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
  For the Nine
                   
    Months Ended   Months Ended   Year Ended Last Friday in December
    September 29,
  September 29,
  2005(a)   2004(a)   2003(a)   2002(a)   2001(a)
    2006   2006   (52 weeks)   (53 weeks)   (52 weeks)   (52 weeks)   (52 weeks)
 
Pre-tax earnings (loss)(b)
  $ 4,013     $ 6,766     $ 6,814     $ 5,436     $ 5,040     $ 2,343     $ (228 )
Add: Fixed charges (excluding capitalized interest and preferred security dividend requirements of subsidiaries)
    9,490       25,707       21,967       10,734       8,195       10,164       17,690  
                                                         
Pre-tax earnings before fixed charges
    13,503       32,473       28,781       16,170       13,235       12,507       17,462  
                                                         
Fixed charges:
                                                       
Interest
    9,434       25,540       21,752       10,530       8,003       9,958       17,437  
Other(c)
    56       167       215       204       193       206       260  
                                                         
Total fixed charges
    9,490       25,707       21,967       10,734       8,196       10,164       17,697  
                                                         
Preferred stock dividend requirements
    67       189       100       54       52       51       54  
                                                         
Total combined fixed charges and preferred stock dividends
  $ 9,557     $ 25,896     $ 22,067     $ 10,788     $ 8,248     $ 10,215     $ 17,751  
                                                         
Ratio of earnings to fixed charges
    1.42       1.26       1.31       1.51       1.61       1.23       0.99 (d)
Ratio of earnings to combined fixed charges and preferred stock dividends
    1.41       1.25       1.30       1.50       1.60       1.22       0.98 (d)
 
 
(a) Certain prior period amounts have been reclassified to conform to the current period presentation.
(b) Excludes undistributed earnings (loss) from equity investments.
(c) Other fixed charges consist of the interest factor in rentals, amortization of debt issuance costs, preferred security dividend requirements of subsidiaries, and capitalized interest.
(d) 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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