Exhibit 12

CARNIVAL CORPORATION & PLC

Ratio of Earnings to Fixed Charges

(in millions, except ratios)

	Six Months Ended
	May 31,
	2013			2012
Net income (loss)	$	78		$	(125	)
Income tax expense (benefit), net		2			(2	)
Income (loss) before income taxes		80			(127	)
Fixed charges
Interest expense, net		161			175
Interest portion of rent expense (a)		9			10
Capitalized interest		7			11
Total fixed charges		177			196
Fixed charges not affecting earnings
Capitalized interest		(7	)		(11	)
Earnings before fixed charges	$	250		$	58
Ratio of earnings to fixed charges		1.4			-
Coverage deficiency		-			138

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