Dividend Declaration

FOR IMMEDIATE RELEASE

                     CARNIVAL CORPORATION & PLC ANNOUNCES                      

                     EXCHANGE RATE FOR QUARTERLY DIVIDEND                      

MIAMI (March 1, 2006) - On January 25, 2006, Carnival Corporation & plc (NYSE/
LSE: CCL; NYSE: CUK) announced a quarterly cash dividend of 25 (U.S.) cents per
share. The dividend is payable on March 10, 2006, to shareholders of record on
February 17, 2006.

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 February 17, 2006.

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 March 1,
2006 (US$1 = 56.95085 pence). Accordingly, the dividend payable in sterling on
March 10, 2006, will be 14.23771 pence per share.

Carnival Corporation & plc is the largest cruise vacation group in the world,
with a portfolio of 12 cruise brands in North America, Europe and Australia,
comprised of Carnival Cruise Lines, Holland America Line, Princess Cruises,
Seabourn Cruise Line, Windstar Cruises, AIDA Cruises, Costa Cruises, Cunard
Line, Ocean Village, P&O Cruises, Swan Hellenic, and P&O Cruises Australia.

Together, these brands operate 80 ships totaling more than 139,000 lower berths
with 15 new ships scheduled to enter service between May 2006 and fall 2009.
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 can be obtained via Carnival Corporation & plc's Web
sites at www.carnivalcorp.com and www.carnivalplc.com.

                                      ###                                      

MEDIA CONTACTS:

US

Carnival Corporation & plc

Tim Gallagher

305 599 2600, ext. 16000

UK

Brunswick Group

Sophie Fitton/Sarah Lindgreen

44 (0) 20 7404 5959

INVESTOR RELATIONS CONTACT:

US/UK

Carnival Corporation & plc

Beth Roberts

305 406 4832