Exhibit 12

CARNIVAL CORPORATION & PLC

Ratio of Earnings to Fixed Charges

(in millions, except ratios)

	Three Months Ended
	February 28,
	2015			2014 (a)
Net income (loss)	$	49		$	(20	)
Income tax expense, net	3			1
Income (loss) before income taxes	52			(19		)
Fixed charges
Interest expense, net	57			72
Interest portion of rent expense (b)	6			5
Capitalized interest	5			5
Total fixed charges	68			82
Fixed charges not affecting earnings (loss)
Capitalized interest	(5		)	(5		)
Earnings before fixed charges	$	115		$	58
Ratio of earnings to fixed charges	1.7			—
Coverage deficiency	$	—		$	24

(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.