RATIO OF EARNINGS TO FIXED CHARGES

Praxair, Inc. and Subsidiaries

Exhibit 12.01

(Dollar amounts in millions, except ratios)	Year Ended December 31,
	2007			2006			2005			2004			2003
Pre-tax income from continuing operations before adjustment for minority interests in consolidated subsidiaries or income or loss from equity investees	$	1,613		$	1,364		$	1,130		$	948		$	771
Capitalized interest		(35	)		(21	)		(11	)		(7	)		(9	)
Depreciation of capitalized interest		15			14			14			13			12
Dividends from less than 50%-owned companies carried at equity		8			9			17			11			19
Adjusted pre-tax income from continuing operations before adjustment for minority interests in consolidated subsidiaries or income or loss from equity investees	$	1,601		$	1,366		$	1,150		$	965		$	793
Fixed charges
Interest on long-term and short-term debt	$	173		$	155		$	163		$	155		$	151
Capitalized interest		35			21			11			7			9
Rental expenses representative of an interest factor		34			32			32			29			31
Preferred stock dividend requirements of consolidated subsidiaries		—			—			—			1			—
Total fixed charges		242			208			206			192			191
Less: preferred stock dividend requirements of consolidated subsidiaries		—			—			—			(1	)		—
Total fixed charges less preferred stock dividends	$	242		$	208		$	206		$	191		$	191
Adjusted pre-tax income from continuing operations before adjustment for minority interests in consolidated subsidiaries or income or loss from equity investees plus total fixed charges less preferred stock dividends	$	1,843		$	1,574		$	1,356		$	1,157		$	984
Less: preferred stock dividend requirements of consolidated subsidiaries		—			—			—			(1	)		—
Total earnings less preferred stock dividends	$	1,843		$	1,574		$	1,356		$	1,156		$	984
RATIO OF EARNINGS TO FIXED CHARGES AND PREFERRED STOCK DIVIDENDS		7.6			7.6			6.6			6.0			5.2
RATIO OF EARNINGS TO FIXED CHARGES		7.6			7.6			6.6			6.1			5.2