1 david candib symposuim panel june 15

Cruise Canada New England Symposium

Mega Trends

June 15, 2011

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Carnival Corporation & plc

Key Operating Statistics

6 Countries (8 Operating Headquarters)

United States (Miami, Santa Clarita, Seattle)

UK, Italy, Germany, Spain and Australia

10 Brands

Shipboard employees 75,000

Shoreside employees 14,000

Ships 100

Lower berths 197,000

Passengers carried (2010) 9.1m

Key Financial Statistics – 2010

Cash from Operations $ 3.8b

Revenue $14.5b

Net Income $ 2.0b

Conservative capital structure (30% Debt to Capital)

Highest Credit Rating in Leisure (A3/BBB+)

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Multi Brand Strategy Achieves

Greater Penetration2010 Share of Guests Sourced

United States Rest of World

Source: Carnival Corporation & plc estimates

CCL 51%

Other 10%

NCL 13%

RCL 26% CCL 48%

Other 15%

MSC 15%

RCL 22%

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NorthAmerica

United Kingdom

Continental

Europe

Population 344m 62m 262m

Average Income $47k $35k $32k

Vacation Days 15 20 24

Cruise Vacations (Estimate) 10.8m 1.7m 3.1m

Cruise Penetration (% of

Population)

3.1% 2.6% 1.2%

Attractive Growth Prospects

Available to Multi Brand Strategy

Source: 2010 Statistics obtained from:

G.P. Wild, U.S. Census Bureau-International Database, CIA World Fact Book and Mercer Human Resource Consulting and company estimates

Continental Europe consists of Germany, Italy, Spain, Portugal and France.

……………………………………………………………………………..………………………………………………………………………………………………………………………………………

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Source: MKG 2009 report and Carnival Corporation & plc estimates as of November 2010

Worldwide Hotel Rooms

18.8M

Worldwide Cruise Cabins

0.2M

Cancun – 21k

London – 112k

Paris – 78K

Rome – 44kMadrid – 59k

New York – 73k

Orlando – 120k

L.A. – 136k

Berlin – 108k

Tokyo – 87k

Rio – 42k

Hong Kong – 62k

Amsterdam - 29k

New Dehli – 28k

Buenos Aires – 27K

Toronto – 37k

Las Vegas – 132k

Significant Global Expansion Opportunity

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Las Vegas Resort

$1,100

Disney Resort

$1,300

Overseas Leisure

$2,900

“FunShip” Vacation

$900

Source: ITA, various visitors bureaus & CCL estimates

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Cruising’s Value Proposition

Carnival Ships

Slowing Industry Supply Growth

Industry Ships

7%

4%

5% 5%

6

4

3 2

4

7

8

10

2%

1

3

Source: Carnival Corporation & plc estimates 8

Key Port Selection Criteria

Marketing Potential

Maximizing Ticket Price – Still the vast majority of Cruise Lines’ Revenue

Destination Offerings- Shore Excursions, Guest Experience

Onboard Revenue Potential, Port Leisure Activities, Shopping

Port Infrastructure- Berthing alongside, transportation hub

Logistics set for what class of ships?

Safety (“Perceived”) of Passengers and Crew

Proximity to Other Ports of Call

Personnel (Often unspoken but highly critical)9

Carnival and New York

One of our largest Port Commitments Worldwide

7 Brands Calling

Carnival Cruise Lines, Princess Cruises, Holland America, Costa, Aida, Costa, Seabourn

18 Different Ships – Queen Mary 2 to Seabourn Spirit

630,000 Passengers

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Carnival and New York

Operating from both Manhattan and Brooklyn

Brooklyn was developed with the EDC

Not an easy sell initially!

Variety of Deployments

Canada/New England (4,5 & 7 + days)

Bermuda

Caribbean

Transatlantic

Bahamas

Multi-Overnight Stays

Year-round (CCL just announced!)

Cruises to Nowhere 11

What is Working in the Region

Proactive Port Authority and Governmental Agencies

Cities embracing cruise tourism

Saint Lawrence region (CSLA), Portland, Maine

Direct marketing efforts (NE/CA Symposium)

Source Market Potential

Repeat and First Time Cruises

Carnival - Boston 2012

Highly Rated Shore Excursion and Recreational Options

Excellent relations with tour operators

New and unique tours are continuously offered

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Region Challenges

Very high operating costs (Idle Staff charges)

Bermuda

One port destination

“Open-Jaw” itineraries (NYC/BOS - Quebec/Montreal)

Air cost and complexity present obstacles for demand

Port of Call Options still limited

New Developments needed to entice repeat cruisers and generate interest from cruise

rookies

Weather dependent and Seasonality

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Emissions Control Areas (“ECA”)

Carnival Cruise Lines may be impacted more than other cruise lines given its year-

round North American homeport presence

All cruise lines will need to find ways to mitigate ECA impact

NE/CA itineraries require extended times within ECA zone

Significant impact on fuel costs, escalating 30%+ by 2015

Availability of Low Sulfur Fuel

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Forward Looking Statements and ResponsibilitySome of the statements, estimates or projections contained in this presentation are “forward-looking statements” that involve risks, uncertainties and assumptions with respect to Carnival

Corporation & plc, including some statements concerning future results, outlooks, plans, goals and other events which have not yet occurred. These statements are intended to qualify for the safe

harbors from liability provided by Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Carnival Corporation & plc has tried, whenever possible, to

identify these statements by using words like “will,” “may,” “believe,” “expect,” “could,” “should,” “would,” “anticipate,” “forecast,” “future,” “intend,” “plan,” “estimate” and similar expressions of future

intent or the negative of such terms. Because forward-looking statements involve risks and uncertainties, there are many factors that could cause Carnival Corporation & plc’s actual results,

performance or achievements to differ materially from those expressed or implied in this presentation. Forward-looking statements include those statements which may impact, among other things,

the forecasting of Carnival Corporation & plc’s earnings per share, net revenue yields, booking levels, pricing, occupancy, operating, financing and tax costs, fuel expenses, costs per available lower

berth day, estimates of ship depreciable lives and residual values, liquidity, goodwill and trademark fair values and outlook. These factors include, but are not limited to, the following:

•general economic and business conditions;

•fluctuations in foreign currency exchange rates;

•the international political climate, armed conflicts, terrorist and pirate attacks, vessel seizures, and threats thereof, and other world events affecting the safety and security of travel;

•competition from and overcapacity in the cruise ship or land-based vacation industries;

•accidents, the spread of contagious diseases and threats thereof, adverse weather conditions or natural disasters and other incidents affecting the health, safety, security and satisfaction of guests

and crew;

•adverse publicity concerning the cruise industry in general, or Carnival Corporation & plc in particular, including any adverse impact that cruising may have on the marine environment;

•changes in and compliance with laws and regulations relating to the protection of persons with disabilities, employment, environment, health, safety, security, tax and other regulations under which

Carnival Corporation & plc operate;

•economic, market and political factors that are beyond Carnival Corporation & plc’s control, which could increase its operating, financing and other costs;

•the ability of Carnival Corporation & plc to implement its shipbuilding programs and ship repairs, maintenance and refurbishments on terms that are favorable or consistent with its expectations;

•increases to Carnival Corporation & plc’s repairs and maintenance expenses and refurbishment costs as its fleet ages;

•Carnival Corporation & plc’s continued strength of its cruise brands and Carnival Corporation & plc’s ability to implement its brand strategies;

•Carnival Corporation & plc’s international operations are subject to additional risks not generally applicable to its U.S. operations;

•geographic regions in which Carnival Corporation & plc tries to expand its business may be slow to develop and ultimately not develop how it expects;

•whether Carnival Corporation & plc’s future operating cash flow will be sufficient to fund future obligations and whether it will be able to obtain financing, if necessary, in sufficient amounts and on

terms that are favorable or consistent with its expectations;

•Carnival Corporation & plc’s counterparties’ abilities to perform;

•continuing financial viability of Carnival Corporation & plc’s travel agent distribution system, air service providers and other key vendors in its supply chain and reductions in the availability of, and

increases in the pricing for, the services and products provided by these vendors;

•Carnival Corporation & plc’s decisions to self-insure against various risks or its inability to obtain insurance for certain risks at reasonable rates;

•disruptions and other damages to Carnival Corporation & plc’s information technology and other networks and operations and breaches in data security;

•loss of key personnel or Carnival Corporation & plc’s ability to recruit or retain qualified personnel;

•union disputes and other employee relation issues;

•lack of continuing availability of attractive, convenient and safe port destinations; and

•risks associated with the dual listed company arrangement.

These risks and other risks are detailed in reports of Carnival Corporation and Carnival plc filed with the U.S. Securities and Exchange Commission. Those reports contain important cautionary

statements and a discussion of many of the factors that could materially affect the accuracy of Carnival Corporation & plc’s forward-looking statements and/or adversely affect Carnival Corporation &

plc’s businesses, results of operations and financial positions.

Forward-looking statements should not be relied upon as a prediction of actual results. Subject to any continuing obligations under applicable law or any relevant stock exchange rules, Carnival

Corporation and Carnival plc expressly disclaim any obligation to disseminate, after the date of this presentation, any updates or revisions to any such forward-looking statements to reflect any change

in expectations or events, conditions or circumstances on which any such statements are based. This presentation is for distribution only to persons who (i) are outside the United Kingdom or (ii) have

professional experience in matters relating to investments or (iii) are persons falling within Article 49(2)(a) to (d) (“high net worth companies, unincorporated associations, etc”) of The Financial Services

and Markets Act 2000 (Financial Promotion) Order 2001 (as amended) (all such persons together being referred to as “relevant persons”). This presentation must not be acted on or relied on by

persons who are not relevant persons. Any investment or investment activity to which this presentation relates is available only to relevant persons and will be engaged in only with relevant persons.

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Thank You!