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   Year Ended     Years Ended
    December 31,   December 31,     December 26,   December 28,   December 29,
    2010   2009     2008   2007   2006
Pre-tax earnings (loss) (a)
  $ 2,708     $ 6,455       $ (45,438 )   $ (13,723 )   $ 9,313  
Add: Fixed charges (excluding
                               
     capitalized interest and preferred
                               
     security dividend requirements of
                               
     subsidiaries)
    9,935       12,341         29,641       51,683       35,719  
 
                                         
Pre-tax earnings before fixed charges
  $ 12,643     $ 18,796       $ (15,797 )   $ 37,960     $ 45,032  
 
                                         
Fixed charges:
                                         
     Interest
  $ 9,621     $ 12,041       $ 29,349     $ 51,425     $ 35,499  
     Other (b)
    314       300         292       258       220  
 
                                         
Total fixed charges
  $ 9,935     $ 12,341       $ 29,641     $ 51,683     $ 35,719  
 
                                         
Preferred stock dividend requirements
    140       141         4,356       401       259  
 
                                         
Total combined fixed charges and
                     
     preferred stock dividends
  $ 10,075     $ 12,482       $ 33,997     $ 52,084     $ 35,978  
 
                                         
Ratio of earnings to fixed charges
    1.27       1.52         *       *       1.26  
Ratio of earnings to combined fixed
                               
     charges and preferred stock
                               
     dividends
    1.25       1.51         *       *       1.25  
 
(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 years ended 2008 and 2007 were inadequate to cover total fixed charges and preferred stock dividends.
 
    The coverage deficiencies for total fixed charges for the years ended 2008 and 2007 were $45,438 and $13,723, respectively.
 
    The coverage deficiencies for total fixed charges and preferred stock dividends for the years ended 2008 and 2007 were $49,794 and $14,124, respectively.