EXHIBIT 12
STATE STREET CORPORATION
Ratio of Earnings to Fixed Charges
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Three months
ended Year Ended December 31,
March 31, ------------------------------------------
(Dollars in millions) 2001 2000 1999 1998 1997 1996
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(A) Excluding interest
on deposits:
Earnings:
Income before income
taxes................ $ 184 $ 914 $ 974 $ 662 $ 568 $ 453
Fixed charges......... 335 1,360 954 856 613 477
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Earnings as adjusted.. $ 519 $ 2,274 $ 1,928 $ 1,518 $ 1,181 $ 930
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Income before income
taxes
Pretax income from
continuing operations
as reported.......... $ 183 $ 906 $ 968 $ 657 $ 564 $ 447
Share of pretax income
(loss) of 50% owned
subsidiaries not
included in above.... 1 8 6 5 4 6
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Net income as
adjusted............. $ 184 $ 914 $ 974 $ 662 $ 568 $ 453
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Fixed charges:
Interest on other
borrowings........... $ 310 $ 1,268 $ 874 $ 770 $ 548 $ 452
Interest on long-term
debt including
amortization of debt
issue costs.......... 23 82 70 66 55 15
Portion of rents
representative of the
interest factor in
the long term lease.. 2 10 10 20 10 10
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Fixed charges......... $ 335 $ 1,360 $ 954 $ 856 $ 613 $ 477
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Ratio of earnings to
fixed charges 1.55x 1.67x 2.02x 1.77x 1.93x 1.95x
(B) Including
interest on
deposits:..........
Adjusted earnings from
(A) above............. $ 519 $ 2,274 $ 1,928 $ 1,518 $ 1,181 $ 930
Add interest on
deposits.............. 275 1,012 712 656 512 425
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Earnings as adjusted.. $ 794 $ 3,286 $ 2,640 $ 2,174 $ 1,693 $1,355
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Fixed charges:
Fixed charges from (A)
above................ $ 335 $ 1,360 $ 954 $ 856 $ 613 $ 477
Interst on deposits... 275 1,012 712 656 512 425
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Adjusted fixed
charges.............. $ 610 $ 2,372 $ 1,666 $ 1,512 $ 1,125 $ 902
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Ratio of adjusted
earnings to adjusted
fixed charges....... 1.30x 1.39x 1.58x 1.44x 1.50x 1.50x
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