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EXHIBIT 12
NATIONAL RURAL UTILITIES COOPERATIVE FINANCE CORPORATION
COMPUTATION OF RATIO OF MARGINS TO FIXED CHARGES
(DOLLAR AMOUNTS IN THOUSANDS)
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<CAPTION>
FOR THE THREE
MONTHS ENDED
AUGUST 31, FOR THE YEARS ENDED MAY 31,
------------------- ----------------------------------------------------
2000 1999 2000 1999 1998 1997 1996
---- ---- ---- ---- ---- ---- ----
<S> <C> <C> <C> <C> <C> <C> <C>
Net margin before extraordinary
loss......................... $ 44,382 $ 21,967 $116,497 $ 76,439 $ 62,216 $ 54,736 $ 50,621
Add: Fixed charges............. 269,381 190,853 860,160 664,109 540,535 475,729 426,079
-------- -------- -------- -------- -------- -------- --------
Margin available for fixed
charges...................... $313,763 $212,820 $976,657 $740,548 $602,751 $530,465 $476,700
======== ======== ======== ======== ======== ======== ========
Fixed charges:
Interest on all debt
(including amortization of
discount and issuance
costs)..................... $269,381 $190,853 $860,160 $664,109 $540,535 $475,729 $426,079
-------- -------- -------- -------- -------- -------- --------
Total fixed charges... $269,381 $190,853 $860,160 $664,109 $540,535 $475,729 $426,079
======== ======== ======== ======== ======== ======== ========
Ratio of margin to fixed
charges...................... 1.16 1.12 1.13 1.12 1.12 1.12 1.12
======== ======== ======== ======== ======== ======== ========
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