EXHIBIT 12.1

THE GOLDMAN SACHS GROUP, INC. and SUBSIDIARIES

COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES

($ in millions)

		Year Ended November
		2003			2002			2001			2000			1999
Net earnings		$	3,005		$	2,114		$	2,310		$	3,067		$	2,708
Add:
	Provision for taxes		1,440			1,139			1,386			1,953			(716	)
	Portion of rents representative of an interest factor		120			120			111			80			51
	Interest expense on all indebtedness		7,600			8,868			15,327			16,410			12,018
Earnings, as adjusted		$	12,165		$	12,241		$	19,134		$	21,510		$	14,061
Fixed charges (1):
	Portion of rents representative of an interest factor	$	120		$	122		$	111		$	80		$	51
	Interest expense on all indebtedness		7,613			8,874			15,327			16,410			12,018
Fixed charges		$	7,733		$	8,996		$	15,438		$	16,490		$	12,069
Ratio of earnings to fixed charges			1.57	x		1.36	x		1.24	x		1.30	x		1.16	x

⁽¹⁾ Fixed charges includes capitalized interest and the interest factor of capitalized rent.