EXHIBIT 12
MERRILL LYNCH & CO., INC. AND SUBSIDIARIES
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COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
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(Dollars In Thousands)
For the Three Months For the Six Months
Ended Ended
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July 1, June 25, July 1, June 25,
1994 1993 1994 1993
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Pretax earnings from continuing operations... $ 432,662 $ 594,908 $1,084,870 $1,185,229
Deduct equity in undistributed net earnings
of unconsolidated subsidiaries............. (9,400) (7,440) (12,448) (8,538)
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Total pretax earnings from continuing
operations................................. 423,262 587,468 1,072,422 1,176,691
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Add: Fixed Charges (A)
Interest............................. 2,075,400 1,402,722 3,974,827 2,746,069
Amortization of debt expense......... 771 990 1,568 2,136
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Total interest......................... 2,076,171 1,403,712 3,976,395 2,748,205
Interest factor in rents............... 32,242 33,784 65,806 70,717
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Total fixed charges.......................... 2,108,413 1,437,496 4,042,201 2,818,922
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Pretax earnings before fixed charges......... $2,531,675 $2,024,964 $5,114,623 $3,995,613
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Ratio of earnings to fixed charges........... 1.20 1.41 1.27 1.42
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(A) There was no capitalized interest for the 1994 and 1993 periods.