Dividend Declaration

Carnival Corporation & Plc Announces 27 Percent Increase in Quarterly Dividend 
                    at its Annual Shareholders Meeting 
 
Expresses Confidence In The Business And Outlines Growth Plans For Investors 
 
    MIAMI, April 16 -- During the Carnival Corporation & plc (NYSE/LSE: CCL; 
NYSE: CUK) annual general meeting of shareholders, held today in Southampton, 
UK, the company announced an increase in its regular quarterly dividend of 27 
percent to $0.35 per share from $0.275 per share. 
    The announcement was made by Carnival's Vice Chairman and Chief Operating 
Officer Howard Frank who noted that since the company's merger with P&O 
Princess Cruises in April 2003, the company has more than tripled its dividend 
to shareholders with the latest increase.   
    "This dividend increase reflects our management's confidence in the future 
of our business.  Carnival Corporation & plc is in the uniquely enviable 
position of being able to aggressively pursue our growth strategies - both 
through our $11 billion newbuilding program and developing new markets in 
Europe and Asia - while still generating the cash flow to return more added 
value to our shareholders in the form of increased quarterly dividends and our 
share buy-back program," Frank said.  Since 2005, Carnival has repurchased 
$1.2 billion of its shares. 
    "Carnival remains committed to its previously stated policy of returning 
excess cash to shareholders by increasing dividends as our earnings grow, as 
well as continuing our stock repurchase program opportunistically.  We have 
approximately $770 million remaining under our previously authorized stock 
repurchase program," he added.      
    Frank also discussed the company's growth plans which are focused on its       
newbuilding program but also include a number of initiatives aimed at growing 
existing markets and expanding internationally. 
    Carnival's five core business regions - U.S., UK, Germany, Italy and Spain 
- "all offer tremendous growth potential because of their favorable 
demographics and low penetration levels," noted Frank.  
    In 2006, North America accounted for 70 percent of Carnival Corporation & 
plc's passenger base with Europeans and the rest of the world accounting for 
the remaining 30 percent.  Frank said that by 2010, this ratio is expected to 
shift to 60 percent North Americans and 40 percent Europeans and the rest of 
the world as the company continues to expand operations beyond North America. 
    "In North America we plan to add eight ships from 2007 through 2010. While 
North America remains our largest market, we have intensified our efforts at 
growing our European business, both through strategic alliances with existing 
travel companies in the region, as well as an aggressive newbuilding program 
that will introduce 12 new ships for our European brands through 2010," he 
said.  
    Other growth initiatives include a planned new cruise joint venture in 
Germany with TUI AG, the world's largest tour company, to develop, market and 
operate two cruise brands - Carnival's existing AIDA Cruises and a new TUI 
Cruises brand - both designed for the German-speaking holiday market.   
Carnival also has a planned joint venture in Spain with Orizonia Corporacion, 
Spain's largest travel company which operates its own cruise fleet under its 
Iberojet division, to operate and expand the existing Iberojet Cruceros brand 
in Spain.  The joint venture will grow that fleet over the next several years 
through the acquisition of existing tonnage from Carnival Corporation & plc's 
current fleet.   
    Since the company's merger with P&O Princess Cruises in 2003, annual cash 
flow from operations has nearly doubled from $1.9 billion to $3.6 billion.   
Over the past four years, the company has funded $9 billion in new ship 
construction all through its own cash flow, according to Frank. 
 Frank also recapped the line's 2006 performance during which Carnival 
Corporation & plc achieved record earnings of $2.3 billion on record revenues 
of $11.8 billion.   
    Carnival Corporation & plc boards of directors approved a record date for 
the dividend of May 18, 2007, and a payment date of June 8, 2007. 
     Holders of Carnival Corporation common stock and Carnival plc ADSs will 
receive the dividend payable in U.S. dollars.  The dividend for Carnival plc 
ordinary shares will be payable in U.S. dollars or sterling.  In the absence 
of instructions or elections to the contrary, holders of Carnival plc ordinary 
shares will automatically receive the dividend in sterling.   
    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 June 1, 
2007. Holders of Carnival plc ordinary shares wishing to receive their 
dividend in U.S. dollars or participate in the Carnival plc Dividend 
Reinvestment Plan must elect to do so by May 18, 2007.  
    As a dual-listed company, traded on both the New York and London stock 
exchanges, Carnival alternates the site of its annual shareholder meeting each 
year between venues in the U.S. and UK.  
    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, Seabourn Cruise Line, AIDA Cruises, Costa Cruises, Cunard Line, Ocean 
Village, P&O Cruises, and P&O Cruises Australia. 
    These brands operate 80 ships totaling 149,000 lower berths. Carnival 
Corporation & plc also operates the leading tour companies in Alaska and the 
Canadian Yukon, Holland America Tours and Princess Tours. 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 online at carnivalcorp.com and 
carnivalplc.com. 
 
SOURCE  Carnival plc 
    -0-                             04/16/2007 
    CONTACT:  MEDIA, U.S., Tim Gallagher, Carnival Corporation & plc,  
[phone], ext. 16000; or UK, Richard Jacques or Sophie Brand, Brunswick 
Group, [phone]; or INVESTOR RELATIONS, U.S., UK, Beth Roberts, 
Carnival Corporation & plc, [phone] 
    Web site:  http://www.carnivalcorp.com 
               http://carnivalplc.com 
    (CCL CUK)