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 ----------------------------- ----------------------------- SEPTEMBER 24, SEPTEMBER 25, SEPTEMBER 24, SEPTEMBER 25, 1999 1998 1999 1998 ------------- ------------- ------------- ------------- Pre-tax earnings (loss)from continuing operations $ 891 $ (205) $ 2,918 $ 1,577 Add: Fixed charges (excluding capitalized interest and preferred security dividend requirements of subsidiaries) 3,197 4,553 9,792 13,411 ------- ------- ------- ------- Pre-tax earnings before fixed charges 4,088 4,348 12,710 14,988 ======= ======= ======= ======= Fixed charges: Interest 3,138 4,493 9,612 13,247 Other (a) 110 94 332 249 ------- ------- ------- ------- Total fixed charges 3,248 4,587 9,944 13,496 ======= ======= ======= ======= Preferred stock dividend requirements 14 15 41 46 ------- ------- ------- ------- Total combined fixed charges and preferred stock dividends $ 3,262 $ 4,602 $ 9,985 $13,542 ======= ======= ======= ======= Ratio of earnings to fixed charges (b) 1.26 0.95 1.28 1.11 Ratio of earnings to combined fixed charges and preferred stock dividends (b) 1.25 0.94 1.27 1.11 (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. (b) The ratio calculations indicate a less than one-to-one coverage for the three months ended September 25, 1998. Pre-tax loss from continuing operations for the three months ended September 25, 1998 is inadequate to cover the fixed charges. The deficient amounts for the respective ratios are $239 and $254. Note: Certain prior period amounts have been restated to conform to the current period presentation.

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EXHIBIT 99(i) MERRILL LYNCH & CO., INC. AND SUBSIDIARIES PRELIMINARY UNAUDITED CONSOLIDATED BALANCE SHEET (dollars in millions) SEPTEMBER 24, ASSETS 1999 - ----------------------------------------------------------------------------- ------------- CASH AND CASH EQUIVALENTS.................................................... $ 12,014 --------- CASH AND SECURITIES SEGREGATED FOR REGULATORY PURPOSES OR DEPOSITED WITH CLEARING ORGANIZATIONS.................................... 5,034 --------- RECEIVABLES UNDER RESALE AGREEMENTS AND SECURITIES BORROWED TRANSACTIONS..... 95,703 --------- MARKETABLE INVESTMENT SECURITIES............................................. 6,436 --------- TRADING ASSETS, AT FAIR VALUE Equities and convertible debentures.......................................... 20,859 Contractual agreements....................................................... 21,260 Corporate debt and preferred stock........................................... 22,429 U.S. Government and agencies................................................. 10,624 Non-U.S. governments and agencies............................................ 6,505 Mortgages, mortgage-backed, and asset-backed................................. 6,980 Other........................................................................ 3,171 --------- 91,828 Securities received as collateral, net of securities pledged as collateral... 9,581 --------- Total........................................................................ 101,409 --------- SECURITIES PLEDGED AS COLLATERAL............................................. 13,652 --------- OTHER RECEIVABLES Customers (net of allowance for doubtful accounts of $49).................... 34,276 Brokers and dealers.......................................................... 10,181 Interest and other........................................................... 8,078 --------- Total........................................................................ 52,535 --------- INVESTMENTS OF INSURANCE SUBSIDIARIES........................................ 4,255 LOANS, NOTES, AND MORTGAGES (net of allowance for loan losses of $144)....... 9,018 OTHER INVESTMENTS............................................................ 2,966 EQUIPMENT AND FACILITIES (net of accumulated depreciation and amortization of $3,909)..................................................... 3,007 GOODWILL (net of accumulated amortization of $494)........................... 5,081 OTHER ASSETS................................................................. 1,826 --------- TOTAL ASSETS................................................................. $ 312,936 ========= 6 EXHIBIT 99(i) MERRILL LYNCH & CO., INC. AND SUBSIDIARIES PRELIMINARY UNAUDITED CONSOLIDATED BALANCE SHEET (dollars in millions, except per share amount) SEPTEMBER 24, LIABILITIES 1999 - ----------------------------------------------------------------------------- ------------- PAYABLES UNDER REPURCHASE AGREEMENTS AND SECURITIES LOANED TRANSACTIONS......................................................... $ 69,724 --------- COMMERCIAL PAPER AND OTHER SHORT-TERM BORROWINGS............................. 13,680 --------- DEMAND AND TIME DEPOSITS..................................................... 16,852 --------- TRADING LIABILITIES, AT FAIR VALUE Contractual agreements....................................................... 26,284 Equities and convertible debentures.......................................... 14,585 U.S. Government and agencies................................................. 14,377 Non-U.S. governments and agencies............................................ 6,419 Corporate debt and preferred stock........................................... 5,207 Other........................................................................ 250 --------- Total ..................................................................... 67,122 --------- OBLIGATION TO RETURN SECURITIES RECEIVED AS COLLATERAL....................... 23,233 --------- OTHER PAYABLES Customers.................................................................... 19,080 Brokers and dealers.......................................................... 10,632 Interest and other........................................................... 18,230 --------- Total...................................................................... 47,942 --------- LIABILITIES OF INSURANCE SUBSIDIARIES........................................ 4,160 LONG-TERM BORROWINGS......................................................... 55,400 --------- TOTAL LIABILITIES............................................................ 298,113 --------- PREFERRED SECURITIES ISSUED BY SUBSIDIARIES.................................. 2,723 --------- STOCKHOLDERS' EQUITY PREFERRED STOCKHOLDERS' EQUITY............................................... 425 --------- COMMON STOCKHOLDERS' EQUITY Shares exchangeable into common stock........................................ 59 Common stock, par value $1.33 1/3 per share; authorized: 1,000,000,000 shares; issued: 472,661,774 shares.................................................. 630 Paid-in capital.............................................................. 1,763 Accumulated other comprehensive loss (net of tax)............................ (303) Retained earnings............................................................ 12,010 --------- 14,159 Less: Treasury stock, at cost: 106,662,270 shares............................ 1,856 Employee stock transactions............................................ 628 --------- TOTAL COMMON STOCKHOLDERS' EQUITY............................................ 11,675 --------- TOTAL STOCKHOLDERS' EQUITY................................................... 12,100 --------- TOTAL LIABILITIES, PREFERRED SECURITIES ISSUED BY SUBSIDIARIES, AND STOCKHOLDERS' EQUITY...................................... $ 312,936 ========= 7