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)
 
                                           
    Successor Company     Predecessor Company
    Year Ended
    Years Ended
    December 31,
    December 26,
  December 28,
  December 29,
  December 30,
    2009     2008   2007   2006   2005
Pre-tax earnings (loss)(a)
  $ 2,218       $ (45,438 )   $ (13,723 )   $ 9,313     $ 6,335  
Add: Fixed charges (excluding capitalized interest and preferred security
                                         
dividend requirements of subsidiaries)
    11,063         29,641       51,683       35,719       21,764  
                                           
Pre-tax earnings before fixed charges
  $ 13,281       $ (15,797 )   $ 37,960     $ 45,032     $ 28,099  
                                           
Fixed charges:
                                         
Interest
  $ 10,773       $ 29,349     $ 51,425     $ 35,499     $ 21,549  
Other(b)
    290         292       258       220       215  
                                           
Total fixed charges
  $ 11,063       $ 29,641     $ 51,683     $ 35,719     $ 21,764  
                                           
Preferred stock dividend requirements
    126         4,356       401       259       99  
                                           
Total combined fixed charges
                                         
and preferred stock dividends
  $ 11,189       $ 33,997     $ 52,084     $ 35,978     $ 21,863  
                                           
Ratio of earnings to fixed charges
    1.20         *     *     1.26       1.29  
Ratio of earnings to combined fixed
                                         
charges and preferred stock dividends
    1.19         *     *     1.25       1.29  
 
 
(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 and preferred security dividend requirements of subsidiaries.
The earnings for year-end 2008 and 2007 were inadequate to cover total fixed charges and total fixed charges and preferred stock dividends. The coverage deficiencies for total fixed charges were $45,438 and $13,723, respectively. The coverage deficiencies for total fixed charges and preferred stock dividends were $49,794 and $14,124, respectively.