Carnival Amends Senior Convertible Debentures D...

Carnival Amends Senior Convertible Debentures Due 2033

    MIAMI, April 25 Carnival Corporation & plc (NYSE/LSE: CCL; NYSE: CUK) 
announced today that Carnival Corporation (the "Company") has amended the terms 
of its Senior Convertible Debentures due 2033 (the "Debentures").  The 
amendments are for the benefit of holders of the Debentures who do not require 
the Company to repurchase their Debentures on April 29, 2008.

    The amendments include:
      -- Additional semi-annual cash interest payments at a rate of 0.50% per
         annum for the next 18 months, payable on October 29, 2008, April 29,
         2009 and October 29, 2009 (prior to the amendment, the Debentures
         would have ceased to accrue cash interest as of April 29, 2008);

      -- One additional opportunity to require the Company to repurchase the
         Debentures on October 29, 2009.  The terms of this put right are
         otherwise identical to those for the repurchase scheduled to occur on
         April 29, 2008 that is currently provided for in the indenture
         governing the Debentures;

      -- Additional call protection, eliminating the Company's ability to
         redeem the Debentures at its option until October 29, 2009 (prior to
         the amendment, the Company would have been able to redeem the
         Debentures at its option at any time commencing April 29, 2008);

      -- An additional conversion adjustment so that the conversion price of
         the Debentures will be adjusted if in any fiscal quarter the Company
         pays cash dividends in excess of $0.40 per share; and

      -- An additional provision to the effect that, in the event of certain
         change in control events or a termination of trading of the Company's
         common stock, the Company will increase the conversion rate for any
         Debentures surrendered in connection with such events or termination
         of trading by issuing a specified number of additional shares of its
         common stock.


    The specific terms of the amendments are set forth in an amendment to the
supplemental indenture, which has been filed with the Securities and Exchange
Commission as an exhibit to a Current Report on Form 8-K, and the summary of
the terms of the amendments in this press release are qualified in its
entirety by reference to that amendment. The Form 8-K also includes a summary
of certain U.S. federal income tax consequences of the amendment to the terms
of the Debentures.  Holders of Debentures should read the Form 8-K and the
amendment to the supplemental indenture in their entirety.
    Holders of the Debentures have the right to require the Company to
repurchase the Debentures at the issue price per $1,000 principal amount at
maturity of the Debentures, plus any accrued and unpaid interest through and
including April 28, 2008.  Holders who validly submit a purchase notice by
April 29, 2008 and do not withdraw that notice in accordance with The
Depository Trust Company's procedures by April 29, 2008 will receive $646.88
per $1,000 principal amount at maturity of Debentures redeemed, in cash, on
April 30, 2008.
    Holders should discuss with their tax advisors the tax implications of the
Company's amendment to the terms of the Debentures.

    Carnival Corporation & plc is the largest cruise vacation group in the
world, with a portfolio of cruise brands in North America, Europe and
Australia, comprised of Carnival Cruise Lines, Holland America Line, Princess
Cruises, The Yachts of Seabourn, AIDA Cruises, Costa Cruises, Cunard Line,
Ibero Cruises, Ocean Village, P&O Cruises and P&O Cruises Australia.
    Together, these brands operate 86 ships totaling more than 162,000 lower
berths with 20 new ships scheduled to enter service between July 2008 and June
2012. Carnival Corporation & plc also operates Holland America Tours and
Princess Tours, the leading tour companies in Alaska and the Canadian Yukon.
Traded on both the New York and London Stock Exchanges, Carnival Corporation &
plc is the only group in the world to be included in both the S&P 500 and the
FTSE 100 indices.

SOURCE  Carnival Corporation & plc
    -0-                             04/25/2008
    /CONTACT: US, Tim Gallagher of Carnival Corporation & plc, +1-305-599-
2600, ext. 16000; or UK, Richard Jacques-Sophie Brand, both of Brunswick
Group, [phone]; or US-UK, Beth Roberts of Carnival Corporation &
plc, [phone]/
    /Web site:  http://www.carnivalcorp.com /
    (CCL CUK)