EX-12
RATIO OF EARNINGS TO FIXED CHARGES
EXHIBIT 12
MERRILL LYNCH PREFERRED CAPITAL TRUST V
COMPUTATION OF RATIOS OF EARNINGS TO COMBINED FIXED CHARGES
AND PREFERRED SECURITIES DISTRIBUTIONS
(dollars in thousands)
For the Three For the Nine
Months Ended Months Ended Year Ended Last Friday in December
------------------------------ ----------------------------------------------------------
September 29, September 29,
2006 2006 2005 2004 2003 2002 2001
------------- ------------- -------- --------- --------- -------- --------
Earnings $ 15,949 $ 47,846 $ 63,795 $ 63,795 $ 63,795 $ 63,795 $ 63,795
============= ============= ======== ========= ========= ======== ========
Fixed charges $ - $ - $ - $ - $ - $ - $ -
Preferred securities 15,470 46,410 61,880 61,880 61,880 61,880 61,880
distribution requirements ------------- ------------- -------- --------- --------- -------- --------
Total combined fixed charges and
preferred securities distribution $ 15,470 $ 46,410 $ 61,880 $ 61,880 $ 61,880 $ 61,880 $ 61,880
requirements ============= ============= ======== ========= ========= ======== ========
Ratio of earnings to combined fixed
charges and preferred securities
distribution requirements 1.03 1.03 1.03 1.03 1.03 1.03 1.03
MERRILL LYNCH PREFERRED FUNDING V, L.P.
COMPUTATION OF RATIOS OF EARNINGS TO COMBINED FIXED CHARGES
AND PREFERRED SECURITIES DISTRIBUTIONS
(dollars in thousands)
For the Three For the Nine
Months Ended Months Ended Year Ended Last Friday in December
------------------------------ ---------------------------------------------------------
September 29, September 29,
2006 2006 2005 2004 2003 2002 2001
------------- ------------- -------- --------- --------- -------- --------
Earnings $ 18,706 $ 56,080 $ 74,606 $ 74,447 $ 74,430 $ 74,529 $ 74,794
============= ============= ======== ========= ========= ======== ========
Fixed charges $ - $ - $ - $ - $ - $ - $ -
Preferred securities 15,949 47,846 63,795 63,795 63,795 63,795 63,795
distribution requirements ------------- ------------- -------- --------- --------- -------- --------
Total combined fixed charges and
preferred securities distribution $ 15,949 $ 47,846 $ 63,795 $ 63,795 $ 63,795 $ 63,795 $ 63,795
requirements ============= ============= ======== ========= ========= ======== ========
Ratio of earnings to combined fixed
charges and preferred securities
distribution requirements 1.17 1.17 1.17 1.17 1.17 1.17 1.17