Carnival Announces Results of Exercise of Rights

Carnival Corporation & plc Announces Results of Exercise of Rights by Holders 
       to Require Repurchase of Senior Convertible Debentures due 2033 
 
    MIAMI, April 30 -- Carnival Corporation & plc (NYSE/LSE: CCL; NYSE: CUK)
announced today that holders of $467,047,000 aggregate principal amount at 
maturity of its Senior Convertible Debentures due 2033 had exercised their
right to have the Company repurchase their Senior Convertible Debentures 
pursuant to the Indenture.  The Company repurchased the Senior Convertible 
Debentures at a price of $646.88 per $1,000 principal amount at maturity, 
plus accrued and unpaid interest.  As of April 30, 2008, $421,953,000 aggregate
principal amount at maturity of the Senior Convertible Debentures remain 
outstanding.   
    The Indenture governing the Senior Convertible Debentures was amended on 
April 25, 2008 to add additional semi-annual cash interest payments at a rate 
of 0.50% per annum through October 29, 2009 and certain other covenants and 
agreements for the benefit of the holders of the Senior Convertible 
Debentures. "We're pleased with the results of the amendment process as we 
were able to keep almost half of this debt outstanding at a very attractive 
rate," said David Bernstein, Carnival Corporation & plc's Senior Vice 
President and Chief Financial Officer.   
    Pursuant to the Indenture, as so amended, holders of the Senior 
Convertible Debentures will also have the opportunity to require the Company 
to repurchase their Senior Convertible Debentures on each of October 29, 2009, 
April 29, 2013, April 29, 2018, April 29, 2023 and April 29, 2028.  The 
amendments are described in more detail in a Current Report on Form 8-K filed 
by the Company on April 25, 2008.   
 
    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-                             04/30/2008 
    /CONTACT:  Media, US, Tim Gallagher of Carnival Corporation & plc,  
[phone], ext. 16000; or UK, Richard Jacques or Sophie Brand of 
Brunswick Group, [phone]; or Investors, US - UK, Beth Roberts of 
Carnival Corporation & plc, [phone]/ 
    /Web site:  http://www.carnivalcorp.com / 
    (CCL CUK)