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  
    2006     2005     2004     2003     2002  
    (52 weeks)     (52 weeks)     (53 weeks)     (52 weeks)     (52 weeks)  
Pre-tax earnings(a)
   $ 9,929     $ 6,814     $ 5,436     $ 5,040     $ 2,343  
Add: Fixed charges (excluding capitalized interest and preferred security dividend requirements of subsidiaries)
     36,080       21,967       10,734       8,195       10,164  
 
                              
Pre-tax earnings before fixed charges
     46,009       28,781       16,170       13,235       12,507  
 
                              
Fixed charges:
                                        
Interest
     35,860       21,752       10,530       8,003       9,958  
Other(b)
     221       215       204       193       206  
 
                              
Total fixed charges
     36,081       21,967       10,734       8,196       10,164  
 
                              
Preferred stock dividend requirements
     261       100       54       52       51  
 
                              
Total combined fixed charges and preferred stock dividends
   $ 36,342     $ 22,067     $ 10,788     $ 8,248     $ 10,215  
 
                              
Ratio of earnings to fixed charges
     1.28       1.31       1.51       1.61       1.23  
Ratio of earnings to combined fixed charges and preferred stock dividends
     1.27       1.30       1.50       1.60       1.22  
 
(a)   Excludes undistributed earnings (loss) from equity investments.
 
(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.