Alcoa and subsidiaries EXHIBIT 12 Computation of Ratio of Earnings to Fixed Charges For the six months ended June 30, 2002 (in millions, except ratio) 2002 ---- Earnings: Income before taxes on income $ 731 Minority interests' share of earnings of majority- owned subsidiaries without fixed charges - Equity income (33) Fixed charges 173 Distributed income of less than 50%-owned persons 19 Amortization of capitalized interest 7 ------- Total earnings $ 897 ------- Fixed Charges: Interest expense: Consolidated $ 158 Proportionate share of 50%-owned persons 2 ------- 160 ------- Amount representative of the interest factor in rents: Consolidated 13 Proportionate share of 50%-owned persons - ------- 13 ------- Fixed charges added to earnings 173 ------- Interest capitalized: Consolidated 10 Proportionate share of 50%-owned persons - ------- 10 ------- Preferred stock dividend requirements of majority-owned subsidiaries - ------- Total fixed charges $ 183 ======= Ratio of earnings to fixed charges 4.9 =======