Carnival Announces 1Q Earnings and Revises Guid...

Carnival Corporation & plc Announces First Quarter Earnings and
                         Revises Full Year Guidance

    MIAMI, March 11, 2011 -- Carnival Corporation & plc (NYSE/LSE: CCL; NYSE: 
CUK) announces first quarter 2011 earnings and provides an update of its 2011 
full year guidance in advance of the annual cruise industry convention to be 
held next week. Earnings per share for the first quarter ended February 28, 
2011 was $0.19 diluted, at the high end of its previous guidance range of 
$0.15 to $0.19. Adjusted earnings per share for the first quarter of 2010 was 
$0.12 diluted before the favorable impact of $0.10 per share of unusual items, 
resulting in a reported earnings per share of $0.22 diluted.

    Since its 2011 full year guidance was provided on December 21, 2010, fuel
prices have significantly increased. At current spot prices for fuel and
currency exchange rates, full year 2011 earnings per share would be lower by
approximately $0.40. In addition, the company estimates the impact of
itinerary changes in the Middle East and North Africa will result in an
approximate $0.05 reduction in earnings per share for the remainder of the
year.

    Based on the above factors, the company now forecasts full year 2011
fully diluted earnings per share to be in the range of $2.50 to $2.60,
compared to its December guidance range of $2.90 to $3.10 and fiscal 2010 of
$2.47. Full details of its first quarter results and 2011 full year guidance,
updated for next week's spot prices for fuel and exchange rates, will be
provided in its regularly scheduled earnings release and conference call to
be held March 22, 2011.

    Carnival Corporation & plc is the largest cruise vacation group in the
world, with a portfolio of cruise brands in North America, Europe, Australia
and Asia, comprised of Carnival Cruise Lines, Holland America Line, Princess
Cruises, Seabourn, AIDA Cruises, Costa Cruises, Cunard, Ibero Cruises, P&O
Cruises (UK) and P&O Cruises (Australia).

    Together, these brands operate 98 ships totaling more than 191,000 lower
berths with 10 new ships scheduled to be delivered between March 2011 and May
2014. Carnival Corporation & plc also operates Holland America Princess
Alaska Tours, the leading tour company 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 plc

    CONTACT: Media, Tim Gallagher, [phone], ext. 16000, or Investor
Relations, Beth Roberts, [phone]