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EXHIBIT 12
<PAGE>
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
<TABLE>
<CAPTION>
TELMARK INC.
FOR THE YEARS ENDED JUNE 30,
(THOUSANDS OF DOLLARS)
----------------------------------------------------------------------
2000 1999 1998 1997 1996
<S> <C> <C> <C> <C> <C>
Income before income taxes $ 20,059 $ 18,158 $ 15,412 $ 13,003 $ 11,502
Fixed charges - Interest 31,536 27,626 26,871 23,486 20,305
Rentals 490 439 421 396 145
-------- -------- -------- -------- ----------
Total fixed charges 32,036 28,065 27,292 23,872 20,450
Adjusted earnings $ 51,595 $ 46,223 $ 42,704 $ 36,875 $ 31,952
======== ======== ======== ======== ==========
Ratio of earnings to fixed charges* 1.6 1.6 1.6 1.5 1.6
</TABLE>
* REPRESENTS ADJUSTED EARNINGS DIVIDED BY FIXED CHARGES.
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