Exhibit 12

CARNIVAL CORPORATION & PLC

Ratio of Earnings to Fixed Charges

(in millions, except ratios)

	Years Ended November 30,
	2009			2008			2007			2006			2005
Net income	$	1,790		$	2,330		$	2,408		$	2,279		$	2,253
Income tax expense, net		16			47			16			39			72
Income before income taxes		1,806			2,377			2,424			2,318			2,325
Fixed charges
Interest expense, net		380			414			367			312			330
Interest portion of rent expense (a)		18			17			15			16			17
Capitalized interest		37			52			44			37			21
Total fixed charges		435			483			426			365			368
Fixed charges not affecting earnings
Capitalized interest		(37	)		(52	)		(44	)		(37	)		(21	)
Earnings before fixed charges	$	2,204		$	2,808		$	2,806		$	2,646		$	2,672
Ratio of earnings to fixed charges		5.1	x		5.8	x		6.6	x		7.2	x		7.3	x

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