Exercise of Rights by Holders

Carnival Corporation & plc Announces Results of Exercise of Rights by Holders 
      to Require Repurchase of Liquid Yield Option(TM) Notes Due 2021

    MIAMI, Oct. 27 -- Carnival Corporation & plc (NYSE/LSE: CCL; NYSE: CUK) 
announced today that holders of $377,051,000 aggregate principal amount at 
maturity of its Liquid Yield Option(TM) Notes due 2021 had exercised their 
right to have the Company repurchase their Liquid Yield Option(TM) Notes 
pursuant to the Indenture.  The Company repurchased the Liquid Yield 
Option(TM) Notes at the issue price of $475.66 per $1,000 principal amount at 
maturity plus accrued original issue discount of $141.28 per $1,000 principal 
amount at maturity, for a total price of $616.94 per $1,000 principal amount 
at maturity of the Liquid Yield Option(TM) Notes.  As of October 27, 2008, 
$791,000 aggregate principal amount at maturity of the Liquid Yield Option(TM) 
Notes remain outstanding.  Pursuant to the Indenture, holders of the Liquid 
Yield Option(TM) Notes will also have the opportunity to require the Company 
to repurchase their Liquid Yield Option(TM) Notes on October 24, 2011 and 
October 24, 2016.

    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 enter service 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. 

SOURCE  Carnival Corporation & plc 
    -0-                             10/27/2008
    /CONTACT:  Media: US, Tim Gallagher, Carnival Corporation & plc,  
[phone], ext. 16000, or UK, Richard Jacques or Sophie Brand, both of 
Brunswick Group, [phone]; Investor Relations, Beth Roberts of 
Carnival Corporation & plc, [phone]/
    /Web site:  http://www.carnivalcorp.com /
    (CCL CUK)