12.1 Ratio of earnings to fixed charges (Group)

Ratio of earnings to fixed charges
in	6M17	2016	2015	2014	2013	2012
Ratio of earnings to fixed charges (CHF million)
Income/(loss) from continuing operations before taxes, noncontrolling interests, extraordinary items and cumulative effect of accounting changes	1,252	(2,266)	(2,422)	3,627	4,096	2,190
Income/(loss) from equity method investments	(106)	(208)	(243)	(244)	(251)	(160)
Pre-tax earnings/(loss) from continuing operations	1,146	(2,474)	(2,665)	3,383	3,845	2,030
Fixed charges:
Interest expense	5,274	9,812	10,042	10,027	11,441	14,947
Interest portion of rentals¹	259	530	538	627	642	645
Preferred dividend requirements	0	0	0	53	236	231
Total fixed charges	5,533	10,342	10,580	10,707	12,319	15,823
Pre-tax earnings before fixed charges	6,679	7,868	7,915	14,090	16,164	17,853
Noncontrolling interests	(1)	3	(1)	449	639	336
Earnings before fixed charges and provision for income taxes	6,680	7,865	7,916	13,641	15,525	17,517

Ratio of earnings to fixed charges	1.21	0.76	0.75	1.27	1.26	1.11
1 Amounts reflect a portion of premises and real estate expenses deemed representative of the interest factor.