News Release

Carnival Corporation & plc Declares Dividend

MIAMI, Jan 19, 2005 /PRNewswire-FirstCall via COMTEX/ -- Carnival Corporation & plc (NYSE: CCL; LSE) (NYSE: CUK) announced today that its Boards of Directors declared a quarterly dividend of $0.15 per share. The dividend is payable on March 11, 2005, to shareholders of record on February 18, 2005.

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 11 a.m. on March 1, 2005. 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 18, 2005.

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 77 ships totaling more than 132,000 lower berths with 13 new ships scheduled for delivery between April 2005 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 can be obtained via Carnival Corporation & plc's Web sites at http://www.carnivalcorp.com and http://www.carnivalplc.com .

SOURCE: Carnival Corporation & plc

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

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