Exhibit 12
CARNIVAL CORPORATION & PLC
Ratio of Earnings to Fixed Charges
(in millions, except ratios)
Six Months
Ended May 31,
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2006 2005
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Net income $ 631 $ 736
Income tax expense (benefit), net 11 (3)
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Income before income taxes 642 733
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Fixed charges
Interest expense, net 151 168
Interest portion of rent expense(a) 8 8
Capitalized interest 17 10
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Total fixed charges 176 186
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Fixed charges not affecting earnings Capitalized interest (17) (10)
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Earnings before fixed charges $ 801 $ 909
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Ratio of earnings to fixed charges 4.6x 4.9x
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(a) Represents one-third of rent expense, which we believe to be
representative of the interest portion of rent expense.