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|---------------------------------------------------------|--|---------------------------------------------------------------------------------|--|---------------------------------------------------------------------------|--|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--|---------------------------------------------------------|--|----------------------------------------------------|--|---------------------------------------------------------|--|---------------------------------------------------------|
| **Exhibit 12. (a)**                                     |  |                                                                                 |  |                                                                           |  |                                                                                                                                                                                                                                                                                                                                          |  |                                                         |  |                                                    |  |                                                         |  |                                                         |
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| COMPUTATION OF RATIO OF INCOME TO COMBINEDFIXED CHARGES |
| SEARS, ROEBUCK AND CO. AND CONSOLIDATED SUBSIDIARIES    |
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|                                                         |  | Twelve                                                                          |  | Nine                                                                      |  |                                                                                                                                                                                                                                                                                                                                          |  |                                                         |  |                                                    |  |                                                         |  |                                                         |
|                                                         |  | Months                                                                          |  | Months                                                                    |  |                                                                                                                                                                                                                                                                                                                                          |  |                                                         |  |                                                    |  |                                                         |  |                                                         |
|                                                         |  | Ended                                                                           |  | Ended                                                                     |  |                             Year Ended                          |
|                                                         |  | 9/30/00                                                                         |  | 9/30/00                                                                   |  |                                                                                                                                                                                                                                                                                                                                          |  |                                                         |  |                                                    |  |                                                         |  |                                                         |
| (millions,except ratios)                                |  | (unaudited)                                                                     |  | (unaudited)                                                               |  | 1999                                                                                                                                                                                                                                                                                                                                     |  | 1998                                                    |  | 1997                                               |  | 1996                                                    |  | 1995                                                    |
|                                                         |  |                                                                                 |  |                                                                           |  |                                                                                                                                                                                                                                                                                                                                          |  |                                                         |  |                                                    |  |                                                         |  |                                                         |
| FixedCharges                                            |  |                                                                                 |  |                                                                           |  |                                                                                                                                                                                                                                                                                                                                          |  |                                                         |  |                                                    |  |                                                         |  |                                                         |
| Interestand amortization of debt discount               |  |                                                                                 |  |                                                                           |  |                                                                                                                                                                                                                                                                                                                                          |  |                                                         |  |                                                    |  |                                                         |  |                                                         |
| andexpense on all indebtedness                          |  | $1,245                                                                     |  | $931                                                                 |  | $1,268                                                                                                                                                                                                                                                                                                                              |  | $1,423                                             |  | $1,409                                        |  | $1,365                                             |  | $1,373                                             |
|                                                         |  |                                                                                 |  |                                                                           |  |                                                                                                                                                                                                                                                                                                                                          |  |                                                         |  |                                                    |  |                                                         |  |                                                         |
| Addinterest element implicit in rentals                 |  |          137                       |  |          107                 |  |       133                                                                                                                                                                                                                                                                                                  |  |       144                 |  |       147            |  |       121                 |  |      119                  |
|                                                         |  | 1,382                                                                      |  | 1,038                                                                |  | 1,401                                                                                                                                                                                                                                                                                                                               |  | 1,567                                              |  | 1,556                                         |  | 1,486                                              |  | 1,492                                              |
| Interestcapitalized                                     |  |             3  |  |             2 |  |         5                                                                                                                                                                                                                                                                                   |  |         5  |  |         3  |  |         5  |  |         4       |
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| Totalfixed charges                                 |  | $1,385                                                                     |  | $1,040                                                               |  | $1,406                                                                                                                                                                                                                                                                                                                              |  | $1,572                                             |  | $1,559                                        |  | $1,491                                             |  | $1,496                                             |
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| Income                                                  |  |                                                                                 |  |                                                                           |  |                                                                                                                                                                                                                                                                                                                                          |  |                                                         |  |                                                    |  |                                                         |  |                                                         |
| Incomefrom continuing operations                        |  | $1,641                                                                     |  | $901                                                                 |  | $1,453                                                                                                                                                                                                                                                                                                                              |  | $1,072                                             |  | $1,188                                        |  | $1,271                                             |  | $1,025                                             |
| Deductundistributed net income (loss)                   |  |                                                                                 |  |                                                                           |  |                                                                                                                                                                                                                                                                                                                                          |  |                                                         |  |                                                    |  |                                                         |  |                                                         |
| ofunconsolidated companies                              |  |              1 |  |            11      |  |        (5)                                                                                                                                                                                                                                                                                            |  |         11      |  |         13 |  |          8 |  |          9 |
|                                                         |  | 1,640                                                                      |  | 890                                                                  |  | 1,458                                                                                                                                                                                                                                                                                                                               |  | 1,061                                              |  | 1,175                                         |  | 1,263                                              |  | 1,016                                              |
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| Add                                                     |  |                                                                                 |  |                                                                           |  |                                                                                                                                                                                                                                                                                                                                          |  |                                                         |  |                                                    |  |                                                         |  |                                                         |
| Fixedcharges (excluding interest capitalized)           |  | 1,381                                                                      |  | 1,038                                                                |  | 1,401                                                                                                                                                                                                                                                                                                                               |  | 1,567                                              |  | 1,556                                         |  | 1,486                                              |  | 1,492                                              |
| Incometaxes                                             |  |          983                       |  |          531                 |  |       904                                                                                                                                                                                                                                                                                                  |  |       766                 |  |      912                  |  |      834                       |  |      703                       |
| Incomebefore fixed charges and                          |  |                                                                                 |  |                                                                           |  |                                                                                                                                                                                                                                                                                                                                          |  |                                                         |  |                                                    |  |                                                         |  |                                                         |
| incometaxes                                             |  | $4,004                                                                     |  | $2,459                                                               |  | $3,763                                                                                                                                                                                                                                                                                                                              |  | $3,394                                             |  | $3,643                                        |  | $3,583                                             |  | $3,211                                             |
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| Ratioof income to fixed charges                    |  | 2.89                                                                       |  | 2.36                                                                 |  | 2.68                                                                                                                                                                                                                                                                                                                                |  | 2.16                                               |  | 2.34                                          |  | 2.40                                               |  | 2.15                                               |
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