Exhibit 12(b)
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 | |||||||||||||||
| 2002 |
2001 |
2000 |
1999 |
1998 | |||||||||||
| (52 weeks) |
(52 weeks) |
(53 weeks) |
(53 weeks) |
(52 weeks) | |||||||||||
| Pre-tax earnings from continuing operations |
$ | 3,757 | $ | 1,377 | $ | 5,717 | $ | 4,206 | $ | 2,120 | |||||
| Add: Fixed charges (excluding capitalized interest and preferred security dividend requirements of subsidiaries) |
9,818 | 17,097 | 18,307 | 13,235 | 17,237 | ||||||||||
| Pre-tax earnings before fixed charges |
13,575 | 18,474 | 24,024 | 17,441 | 19,357 | ||||||||||
| Fixed charges: |
|||||||||||||||
| Interest |
9,613 | 16,843 | 18,052 | 12,987 | 17,014 | ||||||||||
| Other (a) |
396 | 451 | 465 | 451 | 354 | ||||||||||
| Total fixed charges |
10,009 | 17,294 | 18,517 | 13,438 | 17,368 | ||||||||||
| Preferred stock dividend requirements |
53 | 55 | 55 | 56 | 58 | ||||||||||
| Total combined fixed charges and preferred stock dividends |
$ | 10,062 | $ | 17,349 | $ | 18,572 | $ | 13,494 | $ | 17,426 | |||||
| Ratio of earnings to fixed charges |
1.36 | 1.07 | 1.30 | 1.30 | 1.11 | ||||||||||
| Ratio of earnings to combined fixed charges and preferred |
1.35 | 1.06 | 1.29 | 1.29 | 1.11 | ||||||||||
| (a) | Other fixed charges consists of the interest factor in rentals, amortization of debt issuance costs, preferred security dividend requirements of subsidiaries and capital interest. |
Note: Prior period amounts have been restated to reflect the merger with Herzog, Heine, Geduld, Inc. as required
under pooling-of-interests accounting.