EXHIBIT 12.1
R.J. REYNOLDS TOBACCO HOLDINGS, INC.
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES/DEFICIENCY
IN THE COVERAGE OF FIXED CHARGES BY EARNINGS BEFORE FIXED CHARGES
(Dollars in Millions)
Year Ended
December 31,
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2000 1999 1998 1997 1996
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Earnings before fixed charges:
Income (loss) from continuing operations before
income taxes ........................................ $ 748 $ 510 $ (679) $ 204 $ 563
Interest and debt expense ........................... 168 268 426 433 462
Interest portion of rental expense .................. 15 15 16 16 14
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Earnings (loss) before fixed charges ................ $ 931 $ 793 $ (237) $ 653 $1,039
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Fixed charges:
Interest and debt expense ........................... $ 168 $ 268 $ 426 $ 433 $ 462
Interest portion of rental expense .................. 15 15 16 16 14
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Total fixed charges ................................. $ 183 $ 283 $ 442 $ 449 $ 476
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Ratio of earnings to fixed charges .................. 5.1 2.8 -- 1.5 2.2
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Deficiency in the coverage of fixed charges by
earnings before fixed charges ....................... -- -- $ (679) -- --
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