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
    Mar. 28,
 		  2007   2006   2005   2004   2003
    2008   (52 weeks)   (52 weeks)   (52 weeks)   (53 weeks)   (52 weeks)
 
Pre-tax earnings (loss)(a)
  $ (3,434 )   $ (13,723 )   $ 9,313     $ 6,335     $ 5,106     $ 4,894  
Add: Fixed charges (excluding
capitalized interest and preferred
security dividend requirements of
subsidiaries)
    9,820       51,683       35,719       21,764       10,591       8,016  
                                                 
Pre-tax earnings before fixed charges
    6,386       37,960       45,032       28,099       15,697       12,910  
                                                 
Fixed charges:
                                               
Interest
    9,751       51,425       35,499       21,549       10,387       7,823  
Other(b)
    69       258       220       215       204       193  
                                                 
Total fixed charges
    9,820       51,683       35,719       21,764       10,591       8,016  
                                                 
Preferred stock dividend requirements
    292       401       259       99       54       52  
                                                 
Total combined fixed charges and
preferred stock dividends
  $ 10,112     $ 52,084     $ 35,978     $ 21,863     $ 10,645     $ 8,068  
                                                 
Ratio of earnings to fixed charges
    *       *       1.26       1.29       1.48       1.61  
Ratio of earnings to combined fixed
charges and preferred stock dividends
    *       *       1.25       1.29       1.47       1.60  
 
 
 
(a) Excludes undistributed earnings (loss) from equity investments and earnings from discontinued operations.
(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.
*  The earnings for the year ended 2007 and the three months ended March 28, 2008 were inadequate to cover total fixed charges and total fixed charges and preferred stock dividends. The coverage deficiencies for total fixed charges for the year ended 2007 and the three months ended March 28, 2008 were $13,723 million and $3,434 million, respectively. The coverage deficiencies for total fixed charges and preferred stock dividends for the year ended 2007 and the three months ended March 28, 2008 were $14,124 million and $3,726 million, respectively.