THE EUROPEAN CRUISE INDUSTRY

2009 ECONOMIC ASSESSMENT

David DingleChief Executive Officer, Carnival UK

THE EUROPEAN CRUISE MARKET- ANOTHER YEAR OF GROWTH WITH

4.9 M PASSENGERS IN 2009

Growth2008

To2009

8% 8%9%

12%

17.5mGlobal

Passengers

28.6m cruise pax calls in

Europe

203,600 cruise beds in

Europe

4.9mEuropean

Passengers

Source: G.P. Wild (International) Limited and Business Research and Economic Advisors

THE CRUISE INDUSTRY’S DIRECT ECONOMIC IMPACT STILL GROWING, EXCEPT SHIPBUILDING

Source: G.P. Wild (International) Limited and Business Research and Economic Advisors

€8.4

€10.6

€14.2€12.9

€bn’s

AN ONGOING ALL-ROUND SUCCESS STORY

• 86% increase in cruise line purchases since 2005

• 143,000 European employees, of which ...

• 51,000 European seafarers, a 55% increase since 2005

• 4.8 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

€bn’s

TOTAL OUTPUT IMPACT OF EUROPEAN CRUISE INDUSTRY HAS GROWN 79% SINCE 2005

Total Output Impacts of the European Cruise Industry 2005-2009

Source: G.P. Wild (International) Limited and Business Research and Economic Advisors

€bn’s

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.