Exhibit 12

CARNIVAL CORPORATION & PLC

RATIO OF EARNINGS TO FIXED CHARGES

(in millions, except ratios)

	Years Ended November 30,
	2011			2010			2009			2008			2007
Net income	$	1,912		$	1,978		$	1,790		$	2,324		$	2,395
Income tax expense, net		—			1			16			47			16
Income before income taxes		1,912			1,979			1,806			2,371			2,411
Fixed charges
Interest expense, net		365			378			380			420			380
Interest portion of rent expense (a)		20			21			18			17			15
Capitalized interest		21			26			37			52			44
Total fixed charges		406			425			435			489			439
Fixed charges not affecting earnings
Capitalized interest		(21	)		(26	)		(37	)		(52	)		(44	)
Earnings before fixed charges	$	2,297		$	2,378		$	2,204		$	2,808		$	2,806
Ratio of earnings to fixed charges		5.7	x		5.6	x		5.1	x		5.7	x		6.4	x

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