Exhibit No. (12)

KIMBERLY-CLARK CORPORATION AND SUBSIDIARIES

Computation of Ratio of Earnings to Fixed Charges

(Dollar amounts in millions)

	Year Ended December 31
	2008		2007		2006		2005		2004
Consolidated Companies
Income from continuing operations before income taxes	$	2,289	$	2,318	$	1,845	$	1,969	$	2,203
Interest expense		304		265		220		190		163
Interest factor in rent expense		102		88		75		66		65
Amortization of capitalized interest		13		15		16		7		13
Equity Affiliates
Share of 50%-owned:
Income before income taxes		1		2		3		2		2
Interest expense		—		—		—		—		—
Interest factor in rent expense		—		—		—		—		—
Amortization of capitalized interest		—		—		—		—		—
Distributed income of less than 50%-owned		131		130		244		113		95
Earnings	$	2,840	$	2,818	$	2,403	$	2,347	$	2,541
Consolidated Companies
Interest Expense	$	304	$	265	$	220	$	190	$	163
Capitalized interest		14		18		15		8		6
Interest factor in rent expense		102		88		75		66		65
Equity Affiliates
Share of 50%-owned:
Interest and capitalized interest		—		—		—		—		—
Interest factor in rent expense		—		—		—		—		—
Fixed Charges	$	420	$	371	$	310	$	264	$	234
Ratio of earnings to fixed charges		6.76		7.60		7.75		8.89		10.86

Note: The Corporation is liable for certain obligations of S.D. Warren Company, which was sold in December 1994. The buyer provided the Corporation with a letter of credit from a major financial institution guaranteeing repayment of these obligations. No losses are expected from these arrangements and they have not been included in the computation of earnings to fixed charges.