Exhibit 12

GENERAL ELECTRIC CAPITAL SERVICES, INC. AND CONSOLIDATEDAFFILIATES

Computation of Ratio of Earnings to Fixed ChargesandComputation of Ratio of Earnings to Combined Fixed Charges and Preferred StockDividends

Six Months Ended June 30, 2004

(Unaudited)

| *(Dollars in millions)**Ratio of    Earnings to    Fixed Charges **Ratio of    Earnings to    Combined    Fixed Charges    and Preferred    Stock    Dividends 
 

Net earnings
$
3,541 
$
3,541 
Provision for income taxes 
876  
876 
Minority interest in net earnings of consolidated affiliates 
122  
122  
 
 
Earnings before provision for income taxes and minority    interest 
4,539  
4,539  
 
 
Fixed charges:      
     Interest  
5,533  
5,533 
     One-third of rentals  
148  
148  
 
 
Total fixed charges 
5,681  
5,681    
Less interest capitalized, net of amortization 
(15
) 
(15
)   
Earnings before provision for income taxes and minority    interest,          plus fixed charges 
$
10,205
$
10,205 
 
 
Ratio of earnings to fixed charges 
1.80     
    
Preferred stock dividend requirements
$
–
Ratio of earnings before provision for income taxes to net    earnings     
1.25 
Preferred stock dividend factor on pre-tax basis    
– 
Fixed charges    
5,681 
 
Total fixed charges and preferred stock dividend    requirements
$
5,681     
Ratio of earnings to combined fixed charges and preferred    stock dividends     
1.80     
 
  
For purposes of computing the ratios, we believe that fixed charges    including interest on all indebtedness and one-third of rentals is a reasonable approximation of the interest factor of such    rentals. ***** |
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