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)
THREE MONTHS ENDED SIX MONTHS ENDED
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June 27, June 28, June 27, June 28,
1997 1996 1997 1996
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Pretax earnings from
continuing operations $ 784 $ 698 $1,551 $1,369
Add: Fixed charges 4,101 2,846 7,772 5,642
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Pretax earnings before fixed charges $4,885 $3,544 $9,323 $7,011
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Fixed charges:
Interest $4,038 $2,808 $7,646 $5,565
Other(A) 63 38 126 77
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Total fixed charges 4,101 2,846 7,772 5,642
Preferred stock dividend
requirements 15 19 32 37
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Total combined fixed charges and
preferred stock dividends $4,116 $2,865 $7,804 $5,679
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Ratio of earnings to fixed charges 1.19 1.25 1.20 1.24
Ratio of earnings to combined
fixed charges and preferred
stock dividends 1.19 1.24 1.19 1.23
(A) Other fixed charges consist of the interest factor in rentals,
amortization of debt expense, and preferred stock dividend
requirements of majority-owned subsidiaries.
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