News Release

Carnival Corporation & plc Declares Dividend

            DLC's First Dividend for Both U.S. and UK Shareholders

MIAMI, May 2 /PRNewswire-FirstCall/ -- Carnival Corporation & plc (NYSE: CCL; LSE) announced today that its Board of Directors declared its first regular quarterly cash dividend of 10.5 U.S. cents per share for the first quarter 2003. The dividend is payable on June 13, 2003, to shareholders of record on May 23, 2003.

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 June 4, 2003. Holders of Carnival plc ordinary shares wishing to receive their dividend in U.S. dollars must elect to do so by May 30, 2003.

Carnival Corporation & plc is the largest cruise vacation company in the world, with a portfolio of 13 distinct brands comprised of the leading cruise operators in both North America and Europe. Carnival Cruise Lines, Princess Cruises, Holland America Line, Costa Cruises, P&O Cruises, Cunard Line, Windstar Cruises, Seabourn Cruise Line, Ocean Village, Swan Hellenic, AIDA, A'ROSA, and P&O Cruises Australia are all included in this group.

Together, these brands operate 66 ships totaling more than 100,000 lower berths with 17 new ships scheduled for delivery between now and mid-2006. It also operates three riverboats on Europe's Danube River and 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 company 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 site at

SOURCE Carnival Corporation & plc -0- 05/02/2003 /CONTACT: Media, Tim Gallagher, Carnival Corporation & plc, +1-305-599-2600, ext. 16000; or UK, Sophie Fitton or Sarah Tovey, both of Brunswick Group, +011-44-20-7404-5959, for Carnival; or Investor Relations, Beth Roberts, Carnival Corporation & plc, +1-305-406-4832; or UK, Bronwen Griffiths, +011-44-023-80-5252-31, for Carnival/ /Web site: (CCL)