News Release

Carnival Corporation & plc Announces Exchange Rate for Quarterly Dividend

MIAMI, June 2, 2004 /PRNewswire-FirstCall/ -- On April 27, 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 June 11, 2004 to shareholders of record on May 21, 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 May 21, 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 June 1, 2004 (US$1 = 54.32421 pence). Accordingly, the dividend payable in sterling on June 11, 2004, will be approximately 6.79053 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, 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 128,000 lower berths with eight new ships scheduled for delivery between November 2004 and December 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

Media, in the U.S.
Tim Gallagher, Carnival Corporation & plc
+1-305-599-2600, ext. 16000
in the U.K.
Sarah Tovey
Mark Antelme
both of Brunswick Group
for Carnival Corporation & plc
in the U.S.
Beth Roberts
Carnival Corporation & plc
or in the U.K.
Bronwen Griffiths
for Carnival Corporation & plc
Web site: