from F-4/A
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Form F-10 Exhibit Number 1.2 <page> Exhibit 1.2 Cp Ships Limited All Amounts in Million US Dollars Except Ratios September O, 2002 Final Prospectus - 10 3/8% Senior Notes Due July 15, 2012 Earnings Coverage Ratio <table> <caption> 12 Months Ended Dec. 31, 2001 June 30, 2002 <s> <c> <c> Earnings Before Interest and Income Taxes 88 40 Interest Paid on Long-Term Debt 6 11 Preference Share Dividends 3 - Adjustments to Interest Paid on Long-Term Debt: Interest on $175 Million Revolving Credit Facility, Due 2005 Repaid With Proceeds of Senior Notes Due 2012 Being Issued (3) (3) Interest on $200 Million Senior Notes Due 2012 (Securities Being Issued) 21 21 Pro Forma Interest as if $175 Million Revolving Credit Facility, Which Was Set Up in September 2001, Had Been Outstanding for All of 2001 6 2 Amortization of Discount on Senior Notes Due 2012 (Securities Being Issued) 1 1 Interest on $175 Million Revolving Credit Facility Borrowed Subsequent to June 30, 2002 1 1 Debt Issuance Cost (Over Term of Debt) 1 1 Adjustments to Preference Dividends Paid on Cummulative Preference Shares Redeemed in 2001 (3) - Adjusted Interest 33 34 Earnings Coverage Ratio 2.67 1.18 </Table>
