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) For the Three Months For the Nine Months Ended Ended -------------------- ------------------- Sept. 27, Sept. 29, Sept. 27, Sept. 29, 1996 1995 1996 1995 ---------- --------- --------- --------- Total pretax earnings from continuing operations ..............................$ 522 $ 485 $ 1,891 $ 1,329 ------- ------- ------- ------- Add: Fixed Charges Interest .............................. 3,104 2,746 8,669 8,559 Other (A) ............................. 40 37 117 105 ------- ------- ------- ------- Total fixed charges ..................... 3,144 2,783 8,786 8,664 Preferred stock dividend requirements ... 18 19 56 58 ------- ------- ------- ------- Total combined fixed charges and preferred stock dividends ............. 3,162 2,802 8,842 8,722 ------- ------- ------- ------- Pretax earnings before fixed charges ......$ 3,666 $ 3,268 $10,677 $ 9,993 ======= ======= ======= ======= Pretax earnings before combined fixed charges and preferred stock dividends ....$ 3,684 $ 3,287 $10,733 $10,051 ======= ======= ======= ======= Ratio of earnings to fixed charges ........ 1.17 1.17 1.22 1.15 Ratio of earnings to combined fixed charges and preferred stock dividends ............ 1.17 1.17 1.21 1.15 (A) Other fixed charges consist of the interest factor in rentals, amortization of debt expense, and preferred stock dividend requirements of majority-owned subsidiaries. 5