Exhibit 12

CARNIVAL CORPORATION & PLC

RATIO OF EARNINGS TO FIXED CHARGES

(in millions, except ratios)

	Years Ended November 30,
	2013			2012			2011			2010			2009
Net income	$	1,078		$	1,298		$	1,912		$	1,978		$	1,790
Income tax (benefit) expense, net		(6	)		4			—			1			16
Income before income taxes		1,072			1,302			1,912			1,979			1,806
Fixed charges
Interest expense, net		319			336			365			378			380
Interest portion of rent expense (a)		20			19			20			21			18
Capitalized interest		15			17			21			26			37
Total fixed charges		354			372			406			425			435
Fixed charges not affecting earnings
Capitalized interest		(15	)		(17	)		(21	)		(26	)		(37	)
Earnings before fixed charges	$	1,411		$	1,657		$	2,297		$	2,378		$	2,204
Ratio of earnings to fixed charges		4.0x			4.5x			5.7x			5.6x			5.1x

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