1
EXHIBIT 12
Computation of Ratio of Earnings to Fixed Charges
J.P. Morgan & Co. Incorporated
Consolidated
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Twelve Months
Dollars in millions 1999
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Earnings:
Net income $ 2 055
Add: income taxes 1 059
Less: equity in undistributed income
of all affiliates accounted for by
the equity method 71
Add: fixed charges, excluding interest
on deposits 7 207
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Earnings available for fixed charges,
excluding interest on deposits 10 250
Add: interest on deposits 2 253
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Earnings available for fixed charges,
including interest on deposits 12 503
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Fixed charges:
Interest expense, excluding interest on
deposits 7 176
Interest factor in net rental expense 31
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Total fixed charges, excluding interest
on deposits 7 207
Add: interest on deposits 2 253
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Total fixed charges, including interest
on deposits 9 460
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Ratio of earnings to fixed charges:
Excluding interest on deposits 1.42
Including interest on deposits 1.32
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2
EXHIBIT 12
Computation of Ratio of Earnings to Combined Fixed Charges and Preferred Stock
Dividends
J.P. Morgan & Co. Incorporated
Consolidated
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Dollars in millions Twelve Months
1999
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Earnings:
Net income $ 2 055
Add: income taxes 1 059
Less: equity in undistributed income
of all affiliates accounted for by
the equity method 71
Add: fixed charges, excluding interest
on deposits, and preferred stock
dividends 7 260
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Earnings available for fixed charges,
excluding interest on deposits 10 303
Add: interest on deposits 2 253
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Earnings available for fixed charges,
including interest on deposits 12 556
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Fixed charges:
Interest expense, excluding interest on
deposits 7 176
Interest factor in net rental expense 31
Preferred stock dividends 53
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Total fixed charges, excluding interest
on deposits 7 260
Add: interest on deposits 2 253
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Total fixed charges, including interest
on deposits 9 513
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Ratio of earnings to fixed charges:
Excluding interest on deposits 1.42
Including interest on deposits 1.32
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