EXHIBIT 12.3
 
                               RJR NABISCO, INC.
 
               COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
 
                             (DOLLARS IN MILLIONS)
 


                                                                                                   THREE MONTHS
                                                                                                       ENDED
                                                                                                  MARCH 31, 1999
                                                                                                -------------------
                                                                                             
Earnings before fixed charges:
 
  Income before income taxes..................................................................       $     186
  Less minority interest in pre-tax income of Nabisco Holdings................................              12
                                                                                                         -----
  Adjusted income before income taxes.........................................................             174
  Interest and debt expense...................................................................             183
  Interest portion of rental expense..........................................................              14
                                                                                                         -----
Earnings before fixed charges.................................................................       $     371
                                                                                                         -----
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Fixed charges:
  Interest and debt expense...................................................................       $     183
  Interest portion of rental expense..........................................................              14
  Capitalized interest........................................................................               1
                                                                                                         -----
    Total fixed charges.......................................................................       $     198
                                                                                                         -----
                                                                                                         -----
Ratio of earnings to fixed charges............................................................             1.9
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                                       30