EXHIBIT 12
MERRILL LYNCH & CO., INC. AND SUBSIDIARIES
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COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
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(Dollars In Thousands)
For the Three Months
Ended
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April 1, March 26,
1994 1993
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Pretax earnings from continuing operations.... $ 652,208 $ 590,321
Deduct equity in undistributed net earnings
of unconsolidated subsidiaries.............. (3,048) (1,098)
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Total pretax earnings from continuing
operations.................................. 649,160 589,223
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Add: Fixed Charges (A)
Interest.............................. 1,899,427 1,343,347
Amortization of debt expense.......... 797 1,146
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Total interest.......................... 1,900,224 1,344,493
Interest factor in rents................ 33,564 36,933
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Total fixed charges........................... 1,933,788 1,381,426
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Pretax earnings before fixed charges.......... $2,582,948 $1,970,649
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Ratio of earnings to fixed charges............ 1.34 1.43
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(A) There was no capitalized interest for the 1994 and 1993 first quarters.