Dividend Declaration

FOR IMMEDIATE RELEASE

                     CARNIVAL CORPORATION & PLC ANNOUNCES                      

                     EXCHANGE RATE FOR QUARTERLY DIVIDEND                      

MIAMI (December 1, 2005) - On October 19, 2005, 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 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
carnivalcorp.com and carnivalplc.com.

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