RATIO OF EARNINGS TO FIXED CHARGES

Praxair, Inc. and Subsidiaries

Exhibit 12.01

(Dollar amounts in millions, except ratios)	Years Ended December 31,
		2003			2002			2001			2000			1999
Pre-tax income from continuing operations before
adjustment for minority interests in consolidated
subsidiaries or income or loss from equity investees	$	771		$	717		$	576		$	483		$	627
Capitalized interest		(9	)		(9	)		(17	)		(24	)		(30	)
Amortization of capitalized interest		12			12			11			10			9
Dividends from less than 50%-owned
companies carried at equity		19			9			5			3			1
Adjusted pre-tax income from continuing operations
before adjustment for minority interests in
consolidated subsidiaries or income or loss
from equity investees	$	793		$	729		$	575		$	472		$	607
Fixed charges
Interest on long-term and short-term debt	$	151		$	206		$	224		$	224		$	204
Amortization of capitalized interest		9			9			17			24			30
Rental expenses representative
of an interest factor		31			32			37			34			32
Preferred stock dividend requirements of
consolidated subsidiaries		.			1			2			4			8
Total fixed charges		191			248			280			286			274
Less: preferred stock dividend requirements of
consolidated subsidiaries		-			(1	)		(2	)		(4	)		(8	)
Total fixed charges less preferred stock dividends	$	191		$	247		$	278		$	282		$	266
Pre-tax income from continuing operations before
adjustment for minority interests in consolidated
subsidiaries or income or loss from equity
investees plus fixed charges and preferred stock
dividend requirements of consolidated subsidiaries	$	984		$	977		$	855		$	758		$	881
Less: preferred stock dividend requirements of
consolidated subsidiaries		-			(1	)		(2	)		(4	)		(8	)
	$	984		$	976		$	853		$	754		$	873
RATIO OF EARNINGS TO FIXED CHARGES
AND PREFERRED STOCK DIVIDENDS		5.2			3.9			3.1			2.6			3.2
RATIO OF EARNINGS TO FIXED CHARGES		5.2			3.9			3.1			2.7			3.3