Exhibit 12
CARNIVAL CORPORATION & PLC
Ratio of Earnings to Fixed Charges
(in millions, except ratios)
Three Months
Ended February 29/28,
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2004 2003
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Net income $ 203 $ 127
Income tax benefit, net (4) (5)
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Income before income taxes 199 122
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Fixed charges
Interest expense, net 65 29
Interest portion of rent
expense(1) 5 2
Capitalized interest 10 9
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Total fixed charges 80 40
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Fixed charges not affecting
earnings
Capitalized interest (10) (9)
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Earnings before fixed
charges $ 269 $ 153
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Ratio of earnings to
fixed charges 3.4x 3.8x
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(1) Represents one-third of rent expense, which we believe to be
representative of the interest portion of rent expense.