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
 		  Year Ended
 		    Year Ended
 		  Year Ended
    2011
 		  2011
 		  December 31,
 		  December 31,
 		    December 26,
 		  December 28,
    (unaudited)   (unaudited)   2010   2009     2008   2007
Pre-tax (loss) earnings (a)
  $ (210 )   $ (2,924 )   $ 2,708     $ 6,455       $ (45,438 )   $ (13,723 )
Add: Fixed charges (excluding capitalized interest and preferred security dividend requirements of subsidiaries)
    2,279       7,183       9,935       12,341         29,641       51,683  
                                                   
Pre-tax earnings (loss) before fixed charges
  $ 2,069     $ 4,259     $ 12,643     $ 18,796       $ (15,797 )   $ 37,960  
                                                   
Fixed charges:
                                                 
Interest
  $ 2,202     $ 6,945     $ 9,621     $ 12,040       $ 29,349     $ 51,425  
Other(b)
    77       238       314       301         292       258  
                                                   
Total fixed charges
  $ 2,279     $ 7,183     $ 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
  $ 2,279     $ 7,183     $ 10,075     $ 12,482       $ 33,997     $ 52,084  
                                                   
Ratio of earnings to fixed charges
    *     *     1.27       1.52         *     *
Ratio of earnings to combined fixed charges and preferred stock dividends
    *     *     1.25       1.51         *     *
 
 
 
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 and nine months ended September 30, 2011 and for the years ended 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 and nine months ended September 30, 2011 and for the years ended 2008 and 2007 were $210 million, $2,924 million, $45,438 million and $13,723 million, respectively.
The coverage deficiencies for total fixed charges and preferred stock dividends for the three and nine months ended September 30, 2011 and for the years ended 2008 and 2007 were $210 million, $2,924 million, $49,794 million and $14,124 million, respectively.