EXHIBIT 12.1

														For the three months
	Year ended December 31,													ended March 31,
	2004		2005			2006			2007			2008		2008		2009
	(millions of euro)
Earnings:
Profit before tax from continuing operations		4,692		6,607			6,764			10,684			10,915		2,331		2,464
Share of (profit) loss of associates		50		128			(76	)		(140	)		161		1		(5	)
Dividends from joint ventures and associates		14		36			43			218			65		1		48
Fixed charges (see below)		2,624		2,429			3,881			3,554			3,648		889		810
Capitalized interest net of amortization		—		(5	)		(1	)		3			3		1		1
Earnings		7,380		9,195			10,611			14,319			14,792		3,223		3,318
Fixed charges:
Finance costs, including amortization of debt expense and similar charges		2,622		2,420			3,877			3,554			3,648		889		810
Capitalized interest		2		9			4			—			—		—		—
Total fixed charges		2,624		2,429			3,881			3,554			3,648		889		810
Ratio of earnings to fixed charges		2.8		3.8			2.7			4.0			4.1		3.6		4.1

For the purpose of calculating ratios of earnings to fixed charges, earnings consist of profit before tax from continuing operations, plus share of profit or loss of associates, dividends from joint ventures and associates, fixed charges and capitalized interest net of amortization. Fixed charges consist of finance costs, including amortization of debt expense and similar charges, and capitalized interest.