News Release

Carnival Corporation & plc Announces Exchange Rate for Quarterly Dividend

MIAMI, Sept. 1, 2006 /PRNewswire-FirstCall/ -- On July 7, 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 September 8, 2006, to shareholders of record on August 18, 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 August 18, 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 September 1, 2006 (US$1 = 52.53204 pence). Accordingly, the dividend payable in sterling on September 8, 2006, will be 13.13301 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 81 ships totaling approximately 144,000 lower berths with 15 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.

SOURCE Carnival Corporation & plc

CONTACT: Media, US, Tim Gallagher, +1-305-599-2600, ext. 16000, or
Investor Relations, US-UK, Beth Roberts, +1-305-406-4832, both of Carnival
Corporation & plc; or Ruban Yogarajah, UK, of Brunswick Group,
+44-0-20-7404-5959
Web site: http://www.carnivalcorp.com