EXHIBIT 12
MERRILL LYNCH & CO., INC. AND SUBSIDIARIES
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COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(IN THOUSANDS, EXCEPT RATIOS)
FOR THE THREE MONTHS
YEAR ENDED LAST FRIDAY IN DECEMBER ENDED
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APRIL 1, MARCH 31,
1990 1991 1992 1993 1994 1994 1995
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(52 WEEKS) (52 WEEKS) (52 WEEKS) (53 WEEKS) (52 WEEKS)
Pretax earnings (loss)
from continuing
operations............. $ 282,328 $1,017,418 $1,621,389 $2,424,808 $ 1,729,604 $ 652,208 $ 378,792
Deduct equity in
undistributed net
earnings of
unconsolidated
subsidiaries........... (9,429) (10,677) (12,913) (13,029) (18,817) (3,048) --
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Total pretax earnings
(loss) from continuing
operations............. 272,899 1,006,741 1,608,476 2,411,779 1,710,787 649,160 378,792
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Add: Fixed charges:
Interest............... 5,343,107 5,073,824 4,822,711 6,008,511 8,585,832 1,899,427 2,781,009
Amortization of debt
expense............... 3,890 4,366 4,232 3,921 2,738 797 709
Capitalized interest... 555 929 -- -- -- -- --
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Total interest......... 5,347,552 5,079,119 4,826,943 6,012,432 8,588,570 1,900,224 2,781,718
Interest factor in
rents................. 135,038 141,438 141,546 141,654 128,744 33,564 32,355
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Total fixed charges..... 5,482,590 5,220,557 4,968,489 6,154,086 8,717,314 1,933,788 2,814,073
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Pretax earnings before
fixed charges
(excluding capitalized
interest).............. $5,754,934 $6,226,369 $6,576,965 $8,565,865 $10,428,101 $2,582,948 $3,192,865
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Ratio of earnings to
fixed charges.......... 1.05 1.19 1.32 1.39 1.20 1.34 1.13
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