Dividend Declaration

Carnival Corporation & plc Announces Exchange Rate for Quarterly Dividend

    MIAMI, Dec. 1 -- On October 18, 2006, Carnival Corporation & plc (NYSE: 
CCL; LSE) (NYSE: CUK) announced a quarterly cash dividend of $0.275 per share. 
The dividend is payable on December 8, 2006, to shareholders of record on 
November 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 November 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 December 
1, 2006 (US$1 = 50.81043 pence). Accordingly, the dividend payable in sterling 
on December 8, 2006, will be 13.97287 pence per share.
    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, Windstar Cruises, AIDA Cruises, Costa Cruises, 
Cunard Line, Ocean Village, P&O Cruises, Swan Hellenic, and P&O Cruises 
Australia.
    Together, these brands operate 81 ships totaling approximately 144,000 
lower berths with 17 new ships scheduled to enter service between March 2007 
and spring 2010. 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 is available on-line at www.carnivalcorp.com and 
www.carnivalplc.com. 

SOURCE  Carnival Corporation & plc
    -0-                             12/01/2006
    /CONTACT:  MEDIA, US, Tim Gallagher of Carnival Corporation & plc, 
[phone], ext. 16000, or UK, Ruban Yogarajah of Brunswick Group, 
[phone], or INVESTOR RELATIONS, US-UK, Beth Roberts of Carnival 
Corporation & plc, [phone]/
    /Web site:  http://www.carnivalcorp.com 
                http://www.carnivalplc.com /
    (CCL CUK)