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
 		    Year Ended
 		    Year Ended
 		    Year Ended
      March 31,
 		    December 31,
 		    December 31,
 		    December 26,
 		    December 28,
      2011     2010     2009     2008     2007
Pre-tax earnings (loss)(a)
    $ 257       $ 2,708       $ 6,455       $ (45,438 )     $ (13,723 )
Add: Fixed charges (excluding capitalized interest and preferred security dividend requirements of subsidiaries)
      2,436         9,935         12,341         29,641         51,683  
                                                   
Pre-tax earnings / (loss) before fixed charges
      2,693         12,643         18,796         (15,797 )       37,960  
                                                   
Fixed charges:
                                                 
Interest
      2,353         9,621         12,040         29,349         51,425  
Other(b)
      83         314         301         292         258  
                                                   
Total fixed charges
      2,436         9,935         12,341         29,641         51,683  
                                                   
Preferred stock dividend requirements
      -         140         141         4,356         401  
                                                   
Total combined fixed charges and preferred stock dividends
    $ 2,436       $ 10,075       $ 12,482       $ 33,997       $ 52,084  
                                                   
Ratio of earnings to fixed charges
      1.11         1.27         1.52         *       *
Ratio of earnings to combined fixed charges and preferred stock dividends
      1.11         1.25         1.51         *       *
 
 
 
(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 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 years 2008 and 2007 were $45,438 and $13,723, respectively. The coverage deficiencies for total fixed charges and preferred stock dividends for the years 2008 and 2007 were $49,794 and $14,124, respectively.