News Release

Carnival Corporation & plc Announces Exchange Rate for Quarterly Dividend

MIAMI, Dec 01, 2005 /PRNewswire-FirstCall via COMTEX News Network/ -- On October 19, 2005, Carnival Corporation & plc (NYSE: CCL; LSE) (NYSE: CUK) announced a quarterly cash dividend of 25 (U.S.) cents per share. The dividend is payable on December 9, 2005, to shareholders of record on November 18, 2005.

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 18, 2005.

Dividends payable in sterling will be converted from U.S. dollars at the exchange rate quoted by the Bank of England in London at noon on December 1, 2005 (US$1 = 57.85363 pence). Accordingly, the dividend payable in sterling on December 9, 2005, will be approximately 14.46341 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 79 ships totaling more than 137,000 lower berths with 12 new ships scheduled for delivery between January 2006 and April 2009. 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 on Carnival Corporation & plc is available online at and .

SOURCE Carnival Corporation & plc

Media (U.S.), Tim Gallagher, +1-305-599-2600, ext. 16000, or Investor Relations (U.S.
or UK), Beth Roberts, +1-305-406-4832, both of Carnival Corporation & plc; or
Media (UK), Sophie Fitton or Sarah Lindgreen, both of Brunswick Group,
+011-44-20-7404-5959, for Carnival