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 Nine Months Ended
-------------------------- --------------------------
Sept. 27, Sept. 28, Sept. 27, Sept. 28,
2002 2001 2002 2001
-------- -------- -------- --------
Pre-tax earnings $ 1,054 $ 686 $ 3,014 $ 2,889
Add: Fixed charges (excluding capitalized
interest and preferred security dividend
requirements of subsidiaries) 2,534 3,843 7,499 14,223
------- ------- ------- -------
Pre-tax earnings before fixed charges 3,588 4,529 10,513 17,112
------- ------- ------- -------
Fixed charges:
Interest 2,484 3,777 7,342 14,028
Other (a) 98 119 302 353
------- ------- ------- -------
Total fixed charges 2,582 3,896 7,644 14,381
------- ------- ------- -------
Preferred stock dividend requirements 14 14 41 42
------- ------- ------- -------
Total combined fixed charges
and preferred stock dividends $ 2,596 $ 3,910 $ 7,685 $14,423
======= ======= ======= =======
RATIO OF EARNINGS TO FIXED CHARGES 1.39x 1.16x 1.38x 1.19x
RATIO OF EARNINGS TO COMBINED FIXED CHARGES
AND PREFERRED STOCK DIVIDENDS 1.38x 1.16x 1.37x 1.19x
- ----------------------------------------------------------------------------------------------------------------------
(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.