EXHIBIT 12(a)
MERRILL LYNCH & CO., INC. AND SUBSIDIARIES
COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES
(dollars in millions)
Year Ended Last Friday in December
2000 1999 1998 1997 1996
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(53 weeks) (53 weeks) (52 weeks) (52 weeks) (52 weeks)
Pre-tax earnings from continuing operations $ 5,717 $ 4,206 $ 2,120 $ 3,102 $ 2,671
Add: Fixed charges (excluding
capitalized interest and preferred security
dividend requirements of subsidiaries) 18,307 13,235 17,237 15,128 11,605
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Pre-tax earnings before fixed charges 24,024 17,441 19,357 18,230 14,276
Fixed charges:
Interest 18,052 12,987 17,014 14,938 11,426
Other (a) 465 451 354 240 187
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Total fixed charges $18,517 $13,438 $17,368 $15,178 $11,613
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Ratio of earnings to fixed charges 1.30 1.30 1.11 1.20 1.23
(a) Other fixed charges consists of the interest factor in rentals, amortization
of debt issuance costs, preferred security dividend requirements of
subsidiaries, and amortization of capitalized interest.
Note: Prior period amounts have been restated to reflect the merger with Herzog,
Heine, Geduld, Inc. as required under pooling-of-interests accounting.