CCL: "People are holding off on major spend decisions"

Executives

David Bernstein - Chief Financial Officer, Senior Vice President, Chief Financial Officer of Carnival Plc and Senior Vice President of Carnival Plc

Micky M. Arison - Chairman, Chief Executive Officer and Chairman of Executive Committee

Howard S. Frank - Vice Chairman, Chief Operating Officer and Member of Executive Committee

Analysts

Harry Curtis - Nomura Securities Co. Ltd., Research Division

Timothy A. Conder - Wells Fargo Securities, LLC, Research Division

Ian Rennardson - Jefferies & Company, Inc., Research Division

Richard Ellis Lyall - John W. Bristol & Co., Inc.

Jamie Rollo - Morgan Stanley, Research Division

Richard Lyall

Felicia R. Hendrix - Barclays Capital, Research Division

David Liebowitz - Horizon Asset Management, Inc.

Robin M. Farley - UBS Investment Bank, Research Division

Steven Kent - Goldman Sachs Group Inc., Research Division

Assia Georgieva - Infinity Research

Kevin Milota - JP Morgan Chase & Co, Research Division

Janet Brashear - Sanford C. Bernstein & Co., Inc., Research Division

Jeffrey Hans