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EXHIBIT 12.1
THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES
COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES
($ in millions)
Three Months Six Months
Ended May Ended May
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2001 2000 2001 2000
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Net earnings $ 577 $ 755 $ 1,345 $ 1,642
Add:
Provision for taxes 369 503 860 1,095
Portion of rents representative of an interest factor 56 16 84 33
Interest expense on all indebtedness 4,168 4,041 8,937 7,512
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Earnings, as adjusted $5,170 $5,315 $11,226 $10,282
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Fixed charges:
Portion of rents representative of an interest factor $ 56 $ 16 84 33
Interest expense on all indebtedness 4,168 4,041 8,937 7,512
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Fixed charges $4,224 $4,057 $ 9,021 $ 7,545
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Ratio of earnings to fixed charges 1.22x 1.31x 1.24x 1.36x
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