News Release

Carnival Corporation & plc Announces Exchange Rate For Quarterly Dividend

MIAMI, Mar 2, 2004 /PRNewswire-FirstCall via COMTEX/ -- On January 22, 2004, Carnival Corporation & plc (NYSE: CCL; LSE) (NYSE: CUK) announced a quarterly cash dividend of 12.5 (U.S.) cents per share. The dividend is payable on March 12, 2004 to shareholders of record on February 20, 2004.

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 February 20, 2004.

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, 2004 (US$1 = 53.57621 pence). Accordingly, the dividend payable in sterling on March 12, 2004, will be approximately 6.69703 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, Princess Cruises, Holland America Line, Costa Cruises, P&O Cruises, Cunard Line, Windstar Cruises, Seabourn Cruise Line, Ocean Village, Swan Hellenic, AIDA, and P&O Cruises Australia.

Together, these brands operate 74 ships totaling more than 120,000 lower berths, with 10 new ships scheduled for delivery between now and mid-2006. 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 and

SOURCE Carnival Corporation & plc

U.S. Media, Tim Gallagher, +1-305-599-2600, ext. 16000, or U.S.
or U.K. Investor Relations, Beth Roberts, +1-305-406-4832, both of Carnival
Corporation & plc; or in the U.K., Sarah Tovey, or Mark Antelme, both of
Brunswick Group, +011-44-20-7404-5959, or Bronwen Griffiths,
+011-44-23-8052-5231, all for Carnival Corporation & plc