Half-yearly Report

CARNIVAL CORPORATION & PLC REPORTS
                             SECOND QUARTER EARNINGS

    Carnival Corporation & plc today reports earnings for the
second quarter ended May 31, 2009. The earnings of Carnival Corporation and
Carnival plc have been consolidated, and this statement includes consolidated
results on a U.S. GAAP basis.

Q2 Highlights
    - Q2 revenues decreased by $430m to $2.9bn versus $3.4bn in the
      prior year, driven by lower cruise ticket prices and onboard spending
      and unfavorable currency exchange rates
    - Q2 net revenue yields in constant dollars decreased 9.8% compared
      to the prior year (down 16.8% in current dollars)
    - Fuel price decreased 43% to $304 per metric ton versus $530 per
      metric ton in the prior year
    - Q2 earnings per share (diluted) of $0.33 compared to $0.49 in the
      prior year

2009 Outlook
    - Since March, booking volumes for the second half of 2009 are
      running 26% ahead of the prior year but ticket prices are at
      substantially lower levels
    - The company continues to expect net revenue yields on a constant
      dollar basis for full year 2009 to decrease 10 to 12% (14 to 16% in
      current dollars)
    - Net cruise costs excluding fuel for the full year 2009 are
      expected to be in line with the prior year on a constant dollar basis
    - Full year 2009 earnings per share (diluted) expected to be in the
      range of $2.00 to $2.10 versus previous guidance range of $2.10 to $2.30
      due primarily to higher forecasted fuel prices
    - Q3 earnings per share (diluted) expected to be in the range of
      $1.15 to $1.19 versus $1.65 in Q3 2008

    Chairman and Chief Executive Officer Micky Arison commenting
on these results:

    "We were pleased with the quarterly operating results in light
of the current economic environment. During the quarter, our operating
companies remained focused on reducing costs which is expected to continue
through the remainder of the year."

    "During the quarter, we also made great strides on our
strategic initiatives to better position the company for the future."
Carnival continued to expand its global presence in the second quarter
through the deployment of a second vessel to its emerging brand in China, and
the successful delivery of three new vessels for its European brands.

    "Since the start of the year we have completed more than $2.8
billion in financing at very favorable rates, which clearly demonstrates our
ability to access capital in very difficult credit markets."

    "As we have progressed throughout the year, booking volumes
have continued to accelerate with less discounting, as consumers have come to
recognize the extraordinary value proposition our cruise vacations
represent."

    "Higher forecasted fuel prices and the impact of the CDC
travel advisory have reduced 2009 earnings by approximately $0.40 per share,
but the midpoint of our guidance was reduced by only $0.15 per share as a
result of strengthening yields in other deployments, favorable currency
movements and lower costs."

    MEDIA CONTACTS                   INVESTOR RELATIONS CONTACT
    US/UK                            US/UK
    Carnival Corporation & plc       Carnival Corporation & plc
    Tim Gallagher                    Beth Roberts
    001 305 599 2600, ext. 16000     001 305 406 4832

    Analyst 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 2009 second quarter
earnings. 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 vacation
group in the world, with a portfolio of cruise brands in North America,
Europe and Australia, comprised of Carnival Cruise Lines, Holland America
Line, Princess Cruises, The Yachts of Seabourn, AIDA Cruises, Costa Cruises,
Cunard Line, Ibero Cruises, Ocean Village, P&O Cruises and P&O Cruises
Australia.

    Together, these brands operate 91 ships totaling approximately
176,000 lower berths with 14 new ships scheduled to be delivered between now
and June 2012. Carnival Corporation & plc also operates Holland America Tours
and Princess 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.


                       CARNIVAL CORPORATION & PLC REPORTS
                             SECOND QUARTER EARNINGS

     MIAMI (June 18, 2009) - Carnival Corporation & plc (NYSE/LSE: CCL;
NYSE: CUK) reported net income of $264 million, or $0.33 diluted EPS, on
revenues of $2.9 billion for its second quarter ended May 31, 2009. Net
income for the second quarter of 2008 was $390 million, or $0.49 diluted EPS,
on revenues of $3.4 billion.

     Carnival Corporation & plc Chairman and CEO Micky Arison
indicated that operating results in the second quarter were better than the
company's March guidance due primarily to lower than expected net cruise
costs and better than expected pricing on close-in bookings. This was
partially offset by higher fuel prices and the impact from disruptions of its
Mexican cruises in response to the U.S. Centers for Disease Control (CDC)
recommendations against non-essential travel to Mexico which reduced second
quarter earnings by approximately $0.03 per share.

    Commenting on second quarter results, Arison said, "We were
pleased with the quarterly operating results in light of the current economic
environment. During the quarter, our operating companies remained focused on
reducing costs which is expected to continue through the remainder of the
year." A variety of energy conservation programs resulted in a six percent
reduction in fuel consumption during the quarter which helped to mitigate
some of the recent fuel price increases.

    Key metrics for the second quarter of 2009 compared to the
prior year were as follows:

    - On a constant dollar basis net revenue yields (revenue per
      available lower berth day) decreased 9.8 percent for Q2 2009. Net
      revenue yields in current dollars decreased 16.8 percent due to
      unfavorable currency exchange rates. Gross revenue yields in current
      dollars decreased 17.3 percent.
    - Excluding fuel, net cruise costs per available lower berth
      day ("ALBD") for Q2 2009 was 1.0 percent higher on a constant dollar
      basis due to more vessels in dry-dock this quarter.
    - Including fuel, net cruise costs per ALBD decreased 9.6
      percent on a constant dollar basis (decreased 15.6 percent in current
      dollars). Gross cruise costs per ALBD decreased 16.5 percent in current
      dollars.
    - Fuel price decreased 43 percent to $304 per metric ton for
      Q2 2009 from $530 per metric ton in Q2 2008 and was above the March
      guidance of $285 per metric ton.

    "During the quarter, we also made great strides on our
strategic initiatives to better position the company for the future," Arison
said. Carnival continued to expand its global presence in the second quarter
through the deployment of a second vessel to its emerging brand in China, and
the successful delivery of three new vessels for its European brands - AIDA
Cruises' 2,050-passenger AIDAluna and Costa Cruises' 2,260-passenger Costa
Luminosa and 2,990-passenger Costa Pacifica.

    The company also entered into $1.7 billion of financing since
the first quarter, including a euro 550m loan from the European Investment
Bank (EIB), to help finance Costa's newbuilding program. This is the first
time the EIB has provided capital to the cruise sector.

    "Since the start of the year we have completed more than $2.8
billion in financing at very favorable rates, which clearly demonstrates our
ability to access capital in very difficult credit markets," Arison said.

    2009 Outlook
    Since March, booking volumes for the second half of 2009 are
running 26 percent ahead of the prior year. Although booking levels for the
remainder of the year are still behind, the higher booking volumes have
enabled the company to close the gap to approximately three percentage points
from last year's levels. However, ticket prices for these bookings are at
substantially lower levels.

     Arison noted, "As we have progressed throughout the year,
booking volumes have continued to accelerate with less discounting, as
consumers have come to recognize the extraordinary value proposition our
cruise vacations represent."

    The company continues to expect full year net revenue yields,
on a constant dollar basis, to decrease 10 to 12 percent. The company now
forecasts a 14 to 16 percent decline in net revenue yields on a current
dollar basis for the full year 2009 compared to 2008 caused by unfavorable
changes in currency exchange rates. Although the company has experienced
pricing pressure on net revenue yields for its Mexican deployments in the
wake of the CDC's travel advisory, it has been more than offset by improved
expectations for its broader deployments worldwide.

    The company continues to expect net cruise costs excluding
fuel for the full year 2009 to be in line with the prior year on a constant
dollar basis. However, based on current spot prices for fuel, forecasted fuel
costs for the full year have increased $233 million, or $0.29 per share,
since the previous guidance. This has been partially offset by favorable
changes in currency exchange rates of $0.06 per share. The company's revised
2009 guidance is based on current spot prices for fuel of $416 per metric ton
and currency exchange rates of $1.39 to the euro and $1.61 to sterling.

    Taking all the above factors into consideration, the company
now forecasts full year 2009 earnings per share to be in the range of $2.00
to $2.10, compared to its previous guidance range of $2.10 to $2.30.

    "Higher forecasted fuel prices and the impact of the CDC
travel advisory have reduced 2009 earnings by approximately $0.40 per share,
but the midpoint of our guidance was reduced by only $0.15 per share as a
result of strengthening yields in other deployments, favorable currency
movements and lower costs," Arison said.

    Third Quarter 2009
    Third quarter constant dollar net revenue yields are expected
to decline in the 14 to 16 percent range (down 19 to 21 percent on a current
dollar basis). Net cruise costs excluding fuel for the third quarter are
expected to be approximately 1 percent higher on a constant dollar basis.
Excluding the impact of the $26 million insurance settlement received in the
2008 third quarter, net cruise costs excluding fuel are expected to be down 1
percent on a constant dollar basis.

    Based on current fuel prices and currency exchange rates, the
company expects earnings for the third quarter of 2009 to be in the range of
$1.15 to $1.19 per share, down from $1.65 per share in 2008.

    During the third quarter the company will take delivery of the
first of a new class of vessel for The Yachts of Seabourn, the 450-passenger
Seabourn Odyssey which will debut in Europe.

Selected Key Forecast Metrics 
-----------------------------

                 Full Year 2009                 Third Quarter 2009  
       
            Current          Constant         Current          Constant
            Dollars          Dollars          Dollars          Dollars
Change in:    
Net
 revenue
 yields  (14) to (16) %   (10) to (12) %    (19) to (21) %  (14) to (16) %
Net
 cruise
 cost per
 ALBD    (12) to (14) %    (8) to (10) %    (13) to (15) %   (9) to (11) %

 
                              Full Year 2009         Third Quarter 2009
       
Fuel price per 
 metric ton                        $353                       $406
Fuel consumption 
 (metric tons
 in thousands)                    3,170                       800
Currency     
     Euro                    $1.37 to euro 1             $1.39 to euro 1
     Sterling     $1.54 to pounds Sterling 1  $1.61 to pounds Sterling 1

    The company has scheduled a conference call with analysts at
10:00 a.m. EDT (3:00 p.m. BST) today to discuss its 2009 second quarter
earnings. 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 is the largest cruise vacation
group in the world, with a portfolio of cruise brands in North America,
Europe and Australia, comprised of Carnival Cruise Lines, Holland America
Line, Princess Cruises, The Yachts of Seabourn, AIDA Cruises, Costa Cruises,
Cunard Line, Ibero Cruises, Ocean Village, P&O Cruises and P&O Cruises
Australia.

    Together, these brands operate 91 ships totaling approximately
176,000 lower berths with 14 new ships scheduled to be delivered between now
and June 2012. Carnival Corporation & plc also operates Holland America Tours
and Princess 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.


    Cautionary Note Concerning Factors That May Affect Future Results
    Some of the statements, estimates or projections contained in this
earnings release 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. We have tried, whenever possible, to identify these statements by using
words like "will," "may," "could," "should," "would," "believe," "expect,"
"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 earnings release. Forward-looking statements include those
statements which may impact, among other things, the forecasting of Carnival
Corporation and plc's earnings per share, net revenue yields, booking levels,
pricing, occupancy, operating, financing and/or tax costs, fuel expenses,
costs per available lower berth day, estimates of ship depreciable lives and
residual values, liquidity, goodwill and trademark fair values, outlook or
business prospects. These factors include, but are not limited to, the
following: general economic and business conditions, including fuel price
increases, high unemployment rates, and declines in the securities, real
estate and other markets, and perceptions of these conditions may adversely
impact the levels of Carnival Corporation & plc's potential vacationers'
discretionary income and net worth and this group's confidence in their
country's economy; fluctuations in foreign currency exchange rates,
particularly the strengthening of the U.S. dollar against the euro and
sterling; the international political climate, armed conflicts, terrorist and
pirate attacks and threats thereof, and other world events affecting the
safety and security of travel; conditions in the cruise and land-based
vacation industries, including competition from other cruise ship operators
and providers of other vacation alternatives and overcapacity offered by
cruise ship and land-based vacation alternatives; accidents, adverse weather
conditions or natural disasters, such as hurricanes and earthquakes and other
incidents (including machinery and equipment failures or improper operation
thereof) which could cause, among other things, port closures or injury or
death or the alteration of itineraries or cancellation of a cruise or series
of cruises or tours, and the impact of the spread of contagious diseases;
adverse publicity concerning the cruise industry in general, or Carnival
Corporation & plc in particular; lack of acceptance of new itineraries,
products and services by Carnival Corporation & plc's guests; changing
consumer preferences; changes in and compliance with laws and regulations
relating to employment, environmental, health, safety, security, tax and
other regulatory regimes under which Carnival Corporation & plc operate;
increases in global fuel demand and pricing, fuel supply disruptions and/or
other events on Carnival Corporation & plc fuel and other expenses, liquidity
and credit ratings; increases in Carnival Corporation plc's future fuel
expenses of implementing approved International Maritime Organization
regulations, which require the use of higher priced low sulfur fuels in
certain cruising areas; changes in operating and financing costs, including
changes in interest rates, food, insurance, payroll and security costs; the
ability of Carnival Corporation & plc to implement its shipbuilding programs
and ship maintenance, repairs and refurbishments, including ordering
additional ships for its cruise brands from European shipyards on terms that
are favorable or consistent with Carnival Corporation & plc's expectations;
Carnival Corporation & plc's ability to implement its brand strategies and to
continue to operate and expand its business internationally; whether Carnival
Corporation & plc's future operating cash flow will be sufficient to fund
future obligations and whether Carnival Corporation & plc 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
ability to attract and retain qualified shipboard crew and maintain good
relations with employee unions; continuing financial viability of Carnival
Corporation & plc's travel agent distribution system, air service providers
and cruise shipyards and subcontractors; availability and pricing of air
travel services, especially as a result of significant increases in air
travel costs; changes in the global credit markets on Carnival Corporation &
plc's counterparty risks, including those associated with its cash
equivalents, committed financing facilities, contingent obligations,
derivative instruments, insurance contracts and new ship progress payment
guarantees; Carnival Corporation & plc decision 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 networks; lack of continued availability of
attractive, convenient and safe port destinations; and risks associated with
the dual listed company structure, including the uncertainty of its tax
status. 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 listing rules, Carnival Corporation & plc 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.

    MEDIA CONTACTS                   INVESTOR RELATIONS CONTACT
    US/UK                            US/UK
    Carnival Corporation & plc       Carnival Corporation & plc
    Tim Gallagher                    Beth Roberts
    1 305 599 2600, ext. 16000       1 305 406 4832

                        CARNIVAL CORPORATION & PLC
                 CONSOLIDATED STATEMENTS OF OPERATIONS

                          Three Months Ended     Six Months Ended
                                May 31,               May 31,
                          ------------------     ----------------  
                           2009        2008      2009        2008
                           ----        ----      ----        ----
                            (in millions, except per share data) 

Revenues
  Cruise
    Passenger tickets       $2,242      $2,588  $4,461      $5,026
    Onboard and other          673         743   1,307       1,445
  Other                         33          47      44          59
                             -----       -----   -----       -----
                             2,948       3,378   5,812       6,530
                             -----       -----   -----       -----
Costs and Expenses
  Operating
    Cruise
       Commissions,
        transportation
        and other              440         525     954       1,083
       Onboard and other       110         121     214         246
       Payroll and related     366         365     718         725
       Fuel                    243         425     451         817
       Food                    203         210     401         417
       Other ship operating    488         469     946         923
    Other                       35          44      51          62
                             -----       -----   -----       -----
    Total                    1,885       2,159   3,735       4,273
  Selling and
   administrative              393         425     785         850
  Depreciation and
   amortization                317         312     628         613
                             -----       -----   -----       -----
                             2,595       2,896   5,148       5,736
                             -----       -----   -----       -----
                                                                   
Operating Income               353         482     664         794
                             -----       -----   -----       -----
                                                                   
Nonoperating (Expense)
 Income
   Interest income               2          12       6          22
   Interest expense, net
    of capitalized interest    (90)       (102)   (186)       (200)
   Other income, net             5           4      24 (a)       6

                             -----       -----   -----       -----
                               (83)        (86)   (156)       (172)
                             -----       -----   -----       -----
                                                                   
Income Before Income Taxes     270         396     508         622
                                                                   
Income Tax (Expense)             
 Benefit, Net                   (6)         (6)     16 (b)       4
                             -----       -----   -----       -----
Net Income                    $264        $390    $524        $626
                              ====        ====    ====        ====
                                                                   
Earnings Per Share
   Basic                     $0.34       $0.50   $0.67       $0.80
                              ====        ====    ====        ====
   Diluted                   $0.33       $0.49   $0.66       $0.78
                              ====        ====    ====        ====
                                                                   
Dividends Declared Per Share             $0.40               $0.80
                                          ====                ====
                                                                   
Weighted-Average Shares 
  Outstanding - Basic          787         786     787         786
                              ====        ====    ====        ====
Weighted-Average Shares
  Outstanding - Diluted        804         819     804         819
                              ====        ====    ====        ====

(a) Includes a $15 million gain from the unwinding of a lease out and 
    lease back type transaction.
(b) Includes a $17 million gain from the reversal of uncertain income tax
    position liabilities, which are no longer required. 



                         CARNIVAL CORPORATION & PLC
                        CONSOLIDATED BALANCE SHEETS

                                          May 31,  November 30,    May 31,
                                           2009       2008          2008
                                           ----       ----          ----
                                         (in millions, except par values)

ASSETS                                          
Current Assets                                  
    Cash and cash equivalents               $485        $650        $988
    Trade and other receivables, net         424         418         542
    Inventories                              308         315         349
    Prepaid expenses and other               317         267         300
                                           -----       -----       -----
       Total current assets                1,534       1,650       2,179
                                           -----       -----       -----
Property and Equipment, Net               28,663      26,457      27,666
                                                 
Goodwill                                   3,388       3,266       3,614
                                                 
Trademarks                                 1,328       1,294       1,393
                                                 
Other Assets                                 632         733         620
                                           -----       -----       -----
                                         $35,545     $33,400     $35,472
                                          ======      ======      ====== 
LIABILITIES AND SHAREHOLDERS' EQUITY            
Current Liabilities                             
    Short-term borrowings                   $161        $256        $145
    Current portion of long-term debt      1,525       1,081       1,386
    Convertible debt subject to current
     put options                             276         271         230
    Accounts payable                         543         512         454
    Accrued liabilities and other            810       1,142       1,269
    Customer deposits                      2,852       2,519       3,605
                                           -----       -----       -----
         Total current liabilities         6,167       5,781       7,089
                                           -----       -----       -----
Long-Term Debt                             8,317       7,735       7,689
                                                 
Other Long-Term Liabilities and Deferred
 Income                                      676         786         764

Shareholders' Equity                            
     Common stock of Carnival Corporation;
      $0.01 par value; 1,960 shares
      authorized; 644 shares at 2009 and 
      643 shares at 2008 issued                6           6           6
     Ordinary shares of Carnival plc;
      $1.66 par value; 226 shares
      authorized; 213 shares at 2009
      and 2008 issued                        354         354         354
     Additional paid-in capital            7,699       7,677       7,653
     Retained earnings                    14,504      13,980      12,907
     Accumulated other comprehensive
     income (loss)                           107        (623)      1,306
     Treasury stock; 18 shares at
      2009 and 19 shares at 2008 of
      Carnival Corporation and 52 shares
      at 2009 and November 2008 and 51
      shares at May 2008 of Carnival plc,
      at cost                             (2,285)     (2,296)     (2,296)
                                           -----       -----       -----
         Total shareholders' equity       20,385      19,098      19,930
                                           -----       -----       -----
                                         $35,545     $33,400     $35,472
                                          ======      ======      ====== 



                            CARNIVAL CORPORATION & PLC 
                                 SELECTED INFORMATION

                               Three Months Ended      Six Months Ended
                                     May 31,                May 31,
                               ------------------      ----------------
                                  2009      2008        2009      2008
                                  ----      ----        ----      ----
                                    (in millions, except statistical 
                                                information) 

STATISTICAL INFORMATION                 
      Passengers carried (in
       thousands)                  2,029    1,985      3,898     3,896
      Occupancy percentage         103.3 %   104.8%    103.6 %   104.5 %
      Fuel consumption (metric 
      tons in thousands)             799       803     1,552     1,588
      Fuel cost per metric ton  (a) $304      $530      $291      $514
      Currency                          
         U.S. dollar to euro 1     $1.33     $1.56     $1.33     $1.51
         U.S. dollar to
          pounds Sterling 1        $1.48     $1.98     $1.47     $1.98
                                 
CASH FLOW INFORMATION            
     Cash from operations         $1,136    $1,442    $1,441    $1,815
     Capital expenditures         $1,650    $1,335    $1,956    $1,593
     Dividends paid                           $314      $314      $630
                                         
SEGMENT INFORMATION                     
      Revenues                          
          Cruise                  $2,915    $3,331    $5,768    $6,471
          Other                       48        65        61        79
          Intersegment elimination   (15)      (18)      (17)      (20)
                                   -----     -----     -----     -----
                                  $2,948    $3,378    $5,812    $6,530
                                   =====     =====     =====     =====
      Operating expenses                
          Cruise                  $1,850    $2,115    $3,684    $4,211
          Other                       50        62        68        82
          Intersegment elimination   (15)      (18)      (17)      (20)
                                   -----     -----     -----     -----
                                  $1,885    $2,159    $3,735    $4,273
                                   =====     =====     =====     =====
      Selling and administrative
       expenses         
          Cruise                    $386      $416      $770      $833
          Other                        7         9        15        17
                                   -----     -----     -----     -----
                                    $393      $425      $785      $850
                                   =====     =====     =====     =====
      Depreciation and amortization     
          Cruise                    $308      $303      $610      $595
          Other                        9         9        18        18
                                   -----     -----     -----     -----
                                    $317      $312      $628      $613
                                   =====     =====     =====     =====
      Operating income (loss)           
          Cruise                    $371      $497      $704      $832
          Other                     (18)      (15)      (40)       (38)
                                   -----     -----     -----     -----
                                    $353      $482      $664      $794
                                   =====     =====     =====     =====

(a)  Fuel cost per metric ton is calculated by dividing the cost of our 
     fuel by the number of metric tons consumed.



                            CARNIVAL CORPORATION & PLC
                            NON-GAAP FINANCIAL MEASURES

Gross and net revenue yields were computed by dividing the gross or net
 revenues, without rounding, by ALBDs as follows:

                              Three Months Ended       Six Months Ended
                                   May 31,                   May 31, 
                              ------------------       ----------------
                              2009          2008        2009        2008
                              ----          ----        ----        ----
                                 (in millions, except ALBDs and yields)
Cruise revenues                         
    Passenger tickets        $2,242       $2,588       $4,461      $5,026
    Onboard and other           673          743        1,307       1,445
                              -----        -----        -----       -----
Gross cruise revenues         2,915        3,331        5,768       6,471
Less cruise costs                       
    Commissions,
     transportation
     and other                 (440)        (525)        (954)     (1,083)
    Onboard and other          (110)        (121)        (214)       (246)
                              -----        -----        -----       -----
Net cruise revenues (a)      $2,365       $2,685       $4,600      $5,142
                             ======        =====        =====       =====
ALBDs (b)                15,329,812   14,480,881   29,822,062  28,642,170
                         =========    ==========   ==========  ==========
Gross revenue yields (a)    $190.19      $230.04      $193.42     $225.92
                             ======        =====        =====       =====
Net revenue yields (a)      $154.24      $185.45      $154.25     $179.52
                             ======        =====        =====       =====


Gross and net cruise costs per ALBD were computed by dividing the 
 gross or net cruise costs, without rounding, by ALBDs as follows:


                              Three Months Ended        Six Months Ended
                                     May 31,                  May 31,
                              ------------------        -----------------
                               2009          2008       2009         2008
                               ----          ----       ----         ----
                            (in millions, except ALBDs and costs per ALBD)

Cruise operating expenses     $1,850      $2,115      $3,684      $4,211
Cruise selling and
 administrative expenses         386         416         770         833
                               -----       -----       -----       -----
Gross cruise costs             2,236       2,531       4,454       5,044
Less cruise costs included
 in net cruise revenues 
   Commissions,
    Transportation and other    (440)       (525)       (954)      (1,083)
   Onboard and other            (110)       (121)       (214)        (246)
                               -----       -----       -----        -----
Net cruise costs (a)          $1,686      $1,885      $3,286       $3,715
                              ======       =====       =====        =====
ALBDs (b)                 15,329,812  14,480,881  29,822,062   28,642,170
                          ==========  ==========  ==========   ==========
Gross cruise costs per
 ALBD (a)                    $145.90     $174.79     $149.36      $176.12
                              ======       =====       =====        =====
Net cruise costs per
 ALBD (a)                    $109.95     $130.20     $110.18      $129.72
                              ======       =====       =====        =====


                  NOTES TO NON-GAAP FINANCIAL MEASURES

(a) We use net cruise revenues per ALBD ("net revenue yields") and 
    net cruise costs per ALBD as significant non-GAAP financial 
    measures of our cruise segment financial performance.  These 
    measures enable us to separate the impact of predictable capacity 
    changes from the more unpredictable rate changes that affect our 
    business. We believe these non-GAAP measures provide a better 
    gauge to measure our revenue and cost performance instead of the 
    standard U.S. GAAP-based financial measures. There are no 
    specific rules for determining our non-GAAP financial measures 
    and, accordingly, it is possible that they may not be exactly 
    comparable to the like-kind information presented by other cruise 
    companies, which is a potential risk associated with using them 
    to compare us to other cruise companies. 

    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 
    transportation and certain other variable direct costs associated 
    with onboard and other revenues.  Substantially all of our 
    remaining cruise costs are largely fixed, except for the impact 
    of changing prices, once our ship capacity levels have been 
    determined.

    Net cruise costs per ALBD is the most significant measure we use 
    to monitor our ability to control our cruise segment 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 to avoid duplicating these variable 
    costs in these two non-GAAP financial measures.  

    We have not provided estimates of future gross revenue yields or 
    future gross cruise costs per ALBD because the reconciliations of 
    forecasted net cruise revenues to forecasted gross cruise 
    revenues or forecasted net cruise costs to forecasted cruise 
    operating expenses would require us to forecast, with reasonable 
    accuracy, the amount of air and other transportation costs that 
    our forecasted cruise passengers would elect to purchase from us 
    (the "air/sea mix").  Since the forecasting of future air/sea 
    mix involves several significant variables that are relatively 
    difficult to forecast and the revenues from the sale of air and 
    other transportation approximate the costs of providing that 
    transportation, management focuses primarily on forecasts of net 
    cruise revenues and costs rather than gross cruise revenues and 
    costs.  This does not impact, in any material respect, our 
    ability to forecast our future results, as any variation in the 
    air/sea mix has no material impact on our forecasted net cruise 
    revenues or forecasted net cruise costs. As such, management does 
    not believe that this reconciling information would be 
    meaningful. 

    In addition, because a significant portion of Carnival
    Corporation & plc's operations utilize the euro or sterling 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 our two non-GAAP 
    financial measures assuming the current period currency exchange 
    rates have remained constant with the prior year's comparable 
    period rates, or on a "constant dollar basis," in order to remove 
    the impact of changes in exchange rates on our non-U.S. dollar 
    cruise operations. We believe that this is a useful measure since 
    it facilitates a comparative view of the growth of our business 
    in a fluctuating currency exchange rate environment.      

    On a constant dollar basis, net cruise revenues and net cruise 
    costs would be $2.6 billion and $1.8 billion for the three months 
    ended May 31, 2009 and $4.9 billion and $3.5 billion for the six 
    months ended May 31, 2009, respectively. On a constant dollar 
    basis, gross cruise revenues and gross cruise costs would be $3.2
    billion and $2.4 billion for the three months ended May 31, 2009 
    and $6.2 billion and $4.8 billion for the six months ended May 
    31, 2009, respectively. In addition, our non-U.S. dollar cruise 
    operations' depreciation and net interest expense were impacted 
    by the changes in exchange rates for the three and six months 
    ended May 31, 2009, compared to the prior year's comparable 
    periods. 

(b) 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.


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