1. Cruise Canada New England Symposium Mega Trends June 15,2011

3. 6 Countries (8 Operating Headquarters)

4. United States (Miami, Santa Clarita, Seattle)

5. UK, Italy, Germany, Spain and Australia

6. Shipboard employees 75,000

7. Shoreside employees 14,000

8. Ships 100

9. Lower berths 197,000

10. Passengers carried (2010) 9.1m 2

12. Net Income $ 2.0b

13. Cash from Operations $ 3.8b

14. Conservative capital structure (30% Debt to Capital)

15. Highest Credit Rating in Leisure (A3/BBB+)3

16. Multi Brand Strategy Achieves Greater Penetration 2010 Share of Guests Sourced United States Rest of World RCL 26% CCL 51% CCL 48% RCL 22% NCL 13% MSC 15% Other 10% Other 15% 4 Source: Carnival Corporation & plc estimates

17. 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. 5

18. SignificantGlobalExpansionOpportunity London – 112k Amsterdam - 29k Toronto – 37k Paris – 78K Berlin – 108k New York – 73k Rome – 44k Madrid – 59k Las Vegas – 132k L.A. – 136k Tokyo – 87k Orlando – 120k Hong Kong – 62k Cancun – 21k New Dehli – 28k Rio – 42k Buenos Aires – 27K Worldwide Hotel Rooms 18.8M Worldwide Cruise Cabins 0.2M 6 Source: MKG 2009 report and Carnival Corporation & plc estimates as of November 2010

19. Disney Resort $1,300 “FunShip” Vacation $900 Overseas Leisure $2,900 Las Vegas Resort $1,100 7 Source: ITA, various visitors bureaus & CCL estimates Cruising’s Value Proposition

20. Slowing Industry Supply Growth 7% 5% 5% 4% 2% 7 8 10 4 3 Industry Ships 6 4 3 Carnival Ships 2 1 8 Source: Carnival Corporation & plc estimates

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

23. Destination Offerings- Shore Excursions, Guest Experience

24. Onboard Revenue Potential, Port Leisure Activities, Shopping

25. Port Infrastructure- Berthing alongside, transportation hub

26. Logistics set for what class of ships?

27. Safety (“Perceived”) of Passengers and Crew

28. Proximity to Other Ports of Call

29. Personnel (Often unspoken but highly critical)9

31. 7 Brands Calling

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

33. 18 Different Ships – Queen Mary 2 to Seabourn Spirit

34. 630,000 Passengers 10

36. Brooklyn was developed with the EDC

37. Not an easy sell initially!

38. Variety of Deployments

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

40. Bermuda

41. Caribbean

42. Transatlantic

43. Bahamas

44. Multi-Overnight Stays

45. Year-round (CCL just announced!)

46. Cruises to Nowhere11

48. Cities embracing cruise tourism

49. Saint Lawrence region (CSLA), Portland, Maine

50. Direct marketing efforts (NE/CA Symposium)

51. Source Market Potential

52. Repeat and First Time Cruises

53. Carnival - Boston 2012

54. Highly Rated Shore Excursion and Recreational Options

55. Excellent relations with tour operators

56. New and unique tours are continuously offered12

58. Bermuda

59. One port destination

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

61. Air cost and complexity present obstacles for demand

62. Port of Call Options still limited

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

64. Weather dependent and Seasonality 13

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

67. NE/CA itineraries require extended times within ECA zone

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

69. Availability of Low Sulfur Fuel 14

71. fluctuations in foreign currency exchange rates;

72. 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;

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

76. 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;

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

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

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

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

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

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

85. union disputes and other employee relation issues;

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

87. 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. 15

88. Thank You!