Philip Morris International (PM) 8-K Consolidated Financial Statements as of

Exhibit 12

PHILIP MORRIS INTERNATIONAL INC. AND SUBSIDIARIES

Computation of Ratios of Earnings to Fixed Charges

(in millions of dollars)

	For the Years Ended December 31,
	2012		2011			2010		2009		2008
Earnings before income taxes	$	12,987	$	12,532		$	10,324	$	9,243	$	9,937
Add (deduct):
Equity in net loss (earnings) of less than 50% owned affiliates	17		10			8		6		64
Dividends from less than 50% owned affiliates	—		—			—		—		12
Fixed charges	1,115		1,042			1,069		1,006		618
Interest capitalized, net of amortization	2		(2		)	1		2		(11		)
Earnings available for fixed charges	$	14,121	$	13,582		$	11,402	$	10,257	$	10,620
Fixed charges:
Interest incurred	$	1,009	$	940		$	976	$	920	$	543
Portion of rent expense deemed to represent interest factor	106		102			93		86		75
Fixed charges	$	1,115	$	1,042		$	1,069	$	1,006	$	618
Ratio of earnings to fixed charges	12.7		13.0			10.7		10.2		17.2

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