Exhibit 12.03 Travelers Group Inc. and Subsidiaries Computation of Ratio of Earnings to Fixed Charges (In millions of dollars, except for ratio) Six months ended June 30, ------------------ 1997 1996 ------ ------ Income from continuing operations before income taxes and minority interest $2,796 $2,426 Interest 5,170 4,375 Portion of rentals deemed to be interest 60 66 ------ ------ Earnings available for fixed charges $8,026 $6,867 ====== ====== Fixed charges - ------------- Interest $5,170 $4,375 Portion of rentals deemed to be interest 60 66 ------ ------ Fixed charges $5,230 $4,441 ====== ====== Ratio of earnings to fixed charges 1.53x 1.55x ====== ======