1 Exhibit 99 TRW Inc. and Subsidiaries Computation of Ratio of Earnings to Fixed Charges -- Unaudited (In millions except ratio data) Nine months Years Ended December 31 ended ---------------------------------------------------- September 30, 1996 1995 1994 1993 1992 1991 ------------------ ------ ------ ------ ------ ------ Earnings from continuing operations before income taxes $134.7 $625.5 $435.5 $289.2 $276.4 $ 6.4 (A) (B) Unconsolidated affiliates (3.6) 1.3 (0.6) 0.7 (0.9) (1.0) Minority earnings 8.5 10.8 7.7 1.4 0.1 (4.9) Fixed charges excluding capitalized interest 110.9 138.5 146.7 178.9 209.4 242.4 ------ ------ ------ ------ ------ ------ Earnings $250.5 $776.1 $589.3 $470.2 $485.0 $242.9 ------ ------ ------ ------ ------ ------ Fixed Charges: Interest expense $ 75.9 $ 94.7 $104.7 $137.4 $162.1 $188.4 Capitalized interest 2.4 5.1 6.6 7.9 12.7 10.1 Portion of rents representative of interest factor 33.4 42.7 40.6 39.3 47.1 53.7 Interest expense of unconsolidated affiliates 1.6 1.1 1.4 2.2 0.2 0.3 ------ ------ ------ ------ ------ ------ Total fixed charges $113.3 $143.6 $153.3 $186.8 $222.1 $252.5 ------ ------ ------ ------ ------ ------ Ratio of earnings to fixed charges 2.2x 5.4x 3.8x 2.5x 2.2x 1.0x(A) ------ ------ ------ ------ ------ ------ <FN> (A) The 1996 earnings from continuing operations before income taxes of $134.7 million includes a charge of $365 million as a result of actions taken in the automotive and space and defense businesses. See "Special Charges" note in the Notes to Financial Statements for further information. (B) The 1991 earnings from continuing operations before income taxes of $6.4 million includes a charge of $164 million to cover costs associated with divestment and restructuring activities. Excluding this charge, the ratio of earnings to fixed charges would have been 1.6x.