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EXHIBIT 12.1
THE GOLDMAN SACHS GROUP, INC. and SUBSIDIARIES
COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES
ACTUAL PRO FORMA
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NINE MONTHS ENDED AUGUST NINE MONTHS
ENDED AUGUST
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1999 1998 1999
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($ in millions)
Net earnings........................... $ 1,985 $ 2,384 $ 1,794
Add:
(Benefit)/provision for taxes........ (1,202) 430 1,247
Portion of rents representative of an
interest factor................... 74 49 74
Interest expense on all
indebtedness...................... 8,779 10,596 8,786
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Earnings, as adjusted.................. $ 9,636 $13,459 $11,901
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Fixed charges:
Portion of rents representative of an
interest factor................... $ 74 $ 49 $ 74
Interest expense on all
indebtedness...................... 8,779 10,596 8,786
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Fixed charges.......................... $ 8,853 $10,645 $ 8,860
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Ratio of earnings to fixed charges..... 1.09x 1.26x 1.34x
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