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
 		    Nine Months Ended
 		                             
      September 30,
 		    September 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)
    $ (879 )     $ 884       $ 2,218       $ (45,438 )     $ (13,723 )     $ 9,313       $ 6,335  
Add: Fixed charges (excluding capitalized interest and preferred security dividend requirements of subsidiaries)
      1,884         6,127         11,063         29,641         51,683         35,719         21,764  
                                                                       
Pre-tax earnings / (loss) before fixed charges
    $ 1,005       $ 7,011       $ 13,281       $ (15,797 )     $ 37,960       $ 45,032       $ 28,099  
                                                                       
Fixed charges:
                                                                     
Interest
    $ 1,813       $ 5,906       $ 10,773       $ 29,349       $ 51,425       $ 35,499       $ 21,549  
Other(b)
      71         221         290         292         258         220         215  
                                                                       
Total fixed charges
    $ 1,884       $ 6,127       $ 11,063       $ 29,641       $ 51,683       $ 35,719       $ 21,764  
                                                                       
Preferred stock dividend requirements
      96         197         126         4,356         401         259         99  
                                                                       
Total combined fixed charges and preferred stock dividends
    $ 1,980       $ 6,324       $ 11,189       $ 33,997       $ 52,084       $ 35,978       $ 21,863  
                                                                       
Ratio of earnings to fixed charges
      *       1.14         1.20         *       *       1.26         1.29  
Ratio of earnings to combined fixed charges and preferred stock dividends
      *       1.11         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 the three months ended September 30, 2010 and 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 for the three months ended September 30, 2010 and for the years 2008 and 2007 were $879, $45,438 and $13,723, respectively. The coverage deficiencies for total fixed charges and preferred stock dividends for the three months ended September 30, 2010 and for the years 2008 and 2007 were $975, $49,794 and $14,124, respectively.