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 28, March 29,
2003 2002
--------- --------
Pre-tax earnings $ 1,022 $ 1,012
Add: Fixed charges (excluding capitalized
interest and preferred security dividend
requirements of subsidiaries) 2,111 2,524
------- -------
Pre-tax earnings before fixed charges 3,133 3,536
======= =======
Fixed charges:
Interest 2,062 2,469
Other (a) 97 104
------- -------
Total fixed charges 2,159 2,573
======= =======
Preferred stock dividend requirements 13 14
------- -------
Total combined fixed charges and preferred stock dividends $ 2,172 $ 2,587
======= =======
RATIO OF EARNINGS TO FIXED CHARGES 1.45 1.37
RATIO OF EARNINGS TO COMBINED FIXED CHARGES
AND PREFERRED STOCK DIVIDENDS 1.44 1.37
(a) Other fixed charges consists of the interest factor in
rentals, amortization of debt issuance costs, preferred
security dividend requirements of subsidiaries, and
capitalized interest.