RATIO OF EARNINGS TO COMBINED
FIXED CHARGES AND PREFERRED STOCK DIVIDENDS
TRAVELERS GROUP INC. AND SUBSIDIARIES
(IN MILLIONS OF DOLLARS, EXCEPT FOR RATIO)
THREE
MONTHS
ENDED YEAR ENDED DECEMBER 31,
MARCH 31, -----------------------
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1997 1996 1995 1994 1993 1992
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Pre tax income from continuing operations $1,068 $3,398 $2,521 $1,874 $1,523 $1,188
Undistributed earnings of equity investee
Pre tax minority interest
Fixed charges:
Interest 653 2,259 1,956 1,284 707 674
Interest portion of rentals 27 107 104 134 61 38
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Total fixed charges 680 2,366 2,060 1,418 768 712
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Earnings available for fixed charges $1,748 $5,764 $4,581 $3,292 $2,143 $1,874
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Total preferred dividend requirement $21.0 $93.2 $84.0 $82.9 $27.2 $10.3
Effective tax rate 35.3% 30.9% 35.4% 38.3% 36.1% 36.4%
Total preferred dividend grossed up $32.4 $134.9 $130.1 $134.3 $42.6 $16.2
Total fixed charges and preferred dividends $712.9 $2,500.9 $2,190.1 $1,552.3 $810.6 $728.2
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Ratio of earnings to combined fixed charges and
preferred stock dividends 2.45x 2.30x 2.09x 2.12x 2.64x 2.57x
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