Exhibit 12

CARNIVAL CORPORATION & PLC

Ratio of Earnings to Fixed Charges

(in millions, except ratios)

	Years Ended November 30,
	2008			2007			2006			2005			2004
Net income	$	2,330		$	2,408		$	2,279		$	2,253		$	1,809
Income tax expense, net		47			16			39			72			47
Income before income taxes		2,377			2,424			2,318			2,325			1,856
Fixed charges
Interest expense, net		414			367			312			330			284
Interest portion of rent expense (a)		17			15			16			17			17
Capitalized interest		52			44			37			21			26
Total fixed charges		483			426			365			368			327
Fixed charges not affecting earnings
Capitalized interest		(52	)		(44	)		(37	)		(21	)		(26	)
Earnings before fixed charges	$	2,808		$	2,806		$	2,646		$	2,672		$	2,157
Ratio of earnings to fixed charges		5.8	x		6.6	x		7.2	x		7.3	x		6.6	x

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