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
------------------------------ ------------------------------
September 26, September 27, September 26, September 27,
2003 2002 2003 2002
------------ ------------ ------------ -------------
Pre-tax earnings $1,509 $1,054 $3,997 $ 3,014
Add: Fixed charges (excluding capitalized
interest and preferred security dividend
requirements of subsidiaries) 1,839 2,534 5,971 7,499
------ ------ ------ ------
Pre-tax earnings before fixed charges 3,348 3,588 9,968 10,513
====== ====== ====== ======
Fixed charges:
Interest 1,790 2,484 5,825 7,342
Other (a) 96 98 289 302
------ ------ ------ ------
Total fixed charges 1,886 2,582 6,114 7,644
====== ====== ====== ======
Preferred stock dividend requirements 14 14 40 41
------ ------ ------ ------
Total combined fixed charges and preferred stock dividends $1,900 $2,596 $6,154 $7,685
====== ====== ====== ======
RATIO OF EARNINGS TO FIXED CHARGES 1.78 1.39 1.63 1.38
RATIO OF EARNINGS TO COMBINED FIXED CHARGES
AND PREFERRED STOCK DIVIDENDS 1.76 1.38 1.62 1.37
(a) Other fixed charges consist of the interest factor in rentals,
amortization of debt issuance costs, and preferred security
dividend requirements of subsidiaries.
5