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   Year Ended Last Friday in December    
    March 30,
 		  2006   2005   2004   2003   2002    
    2007   (52 weeks)   (52 weeks)   (53 weeks)   (52 weeks)   (52 weeks)    
 
Pre-tax earnings (loss)(a)
  $ 2,845     $ 9,929     $ 6,814     $ 5,436     $ 5,040     $ 2,343          
Add: Fixed charges (excluding capitalized interest and preferred security dividend requirements of subsidiaries)
    11,659       36,080       21,967       10,734       8,195       10,164          
                                                         
Pre-tax earnings before fixed charges
    14,504       46,009       28,781       16,170       13,235       12,507          
                                                         
Fixed charges:
                                                       
Interest
    11,601       35,860       21,752       10,530       8,003       9,958          
Other(b)
    58       221       215       204       193       206          
                                                         
Total fixed charges
    11,659       36,081       21,967       10,734       8,196       10,164          
                                                         
Preferred stock dividend requirements
    75       261       100       54       52       51          
                                                         
Total combined fixed charges and preferred stock dividends
  $ 11,734     $ 36,342     $ 22,067     $ 10,788     $ 8,248     $ 10,215          
                                                         
Ratio of earnings to fixed charges
    1.24       1.28       1.31       1.51       1.61       1.23          
Ratio of earnings to combined fixed charges and preferred stock dividends
    1.24       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.


99