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Exhibit 99.3
Ratio of Earnings to Fixed Charges
(Unaudited)
Twelve Months Ended December 31,
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(in thousands of dollars) 2002 2001 2000 1999 1998
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Earnings:
Income before taxes $ 589,225 $ 173,282 $ 459,895 $ 614,771 $ 440,122
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Add: Fixed charges, excluding
interest on deposits 169,788 299,872 398,214 356,563 316,075
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Earnings available for fixed charges,
excluding interest on deposits 759,013 473,154 858,109 971,334 756,197
Add: Interest on deposits 389,895 657,892 782,076 639,605 672,433
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Earnings available for fixed charges,
including interest on deposits $1,148,908 $1,131,046 $1,640,185 $1,610,939 $1,428,630
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Fixed Charges:
Interest expense, excluding
interest on deposits 157,888 285,445 383,997 344,635 305,838
Interest factor in net rental expense 11,900 14,427 14,217 11,928 10,237
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Total fixed charges, excluding
interest on deposits 169,788 299,872 398,214 356,563 316,075
Add: Interest on deposits 389,895 657,892 782,076 639,605 672,433
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Total fixed charges, including
interest on deposits $ 559,683 $ 957,764 $1,180,290 $ 996,168 $ 988,508
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Ratio of Earnings to Fixed Charges
Excluding interest on deposits 4.47 x 1.58 x 2.15 x 2.72 x 2.39 x
Including interest on deposits 2.05 x 1.18 x 1.39 x 1.62 x 1.45 x