News Release

Carnival Corporation & plc Declares Dividend

MIAMI, Jan. 25, 2006 /PRNewswire-FirstCall/ -- On January 24, 2006 the boards of directors of Carnival Corporation & plc approved a quarterly dividend to holders of Carnival Corporation common stock and Carnival plc ordinary shares of $0.25 per share. The boards approved a record date for the quarterly dividend of February 17, 2006, and a payment date of March 10, 2006.

Holders of Carnival Corporation common stock or Carnival plc ADSs will receive the dividend payable in U.S. dollars. The dividend for Carnival plc ordinary shares will be payable in U.S. dollars or sterling. In the absence of instructions or elections to the contrary, holders of Carnival plc ordinary shares will automatically receive the dividend in sterling. 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 March 1, 2006. Holders of Carnival plc ordinary shares wishing to receive their dividend in U.S. dollars or participate in the Carnival plc Dividend Reinvestment Plan must elect to do so by February 17, 2006.

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 16 new ships scheduled to enter service between February 2006 and fall 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 at and .

SOURCE Carnival Corporation & plc

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