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
 		  For the
 		                   
    Three Months
 		  Six Months
 		                   
    Ended   Ended   Year Ended Last Friday in December
    June 29,
 		  June 29,
 		  2006   2005   2004   2003   2002
    2007   2007   (52 weeks)   (52 weeks)   (53 weeks)   (52 weeks)   (52 weeks)
 
Pre-tax earnings (loss)(a)
  $ 2,734     $ 5,579     $ 9,929     $ 6,814     $ 5,436     $ 5,040     $ 2,343  
Add: Fixed charges (excluding capitalized interest and preferred security dividend requirements of subsidiaries)
    14,104       25,763       36,080       21,967       10,734       8,195       10,164  
                                                         
Pre-tax earnings before fixed charges
    16,838       31,342       46,009       28,781       16,170       13,235       12,507  
                                                         
Fixed charges:
                                                       
Interest
    14,040       25,641       35,860       21,752       10,530       8,003       9,958  
Other(b)
    64       122       221       215       204       193       206  
                                                         
Total fixed charges
    14,104       25,763       36,081       21,967       10,734       8,196       10,164  
                                                         
Preferred stock dividend requirements
    102       177       261       100       54       52       51  
                                                         
Total combined fixed charges and preferred stock dividends
  $ 14,206     $ 25,940     $ 36,342     $ 22,067     $ 10,788     $ 8,248     $ 10,215  
                                                         
Ratio of earnings to fixed charges
    1.19       1.22       1.28       1.31       1.51       1.61       1.23  
Ratio of earnings to combined fixed charges and preferred stock dividends
    1.19       1.21       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.


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