Carnival Share Sale and Stock Repurchase Program

Carnival Corporation & Plc Announces Carnival Plc Share Sale and Carnival 
                   Corporation Stock Repurchase Program

    MIAMI, July 2 -- Carnival Corporation & plc (NYSE/LSE: CCL; NYSE: CUK) 
announces that Carnival Investments Limited, a wholly owned subsidiary of 
Carnival Corporation, intends to sell up to 25,000,000 existing Carnival 
plc ordinary shares that it holds in the UK market  ("Share Sales").  
The ordinary shares will be sold from time to time in the UK in "at the 
market" transactions at times when the Carnival Corporation common stock 
is trading at a discount to Carnival plc shares. Carnival Corporation & 
plc intend to use the net proceeds of the Carnival plc Share Sales to 
repurchase Carnival Corporation common stock on at least an equivalent 
basis in the U.S. market ("Stock Repurchase"), and to use the 
remaining net proceeds, if any, for general corporate purposes. Carnival 
Corporation & plc only intends to trade where it will derive an economic 
benefit from the Carnival plc Share Sales and Carnival Corporation Stock 
Repurchase program.

    Under the terms of the articles of association of Carnival plc the 
ordinary shares sold by Carnival Investments Limited will, once held 
outside of the Carnival Corporation group, become re-enfranchised for 
voting purposes.

    The Carnival plc Share Sales and Carnival Corporation Stock Repurchase 
program will be run in conjunction with the previously announced Carnival 
plc Share Repurchase and Carnival Corporation Stock Issuance program.  
Only one of the programs will be operated by Carnival Corporation & plc at 
any given time.

    Carnival plc has filed a registration statement on Form S-3ASR (including 
a prospectus) with the U.S. Securities and Exchange Commission (the 
"SEC") in relation to the Share Sales program, for U.S. regulatory 
purposes (File No. 333-160411).  Interested parties should read the 
prospectus in that registration statement and the other documents that 
Carnival Corporation & plc have filed with the SEC that are incorporated 
by reference into the prospectus for more complete information about 
Carnival Corporation & plc and this program.  These documents are 
available at no charge by visiting EDGAR on the SEC Web site at 
www.sec.gov.  You may also request a copy of the prospectus for this 
offering, and the documents incorporated by reference into the prospectus 
from Carnival Corporation & plc, without charge, upon written or oral 
request.  Requests for such copies should be directed to the following:

        CARNIVAL CORPORATION and CARNIVAL PLC
        c/o CARNIVAL CORPORATION
        3655 N.W. 87TH AVENUE
        MIAMI, FLORIDA 33178-2428
        ATTENTION: COMPANY SECRETARY
        TELEPHONE:  [phone], EXT.  18018.

    This press release shall not constitute an offer to sell or the 
solicitation of an offer to buy nor shall there be any sale of these 
securities in any jurisdiction in which such offer, solicitation or sale 
would be unlawful prior to registration or qualification under the 
securities laws of any such jurisdiction.

    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 92 ships totaling approximately 177,000 
lower berths with 13 new ships scheduled to be delivered between September 
2009 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.

    Caution Concerning Forward-Looking Statements
    This release includes certain forward-looking statements within the 
meaning of the Private Securities Litigation Reform Act of 1995.  These 
statements are based on management's current expectations or beliefs, 
and are subject to uncertainty and changes in circumstances.  Actual 
results may vary materially from those expressed or implied by the 
statements herein due to changes in economic, business, competitive, 
technological, strategic and/or regulatory factors, and other factors 
affecting the operations of Carnival Corporation & plc.  More detailed 
information about these factors may be found in filings by Carnival 
Corporation & plc with the SEC, including their most recent joint Annual 
Report on Form 10-K and joint Quarterly Reports on Form 10-Q.  Carnival 
Corporation & plc are under no obligation to, and expressly disclaim any 
such obligation to, update or alter their forward-looking statements, 
whether as a result of new information, future events, or otherwise.

SOURCE: Carnival Corporation

CONTACT: Media, US, Tim Gallagher, [phone], ext. 16000; or 
Investor Relations, US,UK, Beth Roberts, [phone], both of Carnival 
Corporation & plc