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&lt;p style="MARGIN-TOP: 12px; MARGIN-BOTTOM: 0px"&gt;&lt;font style="FONT-FAMILY: Times New Roman" size="2"&gt;&lt;b&gt;NOTE 1 &amp;#x2013; Basis of
Presentation&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="MARGIN-TOP: 6px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px"&gt;
&lt;font style="FONT-FAMILY: Times New Roman" size="2"&gt;Carnival
Corporation is incorporated in Panama, and Carnival plc is
incorporated in England and Wales.&amp;#xA0;Carnival Corporation and
Carnival plc operate a dual listed company (&amp;#x201C;DLC&amp;#x201D;),
whereby the businesses of Carnival Corporation and Carnival plc are
combined through a number of contracts and through provisions in
Carnival Corporation&amp;#x2019;s Articles of Incorporation and By-Laws
and Carnival plc&amp;#x2019;s Articles of Association.&amp;#xA0;The two
companies operate as if they are a single economic enterprise, but
each has retained its separate legal identity.&lt;/font&gt;&lt;/p&gt;
&lt;p style="MARGIN-TOP: 12px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px"&gt;
&lt;font style="FONT-FAMILY: Times New Roman" size="2"&gt;The
accompanying consolidated financial statements include the accounts
of Carnival Corporation and Carnival plc and their respective
subsidiaries.&amp;#xA0;Together with their consolidated subsidiaries
they are referred to collectively in these consolidated financial
statements and elsewhere in this joint Quarterly Report on Form
10-Q as &amp;#x201C;Carnival Corporation&amp;#xA0;&amp;amp; plc,&amp;#x201D;
&amp;#x201C;our,&amp;#x201D; &amp;#x201C;us,&amp;#x201D; and
&amp;#x201C;we.&amp;#x201D;&lt;/font&gt;&lt;/p&gt;
&lt;p style="MARGIN-TOP: 12px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px"&gt;
&lt;font style="FONT-FAMILY: Times New Roman" size="2"&gt;The
accompanying Consolidated Balance Sheet at August&amp;#xA0;31, 2010 and
the Consolidated Statements of Operations for the three and nine
months ended August&amp;#xA0;31, 2010 and 2009 and the Consolidated
Statements of Cash Flows for the nine months ended August&amp;#xA0;31,
2010 and 2009 are unaudited and, in the opinion of our management,
contain all adjustments, consisting of only normal recurring
adjustments, necessary for a fair presentation.&amp;#xA0;Our interim
consolidated financial statements should be read in conjunction
with the audited consolidated financial statements and the related
notes included in the Carnival Corporation&amp;#xA0;&amp;amp; plc 2009
joint Annual Report on Form 10-K.&amp;#xA0;Our operations are seasonal
and results for interim periods are not necessarily indicative of
the results for the entire year.&lt;/font&gt;&lt;/p&gt;
&lt;p style="MARGIN-TOP: 12px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px"&gt;
&lt;font style="FONT-FAMILY: Times New Roman" size="2"&gt;On
December&amp;#xA0;1, 2009, we adopted a new accounting pronouncement on
a retrospective basis that requires the issuer of certain
convertible debt instruments that may be settled in cash, or other
assets, on conversion to separately account for the debt and equity
components in a manner that reflects the issuer&amp;#x2019;s
non-convertible debt borrowing rate. The impact of adopting this
pronouncement had no effect on our previously reported diluted
earnings per share. However, at November&amp;#xA0;30, 2009 we recorded
an adjustment to reduce retained earnings and increase additional
paid-in capital by $209 million.&lt;/font&gt;&lt;/p&gt;
&lt;/div&gt;</NonNumbericText>
          <NonNumericTextHeader>NOTE 1 &amp;#x2013; Basis of
Presentation

Carnival
Corporation is incorporated in Panama, and Carnival plc is
incorporated in England and Wales.&amp;#xA0;Carnival</NonNumericTextHeader>
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Reference 3: http://www.xbrl.org/2003/role/presentationRef
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Reference 4: http://www.xbrl.org/2003/role/presentationRef
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