Exhibit 12 (b)

GENERAL ELECTRIC CAPITAL CORPORATION

AND CONSOLIDATED AFFILIATES

Computation of Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends

	Years ended December 31
(In millions)	2003		2002		2001		2000		1999
Net earnings	6,893		5,490		5,902		4,289		4,208
Provision for income taxes	1,590		960		1,734		1,555		1,553
Minority interest	64		95		84		86		68
Earnings before income taxes and minority interest	8,547		6,545		7,720		5,930		5,829
Fixed charges:
Interest	9,651		9,686		10,261		10,763		9,183
One-third of rentals	288		316		324		381		345
Total fixed charges	9,939		10,002		10,585		11,144		9,528
Less interest capitalized, net of amortization	(23	)	(38	)	(88	)	(121	)	(87	)
Earnings before income taxes and minority interest, plus fixed charges	18,463		16,509		18,217		16,953		15,270
Preferred stock dividend requirements	41		57		80		126		115
Ratio of earnings before provisions for income taxes to net earnings	1.23		1.17		1.29		1.36		1.37
Preferred stock dividend factor on pre-tax basis	50		67		103		171		157
Fixed charges	9,939		10,002		10,585		11,144		9,528
Total fixed charges and preferred stock dividend requirements	9,989		10,069		10,688		11,315		9,685
Ratio of earnings to combined fixed charges and preferred stock dividends	1.85		1.64		1.70		1.50		1.58