1 EXHIBIT 12.1 THE GOLDMAN SACHS GROUP, L.P. AND SUBSIDIARIES COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES YEAR ENDED NOVEMBER -------------------------------------------------- 1994 1995 1996 1997 1998 ---- ---- ---- ---- ---- ($ IN MILLIONS) Net earnings.......................... $ 500 $ 1,348 $ 2,399 $ 2,746 $ 2,428 Add: Provision for taxes................. 8 20 207 268 493 Portion of rents representative of an interest factor............... 27 29 28 29 35 Interest expense on all indebtedness..................... 8,915 9,841 11,160 12,986 13,958 ------ ------- ------- ------- ------- Earnings, as adjusted................. $9,450 $11,238 $13,794 $16,029 $16,914 ====== ======= ======= ======= ======= Fixed charges: Portion of rents representative of an interest factor............... $ 27 $ 29 $ 28 $ 29 $ 35 Interest expense on all indebtedness..................... 8,915 9,841 11,160 12,986 13,958 ------ ------- ------- ------- ------- Fixed charges......................... $8,942 $ 9,870 $11,188 $13,015 $13,993 ====== ======= ======= ======= ======= Ratio of earnings to fixed charges.... 1.06x 1.14x 1.23x 1.23x 1.21x ====== ======= ======= ======= =======