Carnival Corporation & plc (CUK) 8-K Other Events

Exhibit 99.3

CARNIVAL CORPORATION & PLC

RATIO OF EARNINGS TO FIXED CHARGES

(UNAUDITED)

(in millions, except ratios)

	Years Ended November 30,
	2014			2013			2012			2011			2010
Net income (as previously reported)	$	1,236		$	1,078		$	1,298		$	1,912		$	1,978
Effect of revision	(20		)	(23		)	(13		)	—			(3		)
Net income (revised)	1,216			1,055			1,285			1,912			1,975
Income tax (benefit) expense, net	9			(6		)	4			—			1
Income before income taxes	1,225			1,049			1,289			1,912			1,976
Fixed charges
Interest expense, net	288			319			336			365			378
Interest portion of rent expense (a)	21			20			19			20			21
Capitalized interest	21			15			17			21			26
Total fixed charges	330			354			372			406			425
Fixed charges not affecting earnings
Capitalized interest	(21		)	(15		)	(17		)	(21		)	(26		)
Earnings before fixed charges	$	1,534		$	1,388		$	1,644		$	2,297		$	2,375
Ratio of earnings to fixed charges	4.6			3.9			4.4			5.7			5.6

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

13