**Exhibit 12**

 

**CREDIT SUISSE FIRST BOSTON(USA), INC.**

### **STATEMENTRE COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES**

**(Unaudited)**

**(In millions, except for ratio)**

 
|                                                         |   | **For the  Year Ended****December 31,** |   | **For the  Nine Months********Ended********September 30,  2002** |   |
|--------------------------------------------------------------|--------|-----------------------------------------|--------|------------------------------------------------------------------|--------|
|                                                         |   | **1997**                                |   | **1998**                                                         |   | **1999** |   | **2000** |   | **2001** |   |   |
| Earnings:                                                    |   |                                    |   |                                                             |   |   |   |   |   |   |   |   |   |
| Income (loss) before provision for incometaxes               |   | $                                       | 661    |                                                             | $      | 601 |   | $ | 954 |   | $ | (1,522 | ) | $ | (215 | ) | $ | 1,032 |   |
| Add: Fixed Charges                                           |   |                                    |   |                                                             |   |   |   |   |   |   |   |   |   |
| Interest expense (gross)                                     |   | 4,012                                   |   | 4,501                                                            |   | 4,840 |   | 8,162 |   | 10,339 |   | 4,263 |   |
| Interest factor in rents                                     |   | 29                                      |   | 39                                                               |   | 53 |   | 76 |   | 231 |   | 146 |   |
|                                                         |   |                                    |   |                                                             |   |   |   |   |   |   |   |   |   |
| Total fixed charges                                          |   | 4,041                                   |   | 4,540                                                            |   | 4,893 |   | 8,238 |   | 10,570 |   | 4,409 |   |
|                                                         |   |                                    |   |                                                             |   |   |   |   |   |   |   |   |   |
| Earnings before fixed charges and provisionfor income  taxes |   | $                                       | 4,702  |                                                             | $      | 5,141 |   | $ | 5,847 |   | $ | 6,716 |   | $ | 10,355 |   | $ | 5,441 |   |
|                                                         |   |                                    |   |                                                             |   |   |   |   |   |   |   |   |   |
| Ratio of earnings to fixed charges                           |   | 1.16                                    |   | 1.13                                                             |   | 1.19 |   | 0.82 | (1) | 0.98 | (2) | 1.23 |   |

 

----

(1)                                  The dollar amount of thedeficiency in the ratio of earnings to fixed charges was $1,522 million for theyear ended December 31, 2000.

 

(2)                                  The dollar amount of thedeficiency in the ratio of earnings to fixed charges was $215 million for theyear ended December 31, 2001.

 

----