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 FOR THE SIX MONTHS ENDED
-------------------------- --------------------------
JUNE 29, JUNE 30, JUNE 29, JUNE 30,
2001 2000 2001 2000
-------- -------- -------- --------
Pre-tax earnings $ 852 $ 1,413 $ 2,203 $ 3,098
Add: Fixed charges (excluding capitalized
interest and preferred security dividend
requirements of subsidiaries) 4,803 4,259 10,380 8,102
--------- -------- --------- ---------
Pre-tax earnings before fixed charges 5,655 5,672 12,583 11,200
========= ======== ========= =========
Fixed charges:
Interest 4,739 4,196 10,251 7,971
Other (a) 117 115 234 235
--------- -------- --------- ---------
Total fixed charges 4,856 4,311 10,485 8,206
========= ======== ========= =========
Preferred stock dividend requirements 14 14 28 28
Total combined fixed charges --------- -------- --------- ---------
and preferred stock dividends $ 4,870 $ 4,325 $ 10,513 $ 8,234
========= ======== ========= =========
RATIO OF EARNINGS TO FIXED CHARGES 1.16 1.32 1.20 1.36
RATIO OF EARNINGS TO COMBINED FIXED CHARGES
AND PREFERRED STOCK DIVIDENDS 1.16 1.31 1.20 1.36
(a) Other fixed charges consist of the interest factor in rentals,
amortization of debt issuance costs, preferred security dividend
requirements of subsidiaries, and capitalized interest.
Note: Prior period amounts have been restated to reflect the merger with Herzog,
Heine, Geduld, Inc. as required under pooling-of-interests accounting.