Re Joint Venture

Carnival Corporation & Plc and Iberojet Sign Letter of Intent to Form Joint 
               Venture for Large-Scale Spanish Cruise Operation 
                                        
  New Company will Expand Iberojet's Existing Cruise Business, Serve Rapidly 
                            Growing Spanish Market 
 
    MIAMI, Feb. 8 -- Carnival Corporation & plc (NYSE/LSE: CCL; NYSE: CUK), the 
largest cruise vacation company in the world, and Orizonia Corporacion, Spain's 
largest travel company which operates its own cruise fleet under its Iberojet 
division, today announced the signing of a letter of intent to form a joint 
venture to operate and expand the existing Iberojet Cruceros brand in Spain.  
    Iberojet Cruceros operates two modern cruise ships, the 834-passenger 
Grand Voyager, built in 2000, and the 1,196-passenger Grand Mistral, 
constructed in 1999, which represent the newest ships in the contemporary 
Spanish cruise market. The new joint venture would eventually be comprised of 
a multi-ship fleet serving the rapidly expanding Spanish vacation sector. 
    Under the proposed agreement, the two existing vessels would be 
transferred to the joint venture company. The intention is to grow that fleet 
over the next several years through the acquisition of existing tonnage from 
Carnival Corporation & plc's current fleet.  
    "Iberojet operates a very successful cruise brand, along with a wide range 
of quality and affordable vacation products, which have garnered extremely 
strong brand awareness with Spanish consumers. With their extensive experience 
marketing in Spain, combined with a keen understanding of Spanish vacation 
trends, Iberojet provides a solid partnership for expanding in one of the 
fastest-growing segments of the European vacation industry," said Micky 
Arison, Carnival Corporation & plc's chairman and CEO.  
    Commented Pedro de Esteban, Orizonia's chairman and managing director of 
The Carlyle Group, Orizonia's principal shareholder, "We are very proud in 
partnering with Carnival, the world's leader in the cruise vacation business. 
With Carnival's support and expertise, we intend to continue expanding our 
operations, adding high quality vessels and providing specialized top services 
to our Spanish customers."  
    Added Gabriel M. Subias, Orizonia Corporacion's CEO, "It is a great 
opportunity for us and Iberojet Cruceros to join forces and develop a 
strategic alliance with Carnival, a world leader in cruising. Through the 
years, we have always enjoyed close professional and personal relationships 
with Carnival. Our collaboration in the development of a successful joint 
venture will position us as the preeminent Spanish cruise operator." 
    Under the proposed transaction, the Iberojet cruise business being 
contributed to the joint venture company will be valued at euro 320 million, 
with euro 180 million in debt, representing a net capital value of euro 140 
million. Carnival will own 75 percent of the joint venture with Iberojet 
owning 25 percent.  
    Iberojet Cruceros would utilize the current Iberojet cruise management 
team with its president Alfredo Serrano reporting to the joint venture's board 
of directors. It is expected that Pier Luigi Foschi, chairman and CEO of 
Carnival's Costa Cruises unit, will serve as chairman of the board of the 
joint venture. Costa already has a strong presence in the Spanish sector. 
    "With the combined strengths of the Costa and Iberojet organizations, the 
new joint venture should generate even greater brand recognition in our 
efforts to grow the interest in cruising in a market that we believe is primed 
and ready for expansion," Foschi said.  
    Carnival expects the transaction to be neutral to earnings on an 
annualized basis for the 12-month period following the transaction closing. 
The transaction is expected to close in the second quarter of 2007, pending 
approval of both companies' boards of directors, all necessary regulatory 
approvals, customary due diligence and execution of definitive agreements.  
 
    About Carnival Corporation & plc  
    Carnival Corporation & plc is the largest cruise vacation group in the 
world, with a portfolio of 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 81 ships totaling 144,000 lower berths with 
20 new ships scheduled to enter service between March 2007 and spring 2011. 
Carnival Corporation & plc also operates Holland America Tours and Princess 
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 the FTSE 
100 indices. 
 
    About Iberojet  
    Headquartered in Palma de Mallorca, Spain, Iberojet is a division of 
Orizonia Corporacion, the country's largest and oldest travel company, tracing 
its origins back to 1930. Orizonia was acquired by The Carlyle Group and Vista 
Capital in July 2006 from Iberostar Group. 
    In addition to the two cruise ships, Orizonia owns Spain's leading tour 
operators, including Solplan Viva Tours, Turavia Iberski, Viamed, Iberojet 
International, and Condor Vacaciones, which market leisure travel packages 
throughout Europe, North and South America, the Caribbean, Africa and Asia. 
Viajes Iberia also has divisions specializing in business travel, meetings and 
conventions.  
    D-Viagen is the trade name operating in Portugal with 11 offices 
distributed between Lisbon and Oporto. Viajar.com is a specialized Internet 
supplier dedicated exclusively to online travel sales.  
    Orizonia also operates 700 retail travel agencies marketed under the 
Viajes Iberia brand name, as well as Iberworld, a charter airline with 11 
medium- and long-haul aircraft providing round-trip service between Madrid and 
Europe, South America, the Caribbean, Africa and Asia.  
 
SOURCE  Carnival Corporation & plc 
    -0-                             02/08/2007 
    CONTACT:  Media, Tim Gallagher, [phone], ext. 16000, for Carnival 
Corporation & plc (US); Sophie Brand or Richard Jacques for Brunswick Group 
(UK), [phone]; Fabrizia Greppi for Costa Cruises, 
[phone] or [phone]; Ricardo Fernandez for Iberojet, 
[phone]; or Beth Roberts, Investor Relations for Carnival 
Corporation & plc, [phone] 
    Web site:  http://www.carnivalcorp.com 
    (CCL CUK)