COSTA GROUP INVESTS 66 MILLION EUROS IN FLEET SHIPS

Three Costa Ships and One Iberocruceros Ship Entered Dry Docks between November and December

MIAMI, FL - (December 22, 2009) – Costa, the largest Italian tourism group and Europe’s number one cruise company, entered four ships in dry docks for routine and extraordinary maintenance between December and November. The investment totaled approximately €66 million.

The most significant investment, worth approximately €55 million, is being carried out on Iberocruceros’Grand Holiday in the S. Giorgio shipyards in the port of Genoa from December 2009 through April 2010. These operations entail a radical restyling of the ship that previously operated for Carnival Cruise Lines as the “Holiday.” The ship will enter service with the Iberocruceros brand in May 2010. The objective is to adapt the ship to the quality standards of the Spanish clientele for which it will operate. In addition to completely restyling the cabins and public areas, four new suites with balconies as well as a new wellness center will be built. The hull will be painted with a special silicone-based ecological paint that reduces the formation of micro-organisms on the hull without releasing toxic substances into the sea. This increases the vessel’s hydrodynamic performance while reducing its environmental impact given reduced fuel consumption. At the end of the refurbishment, the Grand Holiday will be the fourth ship of the Iberocruceros fleet. The first cruise will depart from Barcelona on May 18, 2010, with destinations including Villefranche-sur-Mer, Leghorn, Civitavecchia and Porto Torres. For the entire summer season, the ship will sail seven-day cruises in the western Mediterranean. Departing from Barcelona on Sundays, the ship will call on Villefranche-sur-Mer, Leghorn, Civitavecchia, Naples and La Goulette.

In addition to the Grand Holiday, three ships belonging to the Costa Cruises brand recently completed dry docks: the Costa Magica (November 4-18) and the Costa Mediterranea (November 21-December 5) in Palermo and the Costa Marina (November 4-18) in Genoa.

The Costa Mediterranea, Costa Magica and Costa Marina underwent routine maintenance, operations that the Italian company carries out every two years to maintain its fleet’s high quality standards and to comply with Italian and international safety norms. The maintenance involved the hull and engine as well as the hotel section of the ships.  In the hotel area, carpeting, curtains, fabrics and other objects and materials subject to wear and tear were replaced in the public areas and in cabins. For the hull and engine, the largest amount of maintenance entailed cleaning and painting the hull. Inverter devices that optimize conditioning system operation while reducing fuel consumption and subsequent CO2 emissions, were installed in the engine room of the Costa Magica. These were already successfully tested on two other ships.

Costa Cruises is Italy’s largest tourism group and Europe’s Number One Cruise Line.  For more than 60 years its ships have sailed the seas of the world, offering the best in Italian style, hospitality and cuisine and providing dream vacations filled with fun and relaxation. In 2008, 1.2 million guests chose to cruise with Costa, a record for the European cruise industry. The company’s 14 fleet members, each with her own distinctive characteristics and unique style, all fly the Italian flag and sail each year to 250 destinations in the Mediterranean, Northern Europe, the Baltic Sea, the Caribbean, Canada/New England, South America, the United Arab Emirates, the Far East and the Indian Ocean. Three more new ships are due to enter service by 2012.

Costa Cruises has been certified by RINA (Italian Shipping Register) with the BEST4, an integrated system of voluntary certification of corporate compliance with the highest standards governing social accountability (SA 8000, issued in 2001), environment (UNI EN ISO 14001, 2004), safety (OHSAS 18001, 2007) and quality (UNI EN ISO 9001, 2008). All the ships in the Costa fleet have been assigned RINA’s Green Star notation certifying that they are operated in compliance with the highest environmental protection standards. Costa Cruises is an official partner of WWF Italy for the protection of the Mediterranean Sea. In Mediobanca’s 2009 survey of over 3,700 Italian enterprises that recorded revenue of at least 50 million Euros the previous fiscal year, Costa Crociere S.p.A. ranks 10th in terms of profitability and 65th in terms of sales. In the “Global Reputation Pulse 2009” international study, Costa Cruises ranked first among Italian “service industry” companies. Pulse scores are a measure of corporate reputation of the 600 largest enterprises located in 32 countries worldwide.

Costa Crociere S.p.A. is a member of Carnival Corporation & plc (NYSE/LSE: CCL; NYSE: CUK), the world’s largest cruise company.