EXHIBIT 12(b)
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)
Year Ended Last Friday in December
2001 2000 1999 1998 1997
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(52 weeks) (53 weeks) (53 weeks) (52 weeks) (52 weeks)
Pre-tax earnings from continuing operations $ 1,377 $ 5,717 $ 4,206 $ 2,120 $ 3,102
Add: Fixed charges (excluding
capitalized interest and preferred security
dividend requirements of subsidiaries) 17,097 18,307 13,235 17,237 15,128
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Pre-tax earnings before fixed charges 18,474 24,024 17,441 19,357 18,230
Fixed charges:
Interest 16,843 18,052 12,987 17,014 14,938
Other (a) 451 465 451 354 240
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Total fixed charges 17,294 18,517 13,438 17,368 15,178
Preferred stock dividend requirements 55 55 56 58 62
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Total combined fixed charges
and preferred stock dividends $ 17,349 $ 18,572 $13,494 $17,426 $15,240
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Ratio of earnings to fixed charges 1.07 1.30 1.30 1.11 1.20
Ratio of earnings to combined fixed charges
and preferred stock dividends 1.06 1.29 1.29 1.11 1.20
(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.