EXHIBIT 12 UNITED TECHNOLOGIES CORPORATION AND SUBSIDIARIES Statement RE Computation of Ratio of Earnings to Fixed Charges (Millions of Dollars) Years Ended December 31, 1999 1998 1997 1996 1995 Fixed Charges: Interest expense $ 260 $ 197 $ 188 $ 213 $ 231 Interest capitalized 15 12 10 16 15 One-third of rents* 78 77 80 80 81 Total Fixed Charges $ 353 $ 286 $ 278 $ 309 $ 327 Earnings: Income from continuing operations before income taxes and minority interests $ 1,257 $ 1,810 $ 1,574 $ 1,317 $ 1,172 Fixed charges per above 353 286 278 309 327 Less: interest capitalized (15) (12) (10) (16) (15) 338 274 268 293 312 Amortization of interest capitalized 25 31 34 35 38 Total Earnings $ 1,620 $ 2,115 $ 1,876 $ 1,645 $ 1,522 Ratio of Earnings to Fixed Charges 4.59 7.40 6.75 5.32 4.65 * Reasonable approximation of the interest factor.