Carnival Announces Dividend Exchange Rate

Carnival Corporation & plc Announces Exchange Rate for
                             Quarterly Dividend

    MIAMI, Sept. 1, 2011 -- On July 13, 2011, Carnival Corporation & plc
(NYSE/LSE: CCL; NYSE: CUK) announced a quarterly cash dividend of $0.25
(U.S.) per share. The dividend is payable on September 16, 2011, to
shareholders of record on August 26, 2011.

    Holders of Carnival Corporation common stock or Carnival plc ADSs will
receive a dividend payable in U.S. dollars. The dividend for Carnival plc
ordinary shares will be payable in sterling unless shareholders elected to
receive the dividend in U.S. dollars by August 26, 2011.

    Dividends payable in sterling will be converted from U.S. dollars at the
exchange rate quoted by the Bank of England in London at 12 noon on
September 1, 2011 (US$1 = 61.71316 pence). Accordingly, the dividend payable
in sterling on September 16, 2011, will be 15.42829 pence per share.

    Carnival Corporation & plc is the largest cruise vacation group in the
world, with a portfolio of cruise brands in North America, Europe, Australia
and Asia, comprised of Carnival Cruise Lines, Holland America Line, Princess
Cruises, Seabourn, AIDA Cruises, Costa Cruises, Cunard, Ibero Cruises, P&O
Cruises (UK) and P&O Cruises (Australia).

    Together, these brands operate 101 ships totaling approximately 200,000
lower berths with 10 new ships scheduled to be delivered between May 2012
and March 2016. Carnival Corporation & plc also operates Holland America
Princess Alaska Tours, the leading tour company 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.

    Additional information is available at www.carnivalcorp.com
and www.carnivalplc.com.

    SOURCE Carnival Corporation & plc

    CONTACT: Media, US, Jennifer de la Cruz or Vance Gulliksen, Carnival
Corporation & plc, [phone], ext. 16000, or Investor Relations,
US/UK, Beth Roberts, Carnival Corporation & plc, [phone]