Exhibit 12

CARNIVAL CORPORATION & PLC

Ratio of Earnings to Fixed Charges

(in millions, except ratios)

	Nine Months Ended August 31,
	2012			2011
Net income	$	1,205		$	1,695
Income tax expense, net		4			8
Income before income taxes		1,209			1,703
Fixed charges
Interest expense, net		259			273
Interest portion of rent expense (a)		15			16
Capitalized interest		14			16
Total fixed charges		288			305
Fixed charges not affecting earnings
Capitalized interest		(14	)		(16	)
Earnings before fixed charges	$	1,483		$	1,992
Ratio of earnings to fixed charges		5.1			6.5

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