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 Ended ---------------------------- March 29, March 30, 2002 2001 -------- -------- Pre-tax earnings $ 1,012 $ 1,351 Add: Fixed charges (excluding capitalized interest and preferred security dividend requirements of subsidiaries) 2,524 5,577 ------- ------- Pre-tax earnings before fixed charges 3,536 6,928 ======= ======= Fixed charges: Interest 2,469 5,512 Other (a) 104 117 ------- ------- Total fixed charges 2,573 5,629 ======= ======= Preferred stock dividends 14 14 ------- ------- Total combined fixed charges and preferred stock dividends $ 2,587 $ 5,643 ======= ======= RATIO OF EARNINGS TO FIXED CHARGES 1.37 1.23 RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS 1.37 1.23 (a) Other fixed charges consists of the interest factor in rentals, amortization of debt issuance costs, preferred security dividend requirements of subsidiaries, and amortization of capitalized interest.