<DOCUMENT>
<TYPE>EX-12
<SEQUENCE>7
<FILENAME>dex12.txt
<DESCRIPTION>COMPUTATION OF RATIOS
<TEXT>
<PAGE>
Exhibit 12
McDONALD'S CORPORATION
STATEMENT RE: COMPUTATION OF RATIOS
Dollars In Millions
<TABLE>
<CAPTION>
Six months
ended June 30, Years ended December 31,
2001 2000 2000 1999 1998 1997 1996
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<S> <C> <C> <C> <C> <C> <C> <C>
EARNINGS AVAILABLE FOR FIXED CHARGES
- Income before provision for income taxes $1,209.7 $1,435.7 $2,882.3 $2,884.1 $2,307.4(1) $2,407.3 $2,251.0
- Minority interest in operating results of
majority-owned subsidiaries, including
fixed charges related to redeemable
preferred stock, less equity in
undistributed operating results of
less-than-50% owned affiliates 0.5 4.0 16.2 21.9 23.7 28.3 39.6
- Provision for income taxes of 50% owned
affiliates included in consolidated income
before provision for income taxes 35.0 51.8 93.7 72.8 99.9 69.0 73.2
- Portion of rent charges (after reduction
for rental income from subleased
properties) considered to be representative
of interest factors* 112.5 95.1 207.0 178.5 161.3 145.9 130.9
- Interest expense, amortization of debt
discount and issuance costs, and
depreciation of capitalized interest* 263.5 229.5 470.3 440.1 461.9 424.8 392.2
------------------ ---------------------------------------------------
$1,621.2 $1,816.1 $3,669.5 $3,597.4 $3,054.2 $3,075.3 $2,886.9
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FIXED CHARGES
- Portion of rent charges (after reduction
for rental income from subleased
properties) considered to be representative
of interest factors* $ 112.5 $ 95.1 $ 207.0 $ 178.5 $ 161.3 $ 145.9 $ 130.9
- Interest expense, amortization of debt
discount and issuance costs, and fixed
charges related to redeemable preferred
stock* 254.8 224.7 457.9 431.3 453.4 426.1 410.4
- Capitalized interest* 7.2 7.5 16.5 14.7 18.3 23.7 23.5
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$ 374.5 $ 327.3 $ 681.4 $ 624.5 $ 633.0 $ 595.7 $ 564.8
================== ===================================================
RATIO OF EARNINGS TO FIXED CHARGES 4.33 5.55 5.39 5.76 4.82(2) 5.16 5.11
================== ===================================================
</TABLE>
* Includes amounts of the Registrant and its majority-owned subsidiaries, and
one-half of the amounts of 50%-owned affiliates.
(1) Includes $160.0 million pre-tax special charge and $161.6 million of Made
For You costs for a pre-tax total of $321.6 million.
(2) Excluding the special charge and Made For You costs, the ratio of earnings
to fixed charges for the year ended December 31, 1998 was 5.33.
</TEXT>
</DOCUMENT>