EXHIBIT 12
MERRILL LYNCH & CO., INC. AND SUBSIDIARIES
COMPUTATION OF RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK
DIVIDEND REQUIREMENTS
(IN THOUSANDS, EXCEPT RATIOS)
FOR THE NINE FOR THE SIX
MONTHS MONTHS
YEAR ENDED LAST FRIDAY IN DECEMBER ENDED ENDED
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SEPTEMBER 24, JULY 1,
1989 1990 1991 1992 1993 1993 1994
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(52 WEEKS) (52 WEEKS) (52 WEEKS) (52 WEEKS) (53 WEEKS) (39 WEEKS) (26 WEEKS)
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Pretax earnings (loss).. $ (158,386) $ 282,328 $1,017,418 $1,621,389 $2,424,808 $1,827,528 $1,084,870
Deduct equity in undis-
tributed net earnings
of unconsolidated sub-
sidiaries.............. (23,292) (9,429) (10,677) (12,913) (13,029) (12,136) (12,448)
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Total pretax earnings
(loss)................. (181,678) 272,899 1,006,741 1,608,476 2,411,779 1,815,392 1,072,422
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Add: Combined fixed
charges and pre-
ferred stock divi-
dend requirements
Interest.............. 5,351,027 5,343,107 5,073,824 4,822,711 6,008,511 4,246,643 3,974,827
Interest factor in
rents.............. 124,104 135,038 141,438 141,546 141,654 104,975 65,806
Amortization of debt
expense............ 5,785 3,890 4,366 4,232 3,921 3,066 1,568
Capitalized interest.. 5,886 555 929 -- -- -- --
Preferred stock
dividend requirements
of majority-owned
subsidiaries (tax
equivalent basis)..... -- -- -- 6,443 7,149 5,396 3,366
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Total fixed charges..... 5,486,802 5,482,590 5,220,557 4,974,932 6,161,235 4,360,080 4,045,567
Preferred stock dividend
requirements (tax
equivalent basis)...... 35,057 35,182 25,914 10,799 9,358 6,885 5,000
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Total combined fixed
charges and preferred
stock dividend require-
ments.................. 5,521,859 5,517,772 5,246,471 4,985,731 6,170,593 4,366,965 4,050,567
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Pretax earnings before
combined fixed charges
and preferred stock
dividend requirements
(excluding capitalized
interest).............. $5,334,295 $5,790,116 $6,252,283 $6,594,207 $8,582,372 $6,182,357 $5,122,989
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Ratio of earnings to
combined fixed charges
and preferred stock
dividend requirements.. (A) 1.1 1.2 1.3 1.4 1.4 1.3
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(A) In 1989, pretax earnings before combined fixed charges and preferred stock
dividend requirements were inadequate to cover combined fixed charges and
preferred stock dividend requirements by $187,564.