Key questions and anwers from the first quarter fiscal 2008 earnigs call as conducted by Carnival Corp. on March 20, 2008

Robin Farley (UBS): Give us more color on the items of onboard spend?

Micky Arison: As far as onboard revenue, it stayed within the context of the contemporary brands. We have not seen it in the premium brands. It is pretty much across the board.

If people are not buying homes and decorating homes they are likely to buy less art. So, the art revenue may be down more than average. On the other hand, people are taking vacations and going to places for the first time and are continuing to buy shore excursions so shore excursions would be down less or not down at all.

Felicia Hendrix (Lehman Brothers): Did you buy back any shares in the quarter?

Beth Roberts: It would be anti-dilution. The convertibles in the first quarter were dilutive, which reduced the share count in the first quarter.

Timothy Conder (Wachovia): Regarding the fuel, $40 million you pulled out of your assumption for the balance of the year, or is that for the full year encompassing the first quarter?

David Bernstein: The $40 million is for the full year encompassing the first quarter. First quarter was $5 million in the balance of the year.

Timothy Conder (Wachovia): You would anticipate that being spread according to historical revenue spreads in the quarter?

David Bernstein: It was related to existing bookings on November 7th, when we announced the program so it may not be spread between the second, third and fourth quarter in accordance with all revenues because the second quarter would have been more booked than the third and the fourth at that time.

Timothy Conder (Wachovia): What are your thoughts on the global credit markets?

Micky Arison: Basically we have completed in total ten Italian export credits, five of which are drawn and five are yet to be drawn. We had done two German, one has been drawn and one is yet to be drawn.

In total for 2008 basically we have enough committed credit to make it through the balance of the year for the ship commitments and also the refunding.

Timothy Conder (Wachovia): What was the total of that and any terms on that type of debt, that is your maturity range, interest rates?

David Bernstein: Typically the export credits have been 12 year amortizing loans and some of the ones that we have drawn have been in the four hundreds in terms of the interest rate. T

Hakan Ipecki (Merrill Lynch): Are you concerned on the availability and pricing of airfares or air fare lists from U.S. to Europe?

Micky Arison: We have that concern, but on the other hand we do have committed on our air seat programs committed air seats and committed air prices on our air seat program.

Where we are a little bit concerned is people historically have purchased their own air and whether they would be able to get them at reasonable prices. We are not as concerned about availability as we are cost.

Hakan Ipecki (Merrill Lynch): Could we see some capacity moving back to the Caribbean or are you better off moving it into Europe or other emerging markets?

Micky Arison: While the Caribbean has rebounded, it is clear that yields are much higher in Europe and Alaska than in the Caribbean. You should not see movement any differently than you have seen for the last year or so.

Tim Ramskill (Dresdner): How much of the reduction in net yield guidance is due to retail onboards and how much is due to not being able to recognize currently the fuel supplement?