Exhibit 12

CARNIVAL CORPORATION & PLC

Ratio of Earnings to Fixed Charges

(in millions, except ratios)

	Six Months Ended May 31,
	2014			2013
Net income	$	91		$	78
Income tax expense, net		2			2
Income before income taxes		93			80
Fixed charges
Interest expense, net		143			161
Interest portion of rent expense (a)		10			9
Capitalized interest		11			7
Total fixed charges		164			177
Fixed charges not affecting earnings
Capitalized interest		(11	)		(7	)
Earnings before fixed charges	$	246		$	250
Ratio of earnings to fixed charges		1.5			1.4

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