LEARNING FROM PAST CHANGE MANAGEMENT EFFORTS

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“Change is the only constant”

Proverb

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THE BEGINNING

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An Unlikely Success Story: 1972 - 1 ship

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CARNIVAL TODAY

?Carnival Corporation & plc is the largest cruise company and one of the largest vacation companies in the world

?Operates 88 ships across 12 brands with a passenger capacity of 168,000

?17 additional cruise ships on order valued at $9 billion

?83,000 global employees

?2010 EBITDA of $4.0 billion on revenues of $14.6 billion

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A HOUSE OF BRANDS

North America

United Kingdom

Targeted at Specific Cultures & Demographics

ContinentalEurope

Germany

AsiaPacific

CARNIVAL AUSTRALIA – WHO ARE WE?

Brand Passengers Net Revenue

299k $361m

100k $336m

9k $12m

7k $44m

2k $9m

3k $19m

6 Passenger/Revenue split per brand per 2011 budget but not straddled by financial year

LOW PENETRATION RATE RELATIVE TO OTHER MARKETS

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Growth RatesUK 6% 2009-2020NAM 3% 2009-2020AUNZ 5% 2011-2020

Source: 200-2010 CLIA, PSA, ICCA. UK growth extrapolates PSA 2011 estimate, AU growth at half 5 year CAGR.

ESTIMATE

5.6m trips 3.0m trips 0.4m passengers

CRUISING OUTGROWING THE HOLIDAY MARKET

8 Source: internal, ABS, NVS, ICCA, market size is for 2009

Mkt Size

2009:

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LOOKING TO THE PAST – A CASE STUDY

Customer Service Division Restructure 2009– Context– What went wrong?– What was the cost of our mistakes?– What did we learn?– How did we carry our learning into the future?

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LOOKING TO THE FUTURE – A CASE STUDY

Re-alignment of our Operating Model - 2011– Context– What prior learning is reflected in our current change

management approach?– What does this mean for our future planning?

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IN SUMMARY

“A pessimist sees the difficulty in every opportunity; an optimist sees the

opportunity in every difficulty”Winston Churchill