3rd Quarter Results

Carnival Corp & plc Third Quarter Results

Carnival Corporation & plc today reported its earnings for the third quarter
ended August 31, 2014. The results of Carnival Corporation and Carnival plc have
been consolidated and include results on a U.S. GAAP and non-U.S. GAAP basis.
  
3Q Highlights 
  * 3Q revenues were $4.9b, higher than $4.7b in the prior year  
  * 3Q net revenue yields increased 1.8% (constant dollars) compared to
    the prior year, which was better than June guidance, flat to down 1%
  * 3Q net cruise costs excluding fuel per available lower berth day
    (“ALBD”) increased 0.5% (constant dollars) compared to the prior year,
    which was better than June guidance, up 1 to 2%
  * 3Q fuel consumption per ALBD decreased over 3% compared to the prior year
  * 3Q non-GAAP (diluted) earnings per share of $1.58, compared to $1.38 for
    the prior year
  * 3Q U.S. GAAP (diluted) earnings per share of $1.60 included net unrealized
    gains on fuel derivatives of $15m

Outlook 
  * At this time, cumulative advance bookings for the first half of 2015 are
    ahead of the prior year at higher prices 
  * Net revenue yields are expected to be in line on a constant dollar basis
    for full year 2014 compared to the prior year, which was better than June
    guidance of down slightly
  * Net cruise costs excluding fuel per ALBD are expected to be slightly higher
    for full year 2014 compared to the prior year (constant dollars)
  * Full year 2014 non-GAAP earnings per share (diluted) are expected to be in
    the range of $1.84 to $1.88, compared to $1.58 for 2013, better than June
    guidance of $1.60 to $1.75 
  * 4Q 2014 non-GAAP earnings per share (diluted) are expected to be in the range
    of $0.15 to $0.19, compared to $0.04 in 4Q 2013 
  * For the full year 2015, the company expects continued yield growth, higher net
    cruise costs excluding fuel due primarily to a significantly higher level of
    dry-dock days and higher fuel costs as a result of stricter air emission standards

President and Chief Executive Officer Arnold Donald commenting on these results:

“Strong close-in demand and higher onboard spending helped drive significantly better
than expected third quarter results and 15 percent year-over-year earnings improvement.
Our Asia operations performed particularly well during the quarter, driven by a
double-digit yield increase in our China program, further solidifying our industry leading
presence in this important emerging cruise market.  Our continental European operations
also enjoyed strong yield and profit improvement in the quarter, reflecting continued
progress for the Costa brand. In addition, our summer Caribbean product successfully
attracted nearly 20 percent more guests than the prior year, reinforcing the popularity
of the world’s largest cruising region.”

“The sustained improvement in booking trends as we have progressed through the year
combined with yield increases in the second half of 2014 builds confidence that we
will see continued yield growth in 2015 and beyond.”

“Our implementation of the air emissions technology is a sound investment in our company’s
future and more importantly it will benefit the environment for years to come. These
technology investments are laying a solid foundation towards sustainable earnings improvement.
Combined with our other strategic initiatives designed to foster revenue growth and contain
costs, we are gaining momentum towards our goal of achieving double digit returns on 
investment over time.”

MEDIA CONTACT           INVESTOR RELATIONS CONTACT
Roger Frizzell          Beth Roberts
001 305 406 7862        001 305 406 4832

Conference call
The company has scheduled a conference call with analysts at 3:00 p.m. BST (10:00 a.m. EDT)
today to discuss its 2014 third quarter results.  This call can be listened to live, and
additional information can be obtained, via Carnival Corporation & plc’s Web site
at www.carnivalcorp.com and www.carnivalplc.com.  

Carnival Corporation & plc
Carnival Corporation & plc is the largest cruise company in the world, with a portfolio of
cruise brands in North America, Europe, Australia and Asia, comprised of Carnival Cruise
Lines, Holland America Line, Princess Cruises, Seabourn, AIDA Cruises, Costa Cruises, Cunard,
Ibero Cruises, P&O Cruises (Australia) and P&O Cruises (UK).

Together, these brands operate 101 ships totaling 212,000 lower berths with eight new ships
scheduled to be delivered between 2014 and 2017. Carnival Corporation & plc also operates
Holland America Princess Alaska Tours, the leading tour companies in Alaska and the Canadian
Yukon. Traded on both the New York and London Stock Exchanges, Carnival Corporation & plc
is the only group in the world to be included in both the S&P 500 and the FTSE 100 indices.
Additional information can be found on www.carnival.com, www.hollandamerica.com,
www.princess.com, www.seabourn.com, www.aida.de, www.costacruise.com, www.cunard.com,
www.iberocruceros.com, www.pocruises.com.au and www.pocruises.com.  

Carnival Corporation & plc Reports Third Quarter Earnings

MIAMI, Sept. 23, 2014 -- Carnival Corporation & plc (NYSE/LSE:
CCL; NYSE: CUK) announced non-GAAP net income of $1.2 billion, or $1.58 diluted
EPS for the third quarter of 2014 compared to non-GAAP net income for the third
quarter of 2013 of $1.1 billion, or $1.38 diluted EPS. For the third quarter of
2014, U.S. GAAP net income, which included net unrealized gains on fuel
derivatives of $15 million, was $1.2 billion, or $1.60 diluted EPS. For the
third quarter of 2013, U.S. GAAP net income, which included impairments net of
unrealized gains on fuel derivatives of $139 million, was $934 million, or
$1.20 diluted EPS. Revenues for the third quarter of 2014 were $4.9 billion,
compared with $4.7 billion the prior year.

Carnival Corporation & plc President and Chief Executive Officer Arnold Donald
noted, "Strong close-in demand and higher onboard spending helped drive
significantly better than expected third quarter results and 15 percent
year-over-year earnings improvement. Our Asia operations performed particularly
well during the quarter, driven by a double-digit yield increase in our China
program, further solidifying our industry leading presence in this important
emerging cruise market. Our continental European operations also enjoyed strong
yield and profit improvement in the quarter, reflecting continued progress for
the Costa brand. In addition, our summer Caribbean product successfully
attracted nearly 20 percent more guests than the prior year, reinforcing the
popularity of the world's largest cruising region," Donald added.

Key metrics for the third quarter 2014 compared to the prior year were as
follows:

  * On a constant dollar basis, net revenue yields (net revenue per available
    lower berth day or "ALBD") increased 1.8 percent for 3Q 2014, better than
    June guidance of flat to down 1 percent. Gross revenue yields increased 2.5
    percent in current dollars.
  * Net cruise costs excluding fuel per ALBD increased 0.5 percent in constant
    dollars, better than June guidance of up 1 to 2 percent due to the timing
    of certain expenses. Gross cruise costs including fuel per ALBD in current
    dollars decreased 5.8 percent.
  * Fuel prices declined 3.5 percent to $650 per metric ton for 3Q 2014 from
    $674 per metric ton in 3Q 2013 and were less than June guidance of $673 per
    metric ton.
  * Fuel consumption per ALBD decreased over 3 percent in 3Q 2014 compared to
    the prior year.

During the third quarter, YouGov's BrandIndex ranked Carnival Cruise Lines the
most-improved U.S. brand in consumer perception in its mid-year 2014 Buzz
Rankings Report. A number of initiatives introduced by Carnival Cruise Lines,
such as the Great Vacation Guarantee, Carnival LIVE Concert Series, Camp Ocean
and Seuss at Sea, appear to be resonating with consumers. In addition, Princess
Cruises recently announced an agreement with Italian shipbuilder Fincantieri to
construct a new 3,600-berth vessel, which will enter service in 2017 based on
the highly popular design platform introduced by sister ships Royal Princess
and Regal Princess. In keeping with the company's strategy for measured
capacity growth, this is the only newbuild scheduled to be delivered in 2017.

In June, Seabourn signed a multi-year agreement with UNESCO (United Nations
Educational Scientific and Cultural Organization) to support the organization's
mission of safeguarding unique cultural and natural features around the world.
That announcement came on the heels of a five year agreement to support The
Nature Conservancy's global marine protection priorities. These programs,
combined with the company's commitment to install exhaust gas cleaning
technology on more than 70 ships, are among many initiatives underway to
support the preservation of marine, environmental and cultural resources around
the globe.

Outlook
Based on the strength of third quarter net revenue yields and current booking
trends, the company has increased its expectations for full year 2014 net
revenue yields on a constant dollar basis to be in line with the prior year,
from its previous guidance of down slightly. Excluding fuel, the company
expects full year net cruise costs per ALBD to be slightly higher compared to
the prior year on a constant dollar basis. Taking the above factors into
consideration, the company has increased its forecast for full year 2014
non-GAAP diluted earnings per share to be in the range of $1.84 to $1.88,
better than both June guidance of $1.60 to $1.75 and 2013 non-GAAP diluted
earnings per share of $1.58.

At this time, cumulative advance bookings for the first half of 2015 are ahead
of the prior year at higher prices. Over the last quarter, fleetwide booking
volumes for the first half of 2015 have been running ahead of the prior year at
higher prices.

"The sustained improvement in booking trends as we have progressed through the
year combined with yield increases in the second half of 2014 builds confidence
that we will see continued yield growth in 2015 and beyond," said Donald. He
also noted that new product initiatives and innovative marketing campaigns
implemented across the brands over the past year are driving the improvement in
consumer demand and pricing trends.

For fiscal 2015, net cruise costs excluding fuel per ALBD are expected to
increase approximately three percent due primarily to a significantly higher
level of dry-dock days scheduled next year to install new air emissions
technology as well as other technology designed to improve fuel efficiency. The
company expects the exhaust gas cleaning system or scrubber technology will be
installed on approximately 70 percent of its fleet by 2016, thus enabling the
company to meet the 2015 stricter air emissions standards as well as mitigate
escalating fuel costs that will result from the new requirements. The company
anticipates the new regulations will result in higher fuel costs in 2015 of
approximately $0.10 per share with that increase expected to be reduced by half
in 2016 and mostly offset in 2017 based on the system roll-out. Also, in 2016,
the company will revert back to a more normalized dry-dock schedule, which will
offset approximately half of the increase in 2015 net cruise costs excluding
fuel.

"Our implementation of the air emissions technology is a sound investment in
our company's future and more importantly it will benefit the environment for
years to come," said Donald. "These technology investments are laying a solid
foundation towards sustainable earnings improvement. Combined with our other
strategic initiatives designed to foster revenue growth and contain costs, we
are gaining momentum towards our goal of achieving double digit returns on
investment over time," Donald added.

Fourth Quarter 2014 Outlook
Fourth quarter constant dollar net revenue yields are expected to be up 1.5 to
2.5 percent compared to the prior year. Net cruise costs excluding fuel per
ALBD for the fourth quarter are expected to be lower by 1.0 to 2.0 percent on a
constant dollar basis compared to the prior year.

Based on the above factors, the company expects non-GAAP diluted earnings for
the fourth quarter 2014 to be in the range of $0.15 to $0.19 per share versus
2013 non-GAAP earnings of $0.04 per share.

Selected Key Forecast Metrics

                                                  Fourth Quarter 2014
                                           Current              Constant       
Year over year change:                     Dollars              Dollars        
                                                                               
Net revenue yields                           0.5 to 1.5 %         1.5 to 2.5 % 
Net cruise costs excl. fuel /ALBD           (2.0) to (3.0)%     (1.0) to (2.0)%
                                                                               
                                            Full Year 2014  Fourth Quarter 2014
Fuel price per metric ton                   $ 650           $ 635              
Fuel consumption (metric tons in            3,200           800                
thousands)                                                                     
Currency:   Euro                            $1.35 to €1     $1.30 to €1        
            Sterling                        $1.66 to £1     $1.63 to £1        
                                                                               

Conference Call
The company has scheduled a conference call with analysts at 10:00 a.m. EDT (3:
00 p.m. BST) today to discuss its 2014 third quarter results. This call can be
listened to live, and additional information can be obtained, via Carnival
Corporation & plc's Web site at http://www.carnivalcorp.com/ and http://
www.carnivalplc.com/.

Carnival Corporation & plc is the largest cruise company in the world, with a
portfolio of cruise brands in North America, Europe, Australia and Asia,
comprised of Carnival Cruise Lines, Holland America Line, Princess Cruises,
Seabourn, AIDA Cruises, Costa Cruises, Cunard, Ibero Cruises, P&O Cruises
(Australia) and P&O Cruises (UK).

Together, these brands operate 101 ships totaling 212,000 lower berths with
eight new ships scheduled to be delivered between 2014 and 2017. Carnival
Corporation & plc also operates Holland America Princess Alaska Tours, the
leading tour companies in Alaska and the Canadian Yukon. Traded on both the New
York and London Stock Exchanges, Carnival Corporation & plc is the only group
in the world to be included in both the S&P 500 and the FTSE 100 indices.
Additional information can be found on http://www.carnival.com/, http://
www.hollandamerica.com/, http://www.princess.com/, http://www.seabourn.com/, 
http://www.aida.de/, http://www.costacruise.com/, http://www.cunard.com/, http:
//www.iberocruceros.com/, http://www.pocruises.com.au/ and http://
www.pocruises.com/.

Cautionary Note Concerning Factors That May Affect Future Results

Carnival Corporation and Carnival plc and their respective subsidiaries are
referred to collectively in this release as "Carnival Corporation & plc,"
"our," "us" and "we." Some of the statements, estimates or projections
contained in this release are "forward-looking statements" that involve risks,
uncertainties and assumptions with respect to us, 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. All statements other than
statements of historical facts are statements that could be deemed
forward-looking. These statements are based on current expectations, estimates,
forecasts and projections about our business and the industry in which we
operate and the beliefs and assumptions of our management. We have tried,
whenever possible, to identify these statements by using words like "will,"
"may," "could," "should," "would," "believe," "depends," "expect," "goal,"
"anticipate," "forecast," "project," "future," "intend," "plan," "estimate,"
"target," "indicate" and similar expressions of future intent or the negative
of such terms.

Forward-looking statements include those statements that may impact, among
other things, the forecasting of our non-GAAP earnings per share; net revenue
yields; booking levels; pricing; occupancy; operating, financing and tax costs,
including fuel expenses; net cruise costs per available lower berth day;
estimates of ship depreciable lives and residual values; liquidity; goodwill,
ship and trademark fair values and outlook. Because forward-looking statements
involve risks and uncertainties, there are many factors that could cause our
actual results, performance or achievements to differ materially from those
expressed or implied in this release. These factors include, but are not
limited to, the following:

  * general economic and business conditions;
  * increases in fuel prices;
  * incidents, the spread of contagious diseases and threats thereof, adverse
    weather conditions or other natural disasters and other incidents affecting
    the health, safety, security and satisfaction of guests and crew;
  * 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;
  * negative publicity concerning the cruise industry in general or us in
    particular, including any adverse environmental impacts of cruising;
  * litigation, enforcement actions, fines or penalties;
  * economic, market and political factors that are beyond our control, which
    could increase our operating, financing and other costs;
  * 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 we operate;
  * our inability to implement our shipbuilding programs and ship repairs,
    maintenance and refurbishments on terms that are favorable or consistent
    with our expectations;
  * increases to our repairs and maintenance expenses and refurbishment costs
    as our fleet ages;
  * lack of continuing availability of attractive, convenient and safe port
    destinations on terms that are favorable or consistent with our
    expectations;
  * continuing financial viability of our travel agent distribution system, air
    service providers and other key vendors in our supply chain and reductions
    in the availability of, and increases in the prices for, the services and
    products provided by these vendors;
  * disruptions and other damages to our information technology and other
    networks and operations, and breaches in data security;
  * failure to keep pace with developments in technology;
  * competition from and overcapacity in the cruise ship and land-based
    vacation industry;
  * loss of key personnel or our ability to recruit or retain qualified
    personnel;
  * union disputes and other employee relation issues;
  * disruptions in the global financial markets or other events that may
    negatively affect the ability of our counterparties and others to perform
    their obligations to us;
  * the continued strength of our cruise brands and our ability to implement
    our brand strategies;
  * additional risks to our international operations not generally applicable
    to our U.S. operations;
  * geographic regions in which we try to expand our business may be slow to
    develop and ultimately not develop how we expect;
  * our decisions to self-insure against various risks or our inability to
    obtain insurance for certain risks at reasonable rates;
  * fluctuations in foreign currency exchange rates;
  * whether our future operating cash flow will be sufficient to fund future
    obligations and whether we will be able to obtain financing, if necessary,
    in sufficient amounts and on terms that are favorable or consistent with
    our expectations;
  * risks associated with the dual listed company arrangement and
  * uncertainties of a foreign legal system as Carnival Corporation and
    Carnival plc are not U.S. corporations.

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, we expressly disclaim any obligation to
disseminate, after the date of this release, 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.

                                         CARNIVAL CORPORATION & PLC
                                   CONSOLIDATED STATEMENTS OF INCOME
                                             (UNAUDITED)
                                  (in millions, except per share data)

                             Three Months Ended                           Nine Months Ended
                                   August 31,                                  August 31,
                             2014                2013                2014                  2013

Revenues
 Cruise
  Passenger tickets        $   3,719           $   3,598         $   9,144             $   8,951
  Onboard and other            1,084                 987             2,839                 2,670
 Tour and other                  144                 141               182                   177
                               4,947               4,726            12,165                11,798
Operating Costs and Expenses
 Cruise
  Commissions,
  transportation and
  other                          638                 654             1,779                 1,777
  Onboard and other              165                 144               392                   385
  Fuel                           518                 544             1,569                 1,659
  Payroll and related            485                 464             1,450                 1,378
  Food                           265                 259               761                   740
  Other ship operating           599                 769             1,825                 1,951
 Tour and other                   84                  83               130                   113
                               2,754               2,917             7,906                 8,003
 Selling and administrative      481                 439             1,507                 1,347
 Depreciation and amortization   414                 406             1,227                 1,186
 Ibero trademark impairment
 charges                           -                  13                 -                    13
                               3,649               3,775            10,640                10,549
Operating Income               1,298                 951             1,525                 1,249

Nonoperating (Expense) Income
 Interest income                   2                   2                 6                     7
 Interest expense, net of
 capitalized interest            (69)                (76)             (213)                 (237)
 Gains on fuel derivatives,
 net                              15                  64                10                     5
 Other income (expense), net       1                  (6)               12                    (9)

                                 (51)                (16)             (185)                 (234)

Income Before Income Taxes     1,247                 935             1,340                 1,015

Income Tax Expense, Net            -                  (1)               (2)                   (3)

Net Income                 $   1,247           $      934        $   1,338             $   1,012

Earnings Per Share
 Basic                     $    1.61           $     1.20        $    1.72            $     1.31
 Diluted                   $    1.60           $     1.20        $    1.72            $     1.30

Non-GAAP Earnings Per
Share-Diluted (a)          $    1.58           $     1.38        $     1.69           $     1.54

Dividends Declared
Per Share                  $    0.25           $     0.25        $     0.75           $     0.75

Weighted-Average Shares
Outstanding - Basic              776                  775               776                  775
Weighted-Average Shares
Outstanding - Diluted            778                  777               778                  777

(a) See the U.S. GAAP net income to non-GAAP net income reconciliation in the Non-GAAP Financial
    Measures included herein.

                                        CARNIVAL CORPORATION & PLC
                                        CONSOLIDATED BALANCE SHEETS
                                                (UNAUDITED)
                                       (in millions, except par values)

                                         August 31,                November 30,
                                           2014                        2013

ASSETS
Current Assets
    Cash and cash equivalents             $  436                      $ 462
    Trade and other receivables, net         355                        405
    Insurance recoverables                   123                        381
    Inventories                              358                        374
    Prepaid expenses and other               330                        315
        Total current assets               1,602                      1,937

Property and Equipment, Net               33,073                     32,905

Goodwill                                   3,199                      3,210

Other Intangibles                          1,292                      1,292

Other Assets                                 831                        760

                                        $ 39,997                   $ 40,104

LIABILITIES AND SHAREHOLDERS' EQUITY

Current Liabilities
    Short-term borrowings               $    146                   $     60
    Current portion of long-term debt      1,754                      1,408
    Accounts payable                         610                        639
    Claims reserve                           225                        456
    Accrued liabilities and other          1,191                      1,126
    Customer deposits                      3,130                      3,031
                Total current liabilities  7,056                      6,720

Long-Term Debt                             6,967                      8,092

Other Long-Term Liabilities                  817                        736

Shareholders' Equity
    Common stock of Carnival
    Corporation, $0.01 par value;
    1,960 shares authorized;
    652 shares at 2014 and
    651 shares at 2013 issued                  7                          7
    Ordinary shares of Carnival plc,
    $1.66 par value; 216 shares at 2014
    and 2013 issued                          358                        358
    Additional paid-in capital             8,369                      8,325
    Retained earnings                     19,538                     18,782
    Accumulated other comprehensive
    (loss) income                            (28)                       161
    Treasury stock, 59 shares at 2014
    and 2013 of Carnival Corporation
    and 32 shares at 2014 and 2013 of
    Carnival plc, at cost                 (3,087)                    (3,077)
             Total shareholders' equity   25,157                     24,556
                                        $ 39,997                   $ 40,104

                                            CARNIVAL CORPORATION & PLC
                                                OTHER INFORMATION

                                                      Three Months Ended            Nine Months Ended
                                                           August 31,                   August 31,
                                                      2014             2013          2014        2013            
STATISTICAL INFORMATION
   ALBDs (in thousands) (a)                          19,671           19,248        56,830       55,220         
   Occupancy percentage (b)                           109.1%           110.7%        104.8%       106.1%         
   Passengers carried (in thousands)                  2,983            2,881         7,943        7,550          
   Fuel consumption in metric tons (in thousands)       797              807         2,400        2,447          
   Fuel consumption in metric tons per ALBD           0.041            0.042         0.042        0.044          
   Fuel cost per metric ton consumed                $   650           $  674       $   654     $    678    
   Currencies                                                                                                 
           U.S. dollar to €1                        $  1.35           $  1.32      $  1.36     $   1.32    
           U.S. dollar to £1                        $  1.69           $  1.54      $  1.67     $   1.55    
           U.S. dollar to Australian dollar         $  0.94           $  0.92      $  0.92     $   1.00    
                                                                                                              
CASH FLOW INFORMATION
   Cash from operations                             $ 1,120           $   803      $ 2,793     $  2,359    
   Capital expenditures                             $   348           $   364      $ 1,677     $  1,812    
   Dividends paid                                   $   194           $   193      $   582     $    970   

(a) ALBDs is a standard measure of passenger capacity for the period, which we
    use to perform rate and capacity variance analyses to determine the main
    non-capacity driven factors that cause our cruise revenues and expenses to
    vary. ALBDs assume that each cabin we offer for sale accommodates two
    passengers and is computed by multiplying passenger capacity by
    revenue-producing ship operating days in the period. 

(b) In accordance with cruise industry practice, occupancy is calculated using
    a denominator of ALBDs, which assumes two passengers per cabin even though
    some cabins can accommodate three or more passengers. Percentages in excess
    of 100% indicate that on average more than two passengers occupied some
    cabins.

                          CARNIVAL CORPORATION & PLC
                          NON-GAAP FINANCIAL MEASURES

Consolidated gross and net revenue yields were computed by dividing the gross
and net cruise revenues by ALBDs as follows (dollars in millions,
except yields) (a)(b):

                       Three Months Ended August 31,             Nine Months Ended August 31,
                                 2014                                       2014
                               Constant                                   Constant
                      2014        Dollar       2013           2014          Dollar        2013
Passenger ticket
revenues             $ 3,719    $ 3,659      $ 3,598         $ 9,144      $ 8,992       $ 8,951
Onboard and other
revenues               1,084      1,072          987           2,839        2,812         2,670         
Gross cruise revenues  4,803      4,731        4,585          11,983       11,804        11,621        

Less cruise costs 
   Commissions,
   transportation
   and other            (638)      (628)        (654)         (1,779)      (1,745)       (1,777)
   Onboard and other    (165)      (163)        (144)           (392)        (388)         (385)
                        (803)      (791)        (798)         (2,171)      (2,133)       (2,162)
Net passenger ticket
revenues               3,081      3,031        2,944           7,365        7,247         7,174         

Net onboard and
other revenues           919        909          843           2,447        2,424         2,285         

Net cruise
revenues             $ 4,000    $ 3,940      $ 3,787         $ 9,812      $ 9,671       $ 9,459

ALBDs             19,671,265 19,671,265   19,248,129      56,829,605   56,829,605    55,220,366    

Gross revenue
yields             $  244.14  $  240.52   $   238.20       $  210.85    $  207.70     $  210.44
% increase
(decrease) vs.
2013                     2.5%       1.0%                         0.2%        (1.3)%

Net revenue
yields              $  203.35  $  200.30   $   196.79       $  172.65    $  170.17     $  171.28
% increase
(decrease) vs.
2013                      3.3%       1.8%                         0.8%        (0.6)%                      

Net passenger
ticket revenue
yields              $  156.62  $  154.08   $   152.96       $  129.6     $  127.53     $  129.91
% increase
(decrease) vs.
2013                      2.4%       0.7%                       (0.2)%        (1.8)%

Net onboard
and other
revenue yields      $   46.74  $   46.23   $    43.83       $  43.05     $   42.65     $   41.37
% increase vs. 
2013                      6.6%       5.5%                        4.1%          3.1%                        

Consolidated gross and net cruise costs and net cruise costs excluding fuel per
ALBD were computed by dividing the gross and net cruise costs and net cruise 
costs excluding fuel by ALBDs as follows (dollars in millions, except costs per 
ALBD) (a)(b):

                             Three Months Ended August 31,          Nine Months Ended August 31,
                                    2014                                       2014
                                  Constant                                   Constant
                           2014    Dollar     2013                 2014       Dollar     2013
Cruise operating
expenses                $  2,670  $ 2,637    $  2,834            $ 7,776    $  7,681  $  7,890
Cruise selling
and administrative
expenses                     479      473         436              1,501       1,481      1,341
Gross cruise costs         3,149    3,110       3,270              9,277       9,162      9,231
Less cruise costs
included above
      Commissions,
      transportation
      and other             (638)    (628)       (654)            (1,779)     (1,745)    (1,777)
      Onboard and other     (165)    (163)       (144)              (392)       (388)      (385)
      (Losses) gains on
      ship sales and ship
          impairments, net     -     (176)         15                 14        (178)         -
Net cruise costs           2,346    2,319       2,296              7,121       7,043      6,891
Less fuel                   (518)    (518)       (544)            (1,569)     (1,569)    (1,659)
Net cruise costs
excluding fuel          $  1,828 $  1,801     $ 1,752            $ 5,552    $  5,474    $ 5,232

ALBDs                 19,671,265  19,671,265  19,248,129      56,829,605  56,829,605 55,220,366

Gross cruise
costs per ALBD          $ 160.11 $  158.08    $ 169.89          $ 163.24    $ 161.21   $ 167.17
% decrease vs. 2013         (5.8)%    (7.0)%                        (2.4)%      (3.6)%

Net cruise costs
per ALBD                $ 119.32 $ 117.86     $ 119.34          $ 125.29    $ 123.93   $ 124.79
% (decrease)
increase vs.
2013                         0.0%    (1.2)%                          0.4%       (0.7)%                   

Net cruise costs
excluding fuel per
ALBD                     $ 92.97  $ 91.51      $ 91.09           $ 97.69    $  96.32   $  94.76
 
% increase vs. 2013          2.1%     0.5%                           3.1%        1.6%                     

(See next page for Notes to Non-GAAP Financial Measures.)

                                 CARNIVAL CORPORATION & PLC
                        NON-GAAP FINANCIAL MEASURES  (CONTINUED)

Non-GAAP fully diluted earnings per share was computed as follows
(in millions, except per share data (b):

                                                              Three Months Ended           Nine Months Ended
                                                                   August 31,                   August  31,
                                                             2014             2013        2014          2013            
Net income - diluted
    U.S. GAAP net income                               $    1,247        $    934      $  1,338      $ 1,012      
    Losses (gains) on ship sales and ship
    impairments, net (c)                                        -             176           (15)         163
    Trademark and other impairment charges (d)                  -              27             -           27
    Unrealized gains on fuel derivatives, net (e)             (15)            (64)           (8)          (5)          
    Non-GAAP net income                                  $  1,232         $ 1,073       $ 1,315      $ 1,197      

Weighted-average shares outstanding - diluted                 778             777           778          777

Earnings per share - diluted
    U.S. GAAP earnings per share                         $   1.60        $   1.20      $   1.72      $   1.30 
    Losses (gains) on ship sales and ship
    impairments, net (c)                                        -            0.23         (0.02)         0.21         
    Trademark and other impairment charges (d)                  -            0.03             -          0.03         
    Unrealized gains on fuel derivatives, net (e)           (0.02)          (0.08)        (0.01)            -
    Non-GAAP earnings per share                          $   1.58        $   1.38      $   1.69      $   1.54     

Notes to Non-GAAP Financial Measures

(a) We use net cruise revenues per ALBD ("net revenue yields"), net cruise     
    costs per ALBD and net cruise costs excluding fuel per ALBD as significant 
    non-GAAP financial measures of our cruise segments' financial performance. 
    These measures enable us to separate the impact of predictable capacity    
    changes from the more unpredictable rate changes that affect our business  
    and gains and losses on ship sales and ship impairments, net that are not  
    part of our core operating business. We believe these non-GAAP measures    
    provide useful information to investors and expanded insight to measure our
    revenue and cost performance as a supplement to our U.S. generally accepted
    accounting principles ("U.S. GAAP") consolidated financial statements.     
    
    Net revenue yields are commonly used in the cruise industry to measure a   
    company's cruise segment revenue performance and for revenue management    
    purposes.  We use "net cruise revenues" rather than "gross cruise revenues"
    to calculate net revenue yields.  We believe that net cruise revenues is a 
    more meaningful measure in determining revenue yield than gross cruise     
    revenues because it reflects the cruise revenues earned net of our most    
    significant variable costs, which are travel agent commissions, cost of air
    and other transportation, certain other costs that are directly associated 
    with onboard and other revenues and credit card fees.  Substantially all of
    our remaining cruise costs are largely fixed, except for the impact of     
    changing prices and food expenses, once our ship capacity levels have been 
    determined.                                                                

    Net passenger ticket revenues reflect gross passenger ticket revenues, net 
    of commissions, transportation and other costs.  Net onboard and other
    revenues reflect gross onboard and other revenues, net of onboard and other
    cruise costs.  Net passenger ticket revenue yields and net onboard and
    other revenue yields are computed by dividing net passenger ticket revenues
    and net onboard and other revenues by ALBDs.

    Net cruise costs per ALBD and net cruise costs excluding fuel per ALBD are 
    the most significant measures we use to monitor our ability to control our 
    cruise segments' costs rather than gross cruise costs per ALBD. We exclude 
    the same variable costs that are included in the calculation of net cruise 
    revenues to calculate net cruise costs with and without fuel to avoid      
    duplicating these variable costs in our non-GAAP financial measures. In    
    addition, we exclude gains and losses on ship sales and ship impairments,  
    net from our calculation of net cruise costs with and without fuel as they 
    are not considered part of our core operating business.                    

    We have not provided estimates of future gross revenue yields or future    
    gross cruise costs per ALBD because the quantitative reconciliations of    
    forecasted gross cruise revenues to forecasted net cruise revenues or      
    forecasted gross cruise costs to forecasted net cruise costs would include 
    a significant amount of uncertainty in projecting the costs deducted to    
    arrive at these measures.  As such, management does not believe that this  
    reconciling information would be meaningful.                               
                                                                               
                         CARNIVAL CORPORATION & PLC
                    NON-GAAP FINANCIAL MEASURES (CONTINUED)

    In addition, because our Europe, Australia & Asia ("EAA") cruise brands
    utilize the euro, sterling and Australian dollar to measure their results
    and financial condition, the translation of those operations to our U.S.
    dollar reporting currency results in decreases in reported U.S. dollar
    revenues and expenses if the U.S. dollar strengthens against these foreign
    currencies and increases in reported U.S. dollar revenues and expenses if
    the U.S. dollar weakens against these foreign currencies. Accordingly, we 
    also monitor and report these non-GAAP financial measures assuming the 2014
    periods currency exchange rates have remained constant with the 2013 period
    rates, or on a "constant dollar basis," in order to remove the impact of
    changes in exchange rates on the translation of our EAA brands. We believe 
    that this is a useful measure since it facilitates a comparative view of
    the changes in our business in a fluctuating currency exchange rate 
    environment.

(b) Our consolidated financial statements are prepared in accordance with U.S. 
    GAAP.  The presentation of our non-GAAP financial information is not 
    intended to be considered in isolation from, as a substitute for, or 
    superior to the financial information prepared in accordance with U.S.
    GAAP.  There are no specific rules for determining our non-GAAP current and
    constant dollar financial measures and, accordingly, they are susceptible
    to varying calculations, and it is possible that they may not be exactly
    comparable to the like-kind information presented by other companies, which
    is a potential risk associated with using these measures to compare us to 
    other companies.

(c) We believe that the gains and losses on ship sales and ship impairments,
    net recognized in the three and nine months ended August 31, 2014 and 2013
    are not part of our core operating business and, therefore, are not an
    indication of our future earnings performance. As such, we believe it is 
    more meaningful for gains and losses on ship sales and ship impairments,
    net to be excluded from our net income and earnings per share and,
    accordingly, we present non-GAAP net income and non-GAAP earnings per share
    excluding these items.
                                                     
(d) We believe that the trademark and other impairment charges recognized in
    the three and nine months ended August 31, 2013 are special charges and,
    therefore, are also not an indication of our future earnings performance.
    As such, we also believe it is more meaningful for these impairment charges
    to be excluded from our net income and earnings per share and, accordingly,
    we present non-GAAP net income and non-GAAP earnings per share excluding
    these impairment charges.

(e) Under U.S. GAAP, the realized and unrealized gains and losses on fuel
    derivatives not qualifying as fuel hedges are recognized currently in
    earnings.  We believe that unrealized gains and losses on fuel derivatives
    are not an indication of our earnings performance since they relate to
    future periods and may not ultimately be realized in our future earnings.
    Therefore, we believe it is more meaningful for the unrealized gains and
    losses on fuel derivatives to be excluded from our net income and earnings
    per share and, accordingly, we present non-GAAP net income and non-GAAP
    earnings per share excluding these unrealized gains and losses.

    We have not included in our earnings guidance the impact of unrealized
    gains and losses on fuel derivatives because these unrealized amounts
    involve a significant amount of uncertainty, and we do not believe they are
    an indication of our future earnings performance.  Accordingly, our        
    earnings guidance is presented on a non-GAAP basis only.  As a result, we  
    did not present a reconciliation between forecasted non-GAAP diluted       
    earnings per share guidance and forecasted U.S. GAAP diluted earnings per  
    share guidance, since we do not believe that the reconciliation information
    would be meaningful.  However, we do forecast gains and losses on fuel     
    derivatives by applying Brent crude oil prices to the derivatives that     
    settle in the forecast period.                                             
                                                                               
CONTACT: MEDIA CONTACT: Roger Frizzell, 1 305 406 7862; INVESTOR RELATIONS
CONTACT: Beth Roberts, 1 305 406 4832