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
    Three Months Ended
 		  Year Ended
 		    Years Ended
    March 31,
 		  December 31,
 		    December 26,
 		  December 28,
 		  December 29,
 		  December 30,
    2010   2009     2008   2007   2006   2005
 
Pre-tax earnings/(loss)(a)
  $ 1,678     $ 2,218       $ (45,438 )   $ (13,723 )   $ 9,313     $ 6,335  
Add: Fixed charges (excluding capitalized interest and preferred security dividend requirements of subsidiaries)
    2,107       11,063         29,641       51,683       35,719       21,764  
                                                   
Pre-tax earnings/(loss) before fixed charges
    3,785       13,281         (15,797 )     37,960       45,032       28,099  
                                                   
Fixed charges:
                                                 
Interest
    2,040       10,773         29,349       51,425       35,499       21,549  
Other(b)
    67       290         292       258       220       215  
                                                   
Total fixed charges
    2,107       11,063         29,641       51,683       35,719       21,764  
                                                   
Preferred stock dividend requirements
    58       126         4,356       401       259       99  
                                                   
Total combined fixed charges
                                                 
and preferred stock dividends
  $ 2,165     $ 11,189       $ 33,997     $ 52,084     $ 35,978     $ 21,863  
                                                   
Ratio of earnings to fixed charges
    1.80       1.20         *     *     1.26       1.29  
Ratio of earnings to combined fixed charges and preferred stock dividends
    1.75       1.19         *     *     1.25       1.29  
 
 
 
On January 1, 2009, Merrill Lynch (the “Predecessor Company”) was acquired by Bank of America through the merger of a wholly-owned subsidiary of Bank of America with and into ML & Co. with ML & Co. (the “Successor Company”) continuing as the surviving corporation and a wholly-owned subsidiary of Bank of America. The Predecessor Company and Successor Company periods have been separated by a vertical line above to highlight the fact that the financial information for such periods has been prepared under two different cost bases of accounting.
 
(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.