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
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MARCH 31, MARCH 26,
2000 1999
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Pre-tax earnings from continuing operations $ 1,575 $ 996
Add: Fixed charges (excluding capitalized
interest and preferred security dividend
requirements of subsidiaries) (a) 3,839 3,351
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Pre-tax earnings before fixed charges 5,414 4,347
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Fixed charges:
Interest (a) 3,773 3,291
Other (b) 118 110
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Total fixed charges 3,891 3,401
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Preferred stock dividend requirements 14 14
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Total combined fixed charges
and preferred stock dividends $ 3,905 $ 3,415
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Ratio of earnings to fixed charges 1.39 1.28
Ratio of earnings to combined fixed charges
and preferred stock dividends 1.39 1.27
(a) Prior period amounts have been restated to conform to current period
presentation.
(b) Other fixed charges consist of the interest factor in rentals, amortization
of debt issuance costs, preferred security dividend requirements of
subsidiaries, and capitalized interest.
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