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EXHIBIT 12
NATIONAL RURAL UTILITIES COOPERATIVE FINANCE CORPORATION
COMPUTATION OF RATIO OF MARGINS TO FIXED CHARGES
(DOLLAR AMOUNTS IN THOUSANDS)
YEARS ENDED MAY 31, 1999, 1998, 1997, 1996 AND 1995
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<CAPTION>
1999 1998 1997 1996 1995
---- ---- ---- ---- ----
<S> <C> <C> <C> <C> <C>
Net margins before extraordinary loss.............. $ 76,439 $ 62,216 $ 54,736 $ 50,621 $ 45,212
Add: Fixed charges................................. 664,109 540,535 475,729 426,079 361,338
-------- -------- -------- -------- --------
Margins available for fixed charges................ $740,548 $602,751 $530,465 $476,700 $406,550
======== ======== ======== ======== ========
Fixed charges:
Interest on all debt (including amortization of
discount and issuance costs)................... $664,109 $540,535 $475,729 $426,079 $361,338
-------- -------- -------- -------- --------
Total fixed charges....................... $664,109 $540,535 $475,729 $426,079 $361,338
======== ======== ======== ======== ========
Ratio of margins to fixed charges.................. 1.12 1.12 1.12 1.12 1.13
======== ======== ======== ======== ========
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