Carnival Corporation's Code of Business Conduct and Ethics

A Letter from our CEO:

Dear Colleague,    Throughout the lifetime of our Company, we have built strong, lasting relationships with our guests, business partners, shareholders and one another by providing outstanding service and being committed to acting with integrity in all that we do. Building and maintaining trust in our business relationships and pursuing the highest standards of ethical behavior remain a fundamental aspect of our Company’s core values.   Our Company’s Code of Business Conduct and Ethics provides guiding principles that help each of us understand the Company’s commitments, expectations and values. It provides guidance to help us conduct business appropriately, examples to assist us in resolving potentially troublesome issues and contact information to help us seek advice should we have questions we cannot resolve ourselves. The Code applies equally to everyone in our Company, regardless of job function or seniority. We must all read the Code carefully and act according to its guiding principles.   Each of us must do our part to prevent or correct violations of the Code or associated policies. I encourage you to discuss any questions or concerns you have about the Code or any activity at our Company with your supervisor or other Company representatives as listed in the Code. At your request, these discussions will be considered confidential, and our Company will not tolerate any sort of retaliation related to good faith reports or questions.   Please join me in renewing our commitment to integrity, ethical behavior and strengthening the trust between our Company and our guests, business partners, shareholders and fellow employees. This trust is truly at the heart of our Company’s success.    Thank you for all that you do to make our Company the largest and most profitable vacation company in the world.   Regards,   Micky Arison Chairman and Chief Executive Officer