Exhibit 12

CARNIVAL CORPORATION & PLC

Ratio of Earnings to Fixed Charges

(in millions, except ratios)

	Years Ended November 30,
	2010			2009			2008			2007			2006
Net income	$	1,978		$	1,790		$	2,324		$	2,395		$	2,260
Income tax expense, net		1			16			47			16			39
Income before income taxes		1,979			1,806			2,371			2,411			2,299
Fixed charges
Interest expense, net		378			380			420			380			331
Interest portion of rent expense (a)		21			18			17			15			16
Capitalized interest		26			37			52			44			37
Total fixed charges		425			435			489			439			384
Fixed charges not affecting earnings
Capitalized interest		(26	)		(37	)		(52	)		(44	)		(37	)
Earnings before fixed charges	$	2,378		$	2,204		$	2,808		$	2,806		$	2,646
Ratio of earnings to fixed charges		5.6	x		5.1	x		5.7	x		6.4	x		6.9	x

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