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?

David Bernstein: About 0.3 percentage points was due to the fuel supplement and the other 0.7 points was due to the changes in ticket, revenue yields, as well as onboard revenue yield.

Micky Arison: We have increased yield guidance on an actual basis so when analysts are comparing our constant dollars to someone else''s actuals if they increase it, it is probably because of currency as well.

Unidentified Analyst: Did you purchase any shares in the quarter?

Howard S. Frank: We did purchase early in the quarter about $82 million worth of shares.

Unidentified Analyst: Has the economic environment changed enough to make you rethink any of your ship delivery schedules or potential timeframe for additional orders?

Micky Arison : No, we are continuously talking to the yards about delivery times and depending on the needs of the various brands so you may see minor tweaks but overall is no.

David Leibowitz (Burmingham): Is there anything on retirement of vessels that are within the fleets, or moving them to joint ventures or things of that nature?

Micky Arison : There are no plans at the current time to retire any ships or put them into a joint venture.

We acquired 75% of Ibero Cruises last year and we have moved one of the older Carnival ships into that venture, The Celebration, and there will be a second ship to go into that business in 2009.

Howard S. Frank: There are only about five or six ships that were built prior to 1988 in our fleet.

David Leibowitz (Burmingham): When the new Panama Canal is completed in either in 2011 or 2012, is that going to change your itineraries as a consequence?

Howard S. Frank: They will give more flexibility to the post-Panamax ships particularly the ones that are on the West Coast.