Exhibit 12

CARNIVAL CORPORATION & PLC

Ratio of Earnings to Fixed Charges

(in millions, except ratios)

	Nine Months Ended August 31,
	2011			2010
Net income	$	1,695		$	1,730
Income tax expense (benefit), net		8			(6	)
Income before income taxes		1,703			1,724
Fixed charges
Interest expense, net		273			285
Interest portion of rent expense (a)		16			17
Capitalized interest		16			20
Total fixed charges		305			322
Fixed charges not affecting earnings
Capitalized interest		(16	)		(20	)
Earnings before fixed charges	$	1,992		$	2,026
Ratio of earnings to fixed charges		6.5	x		6.3	x

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