EXHIBIT 12
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
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1997 1996 1995 1994 1993
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(52 Weeks) (52 Weeks) (52 Weeks) (52 Weeks) (53 Weeks)
Pretax earnings from
continuing operations $ 3,050 $ 2,566 $ 1,811 $ 1,711 $ 2,412
Add: Fixed charges (excluding
capitalized interest) 16,292 12,059 11,382 8,724 6,161
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Pretax earnings before fixed charges $19,342 $14,625 $13,193 $10,435 $ 8,573
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Fixed charges:
Interest $16,043 $11,886 $11,238 $ 8,586 $ 6,009
Other(A) 250 173 144 138 152
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Total fixed charges 16,293 12,059 11,382 8,724 6,161
Preferred stock dividend
requirements 61 73 77 22 9
------- ------- ------- ------- -------
Total combined fixed charges and
preferred stock dividends $16,354 $12,132 $11,459 $ 8,746 $ 6,170
======= ======= ======= ======= =======
Ratio of earnings to fixed charges 1.19 1.21 1.16 1.20 1.39
Ratio of earnings to combined
fixed charges and preferred
stock dividends 1.18 1.21 1.15 1.19 1.39
(A) Other fixed charges consist of the interest factor in rentals,
amortization of debt expense, and preferred stock dividend requirements
of majority-owned subsidiaries.
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