EXHIBIT 12
EX-12
RATIO OF EARNINGS TO FIXED CHARGES
EXHIBIT 12
MERRILL LYNCH PREFERRED CAPITAL TRUST, III
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 28, September 28,
2007 2007 2006 2005 2004 2003 2002
------------- ------------- -------- --------- -------- -------- --------
Earnings $ 13,531 $ 40,593 $ 54,124 $ 54,124 $ 54,124 $ 54,124 $ 54,124
============= ============= ======== ========= ======== ========= ========
Fixed charges $ - $ - $ - $ - $ - $ - $ -
Preferred securities 13,125 39,375 52,500 52,500 52,500 52,500 52,500
distribution requirements ------------- ------------- --------- --------- -------- -------- --------
Total combined fixed charges and
preferred securities distribution $ 13,125 $ 39,375 $ 52,500 $ 52,500 $ 52,500 $ 52,500 $ 52,500
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 III, 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 28, September 28,
2007 2007 2006 2005 2004 2003 2002
------------- ------------- --------- --------- -------- --------- --------
Earnings $ 15,873 $ 47,622 $ 63,464 $ 63,306 $ 63,165 $ 63,150 $ 63,238
============= ============= ========= ========= ======== ========= ========
Fixed charges $ - $ - $ - $ - $ - $ - $ -
Preferred securities 13,531 40,593 54,124 54,124 54,124 54,124 54,124
distribution requirements ------------- ------------- --------- --------- -------- --------- --------
Total combined fixed charges and
preferred securities distribution $ 13,531 $ 40,593 $ 54,124 $ 54,124 $ 54,124 $ 54,124 $ 54,124
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