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
     
    March 31,   April 1,
    2006   2005(a)
         
Pre-tax earnings(b)
   $ 515     $ 1,592  
Add: Fixed charges (excluding capitalized interest and preferred security dividend requirements of subsidiaries)
     7,646       4,379  
             
Pre-tax earnings before fixed charges
     8,161       5,971  
             
Fixed charges:
                
 
Interest
     7,588       4,327  
 
Other(c)
     58       52  
             
 
Total fixed charges
     7,646       4,379  
             
Preferred stock dividend requirements
     53       10  
             
Total combined fixed charges and preferred stock dividends
   $ 7,699     $ 4,389  
             
Ratio of earnings to fixed charges
     1.07       1.36  
Ratio of earnings to combined fixed charges and preferred stock dividends
     1.06       1.36  
 
(a) Certain prior period amounts have been reclassified to conform to the current period presentation.
(b) Excludes undistributed earnings from equity investments.
(c) Other fixed charges consist of the interest factor in rentals, amortization of debt issuance costs and preferred security dividend requirements of subsidiaries.