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EXHIBIT 12(a)
J.P. MORGAN CHASE & CO.
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(IN MILLIONS, EXCEPT RATIOS)
SIX MONTHS ENDED
JUNE 30, 2001
EXCLUDING INTEREST ON DEPOSITS
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Income before income taxes and effect of accounting change $ 2,465
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Fixed charges:
Interest expense 7,692
One-third of rents, net of income from subleases (a) 115
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Total fixed charges 7,807
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Less: Equity in undistributed income of affiliates (61)
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Earnings before taxes, effect of accounting change and fixed charges,
excluding capitalized interest $ 10,211
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Fixed charges, as above $ 7,807
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Ratio of earnings to fixed charges 1.31
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INCLUDING INTEREST ON DEPOSITS
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Fixed charges, as above $ 7,807
Add: Interest on deposits 4,758
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Total fixed charges and interest on deposits $ 12,565
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Earnings before taxes, effect of accounting change and fixed charges,
excluding capitalized interest, as above $ 10,211
Add: Interest on deposits 4,758
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Total earnings before taxes, effect of accounting change,
fixed charges and interest on deposits $ 14,969
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Ratio of earnings to fixed charges 1.19
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(a) The proportion deemed representative of the interest factor.
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