Exhibit 12

CARNIVAL CORPORATION & PLC

Ratio of Earnings to Fixed Charges

(in millions, except ratios)

	Three Months Ended February 28/29,
	2009			2008
Net income	$	260		$	236
Income tax benefit, net		(22	)		(10	)
Income before income taxes		238			226
Fixed charges
Interest expense, net		96			98
Interest portion of rent expense(a)		4			5
Capitalized interest		9			14
Total fixed charges		109			117
Fixed charges not affecting earnings
Capitalized interest		(9	)		(14	)
Earnings before fixed charges	$	338		$	329
Ratio of earnings to fixed charges		3.1	x		2.8	x

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