EX-12: STATEMENT RE: COMPUTATION OF RATIOS
Published on May 7, 2007
    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)
COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES AND
COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS
(dollars in millions)
| For the Three | ||||||||||||||||||||||||||||
| Months Ended | Year Ended Last Friday in December | |||||||||||||||||||||||||||
| March 30, | 2006 | 2005 | 2004 | 2003 | 2002 | |||||||||||||||||||||||
| 2007 | (52 weeks) | (52 weeks) | (53 weeks) | (52 weeks) | (52 weeks) | |||||||||||||||||||||||
| 
    Pre-tax earnings
    (loss)(a)
    
 | $ | 2,845 | $ | 9,929 | $ | 6,814 | $ | 5,436 | $ | 5,040 | $ | 2,343 | ||||||||||||||||
| 
    Add: Fixed charges (excluding
    capitalized interest and preferred security dividend
    requirements of subsidiaries)
    
 | 11,659 | 36,080 | 21,967 | 10,734 | 8,195 | 10,164 | ||||||||||||||||||||||
| 
    Pre-tax earnings before fixed
    charges
    
 | 14,504 | 46,009 | 28,781 | 16,170 | 13,235 | 12,507 | ||||||||||||||||||||||
| 
    Fixed charges:
    
 | ||||||||||||||||||||||||||||
| 
    Interest
    
 | 11,601 | 35,860 | 21,752 | 10,530 | 8,003 | 9,958 | ||||||||||||||||||||||
| 
    Other(b)
    
 | 58 | 221 | 215 | 204 | 193 | 206 | ||||||||||||||||||||||
| 
    Total fixed charges
    
 | 11,659 | 36,081 | 21,967 | 10,734 | 8,196 | 10,164 | ||||||||||||||||||||||
| 
    Preferred stock dividend
    requirements
    
 | 75 | 261 | 100 | 54 | 52 | 51 | ||||||||||||||||||||||
| 
    Total combined fixed charges and
    preferred stock dividends
    
 | $ | 11,734 | $ | 36,342 | $ | 22,067 | $ | 10,788 | $ | 8,248 | $ | 10,215 | ||||||||||||||||
| 
    Ratio of earnings to fixed
    charges
 | 1.24 | 1.28 | 1.31 | 1.51 | 1.61 | 1.23 | ||||||||||||||||||||||
| 
    Ratio of earnings to combined
    fixed charges and preferred stock dividends
 | 1.24 | 1.27 | 1.30 | 1.50 | 1.60 | 1.22 | ||||||||||||||||||||||
| (a) | Excludes undistributed earnings (loss) from equity investments. | |
| (b) | Other fixed charges consist of the interest factor in rentals, amortization of debt issuance costs, preferred security dividend requirements of subsidiaries, and capitalized interest. | 
    
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