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May 4, 2010

Princess Cruises confirms two ship contract with Fincantieri

Princess Cruises, a unit of Carnival Corporation & plc (NYSE/LSE: CCL; NYSE: CUK), today announced that contracts to build two 3,600-passenger ships have been finalized with Italian shipbuilder Fincantieri . The contract confirms a memorandum of understanding signed in February.

The new ships - which each 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 an estimated 141,000 tons, the as-yet-unnamed ships will be the largest in the Princess Cruises fleet and the largest cruise ships ever built by Fincantieri

The ships' design will be evolutionary, in keeping with the themes of the line's newest vessels, but with some new features and innovations. For example, all outside cabins will feature balconies, bringing the percentage of balconies on the ships to 80 percent of all staterooms.

The company's signature Piazza - the ship's central atrium featuring dining, entertainment and retail - will be expanded, as will the popular Sanctuary, spa, and restaurants.

"We're pleased that in this challenging economic environment, the order for these new ships is a testament to the confidence in the growth potential of the Princess brand," said Alan Buckelew, president and CEO of Princess Cruises. "These new ships will include the features from our newest ships that have been so well received, and take them to the next level," he added.

Giuseppe Bono, chief executive officer of Fincantieri, said, "We are grateful to the Carnival Group for this further vote of confidence in Fincantieri. We are proud to have met the requirements of Princess Cruises, one of Carnival's most prestigious brands, with an innovative design both from a technical and architectural point of view."

Bono continued, "This is a highly important order for us, especially as it comes in a period of economic crisis. We succeeded in securing these orders with assistance and support of the Italian export credit companies, in particular SACE S.p.A."

Since the 1990s Fincantieri has built 53 cruise ships, of which 49 have been for Carnival Group. A further 12, including the two ships for Princess announced today, will be delivered by the end of 2014.


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