Exhibit 12.04 Travelers Group Inc. and Subsidiaries Computation of Ratio of Earnings to Fixed Charges (In millions of dollars, except for ratio) Nine months ended September 30, -------------------- 1997 1996 ------- ------- Income from continuing operations before income taxes and minority interest $ 4,478 $ 3,585 Interest 8,250 6,603 Portion of rentals deemed to be interest 91 99 ------- ------- Earnings available for fixed charges $12,819 $10,287 ======= ======= Fixed charges - ------------- Interest $ 8,250 $ 6,603 Portion of rentals deemed to be interest 91 99 ------- ------- Fixed charges $ 8,341 $ 6,702 ======= ======= Ratio of earnings to fixed charges 1.54x 1.53x ======= =======