Philip Morris International (PM) 8-K Other Events

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,
	2013		2012		2011			2010		2009
Earnings before income taxes	$	12,542	$	13,004	$	12,542		$	10,332	$	9,249
Add (deduct):
Dividends from less than 50% owned affiliates	1		—		—			—		—
Fixed charges	1,216		1,115		1,042			1,069		1,006
Interest capitalized, net of amortization	4		2		(2		)	1		2
Earnings available for fixed charges	$	13,763	$	14,121	$	13,582		$	11,402	$	10,257
Fixed charges:
Interest incurred	$	1,105	$	1,009	$	940		$	976	$	920
Portion of rent expense deemed to represent interest factor	111		106		102			93		86
Fixed charges	$	1,216	$	1,115	$	1,042		$	1,069	$	1,006
Ratio of earnings to fixed charges	11.3		12.7		13.0			10.7		10.2

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