Dividend Declaration

Carnival Corporation & plc Declares December Dividend and Announces Subsequent
                             Dividend Suspension

    MIAMI, Oct. 31 -- Carnival Corporation & plc (NYSE/LSE: CCL; NYSE: CUK) 
today announced that it has declared a December dividend of $0.40 per share and 
that its Board of Directors has voted to suspend its quarterly dividend for the 
next quarter as a result of the highly volatile state of the financial markets. 
The company intends to maintain the dividend suspension throughout 2009 but will 
reevaluate its dividend policy based on the circumstances prevailing during the 
year.
    "The company's cash flow remains strong.  However, in light of the
unusually high cost of raising new capital, continuing concerns about
financial institution liquidity and current uncertainties in the global
economy, we believe that preserving cash is a prudent step which will further
strengthen the company's balance sheet and enhance our financial flexibility,"
said Micky Arison, Carnival Corporation & plc chairman and CEO. The dividend
suspension would result in annualized cash savings of approximately $1.3
billion. The significant liquidity provided by the dividend suspension gives
the company the flexibility to fund its 2009 capacity growth without the need
to access credit markets.

    Business Outlook
    The company has increased its previous full year 2008 earnings per share
guidance from $2.79 to $2.81, to $2.81 to $2.83 primarily based on revised
currency exchange rates and fuel prices.
    However, the company has experienced a further slowdown in booking volumes
during the recent turmoil in the financial markets.  Looking at the first half
of 2009, occupancy levels for advance bookings lag the prior year, with ticket
prices for these bookings on a constant dollar basis at slightly higher levels
compared to the prior year.
    With regard to its 2009 outlook, the company is providing 2009 earnings
per share guidance in the broader range of $2.50 to $3.00 given the uncertain
economic outlook. Factoring in the slowdown in bookings, the company is
forecasting full year constant dollar net revenue yields (revenue per
available lower berth day) to be lower by 1% to 5% compared to the prior year.
The recent significant movement in the euro and sterling currencies results in
lower current dollar net revenue yields by 7% to 11%. However, the recent
decline in fuel prices will result in a significant benefit to the 2009 full
year financial results.  The company's 2009 guidance is based on fuel prices
of $380 per metric ton and currency exchange rates of $1.30 to the euro and
$1.64 to sterling. Further guidance on the 2009 fiscal year will be provided
with the fourth quarter earnings release to be issued in December 2008.

    Stock Repurchase and Issuance
    In addition, the company filed a supplemental prospectus today to issue up
to 19.2 million Carnival Corporation shares in the U.S. market.  The shares
will be issued from time to time in "At The Market" (ATM) transactions with
the proceeds being used to repurchase shares of Carnival plc in the UK market
(Stock Swap). Since Carnival plc shares are currently trading at a discount to
Carnival Corporation shares, the company would derive an economic benefit from
the stock swap.
    The company will only issue Carnival Corporation shares in the U.S. market
to the extent it can complete the stock swap with a resulting economic
benefit.  Arison added that "the dual listed company structure reflects the
company's global brand portfolio and it remains committed to the Carnival plc
listing on the London Stock Exchange as the company benefits from a more
diversified shareholder base and greater access to global capital markets."

    December Dividend
    The board has approved a record date for the December dividend of November
21, 2008, and a payment date of December 12, 2008. 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 December
1, 2008.  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 November 21, 2008.

    Conference Call
    The company has scheduled a conference call with analysts at 10:30 a.m.
EDT (2:30 p.m. GMT) today to discuss the dividend suspension, the business
outlook and the stock swap.  This call can be listened to live, and additional
information can be obtained, via Carnival Corporation & plc's Web site at
www.carnivalcorp.com and www.carnivalplc.com.
    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 89 ships totaling more than 170,000 lower
berths with 17 new ships scheduled to be delivered between March 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.

    Note To Non-GAAP Financial Measures
    We use net cruise revenues per ALBD ("net revenue yields") as a
significant non-GAAP financial measure of our cruise segment financial
performance. This measure enables us to separate the impact of predictable
capacity changes from the more unpredictable rate changes that affect our
business. We believe that this non-GAAP measure provides a better gauge to
measure our revenue performance instead of the standard U.S. GAAP-based
financial measures. There are no specific rules for determining this non-GAAP
financial measure and, accordingly, it is possible that it may not be exactly
comparable to the like-kind information presented by other cruise companies,
which is a potential risk associated with using it to compare us to other
cruise companies.
    Net revenue yields are commonly used in the cruise industry to measure a
company's cruise segment revenue performance and for revenue management
purposes. We use "net cruise revenues" rather than "gross cruise revenues" to
calculate net revenue yields. We believe that net cruise revenues is a more
meaningful measure in determining revenue yield than gross cruise revenues
because it reflects the cruise revenues earned net of our most significant
variable costs, which are travel agent commissions, cost of air transportation
and certain other variable direct costs associated with onboard and other
revenues. Substantially all of our remaining cruise costs are largely fixed,
except for the impact of changing prices, once our ship capacity levels have
been determined.
    We have not provided estimates of future gross revenue yields because the
reconciliation of forecasted net cruise revenues to forecasted gross cruise
revenues would require us to forecast, with reasonable accuracy, the amount of
air and other transportation costs that our forecasted cruise passengers would
elect to purchase from us (the "air/sea mix").  Since the forecasting of
future air/sea mix involves several significant variables that are relatively
difficult to forecast and the revenues from the sale of air and other
transportation approximate the costs of providing that transportation,
management focuses primarily on forecasts of net cruise revenues rather than
gross cruise revenues.  This does not impact, in any material respect, our
ability to forecast our future results, as any variation in the air/sea mix
has no material impact on our forecasted net cruise revenues. As such,
management does not believe that this reconciling information would be
meaningful.

    Cautionary Note Concerning Factors That May Affect Future Results
    Some of the statements contained in this release are "forward-looking
statements" that involve risks, uncertainties and assumptions with respect to
Carnival Corporation & plc, including some statements concerning future
results, outlook, plans, goals and other events which have not yet occurred.
These statements are intended to qualify for the safe harbors from liability
provided by Section 27A of the Securities Act of 1933 and Section 21E of the
Securities Exchange Act of 1934.  We have tried, whenever possible, to
identify these statements by using words like "will," "may," "could,"
"should," "would," "believe," "expect," "anticipate," "forecast," "future,"
"intend," "plan," and "estimate" or the negative of such terms and other
similar expressions of future intent.  Because forward-looking statements
involve risks and uncertainties, there are many factors that could cause
Carnival Corporation & plc's actual results, performance or achievements to
differ materially from those expressed or implied in this release.
Forward-looking statements include those statements which may impact the
forecasting of Carnival Corporation and plc's earnings per share, net revenue
yields, booking levels, pricing, occupancy, operating, financing and/or tax
costs, fuel costs, costs per available lower berth day, estimates of ship
depreciable lives and residual values, outlook or business prospects. These
factors include, but are not limited to, the following: general economic and
business conditions, including fuel price increases, and perceptions of these
conditions that may adversely impact the levels of Carnival Corporation &
plc's potential vacationers' discretionary income and their confidence in the
U.S. and other economies and, consequently reduce Carnival Corporation & plc's
cruise brands' net revenue yields; the international political climate, armed
conflicts and terrorist attacks and threats thereof, and other world events
affecting the safety and security of travel, could adversely affect the demand
for Carnival Corporation & plc's cruises; conditions in the cruise and
land-based vacation industries, including competition from other cruise ship
operators and providers of other vacation alternatives and over capacity
offered by cruise ship and land-based vacation alternatives;  accidents,
adverse weather conditions or natural disasters, such as hurricanes and
earthquakes and other incidents (including machinery and equipment failures or
improper operation thereof) which could cause the alteration of itineraries or
cancellation of a cruise or series of cruises or tours, and the impact of the
spread of contagious diseases, all of which could affect the health, safety,
security and/or vacation satisfaction of Carnival Corporation & plc guests;
adverse publicity concerning the cruise industry in general, or Carnival
Corporation & plc in particular, could impact the demand for Carnival
Corporation & plc's cruises; lack of acceptance of new itineraries, products
and services by Carnival Corporation & plc's guests; changing consumer
preferences, which may, among other things, adversely impact the demand for
cruises; the impact of changes in and compliance with laws and regulations
relating to environmental, health, safety, security, tax and other regulatory
regimes under which Carnival Corporation & plc operate; the impact of
increased global fuel demand and pricing, a weaker U.S. dollar, fuel supply
disruptions and/or other events on Carnival Corporation & plc fuel and other
expenses, liquidity and credit ratings; the impact on Carnival Corporation &
plc future fuel expenses of implementing recently approved International
Maritime Organization regulations which, requires the use of higher priced low
sulfur fuels in certain cruising areas; the impact of changes in operating and
financing costs, including changes in interest rates and food, insurance,
payroll and security costs; fluctuations in foreign currency exchange rates,
particularly the strengthening of the U.S. dollar against the euro and
sterling;  the ability of Carnival Corporation & plc to implement its
shipbuilding programs and ship refurbishments and repairs, including
purchasing ships for its North American cruise brands from European shipyards
on terms that are favorable or consistent with Carnival Corporation & plc's
expectations; Carnival Corporation & plc's ability to implement its brand
strategies and to continue to operate and expand its business internationally;
whether Carnival Corporation & plc's future operating cash flow will be
sufficient to fund future obligations and whether Carnival Corporation & plc
will be able to obtain financing, if necessary, in sufficient amounts and on
terms that are favorable or consistent with its expectations;  Carnival
Corporation & plc's ability to attract and retain qualified shipboard crew and
maintain good relations with employee unions; continuing financial viability
of Carnival Corporation & plc's travel agent distribution system and air
service providers; availability and pricing of air travel services, especially
as a result of the significant increases in air travel costs, and its impact
on the demand for Carnival Corporation & plc cruises; the impact of changes in
the global credit markets on Carnival Corporation & plc's counterparty risks,
including those under our derivative instruments, contingent obligations,
insurance contracts and new ship progress payment guarantees; the impact of
Carnival Corporation & plc self-insuring against various risks and its
inability to obtain insurance for certain risks at reasonable rates;
disruptions and other damages to Carnival Corporation & plc's information
technology networks; lack of continued availability of attractive port
destinations; and risks associated with the dual listed company structure,
including the uncertainty of its tax status. Forward-looking statements should
not be relied upon as a prediction of actual results.  Subject to any
continuing obligations under applicable law or any relevant listing rules,
Carnival Corporation & plc expressly disclaims any obligation to disseminate,
after the date of this release, any updates or revisions to any such
forward-looking statements to reflect any change in expectations or events,
conditions or circumstances on which any such statements are based.

SOURCE  Carnival plc
    -0-                             10/31/2008
    /CONTACT:  Media, US, Tim Gallagher of Carnival Corporation & plc,
[phone], ext. 16000; Investor Relations, UK, Richard Jacques or Sophie
Brand, both of Brunswick Group, [phone]; or Beth Roberts of
Carnival Corporation & plc, [phone]/
    /Web site:  http://www.carnivalcorp.com
                http://www.carnivalplc.com /
    (CCL.L CUK)