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 Six Months Ended
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June 28, June 29, June 28, June 29,
2002 2001 2002 2001
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Pre-tax earnings $ 948 $ 852 $1,960 $ 2,203
Add: Fixed charges (excluding capitalized
interest and preferred security dividend
requirements of subsidiaries) 2,441 4,803 4,965 10,380
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Pre-tax earnings before fixed charges 3,389 5,655 6,925 12,583
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Fixed charges:
Interest 2,389 4,739 4,858 10,251
Other (a) 100 117 204 234
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Total fixed charges 2,489 4,856 5,062 10,485
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Preferred stock dividend requirements 13 14 27 28
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Total combined fixed charges and preferred stock dividends $2,502 $4,870 $5,089 $10,513
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RATIO OF EARNINGS TO FIXED CHARGES 1.36 1.16 1.37 1.20
RATIO OF EARNINGS TO COMBINED FIXED CHARGES
AND PREFERRED STOCK DIVIDENDS 1.35 1.16 1.36 1.20
(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.