EXHIBIT 12

MERRILL LYNCH PREFERRED CAPITAL TRUST IV

MERRILL LYNCH PREFERRED FUNDING IV, L.P.

COMPUTATION OF RATIOS OF EARNINGS TO

COMBINED FIXED CHARGES AND PREFERRED SECURITIES DISTRIBUTIONS (UNAUDITED)

(dollars in thousands)

	FOR THE THREE MONTHS ENDED March 31, 2012				FOR THE THREE MONTHS ENDED March 31, 2011
	MERRILL LYNCH PREFERRED CAPITAL TRUST IV		MERRILL LYNCH PREFERRED FUNDING IV, L.P.		MERRILL LYNCH PREFERRED CAPITAL TRUST IV		MERRILL LYNCH PREFERRED FUNDING IV, L.P.
Earnings	$	7,340	$	8,550	$	7,340	$	8,552
Fixed charges	$	—	$	—	$	—	$	—
Preferred securities distribution requirements	7,120		7,340		7,120		7,340
Total combined fixed charges and preferred securities distribution requirements	$	7,120	$	7,340	$	7,120	$	7,340
Ratio of earnings to combined fixed charges and preferred securities distribution requirements	1.03		1.16		1.03		1.17