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

    

2002

   

2001

   

2000

   

1999

   

1998

    

(52 weeks)

   

(52 weeks)

   

(53 weeks)

   

(53 weeks)

   

(52 weeks)

Pre-tax earnings from continuing operations

   

$

3,757

   

$

1,377

   

$

5,717

   

$

4,206

   

$

2,120

Add: Fixed charges (excluding capitalized interest and preferred security dividend requirements of subsidiaries)

   

 

9,818

   

 

17,097

   

 

18,307

   

 

13,235

   

 

17,237

    
  
  
  
  

Pre-tax earnings before fixed charges

   

 

13,575

   

 

18,474

   

 

24,024

   

 

17,441

   

 

19,357

Fixed charges:

                                   

Interest

   

 

9,613

   

 

16,843

   

 

18,052

   

 

12,987

   

 

17,014

Other (a)

   

 

396

   

 

451

   

 

465

   

 

451

   

 

354

    
  
  
  
  

Total fixed charges

   

$

10,009

   

$

17,294

   

$

18,517

   

$

13,438

   

$

17,368

    
  
  
  
  

Ratio of earnings to fixed charges

   

 

1.36

   

 

1.07

   

 

1.30

   

 

1.30

   

 

1.11

(a) Other fixed charges consists of the interest factor in rentals, amortization of debt issuance costs, preferred security dividend requirements of subsidiaries and 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.