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
 		    Six Months Ended
 		                             
      June 30,
 		    June 30,
 		    Year Ended
 		    Years Ended
      2010
 		    2010
 		    December 31,
 		    December 26,
 		    December 28,
 		    December 29,
 		    December 30,
      (Unaudited)     (Unaudited)     2009     2008     2007     2006     2005
 
Pre-tax earnings/(loss)(a)
    $ 85       $ 1,763       $ 2,218       $ (45,438 )     $ (13,723 )     $ 9,313       $ 6,335  
Add: Fixed charges (excluding capitalized interest and preferred security dividend requirements of subsidiaries)
      2,136         4,243         11,063         29,641         51,683         35,719         21,764  
                                                                       
Pre-tax earnings/(loss) before fixed charges
      2,221         6,006         13,281         (15,797 )       37,960         45,032         28,099  
                                                                       
Fixed charges:
                                                                     
Interest
      2,053         4,093         10,773         29,349         51,425         35,499         21,549  
Other(b)
      83         150         290         292         258         220         215  
                                                                       
Total fixed charges
      2,136         4,243         11,063         29,641         51,683         35,719         21,764  
                                                                       
Preferred stock dividend requirements
      43         101         126         4,356         401         259         99  
                                                                       
Total combined fixed charges and preferred stock dividends
    $ 2,179       $ 4,344       $ 11,189       $ 33,997       $ 52,084       $ 35,978       $ 21,863  
                                                                       
Ratio of earnings to fixed charges
      1.04         1.42         1.20         *       *       1.26         1.29  
Ratio of earnings to combined fixed charges and preferred stock dividends
      1.02         1.38         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 million and $13,723 million, respectively. The coverage deficiencies for total fixed charges and preferred stock dividends were $49,794 million and $14,124 million, respectively.