RATIO OF EARNINGS TO FIXED CHARGES

Praxair, Inc. and Subsidiaries

EXHIBIT 12.01

(Dollar amounts in millions, except ratios)	Year Ended December 31,
	2008			2007			2006			2005			2004
Pre-tax income from continuing operations before adjustment for minority interests in consolidated subsidiaries or income or loss from equity investees	$	1,685		$	1,613		$	1,364		$	1,130		$	948
Capitalized interest		(44	)		(35	)		(21	)		(11	)		(7	)
Depreciation of capitalized interest		17			15			14			14			13
Dividends from less than 50%-owned companies carried at equity		24			8			9			17			11
Adjusted pre-tax income from continuing operations before adjustment for minority interests in consolidated subsidiaries or income or loss from equity investees	$	1,682		$	1,601		$	1,366		$	1,150		$	965
Fixed charges
Interest on long-term and short-term debt	$	198		$	173		$	155		$	163		$	155
Capitalized interest		44			35			21			11			7
Rental expenses representative of an interest factor		37			34			32			32			29
Preferred stock dividend requirements of consolidated subsidiaries		—			—			—			—			1
Total fixed charges		279			242			208			206			192
Less: preferred stock dividend requirements of consolidated subsidiaries		—			—			—			—			(1	)
Total fixed charges less preferred stock dividends	$	279		$	242		$	208		$	206		$	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	$	1,961		$	1,843		$	1,574		$	1,356		$	1,157
Less: preferred stock dividend requirements of consolidated subsidiaries		—			—			—			—			(1	)
Total earnings less preferred stock dividends	$	1,961		$	1,843		$	1,574		$	1,356		$	1,156
RATIO OF EARNINGS TO FIXED CHARGES
AND PREFERRED STOCK DIVIDENDS		7.0			7.6			7.6			6.6			6.0
RATIO OF EARNINGS TO FIXED CHARGES		7.0			7.6			7.6			6.6			6.1