Document:

EXHIBIT 10.2

                                  AMENDMENT TO
           THE CARNIVAL CORPORATION FUN SHIP NONQUALIFIED SAVINGS PLAN

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      The Carnival  Corporation Fun Ship Nonqualified  Savings Plan (the "Plan")
is hereby  amended,  effective  January 1, 2006,  unless  stated  otherwise,  as
follows (deletions in square brackets, additions in all capital letters):

1.    Article 1 of the Plan shall be amended by adding the following  paragraphs
      to the end thereof:

      WITH  RESPECT TO AMOUNTS  DEFERRED  HEREUNDER  THAT ARE SUBJECT TO SECTION
409A OF THE INTERNAL  REVENUE CODE OF 1986, AS AMENDED AND ANY  REGULATIONS  AND
OTHER OFFICIAL GUIDANCE (THE "CODE")  (GENERALLY,  AMOUNTS DEFERRED ON AND AFTER
JANUARY 1, 2005 AND  AMOUNTS  NOT VESTED AS OF DECEMBER  31,  2004),  APPLICABLE
PROVISIONS OF THE PLAN DOCUMENT  SHALL BE  INTERPRETED TO PERMIT THE DEFERRAL OF
COMPENSATION  IN ACCORDANCE WITH CODE SECTION 409A, AND ANY PROVISION THAT WOULD
CONFLICT WITH SUCH REQUIREMENTS SHALL NOT BE VALID OR ENFORCEABLE.  IN ADDITION,
WITH RESPECT TO AMOUNTS DEFERRED  HEREUNDER THAT ARE NOT SUBJECT TO SECTION 409A
(GENERALLY,  AMOUNTS  DEFERRED  AND VESTED  BEFORE  JANUARY 1, 2005 AND EARNINGS
THEREON) ("GRANDFATHERED FUNDS"), IT IS INTENDED THAT THE RULES APPLICABLE UNDER
THE PLAN AS OF DECEMBER 31, 2004, AND NOT CODE SECTION 409A AND RELATED OFFICIAL
GUIDANCE,  SHALL APPLY WITH RESPECT TO SUCH GRANDFATHERED FUNDS. FOR PURPOSES OF
DETERMINING  WHETHER  SECTION 409A IS APPLICABLE  WITH RESPECT TO AN AMOUNT,  IN
ACCORDANCE  WITH PROP.  TREAS.  REG. ss.  1.409A-6(A)  (AND  SUBSEQUENT  RELATED
GUIDANCE),  THE AMOUNT IS CONSIDERED  DEFERRED  BEFORE JANUARY 1, 2005 IF BEFORE
JANUARY 1, 2005 (I) THE  PARTICIPANT  HAD A LEGALLY BINDING RIGHT TO BE PAID THE
AMOUNT,  AND (II) THE RIGHT TO THE AMOUNT WAS EARNED AND VESTED AND WAS CREDITED
TO THE PARTICIPANT'S ACCOUNT BALANCE.

      THIS RESTATEMENT OF THE CARNIVAL CORPORATION FUN SHIP NONQUALIFIED SAVINGS
PLAN INCLUDES ALL AMENDMENTS THROUGH JANUARY 1, 2006.

2.    Section 2.27 is amended, effective January 1, 2007, to read as follows:

      Termination of Employment means a Participant's  termination of employment
with his Employer and any Affiliated Company,  whether voluntary or involuntary,
for any reason, including but not limited to quit, discharge,  Retirement, death
or Permanent  Disability,  and other than for Parental Leave,  Permitted  Leave,
transfers from shoreside  employment (or  vice-versa),  or transfers  between an
Employer and an Affiliated Company OR CARNIVAL PLC.

3.    Section 2.8(a) is amended, effective January 1, 2007, to read as follows:

      Eligible  Earnings  shall be  determined  for purposes of a  Participant's
Employee   Deferral   Contributions   and   the   Matching   Contributions   and
Profit-Sharing Contributions made on the Participant's behalf as follows:

            (a) For purposes of a Participant's  Employee Deferral Contributions
for any payroll period,  the  Participant's  Eligible Earnings shall consist of:
(1) the following  amounts  received by the Participant for such payroll period:
the Participant's regular base wages or salary,  commissions,  overtime, holiday
pay, retroactive pay, workers' compensation  payments made by the Employer,  AND
benefit hour payments,  [and  discretionary  bonuses that are not deferred under
Section  4.4];  plus (2) the amounts  deferred  for such  payroll  period  under
Section 4.1 and under any plan maintained by the Employer under Code Section 125
or 401(k).  EFFECTIVE JANUARY 1, 2007, FOR PURPOSES OF A PARTICIPANT'S  EMPLOYEE
DEFERRAL  CONTRIBUTIONS,  ELIGIBLE  EARNINGS SHALL NOT INCLUDE BONUSES  RECEIVED
UNDER THE CARNIVAL  CORPORATION  AND  CARNIVAL  CRUISE  LINES  MANAGEMENT  BONUS
PROGRAMS.

<PAGE>

            (b) For purposes of any Matching  Contributions  made on behalf of a
Participant for any payroll period,  the  Participant's  Eligible Earnings shall
consist  of: (1) the  following  amounts  received by the  Participant  for such
payroll period: the Participant's base wages or salary,  commissions,  overtime,
holiday  pay,  retroactive  pay,  workers'  compensation  payments  made  by the
Employer,  AND benefit hour payments,  [and  discretionary  bonuses that are not
deferred  under Section 4.4]; (2) BEGINNING  JANUARY 1, 2007, any  discretionary
bonuses that would have been  received in such  payroll  period but are deferred
under Section 4.4; plus (3) the amounts  deferred for such payroll  period under
Section 4.1 and under any plan maintained by the Employer under Code Section 125
or 401(k).

            (c) For purposes of any Profit-Sharing  Contributions made on behalf
of a Participant for any Plan Year, the  Participant's  Eligible  Earnings shall
consist of: (1) the following  amounts received by the Participant for such Plan
Year: the  Participant's  regular base wages or salary,  commissions,  overtime,
holiday  pay,  retroactive  pay,  workers'  compensation  payments  made  by the
Employer,   benefit  hour   payments,   and  BEGINNING   JANUARY  1,  2007,  ANY
discretionary bonuses EARNED DURING THE PLAN YEAR (WHETHER OR NOT DEFERRED UNDER
SECTION  4.4)  [actually  received  in such  Plan  Year];  plus (2) the  amounts
deferred for the Plan Year under  Section 4.1 and under any plan  maintained  by
the Employer under Code Section 125 or 401(k).  FOR PLAN YEARS BEGINNING  BEFORE
JANUARY 1, 2007, NOTWITHSTANDING  [Notwithstanding] anything herein contained to
the  contrary,  amounts  earned  during a Plan Year but  deferred to future Plan
Years  shall not be included in a  Participant's  Eligible  Earnings in the Plan
Year in which it was earned,  but rather in the Plan Year in which such deferred
amount is actually  paid.  Solely for  purposes of  determining  the amount of a
Participant's  Profit-Sharing  Contribution,  Eligible Earnings in excess of the
maximum  compensation  rate under Code Section  401(a)(17)  (determined  without
regard to the reduction to $150,000 (i.e., $250,000 for 1996) as further indexed
for cost of living by  reference to the annual  percentage  change of the CPI-U,
U.S.  City  Average,  All Items  (non-seasonally  adjusted)  for the period from
August to August of the preceding  year (i.e.,  the annual  change  published in
September  of the year prior to the year the  compensation  limit is in effect))
shall be  disregarded.  Effective  December 22,  2002,  the  compensation  limit
described  in the  preceding  sentence  will no  longer  apply for  purposes  of
determining Eligible Earnings under this Plan.

4.    Section 3.2 of the Plan shall be amended to read as follows:

      Each Eligible  Employee  shall be provided an  opportunity  to IRREVOCABLY
designate the  percentage of his  Compensation  to be deferred under Section 4.1
and to irrevocably designate the percentage or dollar amount of his annual Bonus
to be deferred under Section 4.4 ("Bonus Deferral").  Any such Eligible Employee
who makes such a designation  shall become a Participant on the first day of the
payroll period that  coincides with or immediately  follows the first day of the
calendar  quarter  subsequent to the  Retirement  Committee's  determination  of
Eligible  Employee status under Section 3.1,  provided the Eligible  Employee is
employed as of such date.  Effective January 1, 2001, any such Eligible Employee
who makes such a designation  shall become a Participant on the first day of the
payroll   period   immediately   subsequent   to  the   Retirement   Committee's
determination  of Eligible  Employee  status  under  Section  3.1,  provided the
Eligible  Employee is employed as of such date.  [Any such  designation  must be
made  in  the  manner  authorized  by  the  Retirement  Committee  and  must  be
accompanied  by:]  EFFECTIVE ON AND AFTER  JANUARY 1, 2005, IN THE FIRST YEAR IN
WHICH A ELIGIBLE  EMPLOYEE  BECOMES  ELIGIBLE TO  PARTICIPATE  IN THE PLAN,  THE
ELIGIBLE  EMPLOYEE MAY MAKE A DEFERRAL ELECTION WITH RESPECT TO COMPENSATION FOR
SERVICES TO BE PERFORMED  SUBSEQUENT  TO THE  ELECTION  PROVIDED THE ELECTION IS
MADE WITHIN 30 DAYS AFTER THE DATE THE  ELIGIBLE  EMPLOYEE  BECOMES  ELIGIBLE TO
PARTICIPATE.  IN THE CASE OF ALL OTHER  ELIGIBLE  EMPLOYEES,  INCLUDING  ANY NEW
ELIGIBLE  EMPLOYEE  WHO  FAILS TO MAKE AN  ELECTION  WITHIN  THE  30-DAY  PERIOD
DESCRIBED ABOVE,  DEFERRAL  ELECTIONS MUST BE MADE NO LATER THAN DECEMBER 31 (OR
SUCH OTHER  EARLIER DATE  DESIGNATED BY THE COMPANY) OF THE YEAR BEFORE THE YEAR
THE SERVICES RELATED TO THE DEFERRAL ELECTION ARE TO BE PERFORMED.

<PAGE>

      ANY SUCH  DESIGNATION  UNDER THIS  SECTION  3.2 must be made in the manner
authorized by the Retirement Committee and must be accompanied by:

            (a) an authorization  for the Eligible  Employee's  Employer to make
regular  payroll  deductions  to cover  the  amount  of such  deferrals  elected
pursuant to Section 4.1;

            (b) an irrevocable authorization to defer receipt of a percentage or
a dollar amount of future Bonus amounts as elected under Section 4.4.

            (c) an  investment  election  with respect to any Employee  Deferral
Contributions,  Bonus Deferrals, Matching Contributions or vested Profit-Sharing
Contributions under Section 6.3;

            (d) a designation of Beneficiary; and

            (e) a designation as to the form and timing of the  distribution  of
the vested portion of his Participant Account.

      Notwithstanding the foregoing, an Eligible Employee's failure to designate
a  contribution  percentage or a bonus  deferral  percentage  or bonus  deferral
amount under the first  sentence of this Section 4.2 shall not affect his status
as a Participant for purposes of an allocation of a Profit-Sharing  Contribution
in accordance with the  requirements of Section 5.3.  However,  such an Eligible
Employee must make a designation  under  subsection  (c), (d) and (e) above as a
condition of becoming a Participant for purposes of Section 5.3 and Article 7.

      Further,  notwithstanding  the  foregoing,  in advance  of the  December 1
preceding each Plan Year, the Committee shall designate those Employees who are,
or are expected to be, participants in The Carnival Corporation Fun Ship Savings
Plan for such Plan Year who shall be an Eligible Employee under this Plan solely
for  purposes  of making  Bonus  Deferrals  pursuant  to Section  4.4.  Any such
Eligible  Employee  shall  not  be  eligible  to  authorize   Employee  Deferral
Contributions  pursuant  to  Section  4.1 for such  Plan  Year and  shall not be
eligible  to receive an  allocation  of any  Profit-Sharing  Contribution  under
Section 5.3 for such Plan Year.

5.    Section 4.1 of the Plan shall be amended to read as follows:

      Each  Participant  may authorize the Employer by which he is employed,  in
the manner described in Section 3.2, to have an Employee  Deferral  Contribution
made on his behalf.  Such  election  shall apply to the  Participant's  Eligible
Earnings   attributable  to  services  performed   [subsequent  to]  DURING  THE
DESIGNATED  FUTURE PERIOD  COVERED BY the election,  AS PROVIDED IN SECTION 3.2.
Such Employee  Deferral  Contribution  shall be a stated whole percentage of the
Participant's  Eligible Earnings,  equal to not less than 1% nor more than 100%,
as  designated  by  the  Participant.   [The  percentage  of  Eligible  Earnings
designated by a Participant to measure the Employee Deferral Contributions to be
made on the  Participant's  behalf shall remain in effect,  notwithstanding  any
change in his  Eligible  Earnings,  until he elects  to change or  suspend  such
percentage  in  accordance  with Section 4.2 or Section 4.3,  below.]  Effective
January 1, 2002, notwithstanding a Participant's designated deferral percentage,
the amount of a Participant's  Employee Deferral  Contribution  shall not exceed
the net result of the Participant's  Eligible Earnings less any amounts required
to be withheld  from such  Participant's  Eligible  Earnings  including  amounts
pursuant to any pre-tax  elections  under Code  Sections  125 or 132(f) and such
other amounts as designated by the Retirement Committee or its designee.  EXCEPT
AS  OTHERWISE  PROVIDED  HEREIN AND IN  ACCORDANCE  WITH CODE  SECTION  409A AND
RELATED OFFICIAL  GUIDANCE,  A PARTICIPANT'S  ANNUAL SALARY  DEFERRALS  ELECTION
SHALL BE IRREVOCABLE FOR SUCH CALENDAR YEAR.

6.    Section 4.2 of the Plan shall be amended to read as follows:

<PAGE>

      A  Participant  may  change his  contribution  percentage  election  under
Section 4.1 at any time by applying to make such change in the manner prescribed
by the  Committee.  [Any] PRIOR TO JANUARY 1, 2005, ANY such change shall become
effective as of the first full  payroll  period that begins  coincident  with or
immediately  following the first day of the calendar quarter  following the date
the Participant applies to make such change.

      Effective January 1, 2001, any change in contribution  percentage election
under this Section 4.2 shall become effective as of the first day of the payroll
period  immediately  following  the date the  Participant  applies  to make such
change.

      ON AND AFTER  JANUARY 1, 2005,  EXCEPT AS  OTHERWISE  PROVIDED  HEREIN AND
PERMITTED PURSUANT TO CODE SECTION 409A AND RELATED OFFICIAL GUIDANCE, ELECTIONS
TO  CHANGE  AN  ELIGIBLE  EARNINGS  DEFERRAL  PERCENTAGE  FOR A YEAR  WHICH  ARE
SUBMITTED AFTER DECEMBER 31 OF SUCH YEAR SHALL NOT BE PERMITTED.

7.    Section 4.3 of the Plan shall be amended to read as follows:

      EXCEPT AS PROVIDED BELOW, A Participant may suspend his Employee  Deferral
Contributions at any time by applying for a suspension in the manner  prescribed
by the Committee [.Any],  AND ANY such suspension shall become effective as soon
as administratively  practicable following the date the Participants applies for
the suspension.  A Participant whose Employee Deferral  Contributions  have been
suspended   under  this   subsection   may  resume  having   Employee   Deferral
Contributions  made on his  behalf  by  [applying  to  change  his  contribution
percentage] SUBMITTING A DEFERRAL election in accordance with Section [4.2.]4.1.
ON AND AFTER  JANUARY 1, 2005,  EXCEPT AS OTHERWISE  PERMITTED  PURSUANT TO CODE
SECTION 409A AND RELATED OFFICIAL  GUIDANCE,  ANY SUCH SUSPENSION  REQUEST SHALL
NOT BECOME  EFFECTIVE  BEFORE THE FIRST DAY OF THE YEAR  FOLLOWING  THE DATE THE
PARTICIPANT APPLIES FOR THE SUSPENSION.

8.    Section 4.4 of the Plan shall be amended to read as follows:

      By November 30 of each year,  AND EXCEPT AS PROVIDED BELOW WITH RESPECT TO
PERFORMANCE-BASED  BONUSES,  each  Participant  may  authorize,  in  the  manner
authorized  by the  Retirement  Committee,  to defer a portion of his Bonus that
would  otherwise be payable for services  performed in the  twelve-month  period
beginning  on  the  December  1  immediately  following  such  November  30.  [A
Participant's  annual]  IN THE  CASE  OF ANY  BONUS  THAT IS  DESIGNATED  BY THE
EMPLOYER AS A PERFORMANCE-BASED  BONUS AND WHICH QUALIFIES AS  PERFORMANCE-BASED
COMPENSATION  UNDER  CODE  SECTION  409A  AND  RELATED  OFFICIAL   GUIDANCE,   A
PARTICIPANT'S  DEFERRAL  ELECTION WITH RESPECT TO ALL OR A PORTION OF HIS OR HER
BONUS MUST BE MADE, IN WRITING TO THE COMPANY ON AN APPROVED FORM, NO LATER THAN
MAY 31 OF THE 12-MONTH PERIOD BEGINNING ON THE DECEMBER 1 IMMEDIATELY  PRECEDING
SUCH MAY 31 OR SUCH OTHER  EARLIER DATE  DESIGNATED  BY THE  COMPANY.  EXCEPT AS
OTHERWISE  PROVIDED  HEREIN AND IN ACCORDANCE WITH CODE SECTION 409A AND RELATED
OFFICIAL  GUIDANCE,  A  PARTICIPANT'S   election  to  defer  a  Bonus  shall  be
irrevocable[,  except that the Retirement  Committee may permit a Participant to
waive the  remainder of his Bonus  deferral  commitment  upon a finding that the
Participant has suffered a Severe Financial Hardship] FOR SUCH CALENDAR YEAR.

9.    Section 5.4 is amended to read as follows:

Vesting of Profit-Sharing  Contributions.  Profit-Sharing  Contributions made on
behalf of a  Participant  and the  earnings  thereon  shall be fully  vested and
nonforfeitable upon the Participant's Termination of Employment solely by reason
of his Retirement,  death or Permanent Disability.  In the absence of any of the
preceding events, the

<PAGE>

Profit-Sharing  Contributions  made on behalf of the  Participant,  and earnings
thereon, shall vest in accordance with the schedules set forth below:

            [Years of Service]                   [Percent Vested]
            ------------------                   ----------------
              [Less than 5]                            [0%]
               [5 or more]                            [100%]

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             YEARS OF SERVICE                     PERCENT VESTED
             ----------------                     --------------
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               LESS THAN 2                               0%
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                    2                                   25%
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                    3                                   50%
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                    4                                   75%
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                    5                                  100%
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10.   Section 7.1(a) is amended to read as follows:

Form  of  Payment:  The  Participant's  election  shall  indicate  the  form  of
distribution of the entire vested portion of his  Participant  Account in a lump
sum or monthly installments over 5, [or] 10, 20 OR 30 years.

11.   The third and fourth  paragraph  of Section 7.1 of the Plan are amended to
      read as follows:

      Notwithstanding  the foregoing,  subject to the approval of the Retirement
Committee,  a Participant may change his form and timing election  applicable to
his  Participant  Account once every five years,  provided  that such request to
change is made at least  twelve  (12)  consecutive  months  prior to the date on
which such  distribution  would otherwise have been made or commenced AND SOLELY
WITH  RESPECT  TO  AMOUNTS  DEFERRED  UNDER THE PLAN  WHICH ARE  SUBJECT TO CODE
SECTION  409A  (GENERALLY,  AMOUNTS  DEFERRED ON AND AFTER  JANUARY 1, 2005) THE
REQUEST FOR CHANGE IS AT LEAST TWELVE (12) CONSECUTIVE  MONTHS PRIOR TO THE DATE
ON WHICH SUCH DISTRIBUTION WILL BE MADE OR COMMENCE AND THE PAYMENT WITH RESPECT
TO AN AMENDED DISTRIBUTION  ELECTION IS DEFERRED FOR A PERIOD OF NOT LESS THAN 5
YEARS FROM THE DATE SUCH PAYMENT WOULD OTHERWISE HAVE BEEN PAID (OR, IN THE CASE
OF INSTALLMENT PAYMENTS, 5 YEARS FROM THE DATE THE FIRST AMOUNT WAS SCHEDULED TO
BE PAID).

      Notwithstanding the foregoing, AND SOLELY WITH RESPECT TO AMOUNTS DEFERRED
UNDER THE PLAN WHICH ARE NOT SUBJECT TO CODE  SECTION 409A  (GENERALLY,  AMOUNTS
DEFERRED  BEFORE  JANUARY  1,  2005),  if the  value  the  vested  portion  of a
Participant's  Account is $5,000 or less as of the Participant's  Termination of
Employment,  the Participant  shall be the paid the entire vested portion of his
Account  as a lump sum as soon as  administratively  practicable  following  the
Participant's Termination of Employment.

12.   Section 7.4 of the Plan is amended by adding the  following  paragraph  at
      the end thereof:

      WITH  RESPECT  TO AMOUNTS  DEFERRED  HEREUNDER  WHICH ARE  SUBJECT TO CODE
SECTION  409A  (GENERALLY,  AMOUNTS  DEFERRED  ON AND AFTER  JANUARY  1,  2005),

<PAGE>

DISTRIBUTIONS  DUE  TO  SEVERE  FINANCIAL  HARDSHIP  SHALL  BE  MADE  SOLELY  IN
ACCORDANCE  WITH  THE  PROVISIONS  OF CODE  SECTION  409A AND  RELATED  OFFICIAL
GUIDANCE.

13.   A new Section 7.5 is added to the Plan to read as follows:

      DISTRIBUTION DUE TO DE MINIMIS AMOUNTS. UPON THE PARTICIPANT'S TERMINATION
OF  EMPLOYMENT,  IF SUCH  PARTICIPANT'S  ACCOUNT  BALANCE TOTAL  (INCLUDING  ALL
SUBACCOUNTS)  IS $10,000 OR LESS,  THE  PARTICIPANT  SHALL BE PAID IN A LUMP SUM
PAYMENT,  AS SOON  AS  ADMINISTRATIVELY  PRACTICABLE  FOLLOWING  TERMINATION  OF
EMPLOYMENT  BUT NOT LATER  THAN THE 15TH DAY OF THE THIRD  MONTH  FOLLOWING  THE
PARTICIPANT'S  TERMINATION  OF EMPLOYMENT OR DECEMBER 31 OF THE CALENDAR YEAR IN
WHICH THE PARTICIPANT INCURS A TERMINATION OF EMPLOYMENT, WHICHEVER IS LATER.

14.   Article 9 of the Plan is amended by adding the following paragraphs to the
      end thereof:

      NOTWITHSTANDING  ANYTHING  HEREIN TO THE  CONTRARY,  IN NO EVENT SHALL ANY
AMENDMENT  OR  MODIFICATION  BE MADE IN A MANNER THAT IS  INCONSISTENT  WITH THE
REQUIREMENTS   UNDER  SECTION  409A  OF  THE  CODE,  NOR  SHALL  ANY  AMENDMENT,
MODIFICATION   OR  OTHER  ACT  OR  EXERCISE  BE  EFFECTIVE   WHICH  INVOLVES  AN
UNINTENTIONAL MATERIAL MODIFICATION (WITHIN THE MEANING OF CODE SECTION 409A AND
RELATED OFFICIAL GUIDANCE) WITH RESPECT TO CODE SECTION 409A GRANDFATHERED FUNDS
(GENERALLY, AMOUNTS DEFERRED BEFORE JANUARY 1, 2005).

      NOTWITHSTANDING  ANYTHING  HEREIN TO THE  CONTRARY,  IN NO EVENT SHALL ANY
TERMINATION BE MADE IN A MANNER THAT IS INCONSISTENT WITH THE REQUIREMENTS UNDER
SECTION 409A OF THE CODE.

15.   The first paragraph of Article 9 is amended to read as follows:

      It is the  intention  of the Company to continue  this Plan  indefinitely.
Nevertheless,  subject to the provisions hereinafter set forth, the Board OR ITS
DELEGATE may, at any time or from time to time, by written  resolution modify or
discontinue  the Plan in whole or in part and  reduce,  suspend  or  discontinue
contributions hereunder;  provided,  however, that no action may be taken which,
by reason thereof,  will discontinue or reduce the amount of payments (except as
may be required  pursuant to any plan  arising  from  insolvency  or  bankruptcy
proceedings)  to any  Participant  who has had a  Termination  of  Employment or
incurred a  Permanent  Disability  and no action may be taken  which,  by reason
thereof,  will  reduce  the  vested  amount  in  any  Participant  Account.  Any
modification  or  amendment of the Plan may be made  retroactive  if it does not
violate the preceding sentence or if,  notwithstanding  such preceding sentence,
the  modification  or amendment is necessary or  appropriate to conform the Plan
to,  or to  satisfy  the  conditions  of,  ERISA,  the Code,  or any other  law,
governmental regulation or ruling.

16.   Section 10.6 of the Plan shall be amended to read as follows:

[There] SUBJECT TO THE  REQUIREMENTS  OF CODE SECTION 409A AND RELATED  OFFICIAL
GUIDANCE,  THERE shall be deducted from all payments  under this Plan the amount
of any taxes required to be withheld by any Federal,  state or local government.
The   Participants   and  their   beneficiaries,   distributees,   and  personal
representatives  will bear any and all Federal,  foreign,  state, local or other
income or other taxes imposed on amounts paid under this Plan.EXHIBIT 10.3

                                  AMENDMENT TO
                            THE CARNIVAL CORPORATION
                     SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN

--------------------------------------------------------------------------------

      Carnival Corporation  Supplemental  Executive Retirement Plan (the "Plan")
is hereby  amended as follows  effective,  January 1, 2006  (deletions in square
brackets, additions in all capital letters):

1. The last paragraph of Section 5.1(B) is amended to read as follows:

Notwithstanding  the foregoing,  if a Participant  elects his distribution to be
made or commenced in accordance  with  paragraph (3) above,  and such date falls
before  the   Participant's   Termination  of  Employment,   the   Participant's
distribution  shall be made or commenced in accordance with paragraph (1) above.
Notwithstanding  the  foregoing,  subject  to the  approval  of the  Company,  a
Participant may change his form and timing  election  applicable to his benefit,
provided  that such request to change is made at least  twelve (12)  consecutive
months prior to the date on which such  distribution  would have  otherwise been
made on or  commenced.  SOLELY WITH  RESPECT TO AMOUNTS  ACCRUED  UNDER THE PLAN
WHICH ARE SUBJECT TO CODE SECTION 409A (GENERALLY,  AMOUNTS ACCRUED ON AND AFTER
JANUARY  1,  2005) THE  REQUEST  FOR  CHANGE IN TIMING OF THE  PAYMENT  SHALL BE
DEFERRED FOR A PERIOD OF NOT LESS THAN 5 YEARS FROM THE DATE SUCH PAYMENT  WOULD
OTHERWISE HAVE BEEN PAID (OR, IN THE CASE OF INSTALLMENT  PAYMENTS, 5 YEARS FROM
THE DATE THE FIRST  AMOUNT WAS  SCHEDULED  TO BE PAID).  If a  Participant  dies
before  commencement of distribution of  Participant's  Benefits under the Plan,
such  Benefits  shall  be paid in a lump sum to the  Participant's  Beneficiary,
using the same actuarial assumptions as in the Retirement Plan. If a Participant
dies after  commencement  of distribution of his or her Benefits under the Plan,
the  Participant's  Benefits shall be paid to the  Participant's  Beneficiary in
accordance with the Participant's election.

2. Section 5.3 of the Plan is amended to read as follows:

Tax  Withholding.  SUBJECT TO THE  REQUIREMENTS OF CODE SECTION 409A AND RELATED
OFFICIAL  GUIDANCE  AND [To] TO the extent  required by the law in effect at the
time  benefits are  distributed  pursuant to this  Section 5, the Company  shall
withhold any taxes required by the federal or any state or local government from
payments made hereunder.

3. Section 8.1 of the Plan is amended to read as follows:

Plan  Amendment.  The Plan may be amended or otherwise  modified by the Board OR
ITS DELEGATE,  in whole or in part,  provided that no amendment or  modification
shall divest any Participant of any amount  previously earned under Section 3.1.
NOTWITHSTANDING ANYTHING HEREIN TO THE CONTRARY, IN NO EVENT SHALL ANY AMENDMENT
OR MODIFICATION BE MADE IN A MANNER THAT IS INCONSISTENT  WITH THE  REQUIREMENTS
UNDER SECTION 409A OF THE CODE, NOR SHALL ANY AMENDMENT,  MODIFICATION  OR OTHER
ACT  OR  EXERCISE  BE  EFFECTIVE  WHICH  INVOLVES  AN   UNINTENTIONAL   MATERIAL
MODIFICATION  (WITHIN THE  MEANING OF CODE  SECTION  409A AND  RELATED  OFFICIAL
GUIDANCE)  WITH  RESPECT TO CODE SECTION 409A  GRANDFATHERED  FUNDS  (GENERALLY,
AMOUNTS DEFERRED BEFORE JANUARY 1, 2005).

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