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 YEAR ENDED				FOR THE YEAR ENDED				FOR THE YEAR ENDED
	DECEMBER 31, 2009				DECEMBER 26, 2008				DECEMBER 28, 2007
	MERRILL LYNCH		MERRILL LYNCH		MERRILL LYNCH		MERRILL LYNCH		MERRILL LYNCH		MERRILL LYNCH
	PREFERRED		PREFERRED		PREFERRED		PREFERRED		PREFERRED		PREFERRED
	CAPITAL TRUST IV		FUNDING IV, L.P.		CAPITAL TRUST IV		FUNDING IV, L.P.		CAPITAL TRUST IV		FUNDING IV, L.P.
Earnings	$	29,361	$	34,213	$	29,361	$	34,306	$	29,361	$	34,432
Fixed charges	$	—	$	—	$	—	$	—	$	—	$	—
Preferred securities distribution requirements		28,480		29,361		28,480		29,361		28,480		29,361
Total combined fixed charges and preferred securities distribution requirements	$	28,480	$	29,361		28,480	$	29,361	$	28,480	$	29,361
Ratio of earnings to combined fixed charges and preferred securities distribution requirements		1.03		1.17		1.03		1.17		1.03		1.17