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EXHIBIT 12.1
PAINE WEBBER GROUP INC.
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(In thousands of dollars)
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<CAPTION>
Nine Months Years Ended December 31,
Ended September 30, -----------------------------------------------------------------
2000 (1) 1999 (1) 1998 (1) 1997 (1) 1996 (1) 1995
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<S> <C> <C> <C> <C> <C> <C>
Income before taxes $ 698,306 $1,002,558 $ 682,763 $ 644,075 $ 558,999 $ 102,677
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Fixed charges:
Interest 2,740,020 2,564,822 2,876,712 2,573,582 1,971,788 1,969,811
Interest factor in rents 51,784 61,322 56,139 53,665 54,537 59,491
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Total fixed charges 2,791,804 2,626,144 2,932,851 2,627,247 2,026,325 2,029,302
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Income before taxes and
fixed charges $ 3,490,110 $3,628,702 $ 3,615,614 $3,271,322 $2,585,324 $2,131,979
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Ratio of earnings to fixed charges 1.3 1.4 1.2 1.2 1.3 1.1
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For purposes of computing the ratio of earnings to fixed charges, "earnings"
consist of income before taxes and fixed charges. "Fixed charges" consist
principally of interest expense incurred on securities sold under agreements to
repurchase, short-term borrowings, long-term borrowings, preferred trust
securities and that portion of rental expense estimated to be representative of
the interest factor.
(1) Income before taxes includes minority interest in wholly owned subsidiary
trusts.
