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<PAGE>
EXHIBIT 12
CASE CREDIT CORPORATION AND CONSOLIDATED SUBSIDIARIES
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(dollars in millions)
<TABLE>
<CAPTION>
Post-acquisition Pre-acquisition
basis of accounting basis of accounting
------------------- -------------------
Six Months Ended Six Months Ended
June 30, June 30,
2000 1999
----- -----
<S> <C> <C>
Net income......................................... $ 3 $ 41
Add:
Interest expense................................. 111 92
Amortization of capitalized debt expense......... - 1
Income tax expense and other taxes on income..... 2 24
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Earnings as defined............................ $ 116 $ 158
===== =====
Interest expense................................... $ 111 $ 92
Amortization of capitalized debt expense........... - 1
----- -----
Fixed charges as defined....................... $ 111 $ 93
===== =====
Ratio of earnings to fixed charges................. 1.05x 1.70x
===== =====
</TABLE>
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