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
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SEPT. 24, SEPT. 25, SEPT. 24, SEPT. 25,
1999 1998 1999 1998
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Pre-tax earnings (loss) from continuing operations $ 891 $ (205) $2,918 $ 1,577
Add: Fixed charges (excluding
capitalized interest and preferred security
dividend requirements of subsidiaries) 3,197 4,553 9,792 13,411
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Pre-tax earnings before fixed charges 4,088 4,348 12,710 14,988
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Fixed charges:
Interest 3,138 4,493 9,612 13,247
Other (a) 110 94 332 249
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Total fixed charges 3,248 4,587 9,944 13,496
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Preferred stock dividend requirements 14 15 41 46
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Total combined fixed charges
and preferred stock dividends $3,262 $4,602 $9,985 $13,542
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Ratio of earnings to fixed charges (b) 1.26 0.95 1.28 1.11
Ratio of earnings to combined fixed charges
and preferred stock dividends (b) 1.25 0.94 1.27 1.11
(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.
(b) The ratio calculations indicate a less than one-to-one coverage for
the three months ended September 25, 1998. Pre-tax loss from
continuing operations for the three months ended September 25, 1998
is inadequate to cover the fixed charges. The deficient amounts for
the respective ratios are $239 and $254.