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EXHIBIT 12

CATERPILLAR INC.,
CONSOLIDATED SUBSIDIARY COMPANIES,
AND 50%-OWNED UNCONSOLIDATED AFFILIATED COMPANIES

COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES
(Millions of dollars)

YEARS ENDED DECEMBER 31,

		2004		2003		2002		2001		2000
Profit		$	2,035	$	1,099	$	798	$	805	$	1,053
Add:
	Provision for income taxes		699		384		314		359		439
Profit before taxes			2,734		1,483		1,112		1,164		1,492
Fixed charges:
	Interest and other costs related to borrowed funds(1)		757		724		811		952		991
	Rentals at computed interest factors(2)		92		82		81		86		90
Total fixed charges:			849		806		892		1,038		1,081
Profit before provision for income taxes and fixed charges		$	3,583	$	2,289	$	2,004	$	2,202	$	2,573
Ratio of profit to fixed charges			4.2		2.8		2.2		2.1		2.4

(1)

Interest expense as reported in Consolidated Results of Operations plus the Company's proportionate share of 50 percent-owned unconsolidated affiliated companies' interest expense.

(2)

Amounts represent those portions of rent expense that are reasonable approximations of interest costs.

2

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CATERPILLAR INC., CONSOLIDATED SUBSIDIARY COMPANIES, AND 50%-OWNED UNCONSOLIDATED AFFILIATED COMPANIES COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES (Millions of dollars) YEARS ENDED DECEMBER 31,