Re Joint Venture

Carnival Corporation & Plc and Orizonia Finalize Agreement for New Spanish 
                               Cruise Operation 
                                        
        New Iberocruceros Cruise Brand to Launch with Three-Ship Fleet 
 
    MIAMI, Sept. 5 -- Carnival Corporation & plc (NYSE/LSE: CCL; NYSE: CUK), the 
world's largest cruise vacation company, and Orizonia Corporacion, Spain's 
largest travel company, today announced that they have finalized the agreements 
for a previously announced multi-ship cruise brand serving the Spanish market. 
    The transaction is expected to close on September 14, 2007, with Carnival 
owning 75 percent of the joint venture and Orizonia owning 25 percent.  The 
new joint venture company will be consolidated into Carnival Corporation & 
plc's financial results starting in the fourth quarter 2007 and is expected to 
be accretive to results in 2008. 
    To be called Iberocruceros, the new joint venture combines the two vessels 
of Orizonia's existing cruise operations with a ship from the Carnival group.     
    In addition to Orizonia's 1,244-passenger Grand Mistral and 834-passenger 
Grand Voyager, the 1,486-passenger Celebration from Carnival Cruise Lines' 
fleet, will be transferred to the new Iberocruceros company. After an 
extensive renovation, the Celebration is scheduled to enter service in late 
spring 2008.   
    Alfredo Serrano, currently general manager of the Iberojet fleet, has been 
appointed general manager of Iberocruceros, which will be headquartered in 
Madrid.  Serrano will report to the newly formed Iberocruceros board whose 
chairman will be Pier Luigi Foschi, chairman and CEO of Carnival Corporation & 
plc's Costa Cruises unit.  The board will also include Orizonia CEO Gabriel 
Subias. 
    "The new Iberocruceros joint venture will build upon the tremendous brand 
awareness of Orizonia's Iberojet operations - one of Spain's leading vacation 
companies  - while providing a solid platform for expanding in the fast-
growing European marketplace," said Micky Arison, Carnival Corporation & plc's 
chairman and CEO.   
    The three Iberocruceros ships will fly the Italian flag. Itineraries for 
these vessels will be announced shortly.   
   
    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. 
    Together, these brands operate 82 ships totaling 154,000 lower berths with 
17 new ships scheduled to enter service between December 2007 and June 2011. 
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 

    CONTACT: Media, US, Tim Gallagher or Jennifer de la Cruz of Carnival 
Corporation & plc, [phone], ext. 16000; UK, Richard Jacques or Sophie 
Brand of Brunswick Group, 44 (0) 20 7404 5959; Investor Relations, US or UK, 
Beth Roberts of Carnival Corporation & plc, [phone] 
    Web site: http://www.carnivalcorp.com  
    (CCL CUK)