Exhibit 12

CARNIVAL CORPORATION & PLC

RATIO OF EARNINGS TO FIXED CHARGES

(in millions, except ratios)

	Years Ended November 30,
	2012			2011			2010			2009			2008
Net income	$	1,298		$	1,912		$	1,978		$	1,790		$	2,324
Income tax expense, net		4			—			1			16			47
Income before income taxes		1,302			1,912			1,979			1,806			2,371
Fixed charges
Interest expense, net		336			365			378			380			420
Interest portion of rent expense (a)		19			20			21			18			17
Capitalized interest		17			21			26			37			52
Total fixed charges		372			406			425			435			489
Fixed charges not affecting earnings
Capitalized interest		(17	)		(21	)		(26	)		(37	)		(52	)
Earnings before fixed charges	$	1,657		$	2,297		$	2,378		$	2,204		$	2,808
Ratio of earnings to fixed charges		4.5x			5.7x			5.6x			5.1x			5.7x

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