THE EUROPEAN CRUISE INDUSTRY 2009 ECONOMIC ASSESSMENT David Dingle Chief Executive Officer, Carnival UK

THE EUROPEAN CRUISE MARKET - ANOTHER YEAR OF GROWTH WITH 4.9 M PASSENGERS IN 2009 Growth 2008 To % 9% 12% 17.5m Global Passengers 28.6m cruise pax calls in Europe 203,600 cruise beds in Europe 4.9m European Passengers Source: G.P. Wild (International) Limited and Business Research and Economic Advisors

THE CRUISE INDUSTRYS DIRECT ECONOMIC IMPACT STILL GROWING, EXCEPT SHIPBUILDING Source: G.P. Wild (International) Limited and Business Research and Economic Advisors bns

AN ONGOING ALL-ROUND SUCCESS STORY 86% increase in cruise line purchases since ,000 European employees, of which... 51,000 European seafarers, a 55% increase since m passengers spent 0.5bn in embarkation ports 23.8 m passenger visits to wayports, spending 1.5bn

A HIATUS IN EUROPEAN CRUISE SHIP BUILDING? Shipbuilding and repair is 33% of European cruise industry direct expenditure Shipbuilding and repair economic impact fell 11% in 2009 American cruise lines in particular have slowed orders European market has stronger growth potential New shipbuilding orders require – Maximum encouragement of European markets – Maximum support for European ship yards

ITALY REMAINS LARGEST EUROPEAN CRUISE ECONOMY Direct Economic Impact of the European Cruise Industry 2009 Source: G.P. Wild (International) Limited and Business Research and Economic Advisors bns

TOTAL OUTPUT IMPACT OF EUROPEAN CRUISE INDUSTRY HAS GROWN 79% SINCE 2005 Total Output Impacts of the European Cruise Industry Source: G.P. Wild (International) Limited and Business Research and Economic Advisors bns

A REMARKABLE STORY IN A CHALLENGING YEAR The growing preference for cruising as a vacation, especially amongst Europeans, continues to deliver economic growth, even in the most challenging consumer environment.