Exhibit 12

CARNIVAL CORPORATION & PLC

Ratio of Earnings to Fixed Charges

(in millions, except ratios)

	Nine Months Ended August 31,
	2013			2012
Net income	$	1,012		$	1,205
Income tax expense, net		3			4
Income before income taxes		1,015			1,209
Fixed charges
Interest expense, net		237			259
Interest portion of rent expense (a)		14			15
Capitalized interest		11			14
Total fixed charges		262			288
Fixed charges not affecting earnings
Capitalized interest		(11	)		(14	)
Earnings before fixed charges	$	1,266		$	1,483
Ratio of earnings to fixed charges		4.8			5.1

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