Tel.

+44 (0)20 7232 3090 Traded on

AIM, London
Fax +44 (0)20 7232 3099 Stock Exchange

www.iirgroup.com Regulated and

LSE: IIR authorised by

Carnival PLC 02 July 2008

Company News Alert

Significant decline in the NYSE common stock price since our previous update

NYSE HOLD Carnival PLC’s (Carnival) NYSE common stock has declined significantly since our 1Q 08 update

Common Direct
report, access
dated 10 Aprilto2008,
the primarily
full report given free ofinvestor
negative chargesentiment
at regarding a sharp rise in
crude oil prices which have significantly increased the company’s fuel expenses. We are likely to revise
Stock http://www.iirgroup.com/researchoracle/viewreport/show/20165
our estimates downwards in our next update given a sustained rise in fuel costs coupled with
significant economic weakness in US markets. Subsequently, we maintain our current HOLD rating for
Ticker: CUK the NYSE common stock.
Target price: US$42.02
Current price: US$31.07
Price change since We will reassess the NYSE common stock rating for Carnival in our 2Q 08 update report.
(21.5%)
previous report:

UK stock HOLD We maintain our HOLD rating for UK stock based on our fundamental outlook and an expected
negative currency impact on the stock over our investment horizon.

Ticker: CCL.L
Target price: GBp1,884
Current price: GBp1,540
Price change since We will reassess our UK stock rating for Carnival in our 2Q 08 update report.
(23.8%)
previous report:

Supervisor: Shilpen Shah

Analyst: Abhilasha Jha
Editor: Matthew Bridle
Global Research Director:
Satish Betadpur, CFA
Investment horizon - short term actionable trading strategies
This report addresses the needs of strategic investors with a long term investment horizon of 6-12 months. If this
report is provided to you by your broker under the Global Settlement, you may now also access (free of charge) the
short term trading outlook that we publish from time to time for this issuer, looking at the coming 5-30 days for
readers with a shorter trading horizon. These are available online only at www.researchoracle.com.

Next news due:

3Q 08 results, mid-September
2008
In our 1Q 08 update report, dated 10 April 2008, we rated the Carnival NYSE common stock a HOLD
on fundamental grounds, with a 6-12 month target price of US$42.02 indicating a potential upside of
6%. The NYSE common stock has since declined 21.5%, which we believe reflects negative investor
sentiment regarding a sharp rise in crude oil prices over the past few weeks, which has significantly
increased the company’s fuel expenses. Crude oil prices increased 2.5% on the New York Mercantile
Exchange to a close at US$142.00 a barrel for the first time on 01 July 2008. As the company does
not hedge its fuel requirements, the company is highly exposed to crude price volatility. Moreover, the
company revised its profitability guidance downwards in its 2Q 08 earning release dated 20 June
2008. Furthermore, Carnival is also likely to be impacted by slowing consumer spending given
economic conditions in the US.

Page 1