Exhibit 12

CARNIVAL CORPORATION & PLC
Ratio of Earnings to Fixed Charges
(in millions, except ratios)

	Nine Months Ended August 31,
		2007			2006
Net income	$	2,050		$	1,863
Income tax expense, net		26			42
Income before income taxes		2,076			1,905
Fixed charges
Interest expense, net		273			232
Interest portion of rent expense(a)		12			12
Capitalized interest		32			27
Total fixed charges		317			271
Fixed charges not affecting earnings
Capitalized interest		(32	)		(27	)
Earnings before fixed charges	$	2,361		$	2,149
Ratio of earnings to fixed charges		7.4	x		7.9	x

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

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