Exhibit 12
CARNIVAL CORPORATION & PLC
Ratio of Earnings to Fixed Charges
(in millions, except ratios)
Six Months Ended May 31,
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2007 2006
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Net income $673 $631
Income tax (benefit) expense, net (13) 11
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Income before income taxes 660 642
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Fixed charges
Interest expense, net 178 151
Interest portion of rent expense(a) 7 8
Capitalized interest 23 17
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Total fixed charges 208 176
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Fixed charges not affecting earnings Capitalized interest (23) (17)
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Earnings before fixed charges $845 $801
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Ratio of earnings to fixed charges 4.1x 4.6x
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(a) Represents one-third of rent expense, which we believe to be
representative of the interest portion of rent expense.
22