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 For the Nine Months
Ended Ended
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Sept. 27, Sept. 29, Sept. 27, Sept. 29,
1996 1995 1996 1995
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Total pretax earnings from continuing
operations ................................ $ 522 $ 485 $ 1,891 $ 1,329
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Add:
Fixed Charges
Interest ............................. 3,104 2,746 8,669 8,559
Other (A) ............................ 40 37 117 105
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Total fixed charges ....................... 3,144 2,783 8,786 8,664
Preferred stock dividend requirements ..... 18 19 56 58
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Total combined fixed charges and
preferred stock dividends ................ 3,162 2,802 8,842 8,722
Pretax earnings before fixed charges ...... $ 3,666 $ 3,268 $10,677 $ 9,993
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Pretax earnings before combined fixed
charges and preferred stock dividends .... $ 3,684 $ 3,287 $10,733 $10,051
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Ratio of earnings to fixed charges ........ 1.17 1.17 1.22 1.15
Ratio of earnings to combined fixed charges
and preferred stock dividends ............ 1.17 1.17 1.21 1.15
(A) Other fixed charges consist of the interest factor in rentals,
amortization of debt expense, and preferred stock dividend requirements of
majority-owned subsidiaries.