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EXHIBIT 12.1
THE GOLDMAN SACHS GROUP, L.P. and SUBSIDIARIES
COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES
THREE MONTHS ENDED
YEAR ENDED NOVEMBER FEBRUARY
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1994 1995 1996 1997 1998 1998 1999
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($ IN MILLIONS)
Net earnings.............. $ 500 $ 1,348 $ 2,399 $ 2,746 $ 2,428 $ 884 $1,007
Add:
Provision for taxes..... 8 20 207 268 493 138 181
Portion of rents
representative of an
interest factor....... 27 29 28 29 35 8 11
Interest expense on all
indebtedness.......... 8,915 9,841 11,160 12,986 13,958 3,431 2,861
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Earnings, as adjusted..... $9,450 $11,238 $13,794 $16,029 $16,914 $4,461 $4,060
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Fixed charges:
Portion of rents
representative of an
interest factor....... $ 27 $ 29 $ 28 $ 29 $ 35 $ 8 $ 11
Interest expense on all
indebtedness.......... 8,915 9,841 11,160 12,986 13,958 3,431 2,861
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Fixed charges............. $8,942 $ 9,870 $11,188 $13,015 $13,993 $3,439 $2,872
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Ratio of earnings to fixed
charges................. 1.06x 1.14x 1.23x 1.23x 1.21x 1.30x 1.41x
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