[CAPTION] NATIONSBANK CORPORATION RATIO OF EARNINGS TO FIXED CHARGES Year Ended December 31 ------------------------------------------------------------ 9 Months Ended September 30, 1994 1993 1992 1991 1990 1989 ------------------ ----------- ----------- ----------- ----------- ----------- (Dollars in Thousands) Excluding Interest on Deposits Income before taxes 1,966,768 $1,991,103 $1,396,213 $108,524 $625,467 $1,287,306 Equity in undistributed earnings of unconsolidated subsidiaries (1,904) (4,756) (1,426) (1,114) (668) (471) Fixed charges: Interest expense (including capitalized interest) 1,997,090 1,420,800 915,880 1,290,755 1,851,513 1,691,394 Amortization of debt discount and appropriate issuance costs 6,368 6,377 3,000 2,093 2,872 2,863 1/3 of net rent expense 86,390 95,786 90,667 81,909 66,195 60,341 ---------- ---------- ---------- ---------- ---------- ---------- Total fixed charges 2,089,848 1,522,963 1,009,547 1,374,757 1,920,580 1,754,598 Earnings (excluding capitalized interest) $4,054,713 $3,509,310 $2,398,329 $1,470,621 $2,533,093 $3,033,954 ========== ========== ========== ========== ========== ========== Fixed charges $2,089,848 $1,522,963 $1,009,547 $1,374,757 $1,920,580 $1,754,598 ========== ========== ========== ========== ========== ========== Ratio of Earnings to Fixed Charges 1.94 2.30 2.38 1.07 1.32 1.73 Including Interest on Deposits Income before taxes 1,966,768 1,991,103 $1,396,213 $108,524 $625,467 $1,287,306 Equity in undistributed earnings of unconsolidated subsidiaries (1,904) (4,756) (1,426) (1,114) (668) (471) Fixed charges: Interest expense (including capitalized interest) 3,693,877 3,570,079 3,687,650 5,611,057 6,683,262 6,286,088 Amortization of debt discount and appropriate issuance costs 6,368 6,377 3,000 2,093 2,872 2,863 1/3 of net rent expense 86,390 95,786 90,667 81,909 66,195 60,341 ---------- ---------- ---------- ---------- ---------- ---------- Total fixed charges 3,786,635 3,672,242 3,781,317 5,695,059 6,752,329 6,349,292 Earnings (excluding capitalized interest) $5,751,500 $5,658,589 $5,170,099 $5,790,923 $7,364,842 $7,628,648 ========== ========== ========== ========== ========== ========== Fixed charges $3,786,635 $3,672,242 $3,781,317 $5,695,059 $6,752,329 $6,349,292 ========== ========== ========== ========== ========== ========== Ratio of Earnings to Fixed Charges 1.52 1.54 1.37 1.02 1.09 1.20