EXHIBIT 12(b)
J.P. MORGAN CHASE & CO.
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
AND PREFERRED STOCK DIVIDEND REQUIREMENTS
(IN MILLIONS, EXCEPT RATIOS)
NINE MONTHS ENDED
SEPTEMBER 30, 2001
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EXCLUDING INTEREST ON DEPOSITS
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Income before income taxes and effect of accounting change $ 3,134
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Fixed charges:
Interest expense 10,922
One-third of rents, net of income from subleases (a) 169
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Total fixed charges 11,091
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Less: Equity in undistributed income of affiliates (86)
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Earnings before taxes, effect of accounting change and fixed charges,
excluding capitalized interest $ 14,139
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Fixed charges, as above $ 11,091
Preferred stock dividends 53
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Fixed charges including preferred stock dividends $ 11,144
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Ratio of earnings to fixed charges and
preferred stock dividend requirements 1.27
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INCLUDING INTEREST ON DEPOSITS
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Fixed charges including preferred stock dividends, as above $ 11,144
Add: Interest on deposits 6,578
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Total fixed charges including preferred stock
dividends and interest on deposits $ 17,722
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Earnings before taxes, effect of accounting change and fixed charges,
excluding capitalized interest, as above $ 14,139
Add: Interest on deposits 6,578
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Total earnings before taxes, effect of accounting change, fixed charges
and interest on deposits $ 20,717
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Ratio of earnings to fixed charges
and preferred stock dividend requirements 1.17
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(a) The proportion deemed representative of the interest factor.