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Carnival Amends Senior Convertible Debentures Due 2033

MIAMI, April 25 /PRNewswire-FirstCall/ -- Carnival Corporation & plc(NYSE/LSE: CCL; NYSE: CUK) announced today that Carnival Corporation (the"Company") has amended the terms of its Senior Convertible Debentures due 2033(the "Debentures"). The amendments are for the benefit of holders of theDebentures who do not require the Company to repurchase their Debentures onApril 29, 2008.

    The amendments include:      -- Additional semi-annual cash interest payments at a rate of 0.50% per         annum for the next 18 months, payable on October 29, 2008, April 29,         2009 and October 29, 2009 (prior to the amendment, the Debentures         would have ceased to accrue cash interest as of April 29, 2008);      -- One additional opportunity to require the Company to repurchase the         Debentures on October 29, 2009.  The terms of this put right are         otherwise identical to those for the repurchase scheduled to occur on         April 29, 2008 that is currently provided for in the indenture         governing the Debentures;      -- Additional call protection, eliminating the Company's ability to         redeem the Debentures at its option until October 29, 2009 (prior to         the amendment, the Company would have been able to redeem the         Debentures at its option at any time commencing April 29, 2008);      -- An additional conversion adjustment so that the conversion price of         the Debentures will be adjusted if in any fiscal quarter the Company         pays cash dividends in excess of $0.40 per share; and      -- An additional provision to the effect that, in the event of certain         change in control events or a termination of trading of the Company's         common stock, the Company will increase the conversion rate for any         Debentures surrendered in connection with such events or termination         of trading by issuing a specified number of additional shares of its         common stock.

The specific terms of the amendments are set forth in an amendment to thesupplemental indenture, which has been filed with the Securities and ExchangeCommission as an exhibit to a Current Report on Form 8-K, and the summary ofthe terms of the amendments in this press release are qualified in itsentirety by reference to that amendment. The Form 8-K also includes a summaryof certain U.S. federal income tax consequences of the amendment to the termsof the Debentures. Holders of Debentures should read the Form 8-K and theamendment to the supplemental indenture in their entirety.

Holders of the Debentures have the right to require the Company torepurchase the Debentures at the issue price per $1,000 principal amount atmaturity of the Debentures, plus any accrued and unpaid interest through andincluding April 28, 2008. Holders who validly submit a purchase notice byApril 29, 2008 and do not withdraw that notice in accordance with TheDepository Trust Company's procedures by April 29, 2008 will receive $646.88per $1,000 principal amount at maturity of Debentures redeemed, in cash, onApril 30, 2008.

Holders should discuss with their tax advisors the tax implications of theCompany's amendment to the terms of the Debentures.

Carnival Corporation & plc is the largest cruise vacation group in theworld, with a portfolio of cruise brands in North America, Europe andAustralia, comprised of Carnival Cruise Lines, Holland America Line, PrincessCruises, 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 86 ships totaling more than 162,000 lowerberths with 20 new ships scheduled to enter service between July 2008 and June2012. Carnival Corporation & plc also operates Holland America Tours andPrincess 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 theFTSE 100 indices.

SOURCE  Carnival Corporation & plc    -0-                             04/25/2008    /CONTACT: US, Tim Gallagher of Carnival Corporation & plc, +1-305-599-2600, ext. 16000; or UK, Richard Jacques-Sophie Brand, both of BrunswickGroup, +44 (0) 20 7404 5959; or US-UK, Beth Roberts of Carnival Corporation &plc, +1-305-406-4832/    /Web site:  # /    (CCL CUK)

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