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
--------------------------- ---------------------------
Sept. 28, Sept. 29, Sept. 28, Sept. 29,
2001 2000 2001 2000
--------- --------- --------- ---------
Pre-tax earnings $ 686 $ 1,311 $ 2,889 $ 4,409
Add: Fixed charges (excluding capitalized
interest and preferred security dividend
requirements of subsidiaries) 3,843 4,759 14,223 12,860
--------- -------- --------- ---------
Pre-tax earnings before fixed charges 4,529 6,070 17,112 17,269
========= ======== ========= =========
Fixed charges:
Interest 3,777 4,697 14,028 12,668
Other (a) 119 115 353 350
--------- -------- --------- ---------
Total fixed charges 3,896 4,812 14,381 13,018
========= ======== ========= =========
Preferred stock dividend requirements 14 13 42 41
Total combined fixed charges --------- -------- --------- ---------
and preferred stock dividends $ 3,910 $ 4,825 $ 14,423 $ 13,059
========= ======== ========= =========
RATIO OF EARNINGS TO FIXED CHARGES 1.16 1.26 1.19 1.33
RATIO OF EARNINGS TO COMBINED FIXED CHARGES
AND PREFERRED STOCK DIVIDENDS 1.16 1.26 1.19 1.32
(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.