were insufficient to cover fixed charges and combined fixed charges and preferred dividend requirements by $235 million and $289 million, respectively.

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