Exhibit 12

CARNIVAL CORPORATION & PLC

Ratio of Earnings to Fixed Charges

(in millions, except ratios)

	Three Months Ended
	February 28/29,
	2013			2012
Net income (loss)	$	37		$	(139	)
Income tax expense (benefit), net		2			(2	)
Income (loss) before income taxes		39			(141	)
Fixed charges
Interest expense, net		83			88
Interest portion of rent expense (a)		4			5
Capitalized interest		4			5
Total fixed charges		91			98
Fixed charges not affecting earnings (loss)
Capitalized interest		(4	)		(5	)
Earnings (loss) before fixed charges	$	126		$	(48	)
Ratio of earnings to fixed charges		1.4			-
Coverage deficiency		-			146

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