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EXHIBIT 12(a)
J.P. MORGAN CHASE & CO.
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(IN MILLIONS, EXCEPT RATIOS)
THREE MONTHS ENDED
MARCH 31, 2001
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EXCLUDING INTEREST ON DEPOSITS
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Income before income taxes and effect of accounting change $ 1,880
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Fixed charges:
Interest expense 4,126
One-third of rents, net of income from subleases (a) 61
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Total fixed charges 4,187
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Less: Equity in undistributed income of affiliates (22)
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Earnings before taxes, effect of accounting change and fixed charges,
excluding capitalized interest $ 6,045
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Fixed charges, as above $ 4,187
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Ratio of earnings to fixed charges 1.44
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INCLUDING INTEREST ON DEPOSITS
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Fixed charges, as above $ 4,187
Add: Interest on deposits 2,636
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Total fixed charges and interest on deposits $ 6,823
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Earnings before taxes, effect of accounting change and fixed charges,
excluding capitalized interest, as above $ 6,045
Add: Interest on deposits 2,636
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Total earnings before taxes, effect of accounting change,
fixed charges and interest on deposits $ 8,681
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Ratio of earnings to fixed charges 1.27
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(a) The proportion deemed representative of the interest factor.
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