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FINCANTIERI

February 17, 2010

Fincantieri to build two 3,600-passenger ships for Princess

Carnival Corporation & plc (NYSE/LSE: CCL; NYSE: CUK) has signed a memorandum of agreement with Italian shipbuilder Fincantieri for the construction of two 3,600-passenger cruise ships for its Princess Cruises brand. The agreement is subject to execution of a definitive contract, financing and other customary closing conditions.

The new ships -- which will have an all-in cost of approximately euro 155,000 per lower berth -- are scheduled to enter service in spring 2013 and spring 2014.

At 139,000 tons each, the as-yet-unnamed ships will be the largest in the Princess Cruises fleet.

Fincantieri describes the ships as "prototypes."

Giuseppe Bono, Chief Executive Officer of Fincantieri, said: "This important agreement is a source of pride and optimism for us. Proof that we are increasingly world leader even in this time of crisis, having gained the only order for a cruise ship in 2009 -- also from Carnival Group -- and now this agreement for two prototype vessels for Carnival's prestige brand Princess Cruises."

"Since these are prototypes," he said, "we hope that in the years to come they will be followed by a substantial number of ships of the same 'family.' I am confident that we will once again be supported by all the stakeholders in our 'national system.'"


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