Exhibit 12

CARNIVAL CORPORATION & PLC

Ratio of Earnings to Fixed Charges

(in millions, except ratios)

	Six Months Ended May  31,
	2012			2011
Net (loss) income	$	(125	)	$	358
Income tax (benefit) expense, net		(2	)		3
(Loss) income before income taxes		(127	)		361
Fixed charges
Interest expense, net		175			177
Interest portion of rent expense (a)		10			10
Capitalized interest		11			12
Total fixed charges		196			199
Fixed charges not affecting earnings
Capitalized interest		(11	)		(12	)
Earnings before fixed charges	$	58		$	548
Ratio of earnings to fixed charges		—			2.8
Coverage deficiency	$	138		$	—

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