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
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March 29, March 30,
2002 2001
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Pre-tax earnings $ 1,012 $ 1,351
Add: Fixed charges (excluding capitalized
interest and preferred security dividend
requirements of subsidiaries) 2,524 5,577
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Pre-tax earnings before fixed charges 3,536 6,928
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Fixed charges:
Interest 2,469 5,512
Other (a) 104 117
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Total fixed charges 2,573 5,629
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Preferred stock dividends 14 14
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Total combined fixed charges and preferred stock dividends $ 2,587 $ 5,643
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RATIO OF EARNINGS TO FIXED CHARGES 1.37 1.23
RATIO OF EARNINGS TO COMBINED FIXED CHARGES
AND PREFERRED STOCK DIVIDENDS 1.37 1.23
(a) Other fixed charges consists of the interest factor in
rentals, amortization of debt issuance costs, preferred
security dividend requirements of subsidiaries, and
amortization of capitalized interest.