Dividend Declaration

FOR IMMEDIATE RELEASE

                     CARNIVAL CORPORATION & PLC ANNOUNCES                      

                     EXCHANGE RATE FOR QUARTERLY DIVIDEND                      

MIAMI (June 1, 2006) - On April 21, 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 June 9, 2006, to shareholders of record on
May 19, 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 May 19, 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 June 1,
2006 (US$1 = 53.65095 pence). Accordingly, the dividend payable in sterling on
June 9, 2006, will be 13.41274 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 80 ships totaling approximately 141,000 lower
berths with 14 new ships scheduled to enter service between June 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.

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MEDIA CONTACTS: 

US 
Carnival Corporation & plc 
Tim Gallagher 
305 599 2600, ext. 16000 

UK
Brunswick Group
Sophie Fitton/Sarah Lindgreen
44 (0) 20 7404 5959

INVESTOR RELATIONS CONTACT:

US/UK
Carnival Corporation & plc
Beth Roberts
305 406 4832