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 | |||||||||||||||
| 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 | |||||
| Preferred stock dividend requirements |
|
53 |
|
55 |
|
55 |
|
56 |
|
58 | |||||
| Total combined fixed charges and preferred stock dividends |
$ |
10,062 |
$ |
17,349 |
$ |
18,572 |
$ |
13,494 |
$ |
17,426 | |||||
| Ratio of earnings to fixed charges |
|
1.36 |
|
1.07 |
|
1.30 |
|
1.30 |
|
1.11 | |||||
| Ratio of earnings to combined fixed charges and preferred |
|
1.35 |
|
1.06 |
|
1.29 |
|
1.29 |
|
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 capital interest. |
Note: Prior period amounts have been restated to reflect the merger with Herzog, Heine, Geduld, Inc. as required
under pooling-of-interests accounting.