Exhibit 12

CARNIVAL CORPORATION & PLC

Ratio of Earnings to Fixed Charges

(in millions, except ratios)

	Six Months Ended
	May 31,
	2015			2014 (a)
Net income	$	271		$	78
Income tax expense, net	7			2
Income before income taxes	278			80
Fixed charges
Interest expense, net	114			143
Interest portion of rent expense (b)	11			10
Capitalized interest	10			11
Total fixed charges	135			164
Fixed charges not affecting earnings
Capitalized interest	(10		)	(11		)
Earnings before fixed charges	$	403		$	233
Ratio of earnings to fixed charges	3.0			1.4

(a) Revised as discussed in Note 1 to the consolidated financial statements.

(b) Represents one-third of rent expense, which we believe to be representative of the interest portion of rent expense.